WEB CAST PRESENTATION Q2 2021

WEB CAST PRESENTATION

Fredrik Rågmark CEO & Joe Ryan CFO

Q2 2021

DISCLAIMER REGARDING

FORWARD-LOOKING STATEMENTS

This presentation may contain certain forward-looking statements and opinions. Forward-looking statements are statements that do not relate to historical facts and events and such statements and opinions pertaining to the future that, by example, contain wording such as “believes”, “estimates”, “anticipates”, “expects”, “assumes”, “forecasts”, “intends”, “could”, “will”, “should”, “would”, “according to estimates”, “is of the opinion”, “may”, “plans”, “potential”, “predicts”, “projects”, “to the knowledge of” or similar expressions, which are intended to identify a statement as forward-looking. This applies, in particular, to statements and opinions in this presentation concerning the future financial returns, plans and expectations with respect to the business and management of Medicover, future growth and profitability and general economic and regulatory environment and other matters affecting Medicover. Forward-looking statements are based on current estimates and assumptions made according to the best of Medicover’s knowledge. Such forward-looking statements are subject to risks, uncertainties, and other factors that could cause the actual results, including Medicover’s cash flow, financial position and results of operations, to differ materially from the results, or fail to meet expectations expressly or implicitly assumed or described in those statements or to turn out to be less favourable than the results expressly or implicitly assumed or described in those statements. Accordingly, prospective investors and other third parties should not place undue reliance on the forward-looking statements herein. Medicover can give no assurance regarding the future accuracy of the opinions set forth herein or as to the actual occurrence of any predicted developments.

In light of the risks, uncertainties and assumptions associated with forward-looking statements, it is possible that the future events mentioned in this presentation may not occur. Moreover, the forward-looking estimates and forecasts derived from third-party studies referred to in the presentation may prove to be inaccurate. Actual results, performance or events may differ materially from those in such statements due to, without limitation, changes in general economic conditions, in particular economic conditions in the markets on which Medicover operates, changes affecting interest rate levels, changes affecting currency exchange rates, changes in competition levels, changes in laws and regulations, and occurrence of accidents or environmental damages.

Highlights Q2



The most challenging quarter from a public

health perspective. High levels of infections in

April-May in India.



Underlying business growth is strong and

robust.



Revenue amounted to €348.9m (€198.8m), up

75.5% with an organic growth of 79.0% (mainly

due to neg FX).



Revenue from underlying business amounted to

€267.1m (€189.8m) and grew by 40.7%, organic

growth was 42%.



Revenue from Covid-19 amounted to €81.8m

(€9.0m).



Strong pick-up in the Fee-For-Service* (FFS)

growth. FFS represented 61% of total revenue,

grew by 123.2%.



Foreign exchange currency (euro) headwind of

-7.5%.

3 +40%

+40%

*incl other services **growth compared to Q2 2020

Split revenue by country & growth** Split revenue by payer & growth**

0 50 100 150 200 250 300 350 400 Q2 2018 2018Q3 2018Q4 2019Q1 2019Q2 2019Q3 2019Q4 2020Q1 2020Q2 2020Q3 2020Q4 2021Q1 2021Q2

Revenue development

37% 23% 12% 12% 8% 8%

Poland Germany India Romania Ukraine Other

Q2 cont.



EBITDA increased strongly, driven by Covid-19

services and amounted to €71.8m (€25.3m), up

183.9%, a margin of 20.6% (12.7%).



EBITDA for the underlying business was €40.9m

(€22.4m) and grew by 82.2%, a margin of 15.3%

(11.8%).



Higher EBITDA margin for underlying business of

3.5pp. Overall improvement driven by increased

efficiencies, contribution flow through on

incremental volume and contribution from

expansion investments.



In Q2 2020, €12.0m salary reductions + €1.2m

lease concessions = €13.2m, equals 7% of Q2

margin.



Covid-19 related EBITDA contribution estimated

to €30.9m, increasing overall margin by 5.3pp.



EBIT was €46.2m (€-2.3m), a margin of 13.3%

(-1.2%). EBIT for the underlying business was

€16.0m (€-5.1m), a margin of 6.0% (-2.7%).

+40% +40% 0% 5% 10% 15% 20% 25% 0 10 20 30 40 50 60 70 80 Q2 2018 2018Q3 2018Q4 2019Q1 2019Q2 2019Q3 2019Q4 2020Q1 2020Q2 2020Q3 2020Q4 2021Q1 2021Q2

EBITDA and EBITDA margin development

Healthcare Services



Revenue was €185.7m (€110.5m), up 68.1%

with an organic growth of 69.5%.



_{Revenue from underlying business was}

€147.8m (€109.4m), grew by 35.1%.



_{Revenue from Covid-19 was €37.9m}

(€1.1m), large part from MHI.



FFS* represented 55% of divisional revenue,

grew by 153.1%.



_{The integrated healthcare model has}

performed well, with strong member growth

of 9.7% to 1,419K members. >35,000 new

members during the quarter.



_{Dental services performed well in Poland.}



_{Increased patient admissions in our}

hospitals in the quarter.



