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Investor Update Medicover AB
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2 This presentation may contain certain forward-looking statements and opinions. Forward-looking statements are statements that do not relate to historical facts and events and such statements and opinions pertaining to the future that, by example, contain wording such as “believes”, “estimates”, “anticipates”, “expects”, “assumes”, “forecasts”, “intends”, “could”, “will”, “should”, “would”, “according to estimates”, “is of the opinion”, “may”, “plans”, “potential”, “predicts”, “projects”, “to the knowledge of” or similar expressions, which are intended to identify a statement as forward-looking. This applies, in particular, to statements and opinions in this presentation concerning the future financial returns, plans and expectations with respect to the business and management of Medicover, future growth and profitability and general economic and regulatory environment and other matters affecting Medicover. Forward-looking statements are based on current estimates and assumptions made according to the best of Medicover’s knowledge. Such forward-looking statements are subject to risks, uncertainties, and other factors that could cause the actual results, including Medicover’s cash flow, financial position and results of operations, to differ materially from the results, or fail to meet expectations expressly or implicitly assumed or described in those statements or to turn out to be less favourable than the results expressly or implicitly assumed or described in those statements. Accordingly, prospective investors and other third parties should not place undue reliance on the forward-looking statements herein. Medicover can give no assurance regarding the future accuracy of the opinions set forth herein or as to the actual occurrence of any predicted developments. In light of the risks, uncertainties and assumptions associated with forward-looking statements, it is possible that the future events mentioned in this presentation may not occur. Moreover, the forward-looking estimates and forecasts derived from third-party studies referred to in the presentation may prove to be inaccurate. Actual results, performance or events may differ materially from those in such statements due to, without limitation, changes in general economic conditions, in particular economic conditions in the markets on which Medicover operates, changes affecting interest rate levels, changes affecting currency exchange rates, changes in competition levels, changes in laws and regulations, and occurrence of accidents or environmental damages. The information, opinions and forward-looking statements contained in this announcement speak only as at its date, and are subject to change without notice. DISCLAIMER REGARDING FORWARD-LOOKING STATEMENTS
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3 Agenda 13.00-14.00 Business overview John Stubbington, CEO 60 min 14.00-14.15 Q&A John Stubbington, CEO 15 min 14.15-14.30 Break 15 min 14.30-14.50 Financial overview Anand Patel, CFO 20 min 14.50-15.20 Q&A John Stubbington, CEO Anand Patel, CFO 30 min 15.20 Wrap-up John Stubbington, CEO Anand Patel, CFO ~5 min
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4 Medicover: a story of growth John Stubbington, CEO
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5 Story of growth MEDICOVER 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 A 19% revenue CAGR since the IPO, driven by both organic growth and M&A 3.8 growth x 2016 – 2025 Revenue 2022 Organic growth1 M&A Revenue 2025 Delivering consistent double-digit growth 12023-2025 Organic growth not adjusted for currency Organic growth1
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6 Story of growth MEDICOVER 350 369 234 2022 base 2025 target 2025 actual Adjusted organic EBITDA of €369m 16.4% annual growth since 2022 ▪ Leverage1: 3.1x vs. targeted ≤ 3.5x as of year-end 2025 ▪ Dividend: 39%2 of net profit (target ≤50%) ▪ Adj. EBITDAaL: €260m vs. €235m ▪ EBIT: €156m vs. €140m 2,200 2,329 1,510 2022 base 2025 target 2025 actual Adj. organic EBITDA, €mOrganic revenue, €m COVID-19 Organic revenue of €2,329m 15.5% annual growth since 2022 COVID-19 1Loans payable net of cash and liquid short-term investments / adjusted EBITDAaL for the last twelve months 2Subject to AGM approval Illustrative equivalent to: We exceeded our targets 2023-2025
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7 Story of growth MEDICOVER 187 Clinics 176 Gyms 41 Hospitals 6.1k Hospital beds 14.4 million Medical visits 1.5 million members Revenue 17% Public pay, 31% Funded, 52% FFS 135 Laboratories 1,046 Blood-drawing points (BDPs), 36 Clinics >152 million lab tests Revenue 29% Public pay, 71% FFS Healthcare Services 69% Diagnostic Services 31% >49k employees Figures as of year-end 2025 Medicover is a fast-growing healthcare and diagnostics provider Revenue €2.4bn
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8 Story of growth MEDICOVER Revenue split by geography and 3-year CAGR Poland, Germany, Romania and India represent 90% of the business Sustained strong growth in key markets highlighted by Poland’s exceptional performance 43% 52% 21% 16% 12% 13% 11% 9% 13% 10% 2022 2025 +24% +6% +22% +7%1 India: a strong regional hospital group in investment phase Romania: an integrated healthcare & diagnostics provider Germany: a lab diagnostic group with several strong plays Poland: a leading integrated provider with strong comprehensive ecosystem 1Growth in local currency at +13%
