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 India (MHI) has inaugurated India’s tallest hospital building in Kokapet – Financial District, Hyderabad, a 24‑storey, 550‑bed facility, 80 outpatient rooms and a 200-bed ICU.

• The hundredth procedure using advanced MRg FUS technology in Medicover Hospital, Warsaw, Poland. Today, Medicover Hospital in Warsaw is the center with the largest number of such procedures performed in Poland and Central Europe.

Revenue reached EUR 431.7 million (EUR 402.6 million), an increase of 7.2%, impacted negatively by the exit from the Hungarian market. Organic growth was  11.8%, with price representing approximately 6.8pp of this growth. 

Acquired revenue amounted to EUR 8.9 million, related to the acquisitions of last year. 

Foreign exchange fluctuations had a negative impact of 3.3% reflecting currency weakness across all key markets.   

Members amounted to 1,522 thousand (1,823 thousand) driven by the transfer of the Hungarian insurance portfolio in Q2 2025. 

FFS and other services have performed well, mainly attributable to sports/wellness in Poland and with improved contribution from Medicover Hospital India, slightly offset by performance of German dental and Romanian clinics.

MHI delivered strong growth of 14.3%, with local currency revenue surging by 34.4%. Revenue in India continues to be dampened by unfavourable foreign exchange fluctuations. Hospital services in Romania continue to demonstrate positive development.  

Operating profit (EBIT) increased to EUR 35.6 million (EUR 27.0 million), a margin of 8.2% (6.7%) with Poland being the main contributor, supported by the Indian and Romanian hospitals.

EBITDA grew by a solid 18.1% to EUR 74.3 million (EUR 62.9 million), an EBITDA margin of 17.2% (15.6%). The Polish sports/wellness business was the primary contributor to profitability improvement, supported by ambulatory in Poland as well as the Indian and Romanian hospitals.

The medical cost to revenue ratio decreased to 80.0% (80.7%). The Polish sports/wellness business was the main contributor to this improvement with the key driver being scaling of activities within the existing units. The decrease was also driven by the Indian and Romanian hospitals. Due to fewer cases of infections the utilisation of the employer paid business was lower, while the delivery of care was made more efficient.

EBITDAaL was EUR 48.9 million (EUR 40.0 million), an increase of EUR 8.9 million with a margin increase to 11.3% (9.9%).

Performance of the hospitals in India has improved. The EBITDAaL loss relating to the Indian hospitals opened during the last two years was EUR -3.8 million (EUR -2.2 million) out of which the majority is coming from the hospital opened in Q1 2026. EBITDAaL margins in the established inpatient facilities in Poland declined due to the inflationary pressure on medical salaries.

The Romanian business improved its EBITDAaL margin, supported by strong hospital performance, partly 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. The gyms acquired in 2025 have been margin supportive.

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.