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H A L F Y E A R R E P O R T · H 1 2 0 2 6 Consolidated Results First Half 2026 P U B L I C A T I O N D A T E July 29th, 2026 M O R E I N F O R M A T I O N www.clinicabaviera.com www.grupobaviera.es
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Índice de contenidos T A B L E O F C O N T E N T S 01 Consolidated Results H1 2026 02 Alternative Performance Measures 03 Financial calendar and contact 04 Disclaimer
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H1 2026 Results Consolidated Results First Half 2026
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H1 2026 Results 4 Consolidated results (thousands of euros) Spain 81% Germany * 17% Italy 4% UK -3% EBITDA by country * Includes Vienna 1H 2026 1H 2025 '26-'25 Revenues 169,933 154,696 10% Spain 115,074 103,820 11% Germany (*) 31,626 31,081 2% Italy 12,560 11,478 9% UK 10,673 8,317 28% EBITDA 50,569 44,489 14% Spain 41,208 35,888 15% Germany (*) 8,797 9,854 (11%) Italy 2,121 1,704 25% UK (1,557) (2,957) 47% Net income 26,677 22,810 17% Spain 68% Germany * 19% Italy 7% UK 6% Revenues by country
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H1 2026 Results 5 Consolidated Results * Includes Vienna ** Clinic not included in the openings page as it started operations in H2 SPAIN GERMANY ITALY UK • 3 new clinics in the second quarter (in Mallorca, Segovia** and Lorca**). • Sales continue the positive trend from the first quarter, with strong performance in both laser surgery and intraocular surgery. 25% of the sales increase in the period comes from new openings in 2025 and H1 2026. • EBITDA margin improves due to operating leverage and cost management discipline. • 1 new clinic in the second quarter in Aachen**. • 2% sales increase despite the country's economic stagnation, with a cautious, savings-oriented consumer population and confidence at historic lows. • The greater increase in costs relative to sales growth negatively impacts the EBITDA margin, which suffered an 11% reduction compared to the same half of the prior year. • Multiple initiatives underway to offset the decline in consumption. • 1 new clinic in the second quarter in Milan. Additionally, construction of the Rome** clinic has been completed and it is expected to begin operations in September. • The positive revenue trend continues, driven by strong laser performance. New openings in 2025 and H1 2026 contribute approximately 20% of the sales increase. • The EBITDA margin improvement of more than 2pp is maintained, following the first quarter trend, despite the increase in expenses related to the opening of the Rome clinic. Excluding the impact of this new clinic, Italy's EBITDA would have increased by 35% instead of 25%. * • Revenue increase in the first half of the year of more than 28% compared to the same period in 2025, driven by strong performance in both laser and intraocular surgery. • This leads to the negative EBITDA contribution being reduced by more than €1 million, despite increased spending due to greater availability of doctors and optometrists to improve our clinical care offering. • The clinic image improvement and equipment renovation project continues.
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H1 2026 Results 6 Consolidated results – P&L Statement (thousands of euros) H1 2026 H1 2025 Dif. 000 Dif. % Revenues 169,933 154,696 15,237 10% Operating expenses (119,364) (110,207) 9,156 8% EBITDA 50,569 44,489 6,081 14% Depreciation, disposals and impairments (13,490) (11,407) 2,083 18% EBIT 37,079 33,081 3,998 12% Financial result 4 (667) 671 - Profit before taxes 37,083 32,414 4,669 14% Corporate income tax (10,406) (9,604) 803 8% Net income 26,677 22,810 3,866 17%
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H1 2026 Results 7 EMPLOYEES 2,029 Total employees 156 Total clinics SPAIN 1,362 employees 92 clinics GERMANY 395 employees 34 clinics ITALY 127 employees 11 clinics UK 145 employees 19 clinics Consolidated results – Employees and Clinics 92 19 34 10 Openings H1 20268 2 5 156 1
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H1 2026 Results 8 (1) Includes cash and short-term financial investments (2) Includes debt bearing explicit interest (*) Since the calculation only includes debt bearing explicit interest, IFRS 16 has no effect on net financial debt Consolidated results – (NFP , CAPEX and Treasury Shares) (th. of euros) CAPEX Net Financial Position Treasury Shares 30/06/2026 31/12/2025 Variation Cash and equivalents (1) 51,586 50,324 1,262 Financial Debt (2) (9,896) (7,928) (1,968) Net Financial Position (*) 41,690 42,396 (706) CAPEX Renovation and improvements 5,590 Openings and relocations 6,799 Total 12,389 30/06/2026 31/12/2025 Number of treasury shares 274,447 289,066 Market valuation (thousands of euros) 15,808 14,367 % of registered share capital 1.68% 1.77%
