Healthcare Services

Healthcare Services – provides a broad range of high-quality healthcare services, including outpatient and inpatient healthcare, dentistry, fertility treatments and wellbeing solutions such as sports. Services can be financed by employer-paid subscriptions, by patients themselves on a fee-for-service (FFS) basis, or through public or private health insurance.

Events in the quarter

• Medicover Hospital in Warsaw, Poland, has once again been accredited by the Polish Minister of Health, achieving the highest certification score in the country. The certification underscores the hospital's commitment to delivering high-quality, safe and patient-centred care.

• Medicover Hospitals India opened specialised centres in areas including dialysis, neurosurgery, liver disease, stroke care, orthopedics, hearing loss, preventive healthcare and a 100-bed women’s and children’s hospital. These additions enhance access to quality healthcare and strengthen service capabilities across its network.

Revenue reached EUR 442.8 million (EUR 414.3 million), an increase of 6.9%, impacted negatively by the exit from the Hungarian market. Organic growth was 12.2%, with price representing approximately 5.2pp of this growth. 

Acquired revenue amounted to EUR 0.6 million.

Foreign exchange fluctuations had a negative impact of 2.2%, relating to the weakness of the Indian rupee and the Romanian lei.

Members amounted to 1,503 K (1,539 K). The funded business in Poland grew, while the decline in membership was driven by the Romanian market. 

FFS and other services have performed well, mainly attributable to sports/wellness in Poland and with significantly improved contribution from Medicover Hospitals India (MHI).

MHI delivered strong growth of 23.1%, with local currency revenue surging by 39.6%. Revenue in India continues to be dampened by unfavourable foreign exchange fluctuations. Hospitals in Romania showed mixed results with solid public pay growth more than compensating for softer FFS spending.

Operating profit (EBIT) increased to EUR 41.9 million (EUR 38.3 million), a margin of 9.5% (9.3%) with sports/wellness in Poland being the main contributor, supported by the Indian business.

EBITDA grew by 5.3% to EUR 81.3 million (EUR 77.2 million), an EBITDA margin of 18.4% (18.6%). The Indian hospitals and sports/wellness delivered double-digit EBITDA improvement, however the impact was outweighed by softer development in Polish hospitals and Romanian ambulatory clinics. 

The medical cost to revenue ratio was 78.8% (78.6%), the increase relates to ambulatory and hospitals in Poland.

EBITDAaL was EUR 55.6 million (EUR 53.5 million), an increase of EUR 2.1 million with a margin of 12.6% (12.9%).

Performance of the hospitals in India has improved. The EBITDAaL loss relating to the Indian hospitals opened during the last two years was EUR -3.2 million (EUR -1.5 million) out of which the majority is coming from the hospital opened in Q1 2026. 

Softer FFS volume and inflation-driven growth in medical salary costs led to lower EBITDAaL margins across established inpatient facilities in Poland.

The Romanian business EBITDAaL margin was softer. Improvement in hospital performance was more than offset by weaker ambulatory clinics' results. 

Sports/wellness performs well with market share growth and good demand for benefits packages. These are sold alongside Medicover healthcare benefits to the same employer base. 

Financial highlights first half 2026

Revenue reached EUR 874.5 million (EUR 816.9 million), up 7.0% with an organic growth of 12.0%.

Acquired revenue amounted to EUR 9.5 million, related mostly to the acquisitions of last year. 

Foreign exchange fluctuations had a negative impact of 2.7% reflecting currency weakness across all key markets.

Operating profit (EBIT) amounted to EUR 77.5 million (EUR 65.3 million), a margin of 8.9% (8.0%).  

EBITDA amounted to EUR 155.6 million (EUR 140.1 million), an EBITDA margin of 17.8% (17.2%).

EBITDAaL was EUR 104.5 million (EUR 93.5 million), a margin of 12.0% (11.4%). 

Revenue from external customers, recognised over time as services are rendered, by payer and by country is disclosed in the following table. Funded revenue consists of revenue from insurance contracts.