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 signed an agreement to sell Medicover Hospitals India to funds managed by the global investment firm KKR.
Medicover launched ScreeningBUS in Poland, a mobile healthcare unit that brings preventive screenings, medical consultations and health initiatives directly to the clients' workplaces, making it easier for their employees to access care without leaving their work environment.
Comments and numbers relate to continuing operations, unless otherwise stated.
Revenue reached EUR million (EUR million), an increase of . Organic growth was , with price representing approximately 6.3pp of this growth.
Acquired revenue amounted to EUR million.
Foreign exchange fluctuations had a negative impact of , relating to the weakness of the Polish zloty and the Romanian lei.
Members amounted to K ( K), the decrease in membership was driven by the Romanian market. Funded revenue increased by 4.7% mainly driven by continued growth in Poland.
FFS and other services have performed well, mainly attributable to sports/wellness in Poland.
In Romania softer FFS-revenue was compensated by solid public pay growth.
Medicover Hospitals India (MHI), which is reported as discontinued operations continued its positive development and delivered 27.1% revenue growth. Closing is expected in Q4 2026.
Operating profit (EBIT) increased to EUR million (EUR million), mainly driven by the strong contribution from sports/wellness and Polish ambulatory clinics, while the EBIT margin improved to ().
EBITDA grew by to EUR million (EUR million), an EBITDA margin of (). Double-digit EBITDA growth in sports/wellness, together with a solid contribution from Polish ambulatory clinics, was partly offset by softer performance mainly in Polish and Romanian hospitals as well as dental clinics in Germany.
The medical cost to revenue ratio was 78.3% (78.8%), the decrease relates to scaling of the sports/wellness business in Poland.
EBITDAaL was EUR million (EUR million), an increase of EUR 6.0 million with a margin of ().
Established inpatient facilities in Poland reported lower EBITDAaL margins, partially due to softer margins in public revenue and ongoing inflation-driven increases in medical salary expenses.
The Romanian business EBITDAaL margin was softer mainly due to hospital performance.
Sports/wellness performs well and with good demand for benefits packages. These are sold alongside Medicover healthcare benefits to the same employer base. Growth investments continued during the quarter, with four new facilities added to the network and 16 openings completed year-to-date. The sports/wellness footprint is expected to expand further in the coming quarters.
Financial highlights nine months 2026
Comments and numbers relate to continuing operations, unless otherwise stated.
Revenue reached EUR million (EUR million), up with an organic growth of . Revenue growth was negatively impacted by the exit from the Hungarian market in 2025.
Acquired revenue amounted to EUR million, related mostly to the acquisitions of last year.
Foreign exchange fluctuations had a negative impact of 1.1% reflecting currency weakness across all key markets.
Operating profit (EBIT) amounted to EUR million (EUR million), a margin of ().
EBITDA amounted to EUR million (EUR million), an EBITDA margin of ().
EBITDAaL was EUR million (EUR million), a margin of ().
Healthcare Services 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.
| EUR million | Q3 2026 | Q3 2025¹ | ∆ | 9M 2026 | 9M 2025¹ | ∆ | LTM | FY 2025¹ |
|---|---|---|---|---|---|---|---|---|
| Continuing operations | ||||||||
| Revenue | 374.7 | 353.6 | 1,135.4 | 1,075.0 | 1,509.9 | 1,449.5 | ||
| Inter-segment revenue | -0.6 | -0.5 | -1.9 | -1.5 | -2.5 | -2.1 | ||
| Revenue from external customers | 374.1 | 353.1 | 6.0% | 1,133.5 | 1,073.5 | 5.6% | 1,507.4 | 1,447.4 |
| By payer: | ||||||||
| Public | 66.9 | 65.1 | 2.8% | 199.8 | 193.8 | 3.1% | 265.8 | 259.8 |
| Private | 307.2 | 288.0 | 6.7% | 933.7 | 879.7 | 6.1% | 1,241.6 | 1,187.6 |
| - Funded | 126.3 | 120.6 | 4.7% | 379.6 | 380.0 | -0.1% | 503.0 | 503.4 |
| - Fee-For-Service (FFS) | 95.6 | 95.6 | 0.0% | 296.8 | 294.3 | 0.8% | 394.3 | 391.8 |
| - Other services | 85.3 | 71.8 | 18.9% | 257.3 | 205.4 | 25.3% | 344.3 | 292.4 |
| By country: | ||||||||
| Poland | 310.3 | 286.8 | 8.2% | 934.1 | 847.0 | 10.3% | 1,240.1 | 1,153.0 |
| Romania | 46.1 | 46.7 | -1.4% | 144.1 | 138.6 | 3.9% | 191.5 | 186.0 |
| Germany | 11.5 | 13.8 | -17.4% | 35.5 | 43.2 | -17.9% | 49.4 | 57.1 |
| Other countries | 6.2 | 5.8 | 8.1% | 19.8 | 44.7 | -55.7% | 26.4 | 51.3 |
¹Comparative figures have been restated to reflect the classification of Medicover Hospitals India as a discontinued operation.
