Q2 results
Medicover reported an adj. EBITDA beat in Q2 (+7%/+7% vs. ABGSCe/cons), with better than expected margins in both segments. Q2 sales was EUR 597m (0% vs ABGSCe, 0% vs cons). Total organic sales growth in Q2 was +14% (ABGSCe +16%).Adj. EBITDA in Q2 was 101m (+7% vs. ABGSCe, +7% vs. cons), with a margin of 16.9% (ABGSCe 15.7%, cons 15.8%). Total NRI in Q2 was EUR -5m (ABGSCe -3m, cons -4m). The Q2 adj. EBITDA beat was driven by strength in the Healthcare Services segment, with a beat on both sales and EBITDA, as India returned to double-digit sales growth and the Polish business continued to perform well. As we highlighted in our preview, the price reform in Germany could introduce some short-term uncertainty, and in this quarter, Germany is growing at a slower pace than before.
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