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www.medlife.ro www.medlife.ro www.medlife.ro www.medlife.ro H1 2026 Results Presentation 28 August 2026
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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 S.A.’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 S.A. 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 S.A.’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 S.A. 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 S.A.’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 H1 2026 Financial Results Q&A Session 1 2 3 H1 2026 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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H1 2026 Highlights • Key Messages • Outlook 1
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H1 2026 Performance Overview • Strong H1 performance, with pro forma consolidated revenue up 10.7% YoY (9.5% organic growth) to RON 1.7bn, supported by robust patient volumes and resilient demand for healthcare services. • Positive operating momentum strengthened in Q2, supporting an improvement in profitability, with pro forma EBITDA margin reaching 16.4% in H1 2026. • Growth was accompanied by increased operating leverage, as the expanding business supported better absorption of the Group’s fixed cost base, while Group-wide efficiency, cost optimization and operational improvement initiatives further contributed to margin expansion and helped offset the broader inflationary cost environment. • The diversified business model continues to provide resilience, with solid performance across all core business lines and sustained demand despite a more cautious consumer and macroeconomic environment. • Strategic initiatives continued to progress alongside the core business, with further investments in healthcare infrastructure, advanced diagnostics, personalized medicine, digitalization and technology. • Overall, H1 performance provides a solid base for the remainder of the year, combining healthy top-line growth, improving operating profitability in Q2 and continued execution of the Group’s strategic agenda. 5 Key messages M&As and Organic Growth • MedLife Genesys opened its 4th medical unit in Arad, further expanding regional capacity across 17+ specialties and comprehensive laboratory diagnostics. The new facility also introduces a Longevity Center to the local market, supporting portfolio diversification towards integrated preventive health, wellness optimization and long-term health management. • The acquisition of Medstar Group was finalized in January and integrated into the Sfânta Maria network starting with February, adding 4 clinics and expanding the Group’s diagnostic, imaging and recovery capabilities. The transaction further consolidates MedLife’s presence in Transylvania and brings the Sfânta Maria network to 60+ units across 15 counties. • MedLife expanded its Bucharest footprint with a EUR 1 million+ investment in the new MedLife Panduri Hyperclinic, consolidating the former Panduri clinic into a larger one-stop-shop facility. The opening brings the Group’s network to 37 hyperclinics nationwide, including 8 in Bucharest. • In August 2026, MedLife announced the acquisition of a 75% stake in Qualipat, a Romanian provider of anatomical pathology, immunohistochemistry and molecular testing. The transaction further expands the Group’s capabilities in advanced diagnostics and personalized medicine, with Qualipat continuing to operate under its existing brand.
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6 Key messages Developments • We continued to expand our technology-driven healthcare offering, with an investment of over EUR 2 million in advanced surgical infrastructure at MedLife Polisano in Sibiu, strengthening the hospital’s position as a regional hub for complex care. The investment supports the Group’s focus on high-value, technology-driven medical services and expands its robotic-assisted surgery capabilities. • The Corporate division continued its strong growth trajectory, supported by new products and tailored service packages addressing the evolving needs of corporate clients. Strong market response translated into new client wins and deeper relationships with existing partners, driving further market share gains and solid performance during the period. • We continued to build the foundations for personalized medicine, with Longevity100+ moving from genomic sequencing towards the integration of genetic, microbiome and clinical data. The first Longevity100+ results reinforced the relevance of genomic insights for the local population, supporting our focus on prevention, earlier risk identification and more personalized care. In parallel, we are expanding the MedLife app into a more integrated health ecosystem, bringing together medical, genetic, biometric and lifestyle data and laying the foundation for more personalized care, insights and recommendations. Outlook Strategic priorities • We will continue to invest in technology and advanced diagnostics, while maintaining a strong focus on leveraging synergies and margin improvement. • Our focus remains on sustainable growth and disciplined capital allocation, while closely monitoring the evolving macroeconomic environment and maintaining the flexibility to adapt as market conditions evolve. • We remain focused on advancing our ongoing organic development projects and sustaining the Group’s growth momentum, while selectively pursuing small and medium-sized M&A opportunities both in Romana and across the region.