Key metrics Healthcare Services
| EUR million | Q3 2026 | Q3 2025¹ | ∆ | 9M 2026 | 9M 2025¹ | ∆ | LTM | FY 2025¹ |
|---|---|---|---|---|---|---|---|---|
| Continuing operations | ||||||||
| Revenue | 374.7 | 353.6 | 6% | 1,135.4 | 1,075.0 | 6% | 1,509.9 | 1,449.5 |
| Operating profit (EBIT) | 40.6 | 33.1 | 22% | 115.8 | 98.2 | 18% | 148.6 | 131.0 |
| Operating profit margin | 10.8% | 9.4% | 10.2% | 9.1% | 9.8% | 9.0% | ||
| EBITDA | 74.0 | 67.6 | 10% | 216.7 | 197.5 | 10% | 283.5 | 264.3 |
| EBITDA margin | 19.8% | 19.1% | 19.1% | 18.4% | 18.8% | 18.2% | ||
| EBITDAaL | 54.3 | 48.3 | 13% | 157.9 | 141.8 | 11% | 205.3 | 189.2 |
| EBITDAaL margin | 14.5% | 13.6% | 13.9% | 13.2% | 13.6% | 13.1% | ||
| EBITA | 42.3 | 36.3 | 17% | 121.1 | 106.3 | 14% | 156.1 | 141.3 |
| EBITA margin | 11.3% | 10.3% | 10.7% | 9.9% | 10.3% | 9.7% | ||
| Members (period end) (000's) | 1,487 | 1,549 | -4% | 1,487 | 1,549 | -4% | 1,487 | 1,546 |
| Number of medical clinics | 170 | 185 | -8% | 170 | 185 | -8% | - | 187 |
| Number of hospitals | 18 | 18 | 0% | 18 | 18 | 0% | - | 18 |
| Number of beds (commissioned) | 1,415 | 1,500 | -6% | 1,415 | 1,500 | -6% | - | 1,414 |
| Number of fertility clinics | 18 | 18 | 0% | 18 | 18 | 0% | - | 18 |
| Number of dental clinics | 106 | 112 | -5% | 106 | 112 | -5% | - | 110 |
| Number of dental chairs | 702 | 729 | -4% | 702 | 729 | -4% | - | 720 |
| Number of gyms | 189 | 174 | 9% | 189 | 174 | 9% | - | 176 |
| Number of other facilities | 84 | 84 | 0% | 84 | 84 | 0% | - | 84 |
| Group total² | ||||||||
| Number of hospitals | 42 | 41 | 2% | 42 | 41 | 2% | - | 41 |
| Number of beds (commissioned) | 6,221 | 6,203 | 0% | 6,221 | 6,203 | 0% | - | 6,142 |
| Number of other facilities | 108 | 107 | 1% | 108 | 107 | 1% | - | 107 |
¹Comparative figures have been restated to reflect the classification of Medicover Hospitals India as a discontinued operation.
²Includes continuing and discontinued operations.