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www.medlife.ro www.medlife.ro www.medlife.ro www.medlife.ro 9mo 2025 Presentation 14 November 2025
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Legal Disclaimer 2 This presentation is not, and nothing in it should be construed as, an offer, invitation or recommendation in respect of Med Life SA’s securities, or an offer, invitation or recommendation to sell, or a solicitation of an offer to buy Med Life SA’s securities. Neither this presentation nor anything in it shall form the basis of any contract or commitment. This presentation is not intended to be relied upon as advice to investors or potential investors and does not take into account the investment objectives, financial situation or needs of any investor. All investors should consider such factors in consultation with a professional advisor of their choosing when deciding if an investment is appropriate. Med Life SA has prepared this presentation based on information available to it, including information derived from public sources that have not been independently verified. No representation or warranty, express or implied, is provided in relation to the fairness, accuracy, correctness, completeness or reliability of the information, opinions or conclusions expressed herein. This report may contain forward-looking statements. These statements reflect Med Life SA’s current knowledge and its expectations and projections/forecasts about future events and may be identified by the context of such statements or words such as “forecast”, “forecasted”, “anticipate,” “believe”, “estimate”, “expect”, “intend”, “plan”, “project”, “target”, “may”, “will”, “would”, “could” or “should” or similar terminology. The financial projections/forecasts are in compliance with the Policy on Forecast of MedLife Group published on its website: https://www.medlife.ro/sites/default/files/documente_bursa/policy_of_forecast.pdf The financial projections/forecasts are preliminary and subject to change; Med Life SA undertakes no obligation to update or revise these forward– looking statements to reflect events or circumstances that arise after the date made or to reflect the occurrence of unanticipated events. Inevitably, some assumptions may not materialize, and unanticipated events and circumstances may affect the ultimate financial results. Projections are inherently subject to substantial and numerous uncertainties and to a wide variety of significant business, economic and competitive risks. The projections should not be considered a comprehensive representation of Med Life SA’s cash generation performance. Therefore, the final results achieved may vary significantly from the forecasts, and the variations may be material. All figures are in RON, unless otherwise stated.
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AGENDA 9mo 2025 Financial Results Q&A Session 1 2 3 9mo 2025 Highlights • Key messages • Outlook 3 • Profit and Loss • Pro-forma Figures • QoQ Evolution • Operational KPIs • OPEX Evolution • Financial Position • Debt Position • Cash Flow
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9mo 2025 Highlights • Key Messages • Outlook 1
