Medicover (MCOV) Q1 2026 earnings summary

Executive summary

• Achieved organic revenue growth of 10.3% year-over-year in Q1 2026, with total revenue at €624.2 million, and margin expansion for the fifth consecutive quarter despite adverse FX and weather conditions.

• Adjusted EBITDA rose 15.4% to €104.6 million (16.8% margin), and EBIT increased to €46.7 million (7.5% margin); net profit was €20.6 million (3.3% margin).

• India delivered robust growth, with local currency revenue up 34.4% and continued expansion in hospital capacity; Poland also showed strong performance.

• Fee-for-service revenue mix increased across all markets, supporting long-term recurring business.

• Navigated significant headwinds, including severe weather in Central Eastern Europe, ongoing impacts from the war in Ukraine, and negative FX effects.

Financial highlights

• Revenue reached €624.2 million, up 8% year-over-year, with organic growth of 10.3%.

• Adjusted EBITDA was €104.6 million (16.8% margin), up from 15.7% a year ago.

• EBIT grew to €46.7 million (7.5% margin), and net profit was €20.6 million (3.3% margin).

• Basic EPS was €0.147, up from €0.134 year-over-year.

• Operating cash flow was €72.7 million, though free recurring cash flow decreased to €27.9 million.

Outlook and guidance

• Expect continued double-digit organic growth and margin accretion, though margin improvement will be more modest as acquisition effects annualize.

• Midterm targets reaffirmed: organic revenue >€3.25 billion, adjusted EBITDA >€600 million, leverage below 3, and EBIT >€290 million by 2028.

• CapEx guidance for 2026 remains at 6–7% of revenue, with expansion weighted toward the second half.

• Dividend payout policy set at up to 50% of net profit.