Morning, everybody. It's John here.

Welcome to our Q2 2026 report. I think we've got a quarter of positive progression, which we're very pleased with.

You can see it's another quarter of double-digit organic revenue growth and margin expansion, which is really what we're aiming for. Strong organic growth of 11.8%, and this is our sixth quarter of improved margins, we're very pleased with that.

It's a record that we're proud of and hope to continue as we go forward. Just a reminder for everybody, this particular quarter has a very strong comparable base.

Last year, we made significant movements upward, it's even more pleasing to see the progress that we've actually made. A year or so ago, probably just a year and a quarter, there was a lot of talk about India and what we were going to do in terms of the growth for India, but you can see that over Q1 and Q2, we've had very positive progression and really strong growth percentages.

Our Diagnostic business has performed very well. There's a level of consistency that's happening within that division, which we're delighted with, and it's all credit to their hard work.

We have consistency of increasing our fee-for-service revenue streams, which is where our main focus is, and leverage is at 2.9. Revenue, €640.4 million, very respectable in terms of the growth rate.

You can see that from an organic perspective, it's 11.8%, which is very credible indeed. Adjusted EBITDA, €109.2 million, very pleasing to see that and to see our progress.

You can see also with the adjusted EBITDA margin at 17.1%, the increase there is not as big, but as I said, there was a very high comparable, just to see that move in the right direction is very positive for us. Operating cash flow, €73.6 million, that's up 28.4%, really good generation.

That from our perspective, that's quite important for us because as we do that, it gives us more choices. Leverage, as I said, is at 2.9.

That's down from where we were at year-end at 3.1, and, of course, has improved quite considerably if we look year-on-year from 3.6 last year to 2.9. Good, solid set of numbers that we've produced, we're happy with that.

If we move forward and just look at the revenue and the progression of the revenue streams, another good quarter, revenue produced at expected levels, we're happy with that. Revenue by country is very steady, but you can see a strong quarter in India in euros, up 23%, in local currency, much higher.

As I said, this time last year was a big area of debate for us, it's really pleasing to see the team have continued their progress and got momentum inside that business. Revenue by payer, a little bit of changing mix here happening with different things going on, but very good strength coming through from fee-for-service, which is our biggest stream.

It's obviously the stream that we want to concentrate on a lot, and it's good to see that growth. Governmental revenue streams in terms of the public pay, lots of micro changes happening there that's affecting it, and we know that in terms of our funded business, we want to continue to develop that, but pleasing to see that we've got growth starting to come through in Poland from some of the initiatives that we've put in place, so that's very positive.

If you look at Healthcare Services, solid performance by Healthcare Services, again, this is the area where probably the comparable base was the highest, we need to bear that in mind. Revenue growth, 6.9%, organic, 12.2%, very, very good.

Price accounted for 5.2% of that, quite a solid mix that we have there. As I said, with India, 23.1% revenue growth in India in euros, but 39.6% in local currency.

So, 34.4% last quarter, towards 40% this quarter, good momentum in that particular business. Fee-for-service and other areas performed well.

Sports and wellness continues to be strong for us, and we will continue to develop that proposition very strongly. Memberships relatively unchanged, but as I say, Poland grew, some membership fall in Romania, quite a bit of that was contract management, so as managing the profitable and unprofitable accounts.

Most importantly really here related to the fee-for-service is that quarter-on-quarter, our ability to create the relationships with people that are looking for those kind of solutions is growing quite strongly. Revenue, €442.8 million, up 6.9%, which is good.

EBITDA margin, 18.4%, sort of slight change there against the comparable. Memberships relatively flat, and revenue by country not particularly changing dramatically.

When you see the minuses, please bear in mind that we still have Hungary in these comparables, so that affects that particular indicator. If we move to Diagnostics, we'll see that it's a strong growth and improved profitability, congratulations to that team.

Good revenue growth, increased by 8.5%, organic growth was up 10.9%, and a good proportion of that is in price. Please remember that from a German perspective, the ability to move prices is almost absolutely zero, very credible performance by the Diagnostics team.

