Operational Profitability in Absolute Terms
Adjusted EBIT of EUR 34.0 million in Q1 and reported EBIT of EUR 26.6 million; management notes this Q1 is among the top three best quarters ever in absolute EBITDA/EBIT despite weak market conditions.
Customer Satisfaction Strong
NPS for appointments at a stellar 88, indicating high customer satisfaction and service quality.
Digital and Platform Rollouts Live with Early Traction
New occupational health digital platform (joint venture with MedHelp) is launched and in use by paying customers; AI-assisted appointments introduced and being scaled.
Clinician Efficiency Gains from Ella
Ella physician user interface is live and delivering approximately a 30% efficiency improvement for physicians where deployed.
Dental / Portfolio Business Performing Relatively Well
Dental business was flat in Q1 and reported as the best-performing discipline in relative terms; Hohde acquisition progressing with constructive dialogue and expected closing more likely in Q3 than Q4.
Active Cost and Resource Adjustments
Operations adjusted to lower demand: patient-facing volumes down ~11% and FTEs reduced by ~10% in Healthcare Services, demonstrating rapid operational responsiveness to the demand drop.
Investment Discipline and Ongoing Capex
LTM investments of EUR 56 million focused on live, in-production initiatives (Ella, MedHelp, digital 10X) that management believes are already positively impacting operations.
Balance Sheet and Leverage Manageable
Net debt / EBITDA at 2.4x; company describes balance sheet as strong and able to continue investing despite Q1 cash headwinds.