Medicover
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Medicover (MCOV) investor relations material

Medicover Investor Update summary

Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
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Investor Update summary11 Feb, 2026

Business overview and strategy

  • Achieved significant growth since IPO, now 3.8x larger, primarily through organic expansion with selective acquisitions.

  • Operates two synergistic divisions: Healthcare Services (69%) and Diagnostic Services (31%), with strong assets and payer mix in key markets.

  • 90% of business concentrated in Poland, Romania, Germany, and India, each with tailored business models and strong market positions.

  • Focus on digital transformation, customer engagement, and health impact, with high NPS and strong alignment to UN health objectives.

  • Ambitious new targets set for the next three years, leveraging market growth, operational leverage, and technology.

Market and operational highlights

  • Poland: Largest market with holistic healthcare and wellness offerings, strong revenue growth, and expanding capacity to capture market share.

  • Germany: Stable, resilient diagnostics market with successful navigation of regulatory reform, growth in advanced diagnostics and genetics.

  • Romania: Balanced diagnostics and healthcare business, strong fee-for-service growth, and significant capacity for further expansion.

  • India: Massive market opportunity, recent investments in capacity, focus on increasing utilization and digital efficiency for future growth.

Financial performance and targets

  • Delivered 15.5% organic revenue CAGR to over EUR 2.2 billion and 16.4% adjusted EBITDA CAGR to EUR 369 million.

  • Improved margins and cash flow, with free cash flow as a percentage of revenue rising to 7.1%.

  • ROIC increased to 13%, EPS up to EUR 0.51, and dividend per share increased to EUR 0.20.

  • Maintained leverage below 3.5x despite major acquisitions, with future CapEx to be balanced across core markets.

  • New 2028 targets: organic revenue >EUR 3.25bn, EBITDA >EUR 600m, leverage target reduced to 3x, and continued double-digit growth focus.

Elaborate on key drivers for 2026-2028 growth
What initiatives will drive margin expansion?
Under what conditions can leverage exceed 3.0x?
India capacity fill rate impact on financials
Poland membership strategy: price vs volume trade-offs
Genetics business: long-term growth drivers and challenges
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Q1 202629 Apr, 2026
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Frequently asked questions

Medicover AB is a holding company providing healthcare and diagnostic services in Germany, Sweden, Poland, Turkey, Belarus, Bulgaria, Georgia, Hungary, Serbia and Moldova. The Company’s segments are Diagnostics and Hospital Operations. Its diagnostics business includes providing specialized medical tests for patients in hospitals or their own homes. It offers diagnostic services to detect cancer and other serious diseases. Medicover AB is based in Stockholm, Sweden.

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