NOTES

5. Business combinations

During the nine months, the Group completed four acquisitions within Healthcare Services: a gym business and a clinic in Poland, together with two related-party acquisitions in India comprising a healthcare distribution company and software company. None of these acquisitions was individually significant. The acquisition of the gym business was part of the regulatory approval process related to the CityFit acquisition completed in 2025, under which Medicover was required to divest two gyms.

Total consideration for the four acquisitions was EUR 14.8 million, of which EUR 2.1 million (net of EUR 1.2 million acquired cash) was settled in cash, EUR 7.8 million in shares in Medicover Hospitals India 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. EUR 10.1 million of goodwill has been classified as assets held for sale, refer to note 2. 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.