Slide 1: Netcare Limited Summarised Audited Group Results
Netcare Limited SUMMARISED AUDITED GROUP RESULTS For the year ended 30 September 2025
Slide 2: Netcare's unique ecosystem of assets and services
Netcare’s unique ecosystem of assets and services 14 91 Netcare Mental health hospitals Netcare 911 bases Netcare 911 Akeso 1 007 Beds 49 Acute hospitals Netcare Netcare 63 9 831 Hospitals ntred health an Medicross Primary healthcare Beds ce dc facilities 10 on ar rs e Day clinics Pe . 7 Cancer care
Slide 3: Strong financial performance and continued delivery on strategic projects
Strong financial performance and continued delivery on strategic projects R R Robust financial Strong operating leverage Maintained strong Returned R1.8bn performance, with all supported by the Group’s financial position, to shareholders in-year strategic growing ‘digital dividend’ with improved ROI
Slide 4: Financial performance overview
Financial performance overview Revenue EBITDA1 EBITDA margin1 Adjusted HEPS Net debt / EBITDA1 Total dividends R26 344m R4 912m 18.6% 137.2 cents 1.1x 85.0 cents ▲ 4.5% ▲ 8.4% ▲ 60 bps ▲ 20.7% FY 2024: 1.2x ▲ 21.4% 1 Normalised to exclude exceptional items comprising property impairments, impairment
Slide 5: Operational Overview
OPERATIONAL OVERVIEW 5
Slide 6: Hospital and emergency services – activity
Hospital and emergency services – activity1 Steady growth in paid patient days Paid patient days Full week occupancy2 Total Acute hospitals Mental health Total Acute hospitals Mental health 2 398 704 2 140 240 258 464 65.5% 65.0% 70.3% ▲ 0.7% ▲ 0.8% ▲ 0.5% Average acute hospital occupancy (%) Averag
Slide 7: Hospital and emergency services
Hospital and emergency services Rm FY 2025 FY 2024 % Revenue 25 695 24 506 4.9 EBITDA1 4 750 4 366 8.8 Operating profit1 3 480 3 121 11.5 EBITDA margin1 (%) 18.5 17.8 Operating profit margin1 (%) 13.5 12.7 Revenue EBITDA margin Growth in clinicians ▲ 4.0% acute hospital revenue per paid ▲70 bps to 1
Slide 8: Primary Care
Primary Care Rm FY 2025 FY 2024 % Revenue 662 712 (7.0) EBITDA1 162 164 (1.2) Operating profit1 79 77 2.6 EBITDA margin1 (%) 24.5 23.0 Operating profit margin1 (%) 11.9 10.8 Revenue EBITDA margin Growth opportunities Impacted by lower activity and ▲150 bps to 24.5% Occupational health client base di
Slide 9: Financial Review
FINANCIAL REVIEW 9
Slide 10: Group financial overview
Group financial overview Strong financial performance and sound financial position EBITDA margin expansion and Strong growth in adjusted HEPS solid operating leverage aided from improved operational by digital benefits and lower performance and lower weighted strategic and diesel costs average numbe
Slide 11: Operating leverage and cash generation profile
Operating leverage and cash generation profile Achieved further operating leverage and maintained comfortable net debt balances Revenue1 (Rm) EBITDA1 (Rm) ▲ 4.5% ▲ 8.4% 21 636 26 344 21 005 23 699 25 202 3 193 4 530 3 496 4 115 4 912 FY 2021 FY 2022 FY 2023 FY 2024 FY 2025 FY 2021 FY 2022 FY 2023 FY
Slide 12: Summarised Group statement of profit or loss
Summarised Group statement of profit or loss Rm FY 2025 FY 2024 % Revenue 26 344 25 202 4.5 ▲ 60 basis points in EBITDA margin to 18.6% from 18.0% EBITDA1 4 912 4 530 8.4 Operating profit1 3 559 3 198 11.3 Other net financial expenses (555) (561) Strategic costs of R60m (FY 2024: R131m) Interest on
Slide 13: Headline earnings per share (HEPS), dividends and share buybacks
Headline earnings per share (HEPS), dividends and share buybacks Cents per share FY 2025 FY 2024 % Share buybacks To FY 2024 FY 2025 Total HEPS 133.7 113.0 18.3 Number of shares (m) 84.8 64.2 149.0 Adjusted HEPS 137.2 113.7 20.7 Ave market price (cents) 1 227 1 324 1 269 Total dividends 85.0 70.0 21
Slide 14: Summarised Group statement of financial position
Summarised Group statement of financial position Rm 30 Sep 2025 30 Sep 2024 Assets Our policy PPE1, goodwill and intangible assets 17 141 16 333 Netcare’s policy on capital structure is to maintain a strong statement of financial Right of use assets 4 308 4 418 position and to retain an investment g
Slide 15: Debt position
Debt position Rm 30 Sep 2025 30 Sep 2024 Interest environment Gross debt1 7 367 7 108 • South African interest rates remain elevated Cash (1 889) (1 802) • 29.9% of gross debt at fixed rates • Average cost of debt of 9.2% (FY 2024: 9.3%) Net debt 5 478 5 306 Net debt to EBITDA2 (times): GCR credit r
Slide 16: Debt facilities
Debt facilities Access to R2.9bn cash and committed facilities with manageable maturity profile Cash and debt facilities (Rm) Debt maturity profile1 (Rm) 1 900 1 900 1 050 1 500 1 500 1 889 500 4 200 FY 2026 FY 2027 FY 2028 FY 2029 FY 2030 Uncommitted facilities Committed facilities Cash 1 Promissor
Slide 17: Strategic Update
STRATEGIC UPDATE 17
Slide 18: Netcare's strategy
Netcare’s strategy Six years into a ten-year journey to transform the way we deliver health and care Netcare’s strategy is to …to achieve this, we are leveraging …and utilising the benefit of transform the way we off our unique ecosystem of assets digitisation, data and AI to the benefit deliver hea
Slide 19: Netcare's strategy is comprised of three distinct phases
Netcare’s strategy is comprised of three distinct phases Widening the digital divide and expanding our digital dividend Digitally 1 Data and AI 2 Person centred 3 PHASE THREE driven health and care PHASE TWO enabled PHASE ONE Timeline Timeline Timeline 4 – 6 years to April 2024 2 – 3 years from 2024
Slide 20: Widening the digital divide and expanding our 'digital dividend'
Widening the digital divide and expanding our ‘digital dividend’ 1 Ongoing 2 Improving 3 Increasing person 4 Increasing person operational consistency and centred clinician centred funder efficiencies quality of patient centricity centricity care outcomes In a fully digitised environment, we retain
Slide 21: Ongoing operational efficiencies
1 Ongoing operational efficiencies Widening the digital divide and expanding our ‘digital dividend’ > R587m cash savings and cost avoidance since 2022 Nursing Printing and Medico legal Billing administration Clinical pharmacists efficiencies stationery insurance and claims consolidated into centrali
Slide 22: Ