<a id="bm-comp-ffc17d5a-0374-4d98-89de-5afd7b3d2931" name="bm-comp-ffc17d5a-0374-4d98-89de-5afd7b3d2931" class="BMCustomAnchor"></a><table><tr><td bm-component-id="ffc17d5a-0374-4d98-89de-5afd7b3d2931" style="vertical-align: top; width:100.000000%;"><ul><li>Q4'25 numbers due on 10 February at 07:45 CET</li><li>Expect new targets on the reporting day, more info on 11 Feb</li><li>Fair value range down to SEK 200-280 (220-300)</li></ul></td></tr></table><a id="bm-comp-8a2edbc8-123c-45be-8e40-5b4346245f71" name="bm-comp-8a2edbc8-123c-45be-8e40-5b4346245f71" class="BMCustomAnchor"></a><table><tr><td bm-component-id="8a2edbc8-123c-45be-8e40-5b4346245f71" style="vertical-align: top; width:100.000000%;"><h3 class="bm-h3">Q4'25 expectations</h3><p>The end of 2025 should be characterised by a similar trend to Q3 for Medicover, with continued growth and further margin improvement, albeit at a more moderate pace. In HS, we forecast organic growth of 11% and an EBITDAaL margin of 11.4% in Q4, supported by continued strong performance in the Polish ambulatory and sport/wellness businesses, while improving utilisation across the network should remain supportive. Within DS, we pencil in organic growth of 11% and an EBITDAaL margin of 12.7%, as we believe Medicover should continue to navigate the German pricing reform effectively. Overall, this translates into total sales of EUR 616m, driven by 11% organic growth, and adj. EBITDA of EUR 95m, corresponding to a margin of 15.4%.</p><h3 class="bm-h3">Minor estimate changes and new targets</h3><p>Ahead of the Q4 results, we take a slightly more cautious stance on the sales outlook for the end of '25e and for '26e-'27e, but we believe continued margin expansions will protect earnings, and we take down adj. EBITDA by 1% for '26e-'27e. As Q4 marks the end of the current medium-term targets (2023-25), we expect Medicover to present new ones in conjunction with the report, with more information expected at the investor update on 11 February. On p.3-4, we take a look at previous targets and expect Medicover to guide for sales above EUR 3.3bn and adj. EBITDA above EUR 550m by the end of the new period 2026-28, while reiterating its leverage and dividend target.</p><h3 class="bm-h3">Fair value range down to SEK 200-280 (220-300)</h3><p>On the back of our estimate revisions and relative valuation, we lower our fair value range to SEK 200-280 (220-300). We derive our range from the trading multiples of two peer groups, one with healthcare providers in developing countries and one in developed countries, alongside a DCF. The range corresponds to a '26e EV/EBITDA of 10x-12x.</p></td></tr></table>