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9 Story of growth MEDICOVER 6.3% 4.4% 6.9% 7.6% Poland Germany Romania India Real GDP growth Healthcare spend as % of GDP1 Healthcare market growth2 OECD38 avg. Source: OECD Health at the Glance 2025, © Reproduced with permission of the Economist Intelligence Unit Notes: 1as of 2024 2Measured by healthcare spend 3Lab market growth 4Private hospital market growth Key indicators (CAGR 2025-2028 forecast) Private healthcare market growth Medicover is present in markets with emerging middle classes - they have choice and we are one of their choices Health expenditure grows consistently higher than GDP ✓ Demand: Illness burden increases as population ages, which also triggers higher need for diagnostics services ✓ Supply: Public healthcare provision is challenged and will struggle with demand ✓ Result: Unmet health demand for more healthcare and diagnostic services Presence in markets with high growth outlook 3.2% 1.3% 2.3% 6.6% Poland Germany Romania India 8.1% 12.3% 5.7% 3.3% Poland Germany Romania India 1 3 2 4 7.4% 4.2% 9.0% 13.0% Poland Germany3 Romania India4Poland Germany3 Romania India4
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10 Story of growth MEDICOVER Digital experience & hybrid care More convenience in access to health Customers prioritise efficiency, flexibility, and ease of access to health services Consumers expect seamless digital interactions and integrated care models Focus on prevention & longevity Shift toward proactive health management, wellness, and preventive care We address these trends by adapting our proposition Long-term relationships lead to better understanding of patient needs
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11 Story of growth MEDICOVER Scaled & growing Revenue generation through cross- sell, up-sell, full showcase Convenience & efficiency Better care quality & outcomes Reduced admin burden & enhanced care delivery Acquisition, loyalty & lifetime value 1Medicover Online App Strong digital orientation ▪ We launch innovative tools which score highly (App Store rating1: 4.6) ▪ Patients have trust in our tools and we have high engagement ▪ Patients know our brand and we are able to present our full proposition through digital tools ▪ We are convenient, easy to use, our platforms are integrated Technology is at the core - valued by patients, focused on impact Technology areas delivering impact We engage, empower and retain our patients at scale through digital tools We use digital tools to drive growth, efficiency and quality of care Sales platforms Patient 360˚ view Remote services platform AI solutions In progress Engagement tools
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12 Story of growth MEDICOVER € 330 million net positive health impact in 2024 92% aligned with UNSDG 3 €330 million net positive health impact in 2024 92% aligned with UNSDG 3 A medical visit every 2 seconds (every working day) €1 of resources €2.74 of positive impact NPS >83 customer score 4 Lab tests every second (every working day) 1 medical visit every second NPS >83 customer score 11 lab tests every second Medicover delivers high health impact and improved access to care HEALTH IMPACT ethically, responsibly and sustainably We deliver Source: Upright project
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13 Next phase for continued growth and operational leverage
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14 Story of growth MEDICOVER Target adjusted organic EBITDA exceeding €600m Target organic revenue exceeding €3.25bn 2,378 3,250 2025 base 2028 target 388 600 2025 base 2028 target Adj. organic EBITDA, €mOrganic revenue, €m New financial targets 2026-2028 reflect our ambition and potential 1 Loans payable net of cash and liquid short-term investments / adjusted EBITDAaL for the last twelve months; Under IFRS accounting standards as of year-end 2025. ▪ Leverage1: ≤3.0x can exceed over shorter periods ▪ Dividend: ≤50% share of net profit for the year ▪ Adj. EBITDAaL in excess of €430m ▪ EBIT in excess of €290m Illustrative equivalent to:
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15 Story of growth MEDICOVER Market growth • Synergies and efficiencies in key markets • Increasing operating leverage and cost absorption • Strong healthcare fundamentals across our core markets • Attractive long-term demand tailwinds • Better network utilisation and network expansion • Evolving revenue mix and new products • Digital customer experience • Strong track record, adoption and engagement Synergies & productivity Network & product expansion Technology Four key areas to unlock potential over the next 3 years
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16 Story of growth MEDICOVER 2025 Poland Germany India 2028Romania All core markets delivering solid contribution to 2028 financial targets *Illustrative visualisation of growth by country Revenue Bridge 2025-2028*
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17 Romania Germany Poland Sweden HEADQUARTERS Turkey Georgia Ukraine Cyprus Bulgaria Slovenia Greece North Macedonia B&HCroatia Norway Denmark India Poland POLAND 52% Revenue share (2025) Revenue CAGR (2022-2025) 92% 8% Revenue split (2025) Diagnostic Services Healthcare Services ~24% Georgia
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18 POLAND Member acquisition and retention Providing care in own facilities Expanding services Intragroup synergies Offering comprehensive solutions to patients Acquire members mainly through corporate partnerships Deliver core healthcare services in our clinics Offer members additional services in FFS. Attract non- members (FFS / public pay patients) All healthcare services generate lab work (routine and advanced), which we provide in own labs Diagnostics feed back into more healthcare consultations Polish model is highly synergistic thanks to broad proposition & flexible payor models 1 2 3 4 5
