TABLE OF CONTENTS

Summary

Methodology of Sector Studies
Restrictions

1. Introduction – General Information
1.1 Introduction
1.2 Organisation of Health Services in Greece
1.3 General Characteristics of the Sector
1.4 Breakdown of Health Expenditure
1.5 Regulatory Framework
Appendix Chapter 1

2. The Demand for Private Health Services
2.1 Factors that Shape Demand
2.2 Consumer Price Index
2.3 National Income
2.4 Hellenic Statistical Authority Household Budget Survey
2.5 Macroeconomic Environment
Appendix Chapter 2

3. Supply of Private Health Services
3.1 Infrastructure Development and Structure of the Sector – Census Data
3.2 Fields of Competition
3.3 Distribution of Companies Included in the Study
3.4 Presentation of Sector Companies
3.4.1 Presentation of Private Clinics
3.4.2 Total Revenue of Private Clinics – Revenue per Bed
3.4.3 Ranking of Companies based on Average Annual Rate of Change of Sales
3.5 Presentation of Private Maternity and Gynaecology Clinics
3.5.1 Total Revenue of Maternity and Gynaecology Clinics – Revenue per Bed
3.5.2 Ranking of Companies based on Average Annual Rate of Change of Sales
3.6 Presentation of Diagnostic Centres, Dialysis Units and Other Centres
3.6.1 Total Revenue of Diagnostic Centres, Dialysis Units and Other Centres
3.6.2 Ranking of Companies based on Average Annual Rate of Change of Sales
Appendix Chapter 3

4. Sector Risk Analysis
4.1 Creditworthiness Assessment
4.1.1 Creditworthiness Assessment of Companies Included in the Study
4.1.2 Change in the Evaluation of Companies Included in the Study
4.1.3 Creditworthiness Assessment of the Broader Medical Services Sector
4.2 Development of the Sector’s Transaction Behaviour
4.2.1 Transaction Behaviour of Companies Included in the Study
4.2.2 Transaction Behaviour of the Broader Medical Services Sector
Appendix Chapter 4

5. Financial Analysis of Sector Companies (2021-2025)
5.1 Financial Ratios of Private Clinics
-Profitability
-Performance
-Liquidity
-Financial Structure
-Activity
5.2 Consolidated Balance Sheet of Clinics
5.2.1 Consolidated Balance Sheet Analysis
5.2.2 Structure of Assets and Liabilities of the Consolidated Balance Sheet
5.2.3 Shares of the Leading Sector Companies in Total EBITDA
5.3 Benchmarking of Companies’ Financial Ratios
5.4 Ranking of Companies based on Selected Accounts
5.5 Ranking of Clinics based on Selected Ratios
5.6 Financial Ratios of Maternity and Gynaecology Clinics
-Profitability
-Performance
-Liquidity
-Financial Structure
-Activity
5.7 Consolidated Balance Sheet of Maternity and Gynaecology Clinics
5.7.1 Consolidated Balance Sheet Analysis
5.7.2 Structure of Assets and Liabilities of the Consolidated Balance Sheet
5.7.3 Shares (%) of the Leading Sector Companies in Total EBITDA
5.8 Benchmarking of Companies’ Financial Ratios
5.9 Ranking of Companies based on Selected Accounts
5.10 Ranking of Companies based on Selected Ratios
5.11 Financial Ratios of Diagnostic Centres, Dialysis Units and Other Centres
-Profitability
-Performance
-Liquidity
-Financial Structure
-Activity
5.12 Consolidated Balance Sheet of Diagnostic Centres, Dialysis Units and Other Centres
5.12.1 Consolidated Balance Sheet Analysis
5.12.2 Structure of Assets and Liabilities of the Consolidated Balance Sheet
5.12.3 Shares of the Leading Sector Companies in Total EBITDA
5.13 Benchmarking of Companies’ Financial Ratios
5.14 Ranking of Companies based on Selected Accounts
5.15 Ranking of Companies based on Selected Ratios
5.16 Consolidated Balance Sheet of the Sector 2024-2025
Appendix Chapter 5

6. The Private Health Services Market
6.1 Domestic Market Size
6.2 Market Shares of Companies & Groups – Concentration Ratios

7. Sustainable Development and ESG Actions
7.1 Results of Primary Research on Sustainable Development & ESG in Businesses
7.2 ESG Actions of Sector Companies

8. Health Services in the European Union

9. Sector Strategic Analysis – Prospects
9.1 Analysis of the Competitive Environment
-General Information
-Threat of New Entrants
-Threat of Substitute Products
-Bargaining Power of Customers
-Competitive Rivalry within the Industry
9.2 SWOT Analysis
9.3 Sector Trends – Prospects
9.4 Proposals to Improve the Competitiveness of Businesses
Appendix I: Economic Overview
Appendix II: List of Closed Consolidated Hospitalisation Packages
Appendix III: Balance Sheets of Sector Companies
Appendix IV: List of Sector Studies carried out by the Department of Economic Research, ICAP CRIF S.A.

