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July 29th, 2025 www.clinicabaviera.com www.grupobaviera.es 1H 2025 Results Consolidated Results
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Index 1. Executive Summary 2. 1H 2025 Consolidated Results 3. Alternative Performance Measures 4. Financial calendar and contact 5. Disclaimer
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Index Executive Summary
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1H 2025 Results 4 During the first half of 2025, the Clínica Baviera Group has continued to make solid progress in its European strategic growth, consolidating its leadership in the ophthalmology sector. Despite the negative results in the United Kingdom, the consolidated data reflect a positive evolution of the company, supported by robust growth in our core markets and healthy operating capacity. Total revenues reached €154.7 million, representing an increase of 18% compared to the same period last year (11% excluding the UK’s contribution). This increase has been driven particular by: • Spain, with a growth of 12% (€103.8 million). • Germany, with an increase of 11% (€31.1 million). • Italy, with an increase of 6% (€11.5 million). • United Kingdom, with a contribution of €8.4 million. Consolidated EBITDA stood at €44.5 million, up 6% despite the impact of the acquisition of Optimax. Excluding the United Kingdom, adjusted pro forma EBITDA would have been €47.4 million, representing a growth of 13% compared to 1H 2024. By country, it should be noted that the decrease in EBITDA in Italy compared to the previous year is mainly due to non-recurring expenses derived from the adaptation of the model of some clinics from the B2B to the B2C segment, which is part of a strategy to improve efficiency and direct patient acquisition in the medium term. In the case of the United Kingdom, as we anticipated, this type of expansion requires a significant initial investment and a progressive maturation period. The EBITDA recorded in this first half of the year is within the planned business plan. The group's net profit amounted to €22.8 million, while the pro-forma result excluding the UK was €26.8 million, +12% compared to 2024, demonstrating the strength of the existing business and its ability to absorb this strategic investment. Executive Summary
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1H 2025 Results 1H 2025 Results 1H 2025 Consolidated Results
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1H 2025 Results 6 Consolidated Results (thousands euros) 1H 2025 1H 2024 ‘25-’24 Revenues 154,736 131,534 18% Spain 103,820 92,651 12% Germany(*) 31,081 28,082 11% Italy 11,478 10,801 6% UK 8,357 - - EBITDA 44,489 41,931 6% Spain 35,888 30,311 18% Germany(*) 9,854 9,382 5% Italy 1,704 2,238 (24%) UK (2,957) - Net income 22,810 23,970 (5%) Net income Proforma w/o UK 26,754 23,970 12% * Including Wien Spain 67% Germany * 20% Italy 8% UK 5% REVENUES BY COUNTRY
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1H 2025 Results 7 1H 2025 1H 2024 Dif. 000 Dif. % Revenues 154,736 131,534 23,202 18% Operating expenses (110,247) (89,603) 20,645 23% EBITDA 44,489 41,931 2,557 6% Depreciation, disposals and impairments (11,407) (9,546) 1,862 20% EBIT 33,081 32,385 696 2% Financial result (667) 107 774 - Profit before taxes 32,414 32,493 (79) 0% Corporate income tax (9,604) (8,523) 1,081 13% Net income 22,810 23,970 (1,159) (5%) Consolidated Results (thousands euros)
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1H 2025 Results 8 1H 2025 UK 1H 2025 Proforma 1H 2024 Dif. 000 Dif. % Revenues 154,736 8,357 146,379 131,534 14,845 11% Operating expenses (110,247) (11,314) (98,934) (89,603) (9,331) 10% EBITDA 44,489 (2,957) 47,445 41,931 5,514 13% Depreciation, disposals and impairments (11,407) (898) (10,509) (9,546) (963) 10% EBIT 33,081 (3,855) 36,936 32,385 4,551 14% Financial result (667) (239) (428) 107 (535) - Profit before taxes 32,414 (4,094) 36,508 32,493 4,016 12% Corporate income tax (9,604) 151 (9,755) (8,523) (1,232) 14% Net income 22,810 (3,943) 26,754 23,970 2,784 12% Consolidated Results excluding UK (thousands euros)
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1H 2025 Results 9 Consolidated Results – People and Clinics 84 19 9 142 1,760 1,819Employees 30
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1H 2025 Results 10 (1) Including cash and other temporary financial investments (2) Including explicit interest-bearing debt (*) As only explicit interest-bearing debt is considered in its calculation, IFRS 16 has no effect on Net Debt Consolidated Results – Financial figures (NFP , CAPEX & Treasury stock) 30/06/2025 31/12/2024 Difference Cash and equivalents (1) 39,559 37,734 1,825 Financial Debt (2) (8,940) (7,202) (1,738) Net Financial Position (*) +30,619 +30,532 87 30/06/2025 Maintenance and improvements 6,412 Openings and relocations 5,207 Total 11,619 CAPEX Net Financial Position Treasurystock Euros 30/06/2025 31/12/2024 Number of shares 294,370 314,315 Market value 12,157,481 9,806,628 % of Share capital 1.81% 1.93%