Fee-for-service strong, as we said, that's the area of focus, so that's really pleasing to see. Operational leverage coming through, and, of course, with the diagnostic tests, mix is quite important in terms of the different types of tests that you do.

We've always focused on making sure we got a reputation for not only covering the basics, but covering the more advanced side of life, so that's great. Ukraine continue to deliver really solid performance for us.

Q1, we said was softer, a bit of that was reflected by the weather, a bit of that was reflected by the war conditions, but considering the things that they have to overcome, we just have such a fantastic team in Ukraine, and we'd like to thank them for everything they do because it really is difficult conditions that I don't think any of us would want to trade under. Germany did really, really well, solid momentum.

We're seeing the change in mix continue where we're getting more fee-for-service, maybe as a consequence of the environment, but also a consequence of the varied proposition that we have there. Our expansion on the BDPs continues, really important for us in terms of the future, so that's very good to see.

The number of tests up by 4%, which is good progression, 40 million, 40.3 million that we produced, which is great. Revenue, very solid, €205.1 million, up 8.5%, very, very good.

Continued improvement in the margin, you can see that that's a significant improvement that the team have done there, very pleasing to see. And 40.3 is a positive sign against our 38.7 tests of the comparable quarter.

If you look through from a country mix, again, relatively stable, and you can see the strength of Ukraine coming through with that. Again, our payer mix continues to increase on a fee-for-service basis, and that will give us much more stability and, of course, opportunity to move prices as we move forward.

Very, very positive sign, congratulations to everybody in Diagnostic Services. I'll hand on to Anand, who will talk you through a little bit more detail of the financials, and then I'll come back at the end to summarize.

Anand, over to you.

Thank you, John. I'd describe the quarter as a solid quarter and consistency in us delivering double-digit organic growth from a revenue perspective and margin accretion as well.

We're pleased with our numbers. I think one number I'd pull out is EBIT, EBIT of €51.2 million.

You can see our margin rate is 8% now, which is up 100 pips year-on-year, pleased to see underlying profitability being boosted by, as John said, in some areas, tough comps, but we're still growing our margins year-on-year and our organic growth as well. Other profit measures are up year-on-year as well, as you can see from the page.

One I'll pull out is EBITDA, which is obviously our best measure of cash profit, at €72.7 million, that's up just under 13% with margin accretion of 50 basis points year-on-year at 11.3%. We're pleased with that.

As a reminder, in Q2, we paid our dividend of €0.20 per share, so that's kind of reflected in our cash flows. From a healthcare perspective, John mentioned that we had some tough comps from last year, but still pleased with the growth.

I'd say a solid performance. Organic growth of 12.2%, and you can see there was kind of growth in both price and volume, which is very pleasing.

From an EBITDA perspective, it was up year-on-year at €55.6 million. There is margin rate dilution year-on-year of 30 basis points.

That's predominantly due to the tough comps, as I mentioned earlier, and there's also some one-off activity last year, which is if you strip out, then we'd be up year-on-year. EBITDA relating to the immature Indian hospitals, you can see the loss on those in the quarter was 3.2, it's down a bit on last quarter, but up on last year.

Those are predominantly due to the hospital that we opened in Q1 and in line with expectations. As John says, we're pleased to see the India overall company performance perform really well at the numbers that he mentioned earlier.

I'd say a very strong month from Diagnostics, solid in Healthcare, strong in Diagnostics. Organic growth at 10.9%, again pleasing to see volume growth as well as price growth across both.

EBITDA of €30.3 million, which is very strong, with margin rate up 110 basis points at 14.7%. I think, obviously, we kind of concluded on the two acquisitions we did in Q2 last year, and it's pleasing to see in both Healthcare as well actually and in Diagnostics that the synergies we realize are helping boost our numbers year-on-year.

In other metrics, our leverage trends down, it's below 3, which is good compared to last year as our increasing profitability kind of offsets the fact that we're kind of keeping our invested base safe from a debt capital and equity capital perspective. You'll have seen that we increased and strengthened our liquidity in Q2.

