Medicover: Improved operating leverage and growth - ABG
8%/9% adj. EBITDA vs ABGSCe/cons in Q1 Cons estimates likely up low to mid single digits on adj. EBITDA '25e Margin improvements driven by operational leverage
ANNONS
Q1 results
Medicover reported an adj. EBITDA beat in Q1 (8%/9% vs. ABGSCe/cons), with earnings in both segments beating expectations. Q1 sales of EUR 578m (2% vs ABGSCe 567m, 1% vs cons 574m). Total organic sales growth in Q1 was +14% (ABGSCe +14%). Adj. EBITDA in Q1 was 91m (8% vs. ABGSCe 84m, 9% vs. cons 83m), with a margin of 15.7% (ABGSCe 14.9%, cons 14.5%). Total NRI in Q1 was EUR -4m (ABGSCe -3m, cons -3m). The Q1 adj. EBITDA beat was driven by margin expansion in both segments as operating leverage continues to improve. The company highlights that Poland in particular, especially ambulatory, sports/wellness and fertility, is progressing well. As we flagged for in our preview, revenue growth in India was weak, but management highlights that it is seeing a return to growth in April and Q2'25e.