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The Group achieved a consolidated pro-forma turnover of RON 2.36 billion in the first 9 months of the year, marking a 19.5% increase over the same period in 2024, driven by a robust demand for medical service, the gradual ramp-up of newly added capacities as well as the acquisitions finalized during the period (out of which organic revenue growth of 15.5%). Pro-forma EBITDA advanced by 20.4%, reaching RON 349.1 million. Across all business lines, the hospitals and clinics networks led the strong performance, followed by the laboratories division. The positive impact of recent investments in modern equipment, new facilities, and outstanding medical teams is now clearly reflected in both financial and operational results. Organic developments The Group continued to expand its medical infrastructure by completing a series of organic projects announced for this year and already underway: • the new operating theatre of the MedLife Craiova Hospital which consolidates the Group’s position as one of the most modern medical centers in the Oltenia region. The equipment used in the new operating rooms meet the highest technological standards, and the medical team consists of over 20 specialists, including general surgeons, orthopedic surgeons, ENT specialists, neurosurgeons and vascular surgeons. Starting next year, the hospital's attention will increasingly focus on highly complex oncological surgery, given that a large part of MedLife Craiova patients are treated for oncological conditions. • the opening of a new multidisciplinary hyperclinic in Pitesti, following an EUR 3 million investment. The new facility is designed as a modern medical hub that includes 21 consultation rooms, 2 sample collection points, 13 beds for day hospitalization, its own laboratory, and is equipped with state-of-the-art equipment. The hyperclinic’s team consists of 80 doctors and 30 nurses, operators and support staff, specialists from Pitesti, Bucharest and Craiova, many of them with local and national recognition. 5 Key messages
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Strategic priorities AI and advanced data analytics project We continued to develop and accelerate the development of the pilot research initiative in medical imaging, a defining project through which MedLife’s radiologists work side by side with an AI algorithm trained to recognize subtle patterns and thus contribute to the writing of standardized, complete and accurate imaging reports in order to increase the level of diagnosis accuracy. With a base of nearly one million MRI investigations, this project positions Romania at the forefront of private medical research in the region, demonstrating how technology can amplify human expertise without replacing it. Genetic testing project We have made important steps in developing our strategic genetic testing and sequencing project, and launched early October, Longevity100+, the 1st and largest genetic testing program in the region. The initiative aims to democratize access to genetic testing, shifting the focus from treating advanced diseases to their early risk identification and prevention. Starting next year, the genetic testing within the program will be available to the general public, at an affordable price, marking a concrete step towards the transformation of preventive medicine in Romania. 6 Outlook • In the short and medium term, we expect the Group to maintain a stable trajectory, adopting a prudent approach while capitalizing on the available resources and opportunities to sustain strategic investments and adapt to the evolving macroeconomic environment. • We continue to closely monitor the impact of the current macro environment on the purchasing power, and we are ready to address potential challenges while safeguarding growth and stability. • Laboratories and hospitals have maintained consistent performance, while our chronic disease and acute care business lines have increasingly driven our sales growth in recent years. • Capital expenditures for Q4 in relation to new projects remains very low, with no planned CAPEX initiatives, as we continue to prioritize operational efficiency and strategic allocation of resources. All future investments will be assessed carefully, taking into account market conditions and strategic business priorities.