In May, we managed to increase our RCF from €300 million to €400 million. That gives us more scope and more optionality and headroom to take further investment decisions in the future should we choose to.

I've mentioned the dividend we've paid of €30 million in Q2. Tax is in line with expectations at 28%.

An improved performance in cash versus Q1 with net operating cash flow at 28% at €73.6 million, and free cash flow at 4.1% of revenues versus 3% last year. Finally, on ROCE, kind of an improvement there as well, 13.6% versus 9.3% last year.

I'd say a good performance on those measures. In terms of CapEx, if you look on the left, you can see there's clear blue water between our free cash flow and our growth CapEx, which is good.

Our CapEx overall was €29.7 million in the quarter, about 4.6% of revenues. I've mentioned previously that will be around 6% of revenues for the full year.

We'll stick to that. In terms of the type spend, where the money was spent in the quarter, 2/3 was in Healthcare Services and 1/3 in Diagnostics.

The maintenance growth split is 44% 56% in this quarter. However, looking forward for the full year, we expect it to see revert back to more 2/3 on growth and 1/3 on maintenance.

Finally, medical space is just over 1 million square meters, a little movement in the quarter, but up year-on-year. Finally, with regards to our mid-term targets to 2028, we still expect to achieve them.

Organic revenue of €3.25 billion, adjusted organic EBITDA of €600 million, leverage under 3, and all the other measures highlighted in the bottom right corner, including EBIT, we expect to achieve up to now. With that, I'd say thank you, and I'll hand back to John to wrap up.

Yeah. We say here, solid performance, and that's probably our Englishness that's coming through there.

It's really good to see the consistency that we've got with the double-digit organic growth, six consecutive quarters with margin improvement, which is the zone that we want to be in. Strong fee-for-service growth, yeah, that's one of our most important revenue drivers, and really good to see that the synergies from the two acquisitions, which were our largest in our history, have come through.

The acquisitions have been embedded well into the organization, and they're very much part of Medicover now. India, as I said before, a lot of conversation, a lot of talk about India if we go back 12 months, and we said that we would start to see the momentum of that coming through, and it is coming through, strong double-digit revenue growth even in euros with the exchange rate, congratulations to all.

We will do what we've said that we're going to do. We'll focus on our execution.

We'll focus on making sure we get efficiency, improving our capacity utilization, and making sure that when it comes to our price and cost management, that we take the appropriate steps that means that the customer gets what they need and that we have a good, strong, sustainable business. Finally, just a thank you to all of the people in Medicover.

These results have been created due to your hard work, thank you very much for all you do. Now we'll go to the Q&A and hand over to the moderator to help us with that.

Hi. I have some questions here regarding Poland and then India as well.

If Poland first, would you be able to comment what growth would have been adjusted for the strength in the sport and wellness segment? I'm thinking about both funded and the fee-for-service adjusted for sport and wellness, which seems to do very, very well.

No, we don't disclose that information, Kristofer, unfortunately, I can't answer that question. We don't do it for competitive reasons, so.

Okay. You said funded were growing again in Poland.

Is that also true for members quarter-over-quarter?

Yes. Our funded position started to move again in Poland.

We've put, as we commented on previous quarters, we've put some different solutions out there in the market and more are going to come. We fully expect the employment market to sort of help us along as well.

Even whilst that's been adjusting a little bit, that's probably the best way to describe it, that we still know that we can penetrate more, we expect to do more on that line as we move forward.

Given that the number of members were down here sequentially, it seems pretty large drop then in Romania, if you could maybe explain that a bit. Yeah.

We did some looking at our profitability on the portfolio and made some sort of harsher decisions in terms of the membership that we have in the portfolio in Romania, it did drop. What we have to remember about Romania, currently, there's quite a lot of fiscal things that are happening, and there's some other companies that decided that healthcare is not right for them at this moment in time.

Membership isn't the biggest part of our business down in Romania. It's a much, much smaller percentage of our mix of revenue, I think that will stabilize as we move forward.

