MedLife (M) Q2 2026 earnings summary

Executive summary

• Pro forma consolidated revenue for H1 2026 reached RON 1.74 billion, up 10–11% year-over-year, with organic growth at 9.5%, driven by higher patient volumes and resilient healthcare demand despite macroeconomic challenges.

• EBITDA margin improved to 16.4% pro forma, reflecting revenue growth, operating leverage, and cost optimization.

• Strategic investments continued in infrastructure, advanced diagnostics, personalized medicine, digitalization, and technology, including acquisitions and network expansion.

• M&A activity included the acquisition of Medstar Group and a 75% stake in Qualipat, expanding diagnostics and regional presence.

• Launch of new digital health initiatives, including a mobile app integrating medical, genetic, biometric, and lifestyle data.

Financial highlights

• Pro forma EBITDA rose 14.5% to RON 258.9 million, with a margin of 16.4%; IFRS EBITDA margin, normalized for one-off litigation, was 14.4%.

• Operating profit increased by 22.3% to RON 103 million year-over-year; net result was a loss of RON 20.4 million, impacted by RON depreciation against EUR.

• Operating expenses rose 10.3–10.9% year-over-year, mainly due to expansion, inflation, and higher consumables.

• Net cash from operating activities increased 40% to RON 141 million; cash and cash equivalents at period end were RON 158.6 million.

• Interest-bearing debt increased by 5% to RON 2.02 billion as of June 30, 2026.

Outlook and guidance

• Management expects continued organic growth, margin improvement, and further acquisitions, with a focus on digitalization, AI, and advanced technology.

• Targeting a net-debt-to-EBITDA ratio of around 3.5x by end of 2026.

• No further price hikes planned for the second half of the year.

• Focus on sustainable growth, disciplined capital allocation, and selective M&A.