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1H 2025 Results 11 Consolidated Results – Balance (thousands euros) 30/06/2025 31/12/2024 ‘000 % Property, plant and equipment 73,590 70,225 3,365 5% Right of use 53,911 52,436 1,474 3% Goodwill and other intangible assets 38,468 37,039 1,429 4% Financial instruments 3,151 3,298 (147) (4%) Deferred tax assets 1,917 1,877 40 2% Debtors and other current assets 11,659 9,084 2,575 28% Cash and equivalents (1) 39,559 37,734 1,825 5% Assets 222,255 211,694 10,561 5% Loans and borrowings (2) 8,940 7,202 1,738 24% Lease-related debt (3) 55,845 54,132 1,713 3% Trade creditors & Other financial liabilities 23,774 20,297 3,477 17% Deferred payments 9,739 4,742 4,997 105% Tax payables 14,184 8,654 5,530 64% Other current & non current liabilities 18,162 18,187 (24) (0%) Net equity 90,606 97,041 (6,435) (7%) Minority interests 1,004 1,440 (436) (30%) Equity & Liabilities 222,255 211,694 10,561 5% (1) Including cash and other temporary financial investments (2) Including explicit interest-bearing debt (3) Debt arising from IFRS 16 implementation
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1H 2025 Results 12 1H 2025 1H 2024 Profit before taxes 32,454 32,496 Depreciation 11,407 9,543 Changes in working capital 3,472 102 Corporate income tax (5,559) (3,820) Other adjustments to the result 823 80 Cash flow from operations 42,558 38,400 Purchase of Property, Plant and Equipment (11,590) (13,290) Payments on acquisitions (919) (10,759) Other investing Flow (1) 359 (174) Cash flow used in investing (12,150) (24,223) Bank loans received 3,000 - Repayment of bank loans (1,261) (1,004) Right of use payments (4,854) (4,468) Dividend payment (25,988) (655) Other Financing Flow 464 (9,311) Cash flow used in financing (28,639) (15,438) Effect of exchange rate fluctuations 56 - Net change in cash position 1,825 (1,261) Consolidated Results – Cash flow (thousands euros) (1) It corresponds mainly to temporary financial investments classified as Treasury and equivalents in the Balance Sheet
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Alternative Performance Measures 13 La The financial information contained in this document has been prepared in accordance with International Financial Reporting Standards (IFRS). This financial information has not been audited and, therefore, is subject to potential future changes. The Group also uses some Alternative Performance Measures (APM) to provide additional information that favor the comparability and understanding of its financial information and facilitate decision-making and the evaluation of the Group's performance. In order to comply with the ESMA Guidelines on APMs, the Group presents this additional information to promote comparability, reliability and understanding of its financial information. • CAPEX (Capital expenditure): Corresponds to the investments made by the Group in intangible and tangible fixed assets. • EBITDA (Earnings Before Interest, Taxes, Depreciation and amortization): Corresponds to the profit or loss of the Group from continuing operations before interest, taxes, depreciation and amortization expenses. • EBIT (Earnings Before Interest and Taxes): Corresponds to the Group's profit or loss from continuing operations before interest and taxes. • Net Financial Position: Corresponds to the difference between the following items: treasury and temporary financial investments less debt with explicit interest. Therefore, it does not include the debt arising from the application of IFRS 16.
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14 IR Department Paseo de la Castellana 20 28046 Madrid Tel: +34 917 819 880 inversores@clinicabaviera.com www.grupobaviera.es Financial calendar Results 3Q 2025 November 2025 Contact Financial calendar and contact
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15 Disclaimer The financial information contained in this document has been prepared in accordance with International Financial Reporting Standards (IFRS). This financial information has not been audited and, therefore, is subject to potential future changes. The Group also uses some Alternative Performance Measures (APM) to provide additional information that favor the comparability and understanding of its financial information and facilitate decision-making and the evaluation of the Group's performance. This document is purely for informational purposes and does not constitute an offer or solicitation to sell, subscribe for or buy any securities, and neither this document nor anything contained herein shall form the basis of any contract or commitment. This document may contain statements on intentions and estimates that constitute forward looking statements in its general meaning. Such forward-looking statements are not guarantees of future performance and involve risks and uncertainties, and other important factors that could cause actual developments or results to differ materially from those expressed in our forward looking statements. The Company assumes no obligation to publicly revise or update its forward looking statements in the case of unexpected changes, events or circumstances that could affect them. Given the uncertainties of forward-looking statements, we caution readers not to place undue reliance on these statements. For a discussion of these and other factors that may affect forward-looking statements and the Baviera Group’s business, financial conditions and results of operations, see the documents and information of the Company filed with the Comisión Nacional del Mercado de Valores (Spanish Securities Exchange Commission).