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H1 2026 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 6M 2025 IFRS 6M 2026 IFRS % var. Pro-forma adjusted 6M 2026 Pro-forma % var. Gross sales 1,573,957,005 1,738,986,990 10.5 % 3,011,752 1,741,998,742 10.7 % Net sales (less NHP) 1,573,957,005 1,738,986,990 10.5 % (163,494,940) 1,575,492,050 0.1 % Other operating income 6,681,137 6,165,068 (7.7)% 6,208 6,171,276 (7.6)% OPERATING INCOME 1,580,638,142 1,745,152,058 10.4 % (163,488,732) 1,581,663,326 0.1 % OPERATING EXPENSES (1,496,330,675) (1,658,894,792) 10.9 % 180,370,449 (1,478,524,343) (1.2)% OPERATING EXPENSES* (1,496,330,675) (1,651,066,632) 10.3 % 172,542,289 (1,478,524,343) (1.2)% OPERATING PROFIT 84,307,467 86,257,266 2.3 % 16,881,717 103,138,983 22.3 % EBITDA 226,161,841 241,957,171 7.0 % 16,937,354 258,894,525 14.5 % EBITDA* 226,161,841 249,785,331 10.4 % 9,109,194 258,894,525 14.5 % Net finance cost (47,783,171) (57,616,298) 20.6 % (11,562) (57,627,860) 20.6 % Other financial expenses (35,624,768) (51,972,223) 45.9 % 18,793 (51,953,430) 45.8 % FINANCIAL RESULT (83,407,939) (109,588,521) 31.4 % 7,231 (109,581,290) 31.4 % RESULT BEFORE TAXES 899,528 (23,331,255) (2,693.7)% 16,888,948 (6,442,307) (816.2)% Income tax expense (11,785,473) (11,357,922) (3.6)% (2,692,635) (14,050,557) 19.2 % NET RESULT (10,885,945) (34,689,177) 218.7 % 14,196,313 (20,492,864) 88.3 % Consolidated Pro forma turnover reached RON 1.74bn, reflecting a 10.7% YoY growth, driven by strong increase in the corporate segment, and solid demand in clinics, laboratories and hospitals. OPEX include RON 7.8m paid during the period in connection with the final resolution of a litigation involving the Company. No provision was recognised previously in respect of this litigation, as, based on the information available at the reporting dates, including the developments in the proceedings and the decisions previously issued by the courts, the management assessed that the recognition criteria for a provision under IAS 37 were not met. Following the final outcome of the litigation, the related amount was recognised in full in the current reporting period. Pro forma EBITDA increased by 14.5% to RON 258.9m, resulting in a margin of 16.4% (14.4% on an IFRS basis (adjusted for the one-off litigation expense), and compared with 14.4% in H1 2025). The approximately 2.8% depreciation of the RON against the EUR during Q2 2026 impacted the financial result for the 6mo period of 2026, leading to a pro forma net loss of RON 20.4m. Margins EBIT % 5.4% 5.0% 6.5% EBITDA % 14.4% 13.9% 16.4% EBITDA* % 14.4% 14.4% 16.4% Net result % (0.7)% (2.0)% (1.3)% * Reflects the adjustment of the EUR 1.5m one-off litigation expense registered in Q2 2026.
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9 1,738,986,990 3,011,752 -166,506,692 1,575,492,050 -500,000,000 0 500,000,000 1,000,000,000 1,500,000,000 2,000,000,000 6m 2026 IFRS Acquisitions National Program Reclass 6m 2026 Pro forma From IFRS Revenues to Pro forma Revenues RON 3m adjustment from acquisitions (Medstar that entered consolidation in February). RON 166.5m reclass related to the National Program for chemotherapy drugs (RON 120.8m in H1 2025). Pro-forma Revenues 241,957,171 108,386 16,828,968 258,894,525 0 50,000,000 100,000,000 150,000,000 200,000,000 250,000,000 300,000,000 6m 2026 IFRS Acquisitions One-off expenses 6m 2026 Pro forma From IFRS EBITDA to Pro forma EBITDA RON 108.4k impact in Pro-forma EBITDA coming from acquisitions. RON 16.8m 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 96.7 105.1 113.1 113.1 112.2 106.4 119.8 122.2 130.0 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% 13.1% 14.0% 13.8% 14.7% 9.0% 11.0% 13.0% 15.0% 17.0% 19.0% 0 20 40 60 80 100 120 140 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 IFRS Q4 '25 IFRS Q1 '26 IFRS Q2 '26 IFRS Q2 '26 IFRS* EBITDA evolution (RON m vs % margin) 419 442 464 471 529 537 561 583 647 664 668 737 778 796 788 812 853 886 0.0 100.0 200.0 