Financial targets
The new medium-term financial targets for the period 2026–2028 confirm the continued ambition to maintain strong organic revenue growth alongside sustainable profitability.
Base year 2025 | Target 2028 | |
| Organic revenue | EUR 2.4 billion | >EUR 3.25 billion |
| Adjusted organic EBITDA | EUR 388 million | >600 million |
| Loans payable net of cash & liquid short-term investments/adjusted EBITDAaL1 | 3.1x | ≤3.0x |
| Dividend payout ratio |
| Up to 50 per cent of net profit |
Medicover successfully achieved the financial targets for the period 2023-2025.
| Base year 2022 | Target 2025 | Outcome | |
| Organic revenue | EUR 1.5 billion | >EUR 2.2 billion | >EUR 2.3 billion |
| Adjusted organic EBITDA | EUR 234 million | >EUR 350 million | EUR 368 million |
| Loans payable net of cash & liquid short-term investments/adjusted EBITDAaL1 | 3.2x | ≤3.5x | 3.1x |
| Dividend payout ratio | Up to 50 per cent of net profit | For 2025 a dividend corresponding to 39 per cent of net profit is proposed. |
Medicover reached the medium-term financial targets for the period 2020-2022:
| 2019 base year | 2020 | 2021 | outcome for the period | Target | |
|---|---|---|---|---|---|
| Organic revenue growth | EUR 844.4m | 11.3 per cent | 38.1 per cent | 14.6 per cent CAGR | 9-12 per cent |
| Adjusted EBITDA-margin, target year-end 2022 | 14.8 per cent | 16.4 per cent | 20.4 per cent | 15.5 per cent | 15.5-16.5 per cent |
| Loans payable net of cash & liquid short-term investments/adjusted EBITDAaL1 | 2.8x | 0.7x | 0.6x | 3.2x | ≤3.5x |
| Dividend payout ratio | 40 per cent of net profit | 17 per cent of net profit | For 2022 dividend corresponded to 148 per cent of net profit. | Up to 50 per cent of net profit |
1 This may temporarily be exceeded in relation to acquisitions.