Slides
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Results presentation Q3 John Stubbington CEO 4 November 2026 Anand Patel CFO
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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 Business overview – Q3
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4 Medicover agreed to divest its Indian hospitals to KKR, receiving ~€0.74bn in cash €1.2bn Enterprise value ~€0.74bn Gross cash proceeds to Medicover¹ 66.1% Medicover ownership of MHI Q4 2026 Expected closing Medicover and local partners sell 100% of Medicover Hospitals India (MHI) to funds managed by KKR. Proceeds will accelerate strategy execution in Poland, Germany and Romania and strengthen the financial position. What this means for the figures in this presentation The figures presented in this presentation refer to continuing operations unless otherwise stated. The Indian hospital operation is reported as a disposal group held for sale and as a discontinued operation. Group total refers to continuing operations and discontinued operations. The comparative numbers have been restated where applicable. 1 Includes EUR 0.1bn from shareholder loans and accrued interest. EUR amounts recalculated from INR at EUR/INR = 110.
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5 Organic revenue growth of 8.0% and higher margins Revenue €570.8m (+6.0%)1 Organic revenue growth1 8.0% Adjusted EBITDA €101.3m (+7.1%)1 Adjusted EBITDA margin 17.8% (17.6%)2 Operating cash flow (Group total) €93.8m (-5.0%)1 Leverage3 2.7x Organic revenue growth of 8.0%; reported growth of 6.0% included a 2.0% negative FX impact. EBIT up 22.0% to €49.3m (€40.4m), a margin of 8.6% (7.5%). Facility network repurposed: less profitable units closed and new ones opened where potential is greater. Healthcare Services revenue increased by solid sports/wellness performance as well as ambulatory clinics in Poland. Diagnostic Services FFS revenue increased in all key markets. Leverage decreased to 2.7x. 1 Growth compared to Q3 2025. 2 Q3 2025. 3 Loans payable net of cash and liquid short-term investments to adjusted EBITDAaL for the last twelve months.
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6 Sound FFS growth and Poland performance drives growth 440.5 527.8 538.7 570.8 0 100 200 300 400 500 600 Q3 2023 Q3 2024 Q3 2025 Q3 2026 Group Revenue Continuing Revenue +6.0% Revenue by country1 Revenue by payer1Revenue breakdown *Incl. other services. 1 Growth compared to Q3 2025. 21% 22% 57% Public Funded FFS* +5% +9% +0% 59% 16% 15% 10% Poland Germany Romania Other +8% +1% -1% +11%
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7*Incl. other services. 1 Growth compared to Q3 2025. 2 Q3 2025. 3 Other memberships, sports/wellness, employee benefits, NFZ, loyalty members. Revenue up 6.0%, organic growth 8.0%, of which price approximately 6.3pp. FX impact of -1.9%. FFS and other services performed well, driven by sports/wellness in Poland. Four new sports/wellness facilities opened in the quarter, 16 year-to-date. Members amounted to 1,487K (1,549K), with the decrease driven by Romania. Funded revenue grew 4.7%. More than 4.1 million customer relationships 3 managed, (3.6 million). Revenue €374.7m (+6.0%)1 EBITDA margin 19.8% (19.1%)2 Members 1.5m (1.5m)2 Revenue by country1 Revenue by payer1 Healthcare Services – Organic growth of 8.0% with margin expansion 83% 12% 5% Poland Romania Other +8% -10% -1% 18% 34% 48% Public Funded FFS* +5% +8% +3%
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8 -3% *Incl. other services. 1 Growth compared to Q3 2025. 2 Q3 2025. Revenue up 6.3%, organic growth 8.5%, of which price approximately 4.3pp. FX impact of -2.2%. FFS revenue increased across all key markets, robust in SEE countries. Germany reported softer revenue growth driven by lower activity in the vacation period. Continued expansion of the BDP network in Poland. Lab tests up 5.3% to 40.2 million, with a mix shift towards advanced tests. Revenue €203.8m (+6.3%)1 EBITDA margin 18.5% (18.7%)2 Lab tests 40.2m (38.2m)2 Revenue by country1 Revenue by payer1 Diagnostic Services – Solid FFS growth and softer performance in Germany 41% 19% 14% 12% 14% Germany Romania Poland Ukraine Other +5% +9% +17% +9% +2% 26% 74% Public FFS* +10%
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9 EXPANSION OF THE ONCOLOGY PORTFOLIO · ONCOSENTIA MRD A simple blood test designed to detect early signs of lung cancer returning after treatment Treatment Blood test detects cancer Scan shows relapse 7.4 months earlier1 No tumour tissue needed Monitoring at clinically relevant timepoints Monitors disease over time Built to expand 1Median lead time over imaging in the DART study (659 blood samples from 84 patients, inoperable stage III non-small cell lung cancer). Source: Horndalsveen H, et al., Journal of Thoracic Oncology, June 2026. Works from a routine blood draw; tissue is often unavailable or needs an invasive procedure. No prior tumour analysis required, so monitoring can begin at any point in a patient’s care. Repeat tests during and after treatment show if therapy is working, not a one-off snapshot. Non-small cell lung cancer lung cancer first; A proven model to expand into further cancer types with clinical partners across Europe. Available now: offered as a central lab service by Medicover Genetics to healthcare providers across European markets