300.0 400.0 500.0 600.0 700.0 800.0 900.0 1,000.0 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 IFRS Q4 '25 IFRS Q1 '26 IFRS Q2 '26 IFRS Revenues evolution (RON m) * Reflects the adjustment of the EUR 1.5m one-off litigation expense registered in Q2. The positive profitability trend accelerated in Q2, with the EBITDA margin improving compared to the same period last year. This performance was supported by continued patient growth, a higher-complexity service mix, increased operating leverage and ongoing efficiency initiatives across the network. Revenues continue to increase steadily QoQ, supported by organic volume growth across the existing network, alongside the incremental contribution of newly integrated and recently opened facilities. QoQ Evolution
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Operational KPIs 11 Business line Category 6m 2025 IFRS 6m 2026 IFRS % var. % Total IFRS Sales Clinics Revenue 586,623,201 674,992,716 15.1% 38.8% Visits 2,378,931 2,662,268 11.9% Average fee 246.6 253.5 2.8% Hospitals Revenue 437,787,015 473,904,667 8.3% 27.3% Patients 104,393 109,202 4.6% Average fee 4,193.6 4,339.7 3.5% Laboratories Revenue 172,789,754 194,559,115 12.6% 11.2% Tests 5,241,532 5,920,767 13.0% Average fee 33.0 32.9 (0.3)% Corporate Revenue 150,267,854 175,640,933 16.9% 10.1% HPPs 887,962 999,018 12.5% Average fee 169.2 188.8 11.6% Dentistry Revenue 61,989,558 59,593,514 (3.9)% 3.4% Visits 89,719 90,138 0.5% Average fee 690.9 661.1 (4.3)% Pharmacies Revenue 37,735,631 50,462,145 33.7% 2.9% Clients 221,159 244,597 10.6% Sales per client 170.6 206.3 20.9% Others* Revenue 126,763,992 109,833,899 (13.4)% 6.3% TOTAL Revenue 1,573,957,005 1,738,986,990 10.5% 100% Under IFRS, revenues increased by 10.5%, with organic growth contributing 9.5%. Core business segments maintained solid growth, with corporate services (+17%), clinics (+15% YoY), laboratories (+13% YoY), and hospitals (+8%) recording the strongest performance, supported by the Group’s experienced medical teams, advanced technology, and strong focus on patient care. The pharmacies division grew by 34% YoY, driven by increases in both average sales per client and client volumes. The dentistry division declined by 4%, reflecting softer demand in a segment more sensitive to purchasing power and discretionary spending. In response, we have already taken steps to refine our strategy, with a greater focus on medium- to high-end services, while further initiatives are underway to strengthen the division’s performance. At the same time, the Others business line decreased by 13%, mainly as a result of lower wholesale distribution activity. *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 6M 2025 IFRS 6M 2026 IFRS % var. 6M 2025 IFRS 6M 2026 IFRS var. 6M 2025 IFRS 6M 2026 IFRS var. Consumable materials and repair materials 305,569,573 355,153,960 16.2% 20.4% 21.5% 1.1 p.p 19.4% 20.4% 1 p.p Commodities 108,832,631 104,539,528 (3.9)% 7.3% 6.3% (0.9)p.p 6.9% 6.0% (0.9) p.p Utilities 20,869,065 24,691,078 18.3% 1.4% 1.5% 0.1 p.p 1.3% 1.4% 0.1 p.p Repairs maintenance 13,959,323 16,302,800 16.8% 0.9% 1.0% 0.1 p.p 0.9% 0.9% 0.1 p.p Rent 9,787,096 11,151,258 13.9% 0.7% 0.7% 0 p.p 0.6% 0.6% 0 p.p Insurance premiums 3,357,414 3,308,865 (1.4)% 0.2% 0.2% 0 p.p 0.2% 0.2% 0 p.p Promotion expense 26,453,293 30,640,420 15.8% 1.8% 1.9% 0.1 p.p 1.7% 1.8% 0.1 p.p Communications 3,228,469 4,020,464 24.5% 0.2% 0.2% 0 p.p 0.2% 0.2% 0 p.p Third party expenses & Salaries expenses, out of which: 844,046,633 923,115,321 9.4% 56.4% 55.9% (0.5)p.p 53.6% 53.1% (0.5)p.p Third party expenses (including doctor’s agreements) 456,690,068 502,445,128 10.0% 30.5% 30.4% (0.1)p.p 29.0% 28.9% (0.1)p.p Salary and related expenses (including social contributions) 387,356,565 420,670,193 8.6% 25.9% 25.5% (0.4)p.p 24.6% 24.2% (0.4)p.p Depreciation 141,854,374 155,699,905 9.8% 9.5% 9.4% 0 p.p 9.0% 9.0% (0.1)p.p Impairment/Release under IFRS 9 provision on TR 2,703,133 4,412,895 63.3% 0.2% 0.3% 0.1 p.p 