Group development first quarter 2026
Revenue amounted to EUR million (EUR million), up with an organic growth of . Revenue development by payer showed double-digit growth in fee-for-service and other services and low single-digit growth in public revenue. Country wise performance varied with double-digit growth in the main markets Poland, Romania and India. In Germany, revenue decreased due to a decline in the dental business. The severe winter weather adversely impacted revenue across the CEE region in the first two months however improved as conditions normalised.
Acquired revenue amounted to EUR million, related to the acquisitions from last year.
Foreign exchange fluctuations had a negative impact of , reflecting currency weakness across all key markets.
In Q1 2026, the macroeconomic environment was volatile, primarily due to elevated geopolitical tensions in the Middle East, which heightened uncertainty across global markets and exerted upward pressure on energy prices. Against this backdrop, inflation trends in Poland were mixed. Headline inflation averaged 2.4% in Q1 2026, slightly below 2.6% in previous quarter. However, the March 2026 level increased to 3.0%, signaling a renewed acceleration in CPI. Core inflation, which excludes food and energy, eased to 2.6%, down from 2.8% in previous quarter. Despite broader macroeconomic headwinds, the Polish labour market showed only mild weakness. The unemployment rate edged up quarter-on-quarter to 6.1% (5.7% in the previous quarter).
Inflation in Romania followed a broadly similar pattern. In the quarter headline inflation stood at 9.6%, continuing to be driven by the unfreezing of energy prices and a VAT increase, while the March reading of 9.9% was further amplified by rising energy costs. Meanwhile, wage growth in the corporate sector decelerated to 3.8% as of February, down from 6.4% in Q4 2025. The unemployment rate declined to 6.0% (as of February), compared to 6.2% in the previous quarter.
Operating profit (EBIT) increased to EUR million (EUR million), an operating margin of ().
EBITDA was EUR million (EUR million), growing by EUR 14.7 million, an EBITDA margin of (). Adjusted EBITDA amounted to EUR million (EUR million) a margin of ().
EBITDAaL was EUR m (EUR million), a margin of (). Adjusted EBITDAaL was EUR million (EUR million), a margin of ().
Net profit amounted to EUR million (EUR million), which represented a margin of (). Total financial result amounted to EUR million (EUR million) of which EUR million (EUR million) was related to interest expense and commitment fees on the Group’s debt and other discounted liabilities. Within the interest expense EUR million (EUR million) was related to lease liabilities. Foreign exchange losses were EUR million (EUR million) of which EUR -2.5 million (EUR 3.0 million) was related to euro-denominated lease liabilities mainly in Poland.
The Group has recognised an income tax charge of EUR -8.0 million (EUR -7.3 million) which corresponds to an effective tax rate of 28.0% (28.0%).
Basic/diluted earnings per share amounted to EUR (EUR )/EUR (EUR ).
Items affecting comparability
Acquisition related expenses were EUR - million (EUR - million).
Equity settled share-based payments charges relating to long-term performance-based share programmes were EUR - million (EUR - million).