_{Medicover Sport activities restarted in June.}

*incl. other services **growth compared to Q2 2020 ₅

Split revenue by payer & growth** Split revenue by country & growth**

0 20 40 60 80 100 120 140 160 180 200 Q2 20182018Q3 2018Q4 2019Q1 2019Q2 2019Q3 2019Q4 2020Q1 2020Q2 2020Q3 2020Q4 2021Q1 2021Q2

Revenue development

60% 24% 11% 5%

Poland India Romania Other

Healthcare Services



EBITDA amounted to €33.4m (€18.4m), a margin

of 18.0% (16.7%).



EBITDA for the underlying business was €21.4m

(€17.8m), margin of 14.5% (16.4%) grew by

19.7%.



EBITDA margin for the underlying business was

overall 1.9pp lower. Adjusting for cost reductions in

the comparative quarter EBITDA was 4.0pp higher.



Covid-19 related EBITDA contribution estimated to

€12.0m, or 3.5pp of margin.



Fertility services in India were heavily impacted.



MHI was strongly supported by Covid-19

admissions.



Maternity services was largely unaffected.



Acquired a 500-bed hospital in Vizag, India.



Utilisation of virtual care has remained at a high

level.

0% 5% 10% 15% 20% 25% 0 5 10 15 20 25 30 35 40 Q2 20182018Q3 2018Q4 2019Q1 2019Q2 2019Q3 2019Q4 2020Q1 2020Q2 2020Q3 2020Q4 2021Q1 2021Q2

EBITDA and EBITDA margin development

Diagnostic Services



Revenue grew a strong 86.2% to

€168.7m (€90.6m) with an organic

growth of 92.1%.



_{Revenue from underlying business}

was €124.8m (€82.7m), grew by

50.8%.



_{Revenue from Covid-19 was €43.9m}

(€7.9m).



FFS* represented 69% of divisional

revenue, grew by 102.9%.



Medicover Genetics continues to

expand its offering, now servicing

customers from across Europe.

₇

*incl. other services **growth compared to Q2 2020

+22% +37%

Split revenue by payer & growth** Split revenue by country & growth**

0 20 40 60 80 100 120 140 160 180 Q2 20182018Q3 2018Q4 2019Q1 2019Q2 2019Q3 2019Q4 2020Q1 2020Q2 2020Q3 2020Q4 2021Q1 2021Q2

Revenue development

49% 16% 13% 10% 12%

Germany Ukraine Romania Poland Other

Diagnostic Services



EBITDA was €43.4m (€9.7m), a margin

of 25.7% (10.6%).



_{EBITDA for the underlying business}

three folded to €24.5m (€7.4m), a

margin of 19.6% (8.8%).



_{EBITDA margin for the underlying}

business was 10.8pp higher. Adjusting

for cost reductions in comparative

quarter EBITDA was 18.1pp higher.



Covid-19 related EBITDA contribution

estimated to €18.9m, or 6.1pp of

margin.



_{Laboratory tests increased by 58.3% to}

32.5 million (20.5 million).



_{Number of BDPs amounted to 779, an}

increase of 23.

+37% 0% 5% 10% 15% 20% 25% 30% 35% 0 5 10 15 20 25 30 35 40 45 50 Q2 2018 2018Q3 2018Q4 2019Q1 2019Q2 2019Q3 2019Q4 2020Q1 2020Q2 2020Q3 2020Q4 2021Q1 2021Q2

EBITDA and EBITDA margin development

Large vaccination campaign in Hyderabad



More than 35,000 people vaccinated during one day and 300,000

vaccinations until today.



Is performed as a service to society at cost

coverage.

Key financial data

11

Financials



Net interest cost of €3.9m, interest charge for leases €3.2m, underlying debt

interest of €0.7m.



FX gain €2.0m due to Euro denominated leases in Poland, non-cash.



Tax charge of €22.1m (€1.3m) for 6M reflecting main underlying operating units

profitable. ETR 27.0% (13.8%). Tax paid €9.0m (€5.9m) for 6M.



Cash flow from operations before tax payments very strong at €44.5m with

increase in working capital of €29.4m due to expansion of business. For 6M

€104.8m CF with increase in WC of €34.6m.



Cash and cash equivalents (excl €25.1m liquid short-term investments) increased

to €77.9m up from €46.7m at year-end with strong operating cash inflows. ST

investments reduced by €15.0m since year-end.

Financials contd



Increase in ROUL of €44.3m over first half due to acquisitions and underlying

expansion of facilities in Poland and India.



Lease liabilities up to €243.8m (year-end €199.5m).



Capital investment of €23.3m, 69% growth and 31% maintenance, expansion of

facilities in India, dental & clinics in Poland, laboratory capacity. For 6M, capex

€42.7m (60% growth and 40% maintenance).



IFRS equity €540.7m, up from year-end, including positive translation movements

of €7.9m mainly due to strengthening INR, UAH and PLN.



€323m liquidity available to the Group, strongly placed for organic & inorganic

growth.

Financial targets – ahead of our 2022 targets

Growth

Organic revenue growth of

_9–12%

_{6M 56.4%}

Q2 79.0%

Profit

_{(year-end 2022) of 15.5-16.5%}

Adjusted EBITDA-margin

_{6M 21.2%}

Q2 21.2%

Capital Structure

Loans payable net of cash and liquid

short-term investments/adjusted