We've got a watching brief on it. We're taking counteractions.

Your question about Poland is, we expect Poland to be as history, relatively strong for us.

Great. Then India, if you could comment on margins there.

I don't know if, yeah, EBITDA versus the rest of the group, if it's improving year-over-year, yeah, anything like that.

I think broadly speaking, they're slightly up year-on-year. As I said, we're more pleased about the revenue growth.

As always, with building margin in, let's say, Indian hospitals that I've seen, you kind of recruit the doctors first and then the kind of revenues tend to follow. We've got a strong base of having recruited a good doctor set, and now the revenues are starting to follow, as you can see.

We expect a bit of margin accretion further, but, yes, no, we're pleased.

Is it true then that India margins are still dilutive for the business?

Yes.

Okay. Just when it comes to the impact on EBITDA margin from leases, is that a similar effect as you have in Europe if we look at it as a percentage of sales or something like that?

Similar, yes, I would say yes because, obviously, yeah, the rupee has depreciated year-on-year as well, so,

yeah. Great.

Thank you very much.

Thank you.

Yes, hi. I have a couple of questions.

Starting with Romania, I think the macro backdrop quite well explained. What would be helpful, I think, is some more flavor on the political situation, and perhaps more, yeah, what tangible initiatives that are taken there to, in fact, the ability to grow for you.

Maybe, yeah, if it will be sort of soft on a year-on-year basis also for H2 2026. That's the first one.

The political situation down there creates a degree of instability, and that translated into some micro changes in the payment system in healthcare from the governmental funds, where they've capped things for this which in history weren't capped before, and they've cut some of the tariffs, and they're basically repurposing their framework to be able to balance budgets and coming to line with things. What happens there is that these changes happen, and then for us, we feel it because in that location, we do.

Over time, what we would expect to happen and usually does happen is that the people that are not getting their care through that means will switch to getting their care through an alternative means. We have to repurpose our operations as these things happen, and we're taking those kind of countermeasures in terms of the offerings that we do for fee-for-service and the way that we look at the lines that have been affected from a governmental perspective.

Then usually what happens is our fee-for-service line starts to attract more people as a consequence, and we start to move through. Ultimately, government of Romania have a responsibility to provide care to the people of Romania through the governmental funds, and they will continue to do that.

It's just that there's micro changes happening that we have to adapt to, it'll take a bit of time for us to adapt, but we should be able to come through that.

I'll say

one more thing, and usually that creates opportunity for us, let's see how it plays out.

Yeah. Thanks.

A good example of that, I guess, is Germany and what you've seen. You had better growth year-on-year in Q2 compared to the first quarter.

Would you say this is just more patients moving to the fee-for-service line that is helping you there, or is it anything else? No,

I think it's a combination of a number of factors, as it always is in our business. It's not really down to kind of one particular answer, but due to the nature of what we do.

Yes, the nature of the reforms that happened a year ago would have changed consumer behavior to be more prepared to pay out of pocket because of delays. We don't expect that to be like a tap which didn't have a lot coming out of it and suddenly there's loads coming out of it.

We expect that to kind of move over a period of time. I think the strength of our broad portfolio of testing and the fact that, yeah, we've got lots of tests that are very much focused on to the medical side of life and supporting the medical profession, but also within our portfolio, we have more lifestyle-related things which are becoming more and more popular.

I think we're well placed to be able to take advantage of those positions and see fee-for-service progress. Don't expect it to be a dramatic thing.

It should be steady as we go, and as we see the trends and understand where to focus on, we'll very much seize on that.

Thanks. I will squeeze in one last question.

In terms of the price contribution in Diagnostics, it has been averaging around 3.1% since the onset of '25. Now I think it was 5%.

Just what is driving that? I think in Germany, no changes, I presume.

Could it be an impact of raising prices in fee-for-service for Germany, maybe? No.

No, I don't think so. I don't think that any price change that we do in Germany, there's frameworks that control things.

No, it's much more mix, yeah, and the strength, as I said, of the broad nature of our portfolio.

