Financial highlights nine months 2026

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

Revenue amounted to EUR 1,721.6 million (EUR 1,618.0 million), up 6.4% with an organic growth of 8.5%. Acquired revenue amounted to EUR 21.1 million, related mostly to the acquisitions of last year. 

Foreign exchange fluctuations had a negative impact of 1.6% reflecting currency weakness across all key markets.

Operating profit (EBIT) was EUR 145.0 million (EUR 118.0 million) with an operating margin of 8.4% (7.3%).

EBITDA was EUR 294.5 million (EUR 263.5 million), an EBITDA margin of 17.1% (16.3%). Adjusted EBITDA was EUR 302.3 million (EUR 276.0 million), a margin of 17.6% (17.1%).

EBITDAaL was EUR 210.2 million (EUR 184.1 million), a margin of 12.2% (11.4%). Adjusted EBITDAaL amounted to EUR 218.0 million (EUR 196.6 million), a margin of 12.7% (12.1%).

Net profit amounted to EUR 71.8 million (EUR 59.1 million), a margin of 4.2%  (3.7%). Total financial result amounted to EUR -45.0 million (EUR -34.8 million) of which EUR -38.8 million (EUR -37.7 million) was related to interest expense. Within the interest expense EUR -15.8 million (EUR -15.0 million) was related to lease liabilities. Foreign exchange losses were EUR -9.2 million (EUR 0.0 million) of which EUR -7.2 million (EUR -1.0 million) was related to euro-denominated lease liabilities mainly in Poland and Romania.

The Group has recognised an income tax charge of EUR -28.0 million (EUR -25.4 million) which corresponds to an effective tax rate of 28.0% (30.1%).

Basic/diluted earnings per share amounted to EUR 0.471 (EUR 0.391)/EUR 0.470 (EUR 0.390).

Items affecting comparability

Acquisition related expenses were EUR -0.5 million (EUR -1.6 million).

Equity settled share-based payments charges relating to long-term performance-based share programmes were EUR -7.3 million (EUR -10.9 million).

Cash flow

Comments and numbers relate to Group total, unless otherwise stated. 

Cash flow from operating activities before working capital changes increased by 13.3% to EUR 297.3 million (EUR 262.6 million), being 93.9% of EBITDA (93.4%). Tax paid was EUR 27.2 million (EUR 32.6 million). Net working capital increased by EUR 57.2 million (EUR 19.0 million). Net cash from operating activities was EUR 240.1 million (EUR 243.6 million), including discontinued operations of EUR -0.1 million (EUR 7.1 million).

Investments in property, plant and equipment and intangible assets amounted to EUR 88.2 million (EUR 101.2 million) with approximately 55% being growth capital investment, 45% being maintenance investment and lower pace being 4.6% (5.7%) of revenue. EUR 61.9 million (EUR 80.2 million) was invested in Healthcare Services and EUR 26.3 million (EUR 21.0 million) in Diagnostic Services. Payment for acquisition of subsidiaries (net of cash acquired) amounted to EUR 1.6 million (EUR 173.8 million).

Net loans drawn amounted to EUR 1.7 million (EUR 176.4 million). Lease liabilities repaid were EUR 67.4 million (EUR 64.5 million). Interest paid amounted to EUR 46.8 million (EUR 42.1 million), of which EUR 26.2 million (EUR 23.6 million) related to lease liabilities. A dividend of EUR 30.2 million (EUR 22.5 million) was distributed to shareholders.

Cash and cash equivalents increased by EUR 2.7 million to EUR 83.3 million.

Free recurring cash flow from continuing operations decreased by 7.9% to EUR 119.7 million (EUR 129.9 million), being 7.0% of revenue (8.0%).