Medicover

* Strong Q1 beat with 110bps margin expansion on adj. EBITDA * Adj. EBITDA up 1% for '26e-'28e on Q1 beat * FVR unchanged at SEK 190-270 on minor estimate revisions A solid start to '26 despite weather drag Q1 was 8%/6% above ABGSCe/Infront consensus...

* 8%/6% adj. EBITDA vs ABGSCe/Infront cons in Q1 * Cons estimates likely up 1-3% on adj. EBITDA '26e * Model proved itself despite the weather headwind we flagged Q1 results Medicover reported a strong start to '26 with sales in-line vs cons and a clear...

* Q1'26 numbers due on 29 April at 07:45 CET * Near-term caution, but the model should continue to prove itself * Fair value range down to SEK 190-270 (200-280) Q1'26 should be marked by cold weather We expect colder-than-usual temperatures and severe...

* Focus on sport/wellness, dental and smaller centres * Adj. EBITDAaL margin expansion: 11.7% to 12.9% during '26e-'28e * ~25% below its historical average on NTM EV/EBITDA Polish capex skewing to margin-accretive growth levers Last Wednesday we visited...

* Expanding margins on the back of a maturing asset base * A clear and differentiated strategy for each of the four core markets * Join us for our 4 March site visit in Warsaw (RSVP link below) From expansion to utilisation and margin delivery The key...

* A solid report and new targets underpin long-term case * Adj. EBITDA largely unchanged for '26e-'27e, sales slightly down * We now expect a 15% adj. EBITDA CAGR '25-'28e Solid Q4 closes a strong year Q4 was in line with estimates and confirmed the ...

* 0%/-3% adj. EBITDA vs ABGSCe/Infront cons in Q4 * Cons estimates likely flat on adj. EBITDA '26e, up mid-term * New targets 9% above ABGSCe target expectation on earnings Q4 results Medicover reported a solid Q4 with sales in-line and a small miss ...