Medicover (MCOV) Q2 2026 earnings summary

Executive summary

• Achieved double-digit organic revenue growth of 11.8% year-over-year, marking the sixth consecutive quarter of margin improvement.

• Revenue reached EUR 640.4 million, with adjusted EBITDA at EUR 109.2 million and an adjusted EBITDA margin of 17.1%.

• Strong performance in Diagnostics and Healthcare Services, with notable growth in India (23.1% in EUR, nearly 40% in local currency) and Poland.

• Results delivered against a strong comparative base, with improved capacity utilization and solid execution.

• Fee-For-Service revenue streams remain the primary growth driver, supported by successful integration of major acquisitions.

Financial highlights

• Operating cash flow increased 28.44% year-over-year to EUR 73.6 million.

• EBIT was EUR 51.2 million (8% margin), net profit EUR 23.9 million (3.7% margin), and basic EPS EUR 0.161.

• EBITDA rose nearly 13% to EUR 72.7 million, with a margin of 11.3%, and adjusted EBITDA margin was 17.1%.

• Free recurring cash flow increased to EUR 26.4 million (4.1% of revenue).

• ROIC improved to 13.6% from 9.3% year-over-year.

Outlook and guidance

• Midterm targets to 2028 reaffirmed: organic revenue of EUR 3.25 billion, adjusted organic EBITDA of EUR 600 million, and leverage under 3x.

• CapEx expected to be around 6% of revenues for the full year.

• Tax rate guidance for the full year is 26%-30%.

• Dividend payout up to 50% of net profit.

• Management remains confident for H2 2026, citing improving margins and continued organic growth.