Q2'25 numbers due on 24 July at 07:45 CET Adj. EBITDA flat, EBIT up 2% for '25e-'27e Unchanged story, fair value range up to SEK 190-270 (180-260)
ANNONS
Q2'25 expectations
Ahead of Q2, Medicover’s strong growth trajectory and expanding margins are expected to continue, supported by positive momentum across key regions. While we do not expect the full extent of the Q1 margin expansion to reoccur, we anticipate further improvements across both segments. We expect India to return to growth following short-term softness in Q1 and pencil in organic growth of 16% for HS, with an EBITDAaL margin of 11.4%, as units mature and scale improves. For DS, we see slightly softer development in Germany, where the full impact of reimbursement changes has yet to play out, and forecast organic growth of 16% and an EBITDAaL margin of 13.1%, helped by improved operational leverage. At the Group level, we expect sales of EUR 597m, driven by 16% organic growth, with EBITDAaL of EUR 60m and adj. EBITDA of EUR 94m, for a margin of 15.7%.