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H1 2026 Results 9(1) Includes cash and short-term financial investments (2) Includes debt bearing explicit interest · (3) Debt arising from the application of IFRS 16 Consolidated results – Balance Sheet (th. of euros) 30/06/2026 31/12/2025 ‘000 % Property, plant and equipment 87,258 83,760 3,498 4% Right of use 58,004 58,720 (716) (1%) Goodwill and other intangible assets 41,130 40,092 1,038 3% Financial instruments 2,577 2,641 (64) (2%) Deferred taxes 3,263 3,156 107 3% Debtors and other current assets 11,023 8,815 2,208 25% Cash and equivalents (A) (1) 51,586 50,324 1,262 3% Assets 254,840 247,508 7,332 3% Loans and borrowings (B) (2) 9,896 7,928 1,968 25% Lease-related debt (3) (*) 61,075 61,232 (158) (0%) Trade creditors & Other financial liabilities 25,738 25,311 427 2% Deferred payments 10,702 10,232 470 5% Tax payables 16,271 11,463 4,808 42% Other current & non current liabilities 18,941 20,384 (1,444) (7%) Net equity 111,579 109,988 1,591 1% Minority interests 639 969 (330) (34%) Equity & Liabilities 254,840 247,508 7,332 3% Net Financial Position (A-B) 41,690 42,396 Dividends 25,128 26,407
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H1 2026 Results 10 Consolidated results – Cash flow (thousands of euros) (1) Mainly comprises short-term financial investments classified as Cash and equivalents on the Balance Sheet H1 2026 H1 2025 ‘000 % Profit before taxes 37,083 32,414 4,669 14% Depreciation 13,490 11,407 2,083 18% Changes in working capital (1,428) 3,472 (4,900) - Corporate income tax (6,199) (5,559) (640) 12% Other adjustments to the result (77) 823 (900) - Cash flow from operations 42,869 42,558 312 1% Purchase of Property, Plant and Equipment (12,408) (11,590) (818) 7% Payments on acquisitions - (919) 919 - Other investing flow 390 359 31 9% Cash flow used in investing (12,018) (12,150) 132 (1%) Bank loans received 3,000 3,000 - 0% Repayment of bank loans (1,032) (1,261) 229 (18%) Right of use payments (5,875) (4,854) (1,022) 21% Dividend payment (25,128) (25,988) 860 (3%) Other Financing flow (487) 464 (951) - Cash flow used in financing (29,522) (28,639) (884) 3% Effect of exchange rate fluctuations (65) 56 (121) - Net change in cash position 1,264 1,825 (561) (31%)
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Alternative Performance Measures 11 The financial information contained in this document has been prepared in accordance with International Financial Reporting Standards (IFRS) and has not been audited, and may therefore be subject to change in the future. The Group uses Alternative Performance Measures (APMs), in accordance with ESMA Guidelines, to provide additional information that enhances the comparability, reliability and understanding of its financial information. • CAPEX (Capital Expenditure): investments made by the Group in intangible and tangible fixed assets. • EBITDA (Earnings Before Interest, Taxes, Depreciation and Amortization): Group profit or loss from continuing operations before interest, taxes, depreciation and amortization. • EBIT (Earnings Before Interest and Taxes): Group profit or loss from continuing operations before interest and taxes. • Net Financial Position: difference between cash and short-term financial investments and debt bearing explicit interest. Excludes debt arising from the application of IFRS 16.
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Financial calendar and contact Financial Calendar November 2026 Q3 Results Contact INVESTOR RELATIONS Investor Relations Department ADDRESS Paseo de la Castellana 20, 28046 Madrid PHONE +34 917 819 880 EMAIL AND WEB inversores@clinicabaviera.com www.grupobaviera.es 12
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Disclaimer 13 The financial information contained in this document has been prepared in accordance with International Financial Reporting Standards (IFRS). This information has not been audited and is therefore not definitive, and may be subject to change in the future. The Group also uses certain Alternative Performance Measures (APMs) to provide additional information that enhances the comparability and understanding of its financial information and facilitates decision-making and the assessment of the Group's performance. This document is for informational purposes only and may not be interpreted as an offer to sell, exchange or acquire securities and in no way constitutes the basis for any type of document or commitment. This document may contain statements regarding future intentions, expectations or projections. These forward-looking statements or projections do not, by their very nature, constitute guarantees of future performance, as they are subject to risks, uncertainties and other relevant factors that may cause actual developments and results to differ materially from those expressed in such intentions, expectations or projections. The Company does not undertake to publicly review or update such statements in the event of unforeseen changes or events that may affect them. The Company provides information on these and other factors that may affect forward-looking statements, the business and the financial results of Grupo Baviera, in the documents it files with the Spanish National Securities Market Commission (CNMV). All interested parties are invited to consult those documents.