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19 Market growth POLAND 39% 42% 2025 2028 0-49 50+ F Medicover share in private healthcare market in Poland Sources: © Reproduced with permission of the Economist Intelligence Unit, Medicover calculations on the basis of PMR Market Experts by Hume’s, World Population Prospects: The 2024 Revision, Medicover internal information. 3.2% 6.3% 7.4% 10.4% GDP Healthcare market Private healthcare market Fitness market Healthcare and fitness are high-growth markets Growth rates CAGR 2025-2028 Share of 50+ population constantly increasing Key insights Private healthcare market: €11bn CAGR 2025-2028F: 7.4% Market growth by 2028: +€3bn Sports and fitness market: €1.5bn ~11% Medicover revenue CAGR for 2022-2025 in Poland 24.4% +3pp Age structure of Polish population Prospects for healthcare & fitness markets continue to be very favourable in Poland
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20 Expansion POLAND Since 2022 2025 Healthcare space (m2) +98k 487k Members +100k 1.3m Clinics1 +13 213 Fitness clubs +50 176 Hospitals -1 11 Visits +0.7m 9.8m Labs -8 26 BDPs +10 154 Utilisation levels leave room for further revenue growth without extra capex 1Include healthcare, dental, mental health and fertility 2Revenue in constant prices, adjusted for inflation (base year 2020) 0.8 1 1.2 1.4 1.6 1.8 2 0 100 200 300 400 500 600 2020 2021 2022 2023 2024 2025 Healthcare space Revenue* per m2 % C A P A C I T Y Major market for investment in capacity meaning a lot of growth still to come Sales density will grow as new assets mature Our footprint increased as we reinvested Current capacity utilisation Revenue2 per m2
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21 Expansion POLAND Strong network across Poland but still a lot of build-up potential available Countrywide presenceStrong market position Top 3 Integrated labs, clinics and hospitals, strong #2 position in private healthcare Dense national footprint in ambulatory care and sport/fitness Strong #2 position in sport services with own gyms integrated with healthcare Massive space to grow All areas highly synergistic with the platform Sources: Medicover calculations on the basis of PMR Market Experts by Hume’s, 1Include healthcare, dental, mental health and fertility Holistic proposition ✓ Integrated health, diagnostics & lifestyle ✓ One platform across care settings Coordinated, patient-centric care ✓ Seamless, end-to-end patient experience ✓ Capture full episode of care value Targeted provision expansion ✓ Selective expansion in attractive segments ✓ Capacity build-up in high-synergy areasunconsolidated
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22 Expansion POLAND High revenue growth from integrated wellbeing solutions for B2B segment 2017 2022 2025 2028 2017: Provider of a single benefit to corporate clients – healthcare plans 2022: Expanded to other services, such as non-healthcare employee benefits 2025: Expanded the proposition with prevention and sport – invested heavily in own network to ensure best possible provision 2028: Focus on integration of all products into comprehensive wellbeing solutions for customers, as well as hospital care & insurance Healthy Courage programme – a new solution for employers +1 years longer in better life -13% lower risk of major cardiovascular events +27% greater sense of efficiency in daily life (including work) +928 working days for each 1,000 employees -32% reduction in sickness absence for 29% of employees 6 accounts signed, ~230 accounts in pipeline with 40% in final stage Continuous product innovation – from pure healthcare into comprehensive wellbeing CommercialisationProduct development Proven outcomeResearch Corporate wellbeing Illustrative presentation of B2B revenues in Poland
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23 Synergies & productivity POLAND 2022 2025 2028 3.5m 2022 2025 2028 Customer relationships1 1Customer relationships include: Prepaid members in Poland, Fitness members (B2B& B2C), Medicover Benefits, MediClub and NFZ memberships; 2Source: Medicover calculations on the basis of PMR Market Experts by Hume’s Growing FFS spend and market penetration will unlock synergies Large base of relationships with customers who have high spending power Medicover revenue per customer is 1.4x higher than FFS spend per capita in Poland Strong FFS spend per capita in Poland (€)2
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24 Synergies & productivity POLAND 1. Acquire into loyalty programme 2. Showcase full online proposition Free loyalty programme open to everyone (not just Medicover users), offering access to Medicover services ▪ Continue growing member base (0.2m in 2022, 0.9m in 2025) ▪ Gain understanding of members ▪ Establish marketing clusters ▪ Drive conversion and sale Online marketplace which allows consumers to discover, purchase, and book end-to-end healthcare & wellness services ▪ Expands digital sales beyond core services ▪ Enables cross-sell and up-sell across the ecosystem ▪ White label creates scalability ▪ Increases customer lifetime value through repeat purchases Increase revenue +60% club revenue growth in 2025 (MediClub members) Up-selling +62% higher average order value (MediClub members1) Increase frequency and conversion +9% higher frequency of purchases (MediClub members1) Cross-selling +16% more products purchased (MediClub members1) Digital tools in place to showcase proposition & monetise relationships 1vs. non-members
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25 Synergies & productivity POLAND Extend services at gyms to become wellness hubs Utilise assets across multiple product lines to drive revenue and utilisation Transform BDPs into healthcare hubs with consultation rooms 154 # of BDPs 7k+ space m2 176 # of gyms 294k+ space m2 Increasing convenience Increasing distribution and product visibility Increasing asset utilisation Current network Asset base which allows for a low-capex extension of distribution & provision Current network Average area of BDP in Poland: ~45 m2, gym ~1,700 m2 ► ►