Key financial data
| Group, EUR million | Q1 2026 | Q1 2025 | ∆ | LTM | FY 2025 |
|---|---|---|---|---|---|
| Revenue | 624.2 | 578.1 | 8% | 2,424.2 | 2,378.1 |
| Operating profit (EBIT) | 46.7 | 36.0 | 30% | 166.4 | 155.7 |
| Operating profit margin | 7.5% | 6.2% | 6.9% | 6.5% | |
| Net profit | 20.6 | 18.8 | 10% | 74.5 | 72.7 |
| Net profit margin | 3.3% | 3.3% | 3.1% | 3.1% | |
| Basic earnings per share, € | 0.147 | 0.134 | 10% | 0.527 | 0.514 |
| Diluted earnings per share, € | 0.146 | 0.133 | 10% | 0.526 | 0.513 |
| EBITDA | 101.2 | 86.5 | 17% | 385.7 | 371.0 |
| EBITDA margin | 16.2% | 15.0% | 15.9% | 15.6% | |
| Adjusted EBITDA | 104.6 | 90.6 | 15% | 402.1 | 388.1 |
| Adjusted EBITDA margin | 16.8% | 15.7% | 16.6% | 16.3% | |
| EBITDAaL | 67.4 | 56.3 | 20% | 254.2 | 243.1 |
| EBITDAaL margin | 10.8% | 9.7% | 10.5% | 10.2% | |
| Adjusted EBITDAaL | 70.8 | 60.4 | 17% | 270.6 | 260.2 |
| Adjusted EBITDAaL margin | 11.4% | 10.5% | 11.2% | 10.9% | |
| EBITA | 49.5 | 39.2 | 26% | 180.9 | 170.6 |
| EBITA margin | 7.9% | 6.8% | 7.5% | 7.2% | |
| Adjusted EBITA | 52.9 | 43.3 | 22% | 197.3 | 187.7 |
| Adjusted EBITA margin | 8.5% | 7.5% | 8.1% | 7.9% | |
| EBITAaL | 40.8 | 31.5 | 30% | 148.0 | 138.7 |
| EBITAaL margin | 6.5% | 5.4% | 6.1% | 5.8% | |
| Adjusted EBITAaL | 44.2 | 35.6 | 24% | 164.4 | 155.8 |
| Adjusted EBITAaL margin | 7.1% | 6.2% | 6.8% | 6.6% |
Cash flow
Cash generated from operations before working capital changes increased by 19.1%, 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).
Investments in property, plant and equipment and intangible assets amounted to EUR million (EUR million) with approximately 58% being growth capital investment and 42% being maintenance investment, lower pace being 4.2% (4.9%) of revenue. EUR 17.7 million (EUR 21.4 million) was invested in Healthcare Services and EUR 8.3 million (EUR 6.7 million) in Diagnostic Services.
Net loans repaid amounted to EUR million (drawn EUR million). Lease liabilities repaid were EUR million (EUR million). Interest paid amounted to EUR million (EUR million), of which EUR million (EUR million) related to lease liabilities.
Cash and cash equivalents increased by EUR million to EUR million.
The free recurring cash flow decreased by 36.7% to EUR 27.9 million (EUR 44.2 million), being 4.5% of revenue (7.6%).
Financial position
Consolidated equity as at 31 March 2026 amounted to EUR million (EUR million).
Other comprehensive income includes a negative translation exchange rate movement of EUR million mainly relating to the weakness of the Polish zloty.
Loans payable amounted to EUR million (EUR million).
At the end of the quarter, the Group had undrawn committed credit facilities of EUR 313.6 million, liquid short-term investments and cash and cash equivalents of EUR 83.7 million, totaling to EUR 397.3 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 15.9 million. The ratio of loans payable net of cash and liquid short-term investments to adjusted EBITDAaL for the prior twelve months was 2.9x (3.1x level at year-end 2025).
Lease liabilities amounted to EUR million (EUR million).
The total financial debt was EUR million (EUR million).
Parent company
There was no significant revenue. The loss for the quarter amounted to EUR million (EUR million). At 31 March 2026 EUR million (EUR million) has been utilised under the social commercial paper programme. The proceeds of the programme have been lent to the Company’s subsidiary on the same maturity as the programme drawings. Equity as at 31 March 2026 was EUR million (EUR million).
Risks
The Group’s business is exposed to risks that could impact its operations, performance or financial position. Management of these risks enables Medicover to execute its strategy, maintain its ethical reputation, reach financial targets and secure continuous development and profitability in the long term. Group entities monitor and manage risks in its operations. In addition, the Group has a centralised enterprise risk management process, which is a systematic and structured framework used to identify, assess, measure, manage/mitigate, monitor and report risks. Identified risks are categorised as follows:
Operational risks – such as artificial intelligence, armed conflict and geopolitical risk, clinical quality, data loss or breach, environmental and climate-related risks, insurance risk (insurance business), IT systems failure and cybersecurity, market risk, medical workforce shortage and natural disaster.
Strategy and M&A risks – such as M&A due diligence and post-acquisition integration.
Financial risks – such as credit risk, foreign currency risk, interest rate risk and liquidity and refinancing risk.
Legal, compliance and political risks – such as anti-bribery and corruption.
Further information on risks and risk management is available in the annual report 2025, section ‘Risks and risk management’ (pages 61-69).