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9mo 2025 Financial Results • Profit and Loss • Pro-forma Figures • QoQ Evolution • Operational KPIs • OPEX Evolution • Financial Position • Debt Position • Cash Flow 2
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Statement of Profit and Loss 8 9M 2024 IFRS 9M 2025 IFRS % var. Pro-forma adjusted 9M 2025 Pro-forma % var. Gross sales 1,978,668,707 2,361,915,728 19.4% 2,254,691 2,364,170,419 19.5% Net sales (less NHP) 1,978,668,707 2,361,915,728 19.4% (197,171,641) 2,164,744,087 9.4% Other operating income 5,808,476 9,563,037 64.6% 2,250 9,565,287 64.7% OPERATING INCOME 1,984,477,183 2,371,478,765 19.5% (197,169,391) 2,174,309,374 9.6% OPERATING EXPENSES (1,871,549,924) (2,248,786,583) 20.2% 207,797,861 (2,040,988,722) 9.1% OPERATING PROFIT 112,927,259 122,692,182 8.6% 10,628,470 133,320,652 18.1% EBITDA 289,936,464 338,392,147 16.7% 10,702,898 349,095,045 20.4% Net finance cost (78,602,920) (72,192,097) (8.2)% (26,510) (72,218,607) (8.1)% Other financial expenses 3,554,105 (37,723,035) 1,161.4% (37) (37,723,072) (1,161.4)% FINANCIAL RESULT (75,048,815) (109,915,132) 46.5% (26,548) (109,941,680) 46.5% RESULT BEFORE TAXES 37,878,444 12,777,050 (66.3)% 10,601,923 23,378,973 (38.3)% Income tax expense (17,050,287) (19,173,953) 12.5% (1,679,977) (20,853,930) 22.3% NET RESULT 20,828,157 (6,396,903) 130.7% 8,921,945 2,525,042 (87.9)% Consolidated Pro-forma turnover reached RON 2.36bn, reflecting a 19.5% YoY growth, driven by strong performance in clinics, hospitals and laboratories. Pro-forma EBITDA increased by 20.4% to RON 349.1m, resulting in a margin of 16.1% (14.3% on an IFRS basis, and compared with 14.7% in 9mo 2024). The pro-forma net result was RON 2.5m, an 87.9% decrease versus the same period of last year determined mainly by the FX depreciation. Margins EBIT % 5.7% 5.2% 6.2% EBITDA % 14.7% 14.3% 16.1% Net result % 1.1% (0.3)% 0.1%
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9 2,361,915,728 2,254,691 -199,426,332 2,164,744,087 -450,000,000 50,000,000 550,000,000 1,050,000,000 1,550,000,000 2,050,000,000 9m 2025 IFRS Acquisitions National Program Reclass 9m 2025 Pro-forma From IFRS Revenues to Pro-forma Revenues RON 2.3m adjustment from acquisitions (Routine Med and All Clinic that entered consolidation in February and April). RON 199.4m reclass related to the National Program for chemotherapy drugs as compared to 138m RON same period last year) Pro-forma Revenues 338,392,147 203,038 10,499,859 349,095,045 0 50,000,000 100,000,000 150,000,000 200,000,000 250,000,000 300,000,000 350,000,000 400,000,000 9m 2025 IFRS Acquisitions One-off expenses 9m 2025 Pro-forma From IFRS EBITDA to Pro-forma EBITDA RON 203k impact in Pro-forma EBITDA coming from acquisitions. RON 10.5m one-off expenses adjusted in Pro-forma EBITDA. Pro-forma EBITDA Pro-forma Figures
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10 72.2 63.5 62.4 48.6 74.7 67.2 75.8 71.2 98.1 95.1 96.7 105.1 113.1 113.1 112.2 17.2% 14.4% 13.5% 10.3% 14.1% 12.5% 13.5% 12.2% 15.2% 14.3% 14.5% 13.8% 14.5% 14.2% 14.2% 9.0% 11.0% 13.0% 15.0% 17.0% 19.0% 0 20 40 60 80 100 120 Q1 '22 IFRS Q2 '22 IFRS Q3 '22 IFRS Q4 '22 IFRS Q1 '23 IFRS Q2 '23 IFRS Q3 '23 IFRS Q4 '23 IFRS Q1 '24 IFRS Q2 '24 IFRS Q3 '24 IFRS Q4 '24 IFRS Q1 '25 IFRS Q2 '25 IFRS Q3 '25 IFRS2 EBITDA evolution (RON m vs % margin) 419 442 464 471 529 537 561 583 647 664 668 737 778 796 788 0.0 100.0 200.0 300.0 400.0 500.0 600.0 700.0 800.0 900.0 Q1 '22 IFRS Q2 '22 IFRS Q3 '22 IFRS Q4 '22 IFRS Q1 '23 IFRS Q2 '23 IFRS Q3 '23 IFRS Q4 '23 IFRS2 Q1 '24 IFRS Q2 '24 IFRS Q3 '24 IFRS Q4 '24 IFRS Q1 '25 IFRS Q2 '25 IFRS Q3 '25 IFRS2 Revenues evolution (RON m) EBITDA posted consistent year-on-year gains in absolute terms, underscoring the resilience of the underlying business Revenues showed steady increase QoQ, supported by both organic volume growth and the incremental contribution of newly integrated acquisitions QoQ Evolution