•Benchmarking of Sector Companies

TABLES & GRAPHS

TABLES

App. Table 1.1 Total Financing of Health Expenditure (2020-2024)
App. Table 1.2 Financing Agents’ Payments to Providers of Health Goods and Services (2020-2024)
Table 2.1 Births in Greece (2016-2025)
Table 2.2 Consumer Price Index Trends (2018-2026)
Table 2.3 Net National Income Trends (2018-2024)
App. Table 2.1 Average Monthly Household Health Expenditure by Region (2025)
Table 3.1 Number of Beds in Private Hospitals (2011-2024)
Table 3.2 Trends in Medical Hospital Personnel in Greece (2011-2024)
Table 3.3 Presentation of Private Clinics (general, specialised, neuropsychiatric and rehabilitation)
Table 3.4 Sales – Revenue Clinics (2021-2025)
Table 3.5 Revenue per Bed Clinics (2025)
Table 3.6 Ranking of General Clinics based on Average Annual Rate of Change (%) of Sales (2021-2025)
Table 3.7 Presentation of Private Maternity and Gynaecology Clinics
Table 3.8 Sales – Revenue Maternity and Gynaecology Clinics (2021-2025)
Table 3.9 Revenue per Bed of Maternity and Gynaecology Clinics (2025)
Table 3.10 Ranking of Maternity and Gynaecology Clinics based on Average Annual Rate of Change (%) of Sales (2021-2025)
Table 3.11 Presentation of Private Diagnostic Centres, Dialysis Units and Other Centres
Table 3.12 Sales – Revenue Diagnostic Centres, Dialysis Units and Other Centres (2021-2025)
Table 3.13 Ranking of Diagnostic Centres, Dialysis Units and Other Centres based on Average Annual Rate of Change (%) of Sales (2021-2025)
App. Table 3.1 Number of Hospitals by Geographical Region and Legal Form (2019-2021)
App. Table 3.2 Number of Beds by Geographical Region and Legal Form of Hospital (2019-2021)
App. Table 3.3 Hospitals by Legal Form, Category and Geographical Region (2021)
App. Table 3.4 Number of Hospitals and Beds by Hospital Specialisation and Geographical Region (2021)
Table 4.1 Creditworthiness of Companies Included in the Study (2025-2026)
Table 4.2 Change in the Evaluation of Companies Included in the Study (2026/2025)
Table 4.3 Creditworthiness of the Medical Services Sector (2026 – 8 months)
Table 4.4 Transaction Behaviour of Companies Included in the Study (2025-2026)
Table 4.5 Transaction Behaviour of the Medical Services Sector (2025-2026)
App. Table 4.1 ICAP SCORE Credit Rating Categories
Table 5.1 Profitability Ratios Clinics (2021-2025)
Table 5.2 Performance Ratios Clinics (2021-2025)
Table 5.3 Liquidity Ratios Clinics (2021-2025)
Table 5.4 Financial Structure Ratios Clinics (2021-2025)
Table 5.5 Activity Ratios Clinics (2021-2025)
Table 5.6 Consolidated Balance Sheet of Clinics (2021-2025, in €)
Table 5.7 Percentage Changes in the Consolidated Balance Sheet (2021-2025)
Table 5.8 Shares of Clinics in Total EBITDA (2025)
Tables 5.9 – 5.17 Financial Ratios of Leading Companies and Comparison with the Sector (2023-2025)
Table 5.18 Ranking of Clinics based on Gross Profit (2024-2025)
Table 5.19 Ranking of Clinics based on Net Profit (2024-2025)
Table 5.20 Ranking of Clinics based on EBITDA (2024-2025)
Table 5.21 Ranking of Clinics based on Total Assets (2024-2025)
