<a id="bm-comp-1b6ac4f7-af6a-412e-a185-0311b4b452a9" name="bm-comp-1b6ac4f7-af6a-412e-a185-0311b4b452a9" class="BMCustomAnchor"></a><table><tr><td bm-component-id="1b6ac4f7-af6a-412e-a185-0311b4b452a9" style="vertical-align: top; width:100.000000%;"><ul><li>Focus on sport/wellness, dental and smaller centres</li><li>Adj. EBITDAaL margin expansion: 11.7% to 12.9% during '26e-'28e</li><li>~25% below its historical average on NTM EV/EBITDA</li></ul></td></tr></table><a id="bm-comp-ff78428e-5f33-43d9-8f62-17df44359aa2" name="bm-comp-ff78428e-5f33-43d9-8f62-17df44359aa2" class="BMCustomAnchor"></a><table><tr><td bm-component-id="ff78428e-5f33-43d9-8f62-17df44359aa2" style="vertical-align: top; width:100.000000%;"><h3 class="bm-h3"><strong>Polish capex skewing to margin-accretive growth levers</strong></h3><p>Last Wednesday we visited Medicover’s hospitals and clinics in Warsaw, with discussions centred on Poland as a core growth engine and driver of margin expansion over the next few years. In line with our recent investor-update takeaways, we expect capital allocation to become more aligned with the sales mix, implying a greater focus on Poland, but with a clearer tilt towards margin-accretive investment: 1) sports/wellness (incl. CityFit integration), 2) dental, and 3) smaller, local centres that broaden the network, improve convenience and lift fee-for-service capture.</p><h3 class="bm-h3"><strong>Utilisation and network effects now the playbook</strong></h3><p>Management reiterated that utilisation still “leaves room” for growth without a step-up in capex, with prepaid primary care/occupational health acting as the anchor and a denser layer of smaller sites designed to drive referral flows, improve access and capture more FFS. Wellness is increasingly positioned as part of the same ecosystem, supporting retention and cross-sell as healthcare shifts from medicine towards lifestyle. At group level, capex is expected to stay around 6% of sales, and encouragingly, in '25 ROIC increased to 13% driven by utilisation/efficiency, which we believe will continue over the coming years.</p><h3 class="bm-h3">No estimate/FVR changes, trading below historical averages</h3><p>We make no changes to estimates or our FVR. We still forecast organic growth of 12-10% for ’26e-’28e and adj. EBITDAaL margins expanding from 11.7% to 12.9% (adj. EBITDA 16.9% to 18.1% for '26e to '28e), driven by mix and operating leverage as these Polish businesses scale. As a reference point, Benefit Systems, a Polish listed fitness peer, delivered an EBITDA margin of ~29% in FY’24, which we view as supportive for the long-term profitability potential in Polish sports/wellness as Medicover continues to scale its fitness business. On valuation, the share is still trading ~40-50% below what our regressions would suggest and ~20-25% below historical averages on NTM EV/EBITDA and EV/EBITA.</p></td></tr></table>pagebreak <a id="bm-comp-817ac6c3-3d4f-4055-8b03-10002b23d67c" name="bm-comp-817ac6c3-3d4f-4055-8b03-10002b23d67c" class="BMCustomAnchor"></a><table><tr><td bm-component-id="817ac6c3-3d4f-4055-8b03-10002b23d67c" style="vertical-align: top; width:100.000000%;"><table id="bm-img-4e5bb7fc-e02b-4119-a321-b4239437089d" class="bm-img-table xslt-img-empty xslt-img-include"><tr><td class="xslt-img-caption">Peer group overview</td></tr><tr><td><img bm-img-encrypt="4e5bb7fc-e02b-4119-a321-b4239437089d" bm-img-original-height="393" bm-img-original-width="1452" bm-img-svg="image:image_upload/94451_c979b076-1be1-40dd-a66f-b0360b5a0d52.svg" bm-img-width-hint="100%" id="bm-id-4e5bb7fc-e02b-4119-a321-b4239437089d" src="https://abgsc.bluematrix.com/images/image_upload/94451_c979b076-1be1-40dd-a66f-b0360b5a0d52_733.png" svg="/nas/web/clients/abgsc/images/image_upload/94451_c979b076-1be1-40dd-a66f-b0360b5a0d52.svg" width="727" alt="" title="" /></td></tr><tr><td class="xslt-img-source">Source: ABG Sundal Collier, Company data, Factset</td></tr></table></td></tr></table><a id="bm-comp-0d50d08e-5e9d-4a2a-9f43-f907a8125765" name="bm-comp-0d50d08e-5e9d-4a2a-9f43-f907a8125765" class="BMCustomAnchor"></a><a