Medicover (MCOV) Q4 2025 earnings summary

Executive summary

• Achieved strong double-digit revenue and profit growth in Q4 and FY 2025, with margin expansion and robust demand across all markets, especially in Poland, Romania, and Fee-For-Service segments.

• Surpassed all three-year financial targets for 2023-2025, driven by organic growth and successful acquisitions, and entered the next growth phase from a position of strength.

• Board recommended a dividend increase to €0.20 per share for 2025, up from €0.15, reflecting strong business progress and cash flow.

• Continued focus on network and product expansion, capacity utilisation, and integration of acquisitions.

Financial highlights

• Q4 revenue reached €611.7m, up 10.0% year-over-year, with organic growth of 10.6%.

• Full-year 2025 revenue was €2,378.1m, up 13.7%, with organic growth of 12.7%.

• Q4 EBIT was €35.2m (margin 5.7%); full-year EBIT €155.7m (margin 6.5%, up 310 bps).

• Net profit for Q4 was €17.3m (2.8% margin); full-year net profit €72.7m (3.1% margin), nearly five-fold increase.

• Q4 adjusted EBITDA was €94.6m (15.5% margin); full-year EBITDA €371.0m (15.6% margin), up 30.2%.

• Free recurring cash flow for the year was €168.9m (7.1% of revenue), up 56.5%.

Outlook and guidance

• New 2026-2028 targets: organic revenue >€3.25bn and adjusted organic EBITDA >€600m by 2028.

• Leverage target set at or below 3x, with dividend payout up to 50% of net profit.

• Continued focus on organic growth, margin improvement, network expansion, and technology-driven efficiency.