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26 A story of growth POLAND Illustrative visualisation of growth by country Poland – key takeaways 2025 Poland Germany India 2028Romania ▪ Market with attractive growth dynamics ▪ Ample space to expand presence ▪ Constantly developing proposition ▪ Highly synergistic business model
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Romania Germany Poland Sweden HEADQUARTERS Turkey Georgia Ukraine Cyprus Bulgaria Slovenia Greece North Macedonia B&HCroatia Norway Denmark India GERMANY Germany 16% 6% Revenue share (2025) Revenue CAGR (2022-2025) Revenue split (2025) Healthcare Services Diagnostic Services 15% 85% Georgia
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28 GERMANY Core markets Distribution markets ▸ Growth of diagnostics in Romania ▸ Expansion to Poland, Ukraine, Serbia ▸ Opened a central lab in Bucharest ▸ Acquired specialised lab testing in Germany, products introduced to existing FFS markets ▸ Entered clinical trials and genetics ▸ Further strong growth of diagnostics, entered multiple FFS markets to widen distribution ▸ Specialised lab testing replicated in Romania, becomes a hub for SEE ▸ Further geographic expansion via Synlab SEE acquisition ▸ Strong distribution and network synergies Future development 2000s 2007-09 2010s 2025 Germany is a key component of our diagnostic platform
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29 Market growth GERMANY 1.3% 4.4% 4.2% GDP Healthcare market Lab diagnostics market Stable market growth in Germany (2025-2028 CAGR) High healthcare spend Health expenditure per capita (USDk PPP) Source: © Reproduced with permission of the Economist Intelligence Unit, Frueh Consulting, Medicover internal information Germany is a big, stable and profitable market with very high per capita spend Key insights Lab diagnostics market: €5.1bn CAGR 2025-2028F: 4.2% Market growth by 2028: +€0.7bn Medicover diagnostic revenue CAGR for 2022-2025 in Germany 5.6% Significant growth opportunities beyond core lab diagnostics: specialised lab testing, lifestyle testing and genetics 9.4 Poland Romania India 12024
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30 Expansion GERMANY Current presence From a regional routine lab into a multi- national provider of specialised lab testing Customers Synergistic model ▪ Specialised lab testing ▪ Genetic testing ▪ Specialised lab testing – leading provider with 1/3 market share nationwide in advanced immunology, >6,000 clinics as clients ▪ Genetic testing – leading provider with broadest portfolio, largest operator of genetic counselling clinics in Germany ▪ ~75% of revenue from outside of NE Germany ▪ ~66% of revenue from external customers ▪ ~75% of revenue from non- routine accounts ▪ ~66% of revenue from non- routine accounts ▪ Routine testing – leading lab network in North-East Germany, with 1/3 regional market share ▪ ~95% of revenue from local accounts Local labs distribute specialised lab testing as one-stop shop Specialised lab testing has international potential All tests done with existing infrastructure and digital tools Routine testing benefits from new national accounts activated by specialised lab testing International position National position Regional position
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31 Expansion GERMANY Highly profitable regional position in classic labs despite regulatory headwinds Mecklenburg -Verpommern Brandenburg Bavaria Very resilient business and strong performance Top market positions1 in North-East Germany Well placed to grow ~10% ~15% ~20% # of customers Test volume Revenue Public pay lab reform Payout ratios cut hitting specialised labs hardest Growth rates 2025 / 20232 Berlin Transformation in progress ✓ neutralise regulatory headwinds, improve revenue mix and protect margins Drive specialised lab testing ✓ one-stop shop using existing distribution Broaden test portfolio ✓ Build new capabilities to increase share of wallet among current customers (e.g. gynaecologists) and drive growth in newer customer groups (e.g. oncologists) Expand customer base ✓ Specialised lab testing opens door to new groups of customers nationwide ✓ Self-pay patients as a promising revenue stream% Medicover market share Medicover lab >3% >30% 1Calculaton on the basis of clinical labs market only, 2Absolute change 2023-2025
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32 Expansion GERMANY 4.4% 4.2% 12.0% 15.0% Healthcare market Lab diagnostics market Oncology/pathology testing (untapped market) Lifestyle testing ▪ Increased health awareness and focus on prevention ▪ Individualised medicine & nutritional medicine ▪ Anti-ageing medicine and longevity ▪ Shift to outpatient healthcare provision ▪ Public cost containment leave more room for private pay / self pay Sources: © Reproduced with permission of the Economist Intelligence Unit, Frueh Consulting, Medicover internal information Fast-growing testing categories Growth rates in Germany (2025-2030 CAGR) Key market trends Our specialised lab testing proposition benefits from dynamic market trends Specialised lab testing and genetics