id="bm-comp-73c4b0bd-91a0-4490-82ac-ab34a8c91685" name="bm-comp-73c4b0bd-91a0-4490-82ac-ab34a8c91685" class="BMCustomAnchor"></a><table><tr><td bm-component-id="0d50d08e-5e9d-4a2a-9f43-f907a8125765" style="vertical-align: top; width:50%;"><table id="bm-img-c8088c77-5cd8-4dfd-b222-613b64d872c5" class="bm-img-table xslt-img-empty xslt-img-include"><tr><td class="xslt-img-caption">'26e EV/CE vs. '27e ROCE</td></tr><tr><td><img bm-img-encrypt="c8088c77-5cd8-4dfd-b222-613b64d872c5" bm-img-original-height="471" bm-img-original-width="815" bm-img-svg="image:image_upload/94451_88ac9816-98d5-46e2-991d-f818c3bb4604.svg" bm-img-width-hint="100%" id="bm-id-c8088c77-5cd8-4dfd-b222-613b64d872c5" src="https://abgsc.bluematrix.com/images/image_upload/94451_88ac9816-98d5-46e2-991d-f818c3bb4604_733.png" svg="/nas/web/clients/abgsc/images/image_upload/94451_88ac9816-98d5-46e2-991d-f818c3bb4604.svg" width="363" alt="" title="" /></td></tr><tr><td class="xslt-img-source">Source: ABG Sundal Collier, Company data, Factset</td></tr></table></td><td bm-component-id="73c4b0bd-91a0-4490-82ac-ab34a8c91685" style="vertical-align: top; width:50%;"><table id="bm-img-a046fe31-77c9-4592-8007-c7b7213b89fb" class="bm-img-table xslt-img-empty xslt-img-include"><tr><td class="xslt-img-caption">'26 EV/EBITDA vs. '27e EBITDA growth</td></tr><tr><td><img bm-img-encrypt="a046fe31-77c9-4592-8007-c7b7213b89fb" bm-img-original-height="468" bm-img-original-width="814" bm-img-svg="image:image_upload/94451_b605f302-92b7-4dfb-a5f2-054e6394fcc5.svg" bm-img-width-hint="100%" id="bm-id-a046fe31-77c9-4592-8007-c7b7213b89fb" src="https://abgsc.bluematrix.com/images/image_upload/94451_b605f302-92b7-4dfb-a5f2-054e6394fcc5_733.png" svg="/nas/web/clients/abgsc/images/image_upload/94451_b605f302-92b7-4dfb-a5f2-054e6394fcc5.svg" width="363" alt="" title="" /></td></tr><tr><td class="xslt-img-source">Source: ABG Sundal Collier, Company data</td></tr></table></td></tr></table><a id="bm-comp-62c8053a-0ee1-4928-a7a8-2230d297249b" name="bm-comp-62c8053a-0ee1-4928-a7a8-2230d297249b" class="BMCustomAnchor"></a><a id="bm-comp-e0c21f7c-4333-4cdb-ac75-54f92b5190a5" name="bm-comp-e0c21f7c-4333-4cdb-ac75-54f92b5190a5" class="BMCustomAnchor"></a><table><tr><td bm-component-id="62c8053a-0ee1-4928-a7a8-2230d297249b" style="vertical-align: top; width:50%;"><table id="bm-img-6b448654-dc43-4272-a303-9bd73687d1d8" class="bm-img-table xslt-img-empty xslt-img-include"><tr><td class="xslt-img-caption">Medicover NTM EV/EBITDA</td></tr><tr><td><img bm-img-encrypt="6b448654-dc43-4272-a303-9bd73687d1d8" bm-img-original-height="510" bm-img-original-width="752" bm-img-svg="image:image_upload/94451_f911ba0f-0eba-4ca6-8066-c2ab7cf16acd.svg" bm-img-width-hint="100%" id="bm-id-6b448654-dc43-4272-a303-9bd73687d1d8" src="https://abgsc.bluematrix.com/images/image_upload/94451_f911ba0f-0eba-4ca6-8066-c2ab7cf16acd_733.png" svg="/nas/web/clients/abgsc/images/image_upload/94451_f911ba0f-0eba-4ca6-8066-c2ab7cf16acd.svg" width="363" alt="" title="" /></td></tr><tr><td class="xslt-img-source">Source: ABG Sundal Collier, FactSet</td></tr></table></td><td bm-component-id="e0c21f7c-4333-4cdb-ac75-54f92b5190a5" style="vertical-align: top; width:50%;"><table id="bm-img-4b10bc53-c53b-41be-84e7-fb4320b3688c" class="bm-img-table xslt-img-empty xslt-img-include"><tr><td class="xslt-img-caption">Medicover NTM EV/EBITA</td></tr><tr><td><img bm-img-encrypt="4b10bc53-c53b-41be-84e7-fb4320b3688c" bm-img-original-height="487" bm-img-original-width="750" bm-img-svg="image:image_upload/94451_92a5637d-2274-4b00-9768-4955886a3fd3.svg" bm-img-width-hint="100%" id="bm-id-4b10bc53-c53b-41be-84e7-fb4320b3688c" src="https://abgsc.bluematrix.com/images/image_upload/94451_92a5637d-2274-4b00-9768-4955886a3fd3_733.png" svg="/nas/web/clients/abgsc/images/image_upload/94451_92a5637d-2274-4b00-9768-4955886a3fd3.svg" width="363" alt="" title="" /></td></tr><tr><td class="xslt-img-source">Source: ABG Sundal Collier, FactSet</td></tr></table></td></tr></table>