NOTES

4. Business combinations

During the quarter, the Group completed the acquisition of a gym business in Poland (Healthcare Services). The transaction was part of the regulatory approval process related to the CityFit acquisition completed in 2025, under which Medicover was required to divest two gyms. In the previous quarter, the Group completed three smaller acquisitions within Healthcare Services, two transactions with related parties in India (a healthcare distribution company and software company) and one in Poland (a clinic). None of these acquisitions were individually significant.

Total consideration for the four acquisitions was EUR 14.9 million, of which EUR 2.2 million (net of EUR 1.3 million acquired cash) was settled in cash, EUR 7.8 million in shares in Medicover Hospitals India (MHI) and EUR 4.9 million through an exchange transaction of gym businesses. Goodwill for the two entities in India amounted to EUR 10.7 million and represented skilled workforce and established supplier relationships. Goodwill for the clinic in Poland amounted to EUR 0.2 million and represented synergies. Goodwill for the gym business in Poland amounted to EUR 5.2 million and represented synergies with existing sport operations and benefit plans within the funded business. Goodwill is not expected to be deductible for tax purposes. The impact on the consolidated income statement 2026 and the impact on revenue and profit if these acquisitions occurred on 1 January 2026 are minor. 

Acquisition related expenses (included in administrative expenses) amounted to EUR 0.3 million.