Cash flow

Cash generated from operations before working capital changes increased by 13.5%, amounting to EUR 100.5 million (EUR 88.5 million) and 94.1% of EBITDA (92.1%). Tax paid was EUR 7.9 million (EUR 11.2 million). Net working capital increased by EUR 26.9 million (EUR 31.2 million). Net cash from operating activities was EUR 73.6 million (EUR 57.3 million).

Investments in property, plant and equipment and intangible assets amounted to EUR 29.7 million (EUR 26.8 million) with approximately 56% being growth capital investment and 44% maintenance investment, slightly higher pace being 4.6% (4.5%) of revenue. EUR 20.7 million (EUR 21.4 million) was invested in Healthcare Services and EUR 9.0 million (EUR 5.4 million) in Diagnostic Services. 

A dividend of EUR 30.2 million (EUR 22.5 million) was distributed to shareholders. Net loans drawn amounted to EUR 39.9 million (EUR 182.3 million). Lease liabilities repaid were EUR 22.2 million (EUR 23.0 million). Interest paid amounted to EUR 20.7 million (EUR 17.4 million), of which EUR 8.7 million (EUR 7.8 million) related to lease liabilities.

Cash and cash equivalents increased by EUR 7.0 million to EUR 89.8 million.

The free recurring cash flow increased by 44.8% to EUR 26.4 million (EUR 18.2 million), being 4.1% of revenue (3.0%). 

Financial position

Consolidated equity as at 30 June 2026 amounted to EUR 553.2 million (EUR 544.9 million).

A dividend of EUR 30.2 million (EUR 22.5 million) was distributed to shareholders, equivalent to EUR 0.20 (EUR 0.15) per share. 

Other comprehensive income includes a negative translation exchange rate movement of EUR -19.2 million due to weaker currencies across key markets. 

Loans payable amounted to EUR 899.3 million (EUR 880.4 million). During the quarter, EUR 225.0 million was reclassified from non-current to current loans payable reflecting loans maturing within 12 months. The Group continues to maintain strong access to the capital market and is actively evaluating several refinancing alternatives. In May liquidity was furthermore strengthened by a new Revolving Credit Facility (RCF) of EUR 450.0 million maturing in 2029 (previously EUR 300.0 million).

At the end of the quarter, the Group had undrawn committed credit facilities of EUR 478.5 million, liquid short-term investments and cash and cash equivalents of EUR 90.1 million, totalling to EUR 568.6 million (EUR 402.9 million).

Loans payable net of cash and liquid short-term investments amounted to EUR 809.2 million (EUR 797.7 million), an increase of EUR 11.5 million. The ratio of loans payable net of cash and liquid short-term investments to adjusted EBITDAaL for the prior twelve months was 2.9x (3.1x level at year-end 2025).

Lease liabilities amounted to EUR 562.3 million (EUR 559.4 million).

The total financial debt was EUR 1,461.6 million (EUR 1,439.8 million).