Limes Schlosskliniken AG

Latest Results (04.02.2026):

LIMES Schlosskliniken AG — first half (Q1–Q2) 2024 summary: For H1 2024 the Group reported strong top‑line and bottom‑line growth with total revenues of EUR 18.71m (+32.2% y/y), EBITDA of EUR 3.52m (+22.2%), EBIT of EUR 2.22m (+23.1%) and result for shareholders of EUR 1.83m (+92.5%); patient days rose ~39.5% and liquidity and equity strengthened (cash ~EUR 7.83m; expanded equity ratio 61.0%). The company cites continued clinic roll‑out (Abtsee, Lindlar/Bergisches Land) and expects a stronger second half of 2024.

Revenue and patient activity

Total revenues for the period Jan–Jun 2024 were EUR 18.71m (+32.2% vs H1 2023). Patient days rose to 24,731 (+39.5%), driven by consolidation of Clinicum Alpinum and higher occupancy in German clinics; overall occupancy averaged ~73% across clinics.

Earnings and margins

EBITDA: EUR 3.52m (+22.2%). EBIT: EUR 2.22m (+23.1%). EBITDA margin declined to 18.8% from 20.4% in H1 2023, reflecting start‑up costs and higher operating expenses despite volume growth. Result for shareholders was EUR 1.83m (+92.5%), with EPS (undiluted) EUR 6.24 (+92.5%).

Balance sheet and liquidity

Total assets rose to EUR 33.41m (25.8% y/y). Equity increased to EUR 18.33m (+46.1% y/y) giving an equity ratio of 54.9% and an expanded equity ratio of 61.0%. Cash and cash equivalents at period end were ~EUR 7.83m (+25.3% y/y).

Cash flow and investments

Operating cash flow was EUR 2.15m (down from EUR 3.35m a year earlier). Net cash used in investing activities was EUR ‑1.09m (reduced vs prior year as major capex progressed). Financing outflows were EUR ‑1.73m. Abtsee land acquisition and conversion work increased property, plant & equipment and assets under construction.

Expansion and projects

Group focus remains on completing LIMES Schlossklinik Abtsee by year‑end and progressing Lindlar; handover of LIMES Schlossklinik Bergisches Land is planned early Q2 2025. Together with Abtsee these add ~180 treatment places in 2025 and are expected to lift medium‑term revenues and EBITDA.

Operational notes and costs

Personnel costs rose to EUR 8.67m (+35.8%) reflecting higher headcount (210 employees vs 177). Other operating expenses increased (notably rent and marketing). Reported EBIT was impacted by EUR 360k of start‑up costs for new locations.

Outlook

Management expects a stronger H2 2024, driven by catch‑up at PRC Zurich, completion of Abtsee, resumed construction at Lindlar and the ramp of recently consolidated clinics; medium‑term revenue and EBITDA growth is anticipated once new locations start operations.