NOTES

4. Business combinations

During the quarter, the Group completed three smaller acquisitions within Healthcare Services, two related parties in India (a healthcare distribution company and software company) and one in Poland (a clinic). None of these acquisitions were individually significant.

Total consideration for all three acquisitions was EUR 9.9 million, of which EUR 0.9 million (net of EUR 1.2 million acquired cash) was settled in cash and EUR 7.8 million in shares in Medicover Hospitals India (MHI). Goodwill for the two entities in India amounted to EUR 11.3 million and represented skilled workforce and established supplier relationships. Goodwill for the clinic in Poland amounted to EUR 0.2 million and represented synergies. 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 January 1, 2026 is minor.

Acquisition related expenses (included in administrative expenses) amounted to EUR -0.1 million.