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10 Financial overview – Q3
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11 Revenue increased by 6.0% with an organic growth of 8.0%. EBIT was €49.3m (€40.4m), a margin of 8.6% (7.5%). Net profit amounted to €24.8m (€19.2m), a margin of 4.3% (3.6%). EBITDA was €99.3m (€90.9m), up 9.3%, a margin of 17.4% (16.9%). Adjusted EBITDA was €101.3m (€94.7m), a margin of 17.8% (17.6%). EBITDAaL amounted to €70.9m (€63.2m), up 12.4%, a margin of 12.4% (11.7%). Basic earnings per share were €0.162 (€0.127). Organic revenue growth of 8.0% and margins expansion 538.7 570.8 Q3 2025 Q3 2026 +6.0% 16.9% 17.4% Q3 2025 Q3 2026 +0.5pp EBITDA marginRevenue, €m
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12 Revenue, €m Organic revenue growth of 8.0%, with price representing approximately 6.3pp of this growth. EBITDA grew by 9.6% to €74.0m (€67.6m), a margin of 19.8% (19.1%). EBITDAaL was €54.3m (€48.3m), a margin of 14.5% (13.6%). EBIT grew by 22.4% to €40.6m (€33.1m), a margin of 10.8% (9.4%), a 1.4pp margin expansion. Medical cost ratio was 78.3% (78.8%), reflecting mainly the scaling of sports/wellness in Poland. Solid performance of sports/wellness and ambulatory clinics in Poland partly offset by Polish and Romanian hospitals’ results Healthcare Services – margins expansion led by sports/wellness 353.6 374.7 Q3 2025 Q3 2026 +6.0% 19.1% 19.8% Q3 2025 Q3 2026 +0.7pp EBITDA margin
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13 Organic revenue growth of 8.5%, with price representing approximately 4.3pp of this growth. EBITDA grew by 5.5% to €37.8m (€35.8m), a margin of 18.5% (18.7%). EBITDAaL of €29.2m (€27.5m), a margin of 14.3% (14.3%). EBIT grew by 8.5% to €22.3m (€20.6m), a margin of 10.9% (10.7%), a 0.2pp margin expansion. Poland, Romania and SEE improved, supported by synergies from last year’s SYNLAB acquisition; Germany and Genetics were softer. Number of BDPs amounted to 1,101 (1,053). Mitigating actions initiated for the October 2026 reimbursement change in Germany Genetics. Diagnostic Services – synergies partly offset softer performance in Germany 191.7 203.8 Q3 2025 Q3 2026 +6.3% 18.7% 18.5% Q3 2025 Q3 2026 −0.2pp Revenue, €m EBITDA margin
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14 1 Loans payable net of cash and liquid short-term investments to adjusted EBITDAaL for the last twelve months. 2 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. 3 Operating cash flow less lease depreciation and interest, less maintenance capex. Other financial metrics Group total Continuing and discontinued operations Continuing operations Leverage1 2.7x Net operating cash flow €93.8m Down 5.0% from €98.8m Free recurring cash flow3 €50.3m Down from €56.0m; 8.8% (10.4%) of revenue Effective tax rate, 9M 28.0% ROIC2 14.0% Up from 13.0% at YE25
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15 Free recurring cash flow and organic growth capex, €m Capex (Group total) Organic capex €32.5m (€46.3m)1 Capex share of revenue 5.1% (7.8%)1 Medical space 1,043k m2 (995k m2)2 Added medical space +46k m2 LTM (+48k vs. Q4 2025) 1 Compared to Q3 2025. 2 Q4 2025 Capex and investments 0 10 20 30 40 50 60 0 10 20 30 40 50 60 Q3 25 Q3 26 Maintenance Growth Healthcare Services Diagnostic Services 7.8% 5.1% 9.2% 4.6% 5.3% 4.4% 23% 77% 52% 48% % of revenue 10.4% 8.8% 8% 9% 9% 10% 10% 11% 11% 0 10 20 30 40 50 60 Q3 25 Q3 26 Free recurring cash flow Organic growth investment FR C/F % of revenue Group total
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16 Adjusted organic EBITDA exceeding €600m 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 Illustrative equivalent to: Adjusted EBITDAaL in excess of €430m EBIT in excess of €290m Financial targets 2026-2028, Group total Leverage1: Dividend: ≤50% share of net profit for the year 2.7x2 ≤3.0x can exceed over shorter periods 1 Loans payable net of cash and liquid short-term investments to adjusted EBITDAaL for the last twelve months. Under IFRS accounting standards as of year-end 2025. 2 Continuing operations
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17 Key takeaways
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18 Key takeaways Solid quarter with 8.0% organic revenue growth and EBIT up 22.0%. Margins improved from high comparable base, with EBITDA margin at 17.4% (16.9%) and EBIT margin at 8.6% (7.5%). FFS and sports/wellness drove growth, and acquisition synergies supported results. India divestment brings ~€0.74bn in gross cash to accelerate growth in Poland, Germany and Romania. Continued focus on efficient execution, pricing and cost control. Public reimbursement is a near-term headwind, but we are confident in our experienced team’s ability to manage it. Exciting times and opportunities ahead, enabled by the India proceeds.
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Q&A
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20 Financial calendar Date and time Silent period Monday 11 January 2027 Interim report Year-end 2026 / Webcast Wednesday 10 February 2027, 07.45 / 09.30 CET Annual report Week 14 2027 Interim report January-March 2027 / Webcast Wednesday 28 April 2027, 07.45 / 09.30 CEST Annual general meeting 28 April 2027 Interim report April-June 2027 / Webcast Thursday 22 July 2027, 07.45 / 09.30 CEST Interim report July-September 2027 / Webcast Friday 29 October 2027, 07.45 / 09.30 CET