0.2% 0.3% 0.1 p.p Other administration and operating expenses 15,669,671 18,030,138 15.1% 1.0% 1.1% 0 p.p 1.0% 1.0% 0 p.p TOTAL 1,496,330,675 1,651,066,632 10.3% 100% 100% 0 p.p 95.1% 94.9% (0.2)p.p Slight improvement in Operating Expenses as percentage of Sales, mainly driven by: • Increase in consumable materials and repair materials as % of Sales from 19.4% to 20.4%, in line with the higher contribution of oncology, labs and hospital services to the revenue mix, offset by the decrease of the contribution to total Sales of commodities, and • Lower salary and related expenses as % of total Sales, as business growth supported better absorption of the existing fixed cost base, trend being more visible in Q2 2026. OPEX Evolution
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Financial Position 13 December 31, 2025 IFRS June 30, 2026 IFRS % var. Non-current assets 2,558,038,547 2,589,611,238 1.2% Current assets, excluding Cash and cash equivalents 526,710,149 611,858,163 16.2% Cash and cash equivalents 176,178,001 158,582,174 (10.0)% TOTAL ASSETS 3,260,926,697 3,360,051,575 3.0% Current liabilities (excluding interest-bearing liabilities) 662,703,593 710,508,900 7.2% Financial debt 1,931,339,624 2,023,753,968 4.8% Other long-term debt 51,592,329 48,388,518 (6.2)% Deferred tax liability 56,467,607 52,108,871 (7.7)% TOTAL LIABILITIES 2,702,103,153 2,834,760,257 4.9% Equity attributable to owners of the Group 483,971,714 457,567,187 (5.5)% Non-controlling interests 74,851,830 67,724,131 (9.5)% EQUITY 558,823,544 525,291,318 (6.0)%
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Debt Position 14 December 31, 2025 IFRS June 30, 2026 IFRS % var. Leasing liabilities Current portion 112,051,538 125,783,736 12.3% Long term portion 298,868,179 302,328,681 1.2% TOTAL 410,919,717 428,112,417 4.2% The Net Debt to Pro-forma EBITDA ratio remained essentially flat compared with 31 March 2026, at 3.85x as of 30 June 2026, primarily reflecting the approximately 2.8% depreciation of the RON against the EUR during Q2. Excluding the FX impact, the ratio would have decreased to approximately 3.74x, reflecting the underlying operational deleveraging trend. The target is a gradual reduction of leverage towards 3.5x by the end of 2026. Financial debt Overdraft 38,485,631 38,989,367 1.3 % Current portion of long-term debt 72,208,446 102,122,906 41.4% Long-term debt 1,409,725,830 1,454,529,278 3.2% TOTAL 1,520,419,907 1,595,641,551 4.9% Net Debt 1,755,161,623 1,865,171,794 6.3% Net debt to Pro-forma EBITDA ratio 3.82 3.85
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Cash Flow 15 June 30, 2025 IFRS June 30, 2026 IFRS Net income before taxes 899,528 (23,331,254) Adjustments for non-monetary items 227,021,525 273,034,857 Operating cash flow before working capital and other monetary changes 227,921,053 249,703,602 Cash used in working capital changes (78,288,558) (59,356,487) Other monetary changes (income tax and net interest paid) (49,056,803) (49,134,826) Net cash from operating activities 100,575,692 141,212,289 Net cash used in investing activities (121,051,266) (128,115,274) Net cash from financing activities 57,227,345 (30,692,842) Net cash in cash and cash equivalents 36,751,771 (17,595,827) Cash and cash equivalents beginning of the period 112,808,224 176,178,001 Cash and cash equivalents end of the period 149,559,995 158,582,174 Net cash from operating activities increased by 40% compared to same period of 2025, mainly as a result of stronger operating performance. During the first 6 months of 2026, RON 128m were allocated to investing activities (6% higher vs H1 2025), including the acquisition of subsidiaries and CAPEX for ongoing projects, out of which RON 37m used in acquisitions of subsidiaries, while RON 80m in property, plant and equipment.
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Q&A session 3
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Thank you! MedLife Group 365, Calea Grivitei, Bucharest investors@medlife.ro