Cash flow
Comments and numbers relate to Group total, unless otherwise stated.
Cash generated from operations before working capital changes increased by 8.0%, amounting to EUR million (EUR million) and of EBITDA (). Tax paid was EUR million (EUR million). Net working capital increased by EUR million (decreased by EUR million). Net cash from operating activities was EUR million (EUR million), including discontinued operations of EUR 0.4 million (EUR 5.5 million).
Investments in property, plant and equipment and intangible assets amounted to EUR million (EUR million) with approximately 52% being growth capital investment and 48% maintenance investment, lower pace being 5.1% (7.8%) of revenue. EUR 23.5 million (EUR 37.4 million) was invested in Healthcare Services and EUR 9.0 million (EUR 8.9 million) in Diagnostic Services.
Net loans repaid amounted to EUR million (EUR million). Lease liabilities repaid were EUR million (EUR million). Interest paid amounted to EUR million (EUR million), of which EUR 8.8 million (EUR 8.1 million) related to lease liabilities.
Cash and cash equivalents decreased by EUR million to EUR million.
The free recurring cash flow from continuing operations decreased by 10.0% to EUR 50.3 million (EUR 56.0 million), being 8.8% of revenue (10.4%).
A summary of the discontinued operations cash flow impact is presented below the consolidated cash flow statement.
Financial position
Consolidated equity as at 30 September 2026 amounted to EUR million (EUR million). A dividend of EUR million (EUR million) was distributed to shareholders, equivalent to EUR 0.20 (EUR 0.15) per share. Other comprehensive income includes a negative translation exchange rate movement of EUR million due to weaker currencies across key markets.
As of 30 September 2026, assets held for sale and associated liabilities relating to the Medicover Hospitals India ("MHI") amounted to EUR 387.6 million and EUR 214.3 million, respectively, refer to note 1 and 2. The put option liquidity obligation with non-controlling interest in MHI amounted to EUR 34.4 million (EUR 34.6 million) of which EUR 20.4 million (EUR 20.7 million) is presented as non-current other financial liabilities and EUR 14.0 million (EUR 13.9 million) as current. The put option liquidity obligation will be derecognised upon completion of the sale transaction.
Loans payable amounted to EUR million (EUR million), mainly due to the reclassification of liabilities associated with assets held for sale. During the second quarter, EUR 225.0 million was reclassified from non-current to current loans payable reflecting loans maturing within 12 months. The Group continues to maintain strong access to the capital market and is actively evaluating its financing and capital allocation options. In May liquidity was furthermore strengthened by a new Revolving Credit Facility (RCF) of EUR 450.0 million maturing in 2029 (previously EUR 300.0 million).
At the end of the quarter, the Group had undrawn committed credit facilities of EUR 480.5 million, liquid short-term investments and cash and cash equivalents of EUR 82.6 million, totalling to EUR 563.1 million (EUR 402.9 million).
Loans payable net of cash and liquid short-term investments amounted to EUR million (EUR million), a decrease of EUR 42.0 million largely driven by the reclassification of liabilities associated with assets held for sale. The ratio of loans payable net of cash and liquid short-term investments to adjusted EBITDAaL for the prior twelve months was 2.7x (3.1x level at year-end 2025 for Group total).
Lease liabilities amounted to EUR million (EUR million), primarily reflecting the reclassification of liabilities associated with assets held for sale.
The total financial debt was EUR million (EUR million), in addition the total financial debt associated with assets classified as held for sale was EUR 172.8 million (-).