Thank you so much.

Thank you.

Morning, guys. Just a quick one, not sure if you can comment, but can you talk to the situation around the Indian business?

Originally, you were looking to list this business, but I guess in June, we learned of talks with KKR regarding a potential sale. Where are we on these bits?

Thanks.

Yeah. As you can expect, I can't say too much on this from a legal perspective.

I can just reiterate the facts for everybody, which is, as everyone knows, some time back, we said we'd explore the IPO in India. That still very much is an option for us, and we're continuing to do the work on our IPO.

At the same time, our business in India is very attractive, and it's no surprise and shock to us that people have knocked on our door. Our responsibility, if somebody does that, is for us to evaluate things and see what's the best course of action for us.

Of course, one person knocking on the door doesn't mean to say that there could be other people that would want to knock on this door as well. It's a good position that we find ourselves in.

We've got a very attractive business and different options that we could deploy. No decisions have been made on options, and as I say, we've got a responsibility to evaluate, and we're in that process.

That's really all we can say at this moment in time.

All right. Thank you.

Hi. Thank you for taking my questions.

I hope this time the line is better. First on India, I would like to ask, given the strong local currency growth in Q1 and Q2, and of course the new hospital opening in Q1, if you could provide some color on when do you expect the startup losses to peak and when we should see a meaningful reduction in the drag from newer hospitals, and as well if you could provide some color excluding this new hospital in Q1, how was the progression there?

Great news is the line is very clear this quarter, so that's very positive. The trend of opening new hospitals and the period before the drag disappears is different hospital by hospital because a lot depends upon the size of it, the scale of it, the mix of the specialisms, and your ability to get various licenses approved, and your recruitment, what doctors have you recruited, are they big hitters, are they people that are going to take a little bit longer to be able to build up your revenue stream.

Very difficult to say the model is exactly this. We've made good, really good progress in terms of when we've done openings.

If you look back in history, you'll see that there's always been a drag, and that quarter-on-quarter, as we've reported that drag, that drag has tended to reduce if we haven't opened any new hospitals. Of course, in this period, we have opened a couple of new hospitals in India, which in our IPO program were the final two that we were looking to do.

What you would expect to see is as we go by each quarter, seasonally adjusted, of course, you'd expect to see that drag just reduces over time, and over a period of 18 months, two years or so, that starts to be less significant.

Yep. Thank you.

My second question, on the fee-for-service momentum in Q2 accelerating, if you could discuss about the momentum in Germany versus Poland and Romania, and also some color on how do you see the differences between volumes and pricing going forward, given inflation has been more stabilized in Germany and Poland versus higher inflation in Romania.

Yeah. We have a stance that we've repeated a number of times when it comes to pricing, which is that our position is that we want to provide high-quality healthcare to the people that entrust their money with us, and that, as they come to us, that we give them the care that they need for to get the effective outcome.

If that means that we have to adjust price to be able to pay our resources appropriately, then we will do that. We've got a history of making sure, whether it's funded or whether it's fee-for-service, of adjusting price to the market conditions.

In history, if you go back a little bit, we've been a little bit more price adjustment in our revenue growth. This will balance out because the inflationary period that we had in history was much, much higher.

That inflationary period now is starting to wash through, and although there'll still always be inflation in healthcare, always higher than the average inflation, it's not as high as history. You kind of expect that pricing and volume kind of mix to kind of balance out a little bit dependent upon the line.

Thank you. If I may have one last short question.

In regards to the recent heat waves across Europe, have you observed any postponements in surgeries or appointments or testing? If you could provide some color on the, let's say, end of 2Q or...

No. In our first six months of the year, we've been affected by weather more than anything else, but no, we haven't seen any dramatic change in trends created by events, no.

Yep, thank you.

Thanks a lot.

Hi. Yes, a quick one on the tax rate.

Have you commented what tax rate you expect for the full year?

I think the kind of counsel I gave was between 26% to 30%, so.

Okay. Thank you.