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Operational KPIs 11 Business line Category 9m 2024 IFRS 9m 2025 IFRS % var. % Total IFRS Sales Clinics Revenue 741,702,586 884,149,472 19.2% 37.4% Visits 3,181,076 3,615,877 13.7% Average fee 233.2 244.5 4.9% Dentistry Revenue 95,033,275 92,396,013 (2.8)% 3.9% Visits 142,476 134,884 (5.3)% Average fee 667.0 685.0 2.7% Hospitals Revenue 468,675,295 652,570,668 39.2% 27.6% Patients 117,878 155,580 32.0% Average fee 3,975.9 4,194.4 5.5% Laboratories Revenue 225,891,790 262,226,843 16.1% 11.1% Tests 6,613,519 7,994,477 20.9% Average fee 34.2 32.8 (4.0)% Corporate Revenue 224,533,480 225,999,696 0.7% 9.6% HPPs 885,435 900,837 1.7% Average fee 253.6 250.9 (1.1)% Pharmacies Revenue 50,395,133 56,034,730 11.2% 2.4% Clients 344,051 325,141 (5.5)% Average fee 146.5 172.3 17.6% Others Revenue 172,437,148 188,538,306 9.3% 8.0% TOTAL 1,978,668,707 2,361,915,728 19.4% 100% Under IFRS, the Revenues recorded a 19.4% increase, with 15.5% driven by organic growth. Growth remained robust across the majority of business lines, fueled by the network’s expert medical teams, advanced technology, and commitment to outstanding patient care. The highest growth was seen in hospitals (+39.2%) and clinics (+19.2%), followed by laboratories with an 16.1% increase. The pharmacies division also grew by 11.2%. The corporate segment recorded a 0.7% increase, while the dentistry division saw a 2.8% decline primarily due to a reduction in patient visits and a contraction in the market. The Other* business line was up 9.3% driven mostly by the increase in pharma distribution and wellness services. *In the Other business line are included the revenues coming from: the Pharmachem distribution subsidiary, the wellness services, the Stem Cells Bank revenues, and other types of revenues.
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12 % OPEX % Sales 9m ‘24 IFRS 9m ‘25 IFRS % var. 9m ‘24 IFRS 9m ‘25 IFRS var. 9m ‘24 IFRS 9m ‘25 IFRS var. Consumable materials and repair materials 358,380,674 465,271,058 29.8% 19.1% 20.7% 1.5 p.p 18.1% 19.7% 1.6 p.p Commodities 166,982,925 159,069,051 (4.7)% 8.9% 7.1% (1.8)p.p 8.4% 6.7% (1.7)p.p Utilities 25,989,889 30,241,098 16.4% 1.4% 1.3% 0 p.p 1.3% 1.3% 0 p.p Repairs maintenance 15,759,646 20,827,971 32.2% 0.8% 0.9% 0.1 p.p 0.8% 0.9% 0.1 p.p Rent 12,445,787 17,452,923 40.2% 0.7% 0.8% 0.1 p.p 0.6% 0.7% 0.1 p.p Insurance premiums 4,939,941 5,134,086 3.9% 0.3% 0.2% 0 p.p 0.2% 0.2% 0 p.p Promotion expense 34,535,848 39,647,202 14.8% 1.8% 1.8% (0.1)p.p 1.7% 1.7% (0.1)p.p Communications 4,815,404 5,037,397 4.6% 0.3% 0.2% 0 p.p 0.2% 0.2% 0 p.p Third party expenses & Salaries expenses, out of which: 1,044,758,757 1,264,041,962 21.0% 55.8% 56.2% 0.4 p.p 52.8% 53.5% 0.7 p.p Third party expenses (including doctor’s agreements) 560,862,681 680,002,653 21.2% 30.0% 30.2% 0.3 p.p 28.3% 28.8% 0.4 p.p Salary and related expenses (including social contributions) 483,896,076 584,039,309 20.7% 25.9% 26.0% 0.1 p.p 24.5% 24.7% 0.3 p.p Depreciation 177,009,205 215,699,965 21.9% 9.5% 9.6% 0.1 p.p 8.9% 9.1% 0.2 p.p Impairment / Release under IFRS 9 provision on TR 4,838,914 4,407,930 (8.9)% 0.3% 0.2% (0.1)p.p 0.2% 0.2% (0.1)p.p Other administration and operating expenses 21,092,934 21,955,940 4.1% 1.1% 1.0% (0.2)p.p 1.1% 0.9% (0.1)p.p TOTAL 1,871,549,924 2,248,786,583 20.2% 100% 100% 0 p.p 94.6% 95.2% 0.6 p.p 0.6 p.p. YoY increase of Operating Expenses as % of Sales, from 