Table 5.22 Ranking of Clinics based on Shareholders’ Equity (2024-2025)
Table 5.23 Profitability Ratios Maternity and Gynaecology Clinics (2021-2025)
Table 5.24 Performance Ratios Maternity and Gynaecology Clinics (2021-2025)
Table 5.25 Liquidity Ratios Maternity and Gynaecology Clinics (2021-2025)
Table 5.26 Financial Structure Ratios Maternity and Gynaecology Clinics (2021-2025)
Table 5.27 Activity Ratios Maternity and Gynaecology Clinics (2021-2025)
Table 5.28 Consolidated Balance Sheet of Maternity and Gynaecology Clinics (2021-2025, in €)
Table 5.29 Percentage Changes in the Consolidated Balance Sheet of Sector Companies (2021-2025)
Table 5.30 Shares of Maternity and Gynaecology Clinics in Total EBITDA (2025)
Tables 5.31 – 5.35 Financial Ratios of Leading Companies and Comparison with the Sector (2023-2025)
Table 5.36 Ranking of Maternity and Gynaecology Clinics based on Gross Profit (2024-2025)
Table 5.37 Ranking of Maternity and Gynaecology Clinics based on Net Profit (2024-2025)
Table 5.38 Ranking of Maternity and Gynaecology Clinics based on EBITDA (2024-2025)
Table 5.39 Ranking of Maternity and Gynaecology Clinics based on Total Assets (2024-2025)
Table 5.40 Ranking of Maternity and Gynaecology Clinics based on Shareholders’ Equity (2024-2025)
Table 5.41 Profitability Ratios Diagnostic Centres, Dialysis Units and Other Centres (2021-2025)
Table 5.42 Performance Ratios Diagnostic Centres, Dialysis Units and Other Centres (2021-2025)
Table 5.43 Liquidity Ratios Diagnostic Centres, Dialysis Units and Other Centres (2021-2025)
Table 5.44 Financial Structure Ratios Diagnostic Centres, Dialysis Units and Other Centres (2021-2025)
Table 5.45 Activity Ratios Diagnostic Centres, Dialysis Units and Other Centres (2021-2025)
Table 5.46 Consolidated Balance Sheet of Diagnostic Centres, Dialysis Units and Other Centres (2021-2025, in €)
Table 5.47 Percentage Changes in the Consolidated Balance Sheet (2021-2025)
Table 5.48 Companies’ Shares in Total EBITDA (2025)
Tables 5.47 – 5.57 Financial Ratios of Leading Companies and Comparison with the Sector (2023-2025)
Table 5.58 Ranking of Diagnostic Centres, Dialysis Units and Other Centres based on Gross Profit (2024-2025)
Table 5.59 Ranking of Diagnostic Centres, Dialysis Units and Other Centres based on Net Profit (2024-2025)
Table 5.60 Ranking of Diagnostic Centres, Dialysis Units and Other Centres based on EBITDA (2024-2025)
Table 5.61 Ranking of Diagnostic Centres, Dialysis Units and Other Centres based on Total Assets (2024-2025)
Table 5.62 Ranking of Diagnostic Centres, Dialysis Units and Other Centres based on Shareholders’ Equity (2024-2025)
App. Table 5.1 Financial Ratio Formulae
Table 6.1 Private Health Services Market Size (1998-2026)
Table 6.2 Private Neuropsychiatric Clinics Market Size (2016-2026)
Table 6.3 Structure of the Private Clinics Market by Main Category (2025)
Table 6.4 Market Shares of Sector Companies (2025)
Table 6.5 Market Shares of Sector Business Groups (2025)
Table 6.6 Concentration Ratio in the Private Health Services Market (2025)
Table 9.1 Forecast of the Total Private Health Services Market (2026-2028)

