<a id="bm-comp-8434937d-0e77-44a6-b99c-dcfd06a6e653" name="bm-comp-8434937d-0e77-44a6-b99c-dcfd06a6e653" class="BMCustomAnchor"></a><table><tr><td bm-component-id="8434937d-0e77-44a6-b99c-dcfd06a6e653" style="vertical-align: top; width:100.000000%;"><ul><li>8%/6% adj. EBITDA vs ABGSCe/Infront cons in Q1</li><li>Cons estimates likely up 1-3% on adj. EBITDA '26e</li><li>Model proved itself despite the weather headwind we flagged</li></ul></td></tr></table><a id="bm-comp-ab15aab0-90ef-4b3b-8064-342cfa4a2266" name="bm-comp-ab15aab0-90ef-4b3b-8064-342cfa4a2266" class="BMCustomAnchor"></a><table><tr><td bm-component-id="ab15aab0-90ef-4b3b-8064-342cfa4a2266" style="vertical-align: top; width:100.000000%;"><h3 class="bm-h3">Q1 results</h3><p>Medicover reported a strong start to '26 with sales in-line vs cons and a clear beat on adj. EBITDA vs cons (8%/6% vs. ABGSCe/Infront cons). Q1 sales came in at EUR 624m (3% vs ABGSCe, 0% vs cons). Total organic sales growth in the quarter was +10% (ABGSCe +7%). Adj. EBITDA was 105m (8% vs. ABGSCe, 6% vs. cons), for a margin of 16.8% (ABGSCe 16.0%, cons 15.9%), up 110bps y-o-y. Total NRI in Q1 was EUR -3m (ABGSCe EUR -4m, cons EUR -4m). HS delivers a strong result, with organic growth of 12% driven by Polish sports/wellness and supported by the Indian and Romanian hospitals, lifting the EBITDA margin to 17.2% (15.6% Q1'25). The company highlights that India shows strong double-digit growth, with local currency revenue up 34%, supported by a new hospital opening in Hyderabad during the quarter. DS looks solid, with organic growth of 7% and an EBITDA margin of 20.8% (19.7% Q1'25), supported by continued German FFS momentum and the SYNLAB acquisition, despite weather headwinds in key markets. Overall, a strong report with margin expansion across both segments, demonstrating that the model continues to prove itself despite the weather drag we flagged ahead of Q1.</p><h3 class="bm-h3" style="text-align:left;">Outlook and estimate changes</h3><p style="text-align:left;">Management does not provide a specific outlook for 2026. Going forward, the company highlights confidence in continuing the trends of organic growth, margin expansion and good operating cash flow as it works towards its mid-term targets, supported by improving capacity utilisation, pricing and cost management. Based on the Q1 deviation, consensus FY'26 estimates are likely to be revised up by 1-3% on adj. EBITDA.</p><h3 class="bm-h3">Share view</h3><p>The stock has been down 4% into the report, and we expect it to trade up 3-5% today given the beat and strength in India. Conference call at 09.30 CET today. Link for audiocast: <font color="#201F1E"><a data-bm-trackable="false" href="https://medicover.events.inderes.com/q1-report-2026/register" target="_blank">https://medicover.events.inderes.com/q1-report-2026/register</a></font></p><br /><table id="bm-img-5166c332-b826-4d45-ba68-91ee6814f864" class="bm-img-table xslt-img-empty xslt-img-include"><tr><td class="xslt-img-caption">Q1 deviation table</td></tr><tr><td><img bm-img-encrypt="5166c332-b826-4d45-ba68-91ee6814f864" bm-img-original-height="718" bm-img-original-width="899" bm-img-svg="image:image_upload/95415_edbd7a7e-1c2b-4202-bf41-3d0261f93d0e.svg" bm-img-width-hint="100%" id="bm-id-5166c332-b826-4d45-ba68-91ee6814f864" src="https://abgsc.bluematrix.com/images/image_upload/95415_edbd7a7e-1c2b-4202-bf41-3d0261f93d0e_899.png" svg="/nas/web/clients/abgsc/images/image_upload/95415_edbd7a7e-1c2b-4202-bf41-3d0261f93d0e.svg" width="727" alt="" title="" /></td></tr><tr><td class="xslt-img-source">Source: ABG Sundal Collier, Company data, Infront consensus</td></tr></table></td></tr></table>