94.6% to 95.2% coming from: • Increase in consumable materials and repair materials as % of Sales from 18.1% to 19.7%, in line with the higher contribution of oncology, labs and hospital services to the revenue mix, offset by a decrease in commodities & pharma contribution to total Sales; • Increase in third party expenses & salaries expenses with 0.7 p.p. which is expected to normalize as newly created capacities continue to ramp up; • Increase in depreciation with 0.2 p.p., in line with the accelerated M&A activity in previous years (amortization of corresponding intangibles) as well as new investments commissioned. OPEX Evolution
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Financial Position 13 December 31, 2024 IFRS September 30, 2025 IFRS % var. Non-current assets 2,357,408,397 2,437,309,022 3.4% Current assets, excluding Cash and cash equivalents 546,097,224 520,195,381 (4.7)% Cash and cash equivalents 112,808,224 185,346,959 64.3% TOTAL ASSETS 3,016,313,845 3,142,851,362 4.2% Current liabilities (excluding interest-bearing liabilities) 711,442,119 652,605,307 (8.3)% Financial debt 1,685,881,346 1,892,604,923 12.3% Other long-term debt 69,109,052 52,171,311 (24.5)% Deferred tax liability 45,236,597 43,440,477 (4.0)% TOTAL LIABILITIES 2,511,669,114 2,640,822,018 5.1% Equity attributable to owners of the Group 432,625,774 432,253,077 (0.1)% Non-controlling interests 72,018,957 69,776,267 (3.1)% EQUITY 504,644,731 502,029,344 (0.5)%
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Debt Position 14 December 31, 2024 IFRS September 30, 2025 IFRS % var. Leasing liabilities Current portion – Leasing 108,288,263 106,325,941 (1.8)% Long term portion - leasing 286,025,347 282,028,660 (1.4)% TOTAL 394,313,610 388,354,601 (1.5)% As of 30 September 2025, the Net Debt to Pro-forma EBITDA ratio held steady at 3.71x, compared with 3.78x at the end of 2024, and would have shown improvement if not for the impact of FX movements in Q2 Financial debt Overdraft 29,076,066 23,867,448 (17.9)% Current portion of long-term debt 127,417,891 79,987,049 (37.2)% Long-term debt 1,135,073,779 1,400,395,825 23.4% TOTAL 1,291,567,736 1,504,250,322 16.5% Net Debt 1,573,073,122 1,707,257,964 8.5% Net debt to Pro-forma EBITDA ratio 3.78 3.71
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Cash Flow 15 September 30, 2024 IFRS September 30, 2025 IFRS Net income before taxes 37,878,444 12,777,050 Adjustments for non-monetary items 255,606,909 328,375,311 Operating cash flow before working capital and other monetary changes 293,485,353 341,152,361 Cash used in working capital changes (19,747,400) (113,118,896) Other monetary changes (income tax and net interest paid) (60,274,763) (62,014,030) Net cash from operating activities 213,463,190 166,019,435 Net cash used in investing activities (198,774,388) (175,595,830) Net cash from financing activities 39,866,475 82,115,131 Net cash in cash and cash equivalents 54,555,276 72,538,735 Cash and cash equivalents beginning of the period 100,271,093 112,808,224 Cash and cash equivalents end of the period 154,826,369 185,346,959 Net cash from operating activities declined by 22% compared to the same period last year, mainly driven by changes in working capital. During the first nine months of the year, RON 175m were allocated to investing activities, including the acquisition of subsidiaries and CAPEX for ongoing projects, the most significant being the Timisoara hospital, the oncology and radiotherapy center in Bacau, the Hyperclinic in Pitesti and the genetics laboratory.
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Q&A session 3
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Thank you! MedLife Group 365, Calea Grivitei, Bucharest investors@medlife.ro