GRAPHS

Graph 2.1 Annual GDP Growth Rate (%) in Volume Terms in Greece (2011 – 2025)
Graph 2.2 Trends in Indicators for Greece and the EU-27 (2025 – 2027)
Graph 3.2 Distribution of Companies Included in the Study by Geographical Region
Graph 3.1 Distribution of Companies Included in the Study by Legal Form
Graph 4.1 Ranking of Companies Included in the Study by Creditworthiness (2026 – 8 months)
Graph 4.2 Change in the ICAP CRIF Score Evaluation of Companies Included in the Study (2026/2025)
Graph 4.3 Ranking of Medical Services Sector Companies by Creditworthiness (2026 – 8 months)
Graph 5.1 Trends in Profitability Ratios (2021-2025)
Graph 5.2 Trends in Performance Ratios (2020-2024)
Graph 5.3 Trends in Activity Ratios (2021-2025)
Graph 5.4 Sales Trends of Clinics Included in the Consolidated Balance Sheet (in € million, 2021-2025)
Graph 5.5 Asset and Liability Structure of Clinics (2025)
Graph 5.6 Number of Companies Reporting an Improvement / Deterioration in Profitability (2025/2024)
Graph 5.7 Top 20 Clinics based on Net Profit Margin (before Tax) (2025)
Graph 5.8 Top 20 Clinics based on Gross Profit Margin (2025)
Graph 5.9 Top 20 Clinics based on EBITDA Margin (2025)
Graph 5.10 Top 20 Clinics based on Current Ratio (2025)
Graph 5.11 Top 20 Clinics based on Return on Equity (2025)
Graph 5.12 Trends in Profitability Ratios (2021-2025)
Graph 5.13 Trends in Performance Ratios (2021-2025)
Graph 5.14 Trends in Activity Ratios (2021-2025)
Graph 5.15 Sales Trends of Maternity and Gynaecology Clinics Included in the Consolidated Balance Sheet (in € million, 2021-2025)
Graph 5.16 Asset and Liability Structure of Maternity and Gynaecology Clinics (2025)
Graph 5.17 Number of Companies Reporting an Improvement / Deterioration in Selected Accounts (2025/2024)
Graph 5.18 Ranking of Maternity and Gynaecology Clinics based on Gross Profit Margin (2025)
Graph 5.19 Ranking of Maternity and Gynaecology Clinics based on Net Profit Margin (2025)
Graph 5.20 Ranking of Maternity and Gynaecology Clinics based on EBITDA Margin (2025)
Graph 5.21 Ranking of Maternity and Gynaecology Clinics based on Current Ratio (2025)
Graph 5.22 Ranking of Maternity and Gynaecology Clinics based on Return on Equity (2025)
Graph 5.23 Trends in Profitability Ratios (2021-2025)
Graph 5.24 Trends in Performance Ratios (2021-2025)
Graph 5.25 Trends in Activity Ratios (2021-2025)
Graph 5.26 Sales Trends of Diagnostic Centres, Dialysis Units and Other Centres Included in the Consolidated Balance Sheet (in € million, 2021-2025)
Graph 5.27 Asset and Liability Structure of Diagnostic Centres, Dialysis Units and Other Centres (2025)
Graph 5.28 Number of Companies Reporting an Improvement / Deterioration in Profitability (2025/2024)
Graph 5.29 Top 20 Companies Diagnostic Centres, Dialysis Units and Other Centres based on Net Profit Margin (2025)
Graph 5.30 Top 20 Companies Diagnostic Centres, Dialysis Units and Other Centres based on Gross Profit Margin (2025)
Graph 5.31 Top 20 Companies Diagnostic Centres, Dialysis Units and Other Centres based on EBITDA Margin (2025)
Graph 5.32 Top 20 Companies Diagnostic Centres, Dialysis Units and Other Centres based on Current Ratio (2025)
Graph 5.33 Top 20 Companies Diagnostic Centres, Dialysis Units and Other Centres based on Return on Equity (2025)
Graph 6.1 The Private Health Services Market
Graph 6.2 Structure of the Total Private Health Services Market by Type of Service (2025)
Graph 7.1 Importance of Sustainable Development and Degree of ESG Practice Implementation at Corporate and National Level
Graph 7.2 Comparative Results Regarding the Degree of ESG Practice Adoption at Corporate and National Level (2026 – 2025)
Graph 7.3 Distribution (%) of Companies’ Total ESG Budget by Main Pillar (2025)
Graph 7.4 Which ESG Initiatives Do You Consider Most Important to Share with All Stakeholders?
Graph 7.5 Department Responsible for Managing ESG Initiatives
Graph 7.6 Communication Channels Used to Report ESG Initiatives
Graph 7.7 Usefulness of Benchmarking Your Company’s ESG Performance against Other Companies in the Sector
Graph 7.8 Frequency of Assessing and Monitoring Progress on ESG Matters
Graph 7.9 Use of Software to Collect and Monitor ESG Performance Data
Graph 7.10 Participation in National and International Networks Related to Sustainable Development and ESG
Graph 7.11 Cost of ESG Initiatives (2025)
Graph 7.12 Change in Expenditure on ESG Initiatives (2025/24)
Graph 7.13 Level of Familiarity with the Omnibus Directive
Graph 7.14 Degree of Impact of the Omnibus Directive
Graph 7.15 Impact of the Omnibus Directive on Companies’ ESG Timelines
Graph 7.16 Impact of the Extension on Greek Companies
Graph 7.17 Degree of Implementation of Environmental ESG Initiatives
Graph 7.18 Degree of Implementation of Social ESG Initiatives
Graph 7.19 Degree of Implementation of Corporate Governance ESG Initiatives
Graph 7.20 Benefits Derived by Companies from Implementing ESG Practices
Graph 7.21 Main Barriers to the Implementation of ESG Initiatives
Graph 8.1 EU Countries: Total Health Expenditure per Capita in $ (2024)
Graph 8.2 EU Countries: Private Health Expenditure per Capita in $ (2024)
Graph 8.3 EU Countries: Public Health Expenditure per Capita in $ (2024)