Limes Schlosskliniken AG

Latest Results (02.05.2026):

LIMES Schlosskliniken AG — first half (Q1–Q2) 2024: The group reported strong top-line and earnings growth for Jan–Jun 2024 with total revenues of EUR 18.71m (+32%), EBITDA of EUR 3.52m (+22%) and a result for shareholders of EUR 1.83m (+92%). Occupancy and patient days rose materially while the balance sheet and cash position strengthened, even as margins and operating cash flow showed some pressure from start‑up and expansion costs.

Top-line and volume

Total revenues: EUR 18.71m (+32.2% vs. H1 2023). Patient days increased 39.5% to 24,731, driven by consolidation of Clinicum Alpinum and higher occupancy across German clinics (group average 73%).

Profitability

EBITDA: EUR 3.52m (+22.2%). EBIT: EUR 2.22m (+23.1%). Result attributable to parent shareholders: EUR 1.83m (+92.5%), delivering earnings per share of EUR 6.24 (up from EUR 3.24). EBITDA margin narrowed to 18.8% (from 20.4%); EBIT margin 11.8% (from 12.7%).

Costs and one‑offs

Personnel and operating costs rose—personnel expenses +35.8%, other operating expenses +48.5% (including higher rent and marketing). The reported operating result included EUR 360k start‑up costs for new locations.

Cash flow and liquidity

Cash flow from operations: EUR 2.15m (down vs. EUR 3.35m prior year). Cash and cash equivalents at period end: ~EUR 7.83m (+25.3%). Investing cash flow was net -EUR 1.09m (significantly lower than prior year’s heavy capex), financing cash flow -EUR 1.73m.

Balance sheet and capitalization

Total assets: EUR 33.41m (+25.8%). Equity: EUR 18.33m (+46.1%), equity ratio 54.9% and expanded equity ratio 61.0%. Long‑term assets include goodwill of ~EUR 9.09m (amortized over 10 years).

Operations, capacity and projects

Employee count: 210 (vs. 177). Focus on completing Abtsee (expected end of 2024) and Lindlar (handover early 2025). Together with Bergisches Land, the new sites should add ~180 treatment places in 2025, supporting medium‑term revenue and EBITDA growth.

Outlook and risk highlights

Management expects a stronger second half of 2024 and material medium‑term growth once new clinics are operational. The report notes no significant change in the company’s risk profile from its published 2023 Group Status Report.