Group development third quarter 2026

Comments and numbers relate to continuing operations, unless otherwise stated.

Revenue amounted to EUR 570.8 million (EUR 538.7 million), up 6.0% with an organic growth of 8.0%. Revenue growth by payer was the strongest in fee-for-service and other services (FFS). Revenue growth varied by country with Poland delivering high single-digit growth. 

Acquired revenue amounted to EUR 0.6 million.

Foreign exchange fluctuations had a negative impact of 2.0%, relating to the weakness of the Polish zloty, the Romanian lei and the Ukrainian hryvna.

The macroeconomic environment in CEE in Q3 was characterised by rising fuel prices, which contributed to higher headline inflation across the region. In Poland, headline inflation averaged 3.5% in Q3 and accelerated through the quarter, reaching 4.1% in September. Core inflation, which excludes food and energy prices, also increased, averaging 3.2% compared with 3.0% in the previous quarter. The unemployment was stable at 5.8% (5.8% in the previous quarter).

In contrast to Poland, inflation in Romania moderated in Q3, primarily reflecting favourable base effects related to the VAT increase and the removal of energy price caps. As a result, headline inflation averaged 7.0% during the quarter, compared with 10.7% in Q2. Labour market conditions showed some signs of improvement, with the unemployment rate declining to 6.4% at the end of August from 6.8% in the previous quarter. At the same time, continued political uncertainty, including the absence of a stable parliamentary majority, remained a source of uncertainty for the broader macroeconomic outlook.

On 6 August it was announced that Medicover will divest Medicover Hospitals India to funds managed by the global investment firm KKR. Medicover's ownership amounts to 66.1%. At completion, Medicover will receive gross cash proceeds of approximately EUR 0.74 billion in total. The proceeds will enable accelerated strategy execution in Poland, Germany and Romania, with a strengthened financial position and flexibility. The transaction is expected to close in the fourth quarter (refer to note 2).

Operating profit (EBIT) increased to EUR 49.3 million (EUR 40.4 million), an operating margin of 8.6% (7.5%).

EBITDA was EUR 99.3 million (EUR 90.9 million), growing by EUR 8.4 million, an EBITDA margin of 17.4% (16.9%). Adjusted EBITDA amounted to EUR 101.3 million (EUR 94.7 million) a margin of 17.8% (17.6%).

EBITDAaL was EUR 70.9 million (EUR 63.2 million), a margin of 12.4% (11.7%). Adjusted EBITDAaL was EUR 72.9 million (EUR 67.0 million), a margin of 12.8% (12.4%).

Net profit amounted to EUR 24.8 million (EUR 19.2 million), which represented a margin of 4.3% (3.6%). Total financial result amounted to EUR -16.4 million (EUR -13.0 million) of which EUR -13.5 million (EUR -12.9 million) was related to interest expense and commitment fees on the Group’s debt and other discounted liabilities. Within the interest expense EUR -5.3 million (EUR -5.3 million) was related to lease liabilities. Foreign exchange losses were EUR -4.0 million (EUR -1.2 million) of which EUR -3.1 million (EUR -1.1 million) was related to euro-denominated lease liabilities mainly in Poland. 

Basic/diluted earnings per share amounted to EUR 0.162 (EUR 0.127).

Items affecting comparability
Acquisition related expenses were EUR -0.1 million (EUR -0.1 million).

Equity settled share-based payments charges relating to long-term performance-based share programmes were EUR -1.9 million (EUR -3.7 million).

Financial targets for 2026-2028

Medicover’s financial targets that were set in February 2026 remain unchanged until the completion of the divestment of Medicover Hospitals India and reflect Group total. These goals underscore Medicover's commitment to sustainable growth, operational excellence, and long-term value creation for all stakeholders. Medicover is only nine months into its current financial target period and is progressing in line with plan.