Hi, one follow-up. A bit larger tie-up in working capital year-to-date this year versus six months '25.

Just is it anything in particular that is driving that, or yeah, is it expected to normalize going forward? Thank you.

Sorry, Mattias, I didn't hear. Did you say working capital, is that what you said?

The tie-up in net working capital year-to-date figures this year is a bit higher than last year, I just wanted to see if there's anything in particular or if it's...

No. Nothing particularly in terms of one-offs or anything like that.

I think it's just to do a little bit with the mix of our business, right? As we do more, let's say, governmental-led business either in India or in Poland, then they naturally have kind of longer terms in terms of securing our payments.

That's it. Aside from that, there's nothing specific to pull out in terms of working capital.

Thank you so much.

Fine.

Hi, thanks for taking my question. Actually, I have three questions.

The first one again on EBITDA loss from India from new hospitals. You said that the majority of this quarter loss, which was €3.2 million, if I'm right, was related to the new hospital opened in first quarter.

When we compare to 3 just also about €3 million in fourth quarter where there was no impact of this new hospital, does it mean, or is my conclusion correct, that the loss from other hospitals opened in last two years was close to zero this second quarter?

Look, I can't answer the question exactly, but look, I think over about 2/3 or so at least of the 3.2 million is driven by the new hospital. It's very big hospital, 14 floors, is it?

I think it's the tallest hospital in Hyderabad. Yes, the others are performing broadly in line with where we expect on their recovery curves versus the new one we just opened, which is a big one.

Thanks so much.

Remember, there was another hospital opening as well that happened in that fourth quarter, there's two.

Okay. Two questions on Polish market.

First, on Diagnostic business, there are several government programs right now, including my Health Program, and last year, there was probably Profilaktyka 40 PLUS / Prevention 40 PLUS program. I wonder, what is the net impact of these programs on your revenue dynamic in Poland in Diagnostic?

We don't really comment on that, but everybody knows in the market that last year's program was more generous than this year's program.

Sorry, if I just to confirm, last year program,

Profilaktyka 40 PLUS was... Sorry, I went too fast.

We don't really comment on the specifics, but as a general, everybody in the market knows that last year's program was more generous than this year's program in general terms.

Thanks. Thank you.

The last issue on the quite recent plans from Polish government to cut wages for the best-paid doctors. Do you think it will have an impact on your wages in Poland?

I also wonder if you may see some shift from the reduction of the number of procedures performed by public healthcare and maybe shift to private healthcare, what do you think about that?

There was quite a number of concepts that were talked about in recent weeks in relation to Poland. We have to put this into context of the way that we've run our business for the last 30-odd years, which is constantly over that period, different governments and different people within those governments have wanted to make changes in the healthcare system to be able to manage it more effectively for that particular country.

One of our strengths as an organization is over the 31 years that we've been trading is as these things have happened, we've been close enough to understand what's happening, what's the implication to us, and how do we repurpose, yeah? How do we move our operations around to be able to make sure that whatever changes are put in place, we can adapt that means that we're here for the long term and then we have a sustainable business.

This is business as usual to us. There are some specifics in that particular set of changes that people talk about, and we will work through those specifics.

Currently, from our perspective, it is business as usual. Some of these changes will come in.

We will adjust, and we'll move forward, we're confident that we'll be able to navigate. Often, when these changes have happened, there's very positive things that can happen to our business if we repurpose in the right way, and that's what we expect to do.

Okay. Thanks so much.

Thank you.

There's a few questions that have come through online, we'll just try and answer those before we close out. People have asked for a bit of flavor in terms of the drivers in India, which is moving the growth up.

As before, it's a lot of recruitment of new doctors. Those new doctors now are becoming established with us.

That's driving the revenue. That's the main question that's come through.

I'd like to thank everybody for their time this morning. We're very pleased with the results that we've generated for Q2.

We think we have a solid base to be able to move forward. Yes, there's some changes in our markets which could be quite exciting for us, we're looking forward very much to talking to you in a quarter's time to see how we're progressing.

Thank you very much.