European Growth Leaders 2026

Annual ranking data providerLSEG WorkspaceUsed with permission · acknowledgements

An independent academic observatory making Europe’s listed growth companies visible.

Francesco Castellaneta, Full Professor of Strategy, SKEMA Business School · Scientific Committee Diego Zunino and Jackie Krafft

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Annual rank65

Sweden · Healthcare

Medicover

Provides healthcare services based on integrated-care and fee-for-service models, alongside laboratory testing across major clinical-pathology areas.

+58%revenue growth
FY2022–FY2025
+541%net-income growth
FY2022–FY2025
+62%stock return
FY2022–FY2025
+0.1%2026 stock return
current context only

Company profile

Care networks, laboratories and patient access

Medicover combines patient care with laboratory diagnostics across Europe and India. Healthcare Services spans employer-funded subscriptions, clinics, hospitals, dentistry, fertility care, mental-health centres and wellbeing facilities. Diagnostic Services links laboratories and local collection points in a hub-and-spoke network, offering routine testing alongside genetics and histopathology. The result is a group that both delivers care and supplies information used along the clinical pathway.

Healthcare services

From an employee benefit to a broad care network

Medicover's original model finances and delivers prepaid healthcare for employers and individuals. It now sits beside fee-for-service and publicly funded care across medical clinics, hospitals, dental practices, fertility clinics, mental-health centres, pharmacies, optical outlets and gyms.

Laboratory diagnostics

When tissue slides become shareable data

Diagnostic Services offers over 12,000 parameters. Its hub-and-spoke system moves samples to core and specialist laboratories; in histopathology, glass slides can instead be scanned and shared. Medicover's digital platform connects more than 100 pathologists with core laboratories in Serbia, Poland and Romania, allowing difficult tissue cases and second opinions to travel electronically.

Geography and brands

Local names connect a multi-market diagnostic footprint

The diagnostic network operates in fifteen European markets, with brands adapted to local systems: Synevo in Romania and Ukraine, IMD and specialist clinic networks in Germany, and beo-lab in Serbia. Healthcare Services adds major operations in Poland, Romania and India, where the group runs a growing hospital network.

Operating model and origin

Digital access builds on a Warsaw subscription idea

Medicover uses online ordering, patient applications, remote consultations and laboratory automation to widen access and raise utilisation. Its strategy combines service expansion, laboratory optimisation, technology and selective acquisitions. The origin is memorable: the first Warsaw clinic opened in 1995, and an early logo was sketched on a napkin during a flight to Poland.

Current 2026 update

What has changed in 2026?

Q2 2026 · 22 July 2026

Q2 2026latest official update
4company-specific highlights
+0.1%2026 stock return · context only

Revenue

Q2 revenue increased 7.3% to EUR 640.4 million; organic growth was 11.8%.

Q2 2026 · EUR 640.4m · +7.3%

Operating profit

Operating profit rose 22.6% to EUR 51.2 million and the operating margin improved to 8.0% from 7.0%.

Q2 2026 · EUR 51.2m · +22.6%

Profit

Net profit increased 32.1% to EUR 23.9 million, with margin rising to 3.7% from 3.0%.

Q2 2026 · EUR 23.9m · +32.1%

Cash flow and net loans

H1 free recurring cash flow fell 12.9% to EUR 54.3 million; loans payable net of cash and liquid short-term investments rose EUR 11.5 million from year-end to EUR 809.2 million.

H1 2026 · EUR 54.3m · -12.9%

Annual record

Ranking history

Future editions add rows; they do not rewrite the 2026 record.

EditionMeasurement periodRankRevenue growthNet-income growthStock return
2026FY2022–FY202565+58%+541%+62%