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33 Expansion GERMANY Specialised lab testing Genetics Application ▪ Functional / preventive medicine, holistic health check-ups ▪ Complex immune system disorders ▪ Clinical genetics for oncology, pediatrics, cardiology ▪ Preventative genetics for healthy but at-risk customers Estimated market potential by 2030 Leveraging strong capabilities to drive further growth in Germany and beyond Sources: Frueh Consulting, Medicover internal information MCOV other markets include: Poland, Romania, Ukraine, SEE ◄ Continue to increase product portfolio to address a wider market ◄ Expand presence in existing distribution ◄ Expand international platform (from current 50 countries) Germany €1.9bn MCOV other markets International Germany €0.9bn + €1.0bn pathology MCOV other markets €0.9bn EMEA €3.3bn ◄ Offer best testing & reporting experience ◄ Expand presence in existing distribution ◄ Develop international platform
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34 Germany – key takeaways Illustrative visualisation of growth by country ▪ Expand customer base ▪ Broaden test portfolio ▪ Drive specialised lab testing in Germany and internationally 2025 Poland Germany India 2028Romania
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35 Romania Germany Poland Sweden HEADQUARTERS Turkey Georgia Ukraine Cyprus Bulgaria Slovenia Greece North Macedonia B&HCroatia Norway Denmark India Romania ROMANIA Revenue CAGR (2022-2025) 57% 43% Revenue split (2025) Diagnostic Services Healthcare Services ~22% 13% Revenue share (2025) Georgia
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36 ROMANIA Value proposition for doctors Medicover platforms in Romania are distinctly positioned towards FFS segment Convenience Balanced doctor-driven and patient-driven FFS lab market ▪ First lab choice for FFS patients ▪ Best patient experience ▪ Leading provider for independent clinics and labs ▪ Most advanced portfolio Romanian healthcare system is based on hospital services ▪ Clinics feed traffic into hospitals ▪ Public revenue streams available ▪ Ability to upsell to deliver better service and experience ▪ Dual revenue model secures long- term growth Diagnostic Services Healthcare Services Key enablers Commercial strength Hospital-led growth Digital ecosystem
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37 Market growth ROMANIA Source: OECD, Health at a Glance 2025, © Reproduced with permission of the Economist Intelligence Unit, Medicover calculations on the basis of PMR Market Experts by Hume’s 2.3% 6.9% 9.0% GDP Healthcare market Private healthcare market Private segment outgrowing overall market in Romania (2025-2028 CAGR) Big gap in healthcare spending Health expenditure per capita (2024, USDk PPP) 2.3 6.0 Romania OECD38 2.6x Strong market outlook and visible shift towards private healthcare segment Medicover share in private healthcare Key insights Private healthcare market: €6bn CAGR 2025-2028F: 9.0% Market growth by 2028: +€1.7bn ~5% Medicover revenue CAGR for 2022-2025 in Romania 21.7% Medicover share in lab diagnostics ~18%
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38 Expansion ROMANIA Since 2022 2025 Healthcare space (m2) +17k 76k Members +43k 0.3m Clinics +2 68 Hospitals +1 6 Visits +0.3m 1.7m Deliveries +730 2,018 Labs +7 29 BDPs +71 239 0 0.5 1 1.5 2 2.5 3 3.5 0 10 20 30 40 50 60 70 80 90 100 2020 2021 2022 2023 2024 2025 Healthcare space Revenue per m2 1Revenue in constant prices (base year 2020) Current capacity utilisation Increased footprint as we reinvest Healthcare space and revenue per m2 Major investments completed with significant upside yet to come Significant room for further revenue growth without extra capex % C A P A C I T Y Revenue1 per m2
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39 Expansion ROMANIA Top 3 Top 3 private healthcare player with scale, brand and position to drive consolidation 68 clinics, 6 hospitals, 726 beds Dense core presence combined with attractive expansion areas across Romania Multiple scalable growth opportunities Market still largely fragmented National scale with clear expansion white spots Presence in key regions but several white spaces to expand into with healthcare Source: Medicover calculations on the basis of PMR Market Experts by Hume’s, Medlife annual report 2024, Statista, Temene.ro • Fragmented provider landscape enabling continued M&A-led expansion • Multi-payer hospital model unlocking higher value pathways • Strong diagnostics and platform synergies accelerating returns on growthunconsolidated
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40 Expansion ROMANIA Lab diagnostics – market leader with clear growth direction Good operating leverage thanks to increasing scale Top market position in lab diagnostics in Romania Clear growth objectives >5% >10% >15% Test volume Revenue Profit CAGR 2022-20251 Further drive FFS revenues ✓ Development of BDPs and online tools ✓ Focus on best-in-class patient experience ✓ Enhance geographical coverage Expand customer base in B2B ✓ Digital integration and commercial excellence to deliver tailored value propositions ✓ Provide most advanced test portfolio in the market market share18% labs29 BDPs239 most trusted & chosen brand#1 unique patients (m)1.7 customer NPS84 partner physicians (k) 25 41 % of patients repeating business within 18 months 1Excluding Covid-19 impact and Synlab SEE acquisition
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41 Expansion ROMANIA Acquisition of specialised lab testing in Germany boosted capacity in terms of breadth of the portfolio Certain advanced diagnostic capabilities have been transferred to Romania, which was established as a regional hub Leadership position with strong, tech- advanced and developed facilities servicing the SEE region 2009 2025 Platform benefits: Product development Digital solutions Procurement Distribution Specialised lab testing Hub model driving extra scale, efficiency and service excellence Regional diagnostic hub driving growth and efficiency across SEE platform
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42 Story of Growth ROMANIA Romania – key takeaways Illustrative visualisation of growth by country ▪ Attractive healthcare market with strong FFS segment ▪ Healthcare coming out of investment phase ▪ Diagnostics driving FFS agenda and scaling in SEE region 2025 Poland Germany India 2028Romania
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43 Romania Germany Poland Sweden HEADQUARTERS Turkey Georgia Ukraine Cyprus Bulgaria Slovenia Greece North Macedonia B&HCroatia Norway Denmark Georgia India INDIA 100% Healthcare Services Revenue CAGR (2022-2025) Revenue split (2025) ~7% 9% Revenue share (2025) India
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44 Market growth INDIA 0.3 6.0 India OECD38 Key insightsHigh growth outlook for private hospitals market Massive gap in health spend per capita Source: OECD, Health at a Glance 2025, © Reproduced with permission of the Economist Intelligence Unit, CRISIL „Assessment of Healthcare delivery sector in India with a focus on North India” 2025 6.6% 7.6% 13.0% GDP Healthcare market Private hospitals in India (2025-2028 CAGR) Health expenditure per capita (2024, USDk PPP) Private healthcare market: €68bn CAGR 2025-2028F: 13.0% Market growth by 2028E: +€30bn Medicover share in private healthcare market in India <1% 19x Healthcare market in a sharp growth phase Very strong macro outlook for India Projected to become: • #3 largest consumer market in 2026 • #3 largest economy by 2028
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45 Market growth INDIA 15% 15% 17% 10% 11% 13% Ageing demographics 30% of population 45+ by 2030 Disposable incomes are rising expanding middle class & increasing affordability Annual income split of the population (%)1 India demographic structure by age (%) 2021 2024E 2030E 0-14 15-29 30-44 45-59 >60 Source: CRISIL „Assessment of Healthcare delivery sector in India with a focus on North India” 2025, The rise of india’s middle class. Results from the PRICE’s ICE 360 Surveys 1 Ranges in EUR, assuming constant EUR/INR FX rate = 105 Affluent segment continues to gain importance 67% 60% 44% 25% 29% 38% 6% 7% 10% 4% 8% 2021 2024 2030F <5k 5-14k 14-48k >48k
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46 Expansion INDIA Current capacity utilisation Our footprint increases as we reinvest Medical space and revenue per m2 High growth expected as ARPOB and utilisation rates improve Since 2022 2025 Healthcare space (m2) +66k (-10.5k) 340k Hospitals +3 (-3) 23 Operating beds +635 (-285) 4.7k Deliveries +1.4k 4.0k 0.1 0.2 0.3 0.4 0.5 0.6 0.7 0.0 50.0 100.0 150.0 200.0 250.0 300.0 350.0 400.0 2020 2021 2022 2023 2024 2025 Healthcare space Revenue per sqm 1Revenue in constant prices (base year 2020), in EUR Investment phase in progress: adding new capacity and ramping up assets % C A P A C I T Y Revenue1 per m2
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47 Expansion INDIA Massive gap in provision Currently present in states which account for ~30% of India’s GDP Average GDP per capita is 1.5x higher than national average 1.3 2.1 4.6 0.8 2.5 Private Public Total beds Gap Global average Number of hospital beds in India (m) 4 states where present *Apollo, HCG, Max Healthcare, Fortis, Narayana, Medanta, Aster, KIMS, Rainbow 1as of Sep’2025 2LTM Sept’2025 No of hospitals1 No of operational beds1 Revenue (€m)2 Apollo Hospitals 454 8,0504 1,148 Narayana Health 18 5,2575 444 KIMS 25 4,695 333 Max HC 20 4,760 946 Medicover Hospitals 23 4,728 204 Aster DM 19 3,824 419 Very fragmented market Focused presence Significant growth potential driven by shortfall in inpatient services Sources: Economic Advisory Council „Economic Performance of Indian States” 2024, Indian Ministry of Statistics „States by GDP per capita” 2025, estimates based on CRISIL „Assessment of Healthcare delivery sector in India with a focus on North India” 2025 unconsolidated
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48 Expansion INDIA 2022 2025 Peers average Deliberate strategy to prioritise larger cities and drive improvement in ARPOB More bed capacity added in tier 1 ▪ We can operationalize more beds in tier 1 cities, where higher ARPOB and better volume growth upfront ▪ Tier 2/3 locations are maturing well, while those regions benefit from strong economic momentum 2022 2025 Peers average Tier 1 Tier 2/3 ARPOB6 – Medicover vs peers 2022 2025 2028F Tier 1 weighting more in asset base5 Tier 2/3 2022 2025 2028F Big step-up in maturity ahead5 <5 years Tier 1 >5 years Occupancy %2 – Medicover vs peers 4 900 5 749 549 300 2022 Tier 1 Tier 2/3 2025 1 with added Financial District hospital, otherwise business as is 2 occupancy based on chargeable beds 3 as of Q3 2025 (Last twelve months) 4 In local currency 5 based on beds capacity 6Average revenue per operating bed 1 1 3 3
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49 Technology INDIA Digital platform enabling scalable growth Value creation through digital-enabled platform Enabling superior care delivery Tech-powered hospital environment Zero computers 100% mobile All doctor operations handled via smartphone or tablet Super App for Doctors Scheduling, tasks, reporting, and patient tools – all in one place Digital-first doctor experience Instant access, real-time updates, and full control ➢ Reduced admin time and improved efficiency ➢ Complete patient view at doctors’ fingertips ➢ Data driven precision care improves outcomes Cost Improve utilisation and staffing costs Enforces procurement compliance Revenue Reduce lead leakage and improve conversion Increase revenue with automated billing Operational Real-time data dashboards Accelerated integration of new units
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50 India – key takeaways Illustrative visualisation of growth by country ▪ Stellar market opportunities topped up with favourable demographic ▪ Filling up the capacity in current hospital network ▪ Continue expanding hospital network 2025 Poland Germany India 2028Romania
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51 Technology
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52 Technology MEDICOVER Medicover has built digital capabilities over decades Since 1995, continuously integrating technology into care delivery and patient relationships Strong brand trust translates into high digital engagement Patients actively use Medicover’s digital tools across markets Digital access is embedded in the full-service healthcare model Improving experience, retention and commercial outcomes Technology as a long-term enabler of trust, scale and loyalty Long-term digital foundations Trust drives adoption Digital as part of the core proposition Our population is tech-savvy and wants to be digitally engaged
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53 Technology MEDICOVER Digital solutions driving sales and efficiency Proof of adoption & engagement Key advantages Stronger retention and repeat usage of B2B members use mobile app1 of bookings online/mobile 1 fully remote 2 telemedicine Ability to cross-sell and personalise at scale Lower cost-to-serve through self-service 1in Ambulatory Poland, 2model in which both the patient and the physician participate from non-clinical, remote locations 88% 75% 63% Strong and consistent track record in technology adoption ▸Electronic medical records ▸Online patient portal ▸Lab test results online 2007 ▸Teleconsultations / chats 2012 ▸Online & mobile sales 2016 ▸Online sales on white label stores ▸Visits booking via external platforms 2021 ▸Prescription ordering 2008 ▸Booking consultations online 2013 ▸Medical records downloadable 2020 ▸E-commerce marketplace 2023 ▸Speech to text ▸Virtual network for scans 2025 ▸Online triage ▸Imaging availability 2024
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54 Technology MEDICOVER A scalable platform to accelerate next-generation solutions Impact areas for future digital solutions ▪ Built-in adoption Millions of patients already using our digital tools → low friction rollout ▪ Proven engagement & trust High, recurring usage enables fast learning, iteration and refinement ▪ Integrated across the care journey Digital touchpoints embedded end-to-end across healthcare services Strong foundations to scale digital innovation Impact areas for future digital solutions ▪ Digital health assistants & insights ▪ Remote monitoring and care coordination ▪ Automated self-service journeys Patients, members, customers ▪ Ambient digital scribe ▪ Diagnostics & treatment planning ▪ Imaging and clinical data analysis Medical professionals ▪ Workflow and knowledge management ▪ Predictive analytics and planning ▪ Infrastructure and security Operations and support teams
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55 Business update - key takeaways
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56 Story of growth MEDICOVER Poland ▪ Market with attractive growth dynamics ▪ Ample space to expand presence ▪ Constantly developing proposition ▪ Highly synergistic business model Germany ▪ Expand customer base ▪ Broaden test portfolio ▪ Drive specialised lab testing in Germany and internationally Romania ▪ Attractive healthcare market with strong FFS segment ▪ Healthcare coming out of investment phase ▪ Diagnostics driving FFS agenda and scaling in SEE region India ▪ Stellar market opportunities topped up with favourable demographic ▪ Filling up the capacity in current hospital network ▪ Continue expanding hospital network Enhance proposition through technology 2025 2028 Clear growth agenda for 2028
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57 Q&A
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58 Break
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59 Financial update Anand Patel, CFO
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60 Story of growth MEDICOVER 350 369 234 2022 base 2025 target 2025 actual Adjusted organic EBITDA of €369m 16.4% annual growth since 2022 ▪ Leverage1: 3.1x vs. targeted ≤ 3.5x as of year-end 2025 ▪ Dividend: 39%2 of net profit (target ≤50%) ▪ Adj. EBITDAaL: €260m vs. €235m ▪ EBIT: €156m vs. €140m 2,200 2,329 1,510 2022 base 2025 target 2025 actual Adj. organic EBITDA, €mOrganic revenue, €m COVID-19 Organic revenue of €2,329m 15.5% annual growth since 2022 COVID-19 1Loans payable net of cash and liquid short-term investments / adjusted EBITDAaL for the last twelve months 2Subject to AGM approval Illustrative equivalent to: We exceeded our targets 2023-2025
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61 Financial update M E D I C O V E R 234 254 300 369 350 2022 Base 2023 2024 2025 Adj. EBITDA Organic Target +9% +18% +23% Adj. EBITDA development 2022-2025, €m +20 +46 +69 From guidance to results we do what we say Adj. EBITDA reported ✓ We said we would accelerate growth and margins - and we did. ✓ FY’25 revenue grew double-digits with EBITDA up strongly and margin expanding, supported by disciplined execution and cost control. ✓ We are scaling capacity and productivity positioning Medicover to keep delivering, not just promising org. CAGR +16.4%
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62 Financial update M E D I C O V E R 821 852 909 924 62 15.5% 14.5% 14.3% 16.3% 9.3% 6.3% 5.8% 6.7% 2022 2023 2024 2025 Organic sqm in K Inorganic sqm in K Adjusted EBITDA margin CAPEX* as % of revenue Adj. EBITDA margin progression vs development of medical space, €m As our network matured, margins expanded 1CAPEX – as reported in Cash Flow CAPEX1 as % of revenueOrganic m2 in K Inorganic m2 in K
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63 Financial update M E D I C O V E R ▪ Inflation & consumer pressure ▪ Workforce & capacity constraints ▪ Public funding & fiscal deficits ▪ Geopolitical & cyber risks ▪ The public pay lab reform (Germany) Revenue Mix & Funding Diversification ▪ Driving from public to private funded business ▪ Channel shifting to virtual consults to expand capacity Automation & Workforce Optimisation ▪ Robotic Centre expansion (Poland) ▪ Digital workflows & self-service tools ▪ Rebalancing workflows to lower-cost roles and self-service Cost & Productivity Efficiency ▪ Leveraging of sourcing (Poland) ▪ Optimisation of reagent consumption ▪ Lab efficiency through automation & centralisation Germany Regulatory Adaptation ▪ Cost optimisation & lab consolidation ▪ Portfolio & pricing mix optimisation ▪ Volume growth despite reforms Headwinds Key cost and efficiency initiatives Driving EBITDA through administration and medical cost reduction 2022-2025 We faced headwinds and emerged stronger How did we respond
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64 Financial update M E D I C O V E R ▪ We are investing consistently and converting more of our earnings into cash. ▪ FRCF rose, keeping room for future investments. 48 72 108 169 3.2% 4.1% 5.2% 7.1% 0.0% 1.0% 2.0% 3.0% 4.0% 5.0% 6.0% 7.0% 8.0% 0 20 40 60 80 100 120 140 160 180 2022 2023 2024 2025 Free Recurring Cash Flow (€m) FRCF as % rev % Definition of FRCF: Net cash from operating activities reduced by interest on lease liabilities, right-of-use depreciation/impairment and maintenance investments. Our cash engine has strengthened Capital allocation stayed disciplined
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65 Financial update M E D I C O V E R 6.8% 13.0% 2022 2023 2024 2025 ~x2 Return On Invested Capital trends up Value-creating: 2025 ROIC ≈ 13%. Big step up from 2022: ROIC single-digit in 2022 almost doubled in 2025. The uplift comes from assets working harder, not investment cuts. We expect ROIC improvement to continue. Invested capital worked harder Definition of ROIC: Last twelve months EBIT divided by the average of the opening and the closing sum of total equity and interest-bearing loans payable net of cash and liquid short-term investments
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66 Financial update M E D I C O V E R 0.08 0.12 0.11 0.51 0 0.1 0.2 0.3 0.4 0.5 0.6 0.0 5.0 10.0 15.0 20.0 25.0 2022 2023 2024 2025 Dividend EPS * 2025 dividend subject to approval by the AGM EPS performance supported a solid DPS DPS (€) 0.12 0.12 0.15 0.20* Shareholder returns were strengthened
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67 Financial update M E D I C O V E R Definition of Leverage: The ratio of loans payable net of cash and cash equivalents and liquid short-term investments to adjusted EBITDAaL for the last twelve months. It represents mainly the financial debt contracted by the Group with external parties (banks, bonds) excluding lease liabilities, net of cash and liquid short-term investments related to adjusted EBITDAaL. 3.2x 3.3x 3.4x 3.1x 2022 2023 2024 2025 Target Leverage ≤ 3.5x Kept leverage within strategic limits Financial discipline
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68 Financial update M E D I C O V E R We consistently delivered on our promises achieving double-digit growth in revenue and EBITDA with expanding margins. CAPEX was kept around 6% of revenue, supporting profitable growth and ongoing capacity expansion. The company’s cash engine accelerated with free recurring cash flow rising and leverage maintained at or below 3.5x, leaving room for strategic investments. We demonstrated resilience and efficiency by overcoming inflation, regulatory changes, and funding pressures through a shift to private funding, telemedicine expansion, and cost optimisation. Shareholder value was enhanced as EPS rebounded, dividends increased, and ROIC nearly doubled, reflecting efficient capital deployment. Performance proven its readiness for the future
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69 Financial update M E D I C O V E R Targeting double-digit revenue growth Driving further margin expansion Raising ROIC through disciplined allocation and operating leverage Improved utilisation Unlocking scale and efficiency through cross-country synergies Continuous investments in capacity Accelerating forward Scaling efficiently, expanding margins and elevating ROIC ✓ Assets ramping-up ✓ Operational leverage ✓ Cross-country synergies ✓ New product development Accelerating cash generation
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70 Story of growth MEDICOVER Target adjusted organic EBITDA exceeding €600m Target organic revenue exceeding €3.25bn 2,378 3,250 2025 base 2028 target 388 600 2025 base 2028 target Adj. organic EBITDA, €mOrganic revenue, €m New financial targets 2026-2028 reflect our ambition and potential 1 Loans payable net of cash and liquid short-term investments / adjusted EBITDAaL for the last twelve months Under IFRS accounting standards as of year-end 2025 ▪ Leverage1: 3.0x can exceed over shorter periods ▪ Dividend: ≤50% share of net profit for the year ▪ Adj. EBITDAaL in excess of €430m ▪ EBIT in excess of €290m Illustrative equivalent to:
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71 Q&A
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72 Investor Update - key takeaways
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73 We will sustain double-digit growth in our four key markets while achieving significant improvements in profit margins Investor Update – key takeaways Growth levers Robust market growth Better capacity utilisation as assets mature Lots of white spaces to go after New products & expanding distribution (online and offline) Profit levers Strong revenue growth Better capacity utilisation as assets mature Operating leverage Synergies & efficiencies in key markets
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Thank you!