Financial highlights first half 2026

Revenue amounted to EUR 1,264.6 million (EUR 1,174.8 million), up 7.6% with an organic growth of 11.1%. Acquired revenue amounted to EUR 20.5 million, related mostly to the acquisitions of last year. 

Foreign exchange fluctuations had a negative impact of 2.8 % reflecting currency weakness across all key markets.

Operating profit (EBIT) was EUR 97.9 million (EUR 77.7 million) with an operating margin of 7.7% (6.6%).

EBITDA was EUR 208.0 million (EUR 182.7 million), an EBITDA margin of 16.5% (15.6%). Adjusted EBITDA was EUR 213.8 million (EUR 191.5 million), a margin of 16.9% (16.3%).

EBITDAaL was EUR 140.1 million (EUR 120.8 million), a margin of 11.1% (10.3%). Adjusted EBITDAaL amounted to EUR 145.9 million (EUR 129.6 million), a margin of 11.5% (11.0%).

Net profit amounted to EUR 44.5 million (EUR 36.8 million), a margin of 3.5%  (3.1%). Total financial result amounted to EUR -36.0 million (EUR -28.6 million) of which EUR -33.2 million (EUR -31.7 million) was related to interest expense. Within the interest expense EUR -17.4 million (EUR -15.5 million) was related to lease liabilities. Foreign exchange losses were EUR -5.1 million (gains EUR 1.1 million) of which EUR -4.1 million (EUR 0.1 million) was related to euro-denominated lease liabilities mainly in Poland and Romania.

Basic/diluted earnings per share amounted to EUR 0.308 (EUR 0.261)/EUR 0.306 (EUR 0.260).

Items affecting comparability

Acquisition related expenses were EUR -0.4 million (EUR -1.5 million).

Equity settled share-based payments charges relating to long-term performance-based share programmes were EUR -5.4 million (EUR -7.3 million).

The Group has recognised an income tax charge of EUR -17.3 million (EUR -14.3 million) which corresponds to an effective tax rate of 28.0% (28.0%).

Cash flow from operating activities before working capital changes increased by 16.2% to EUR 195.8 million (EUR 168.6 million), being 94.1% of EBITDA (92.3%). Tax paid was EUR 17.7 million (EUR 24.6 million). Net working capital increased by EUR 49.5 million (EUR 23.8 million). Net cash from operating activities was EUR 146.3 million (EUR 144.8 million).

Investments in property, plant and equipment and intangible assets amounted to EUR 55.7 million (EUR 54.9 million) with approximately 57% being growth capital investment, 43% being maintenance investment and lower pace being 4.4% (4.7%) of revenue. EUR 38.4 million (EUR 42.8 million) was invested in Healthcare Services and EUR 17.3 million (EUR 12.1 million) in Diagnostic Services. Payment for acquisitions of subsidiaries (net of cash acquired) amounted to EUR 1.5 million (EUR 171.3 million).

A dividend of EUR 30.2 million (EUR 22.5 million) was distributed to shareholders. Net loans drawn amounted to EUR 29.9 million (EUR 186.0 million). Lease liabilities repaid were EUR 44.4 million (EUR 42.3 million). Interest paid amounted to EUR 33.6 million (EUR 28.8 million), of which EUR 17.4 million (EUR 15.5 million) related to lease liabilities.

Cash and cash equivalents increased by EUR 8.6 million to EUR 89.8 million.

Free recurring cash flow decreased by 12.9% to EUR 54.3 million (EUR 62.4 million), being 4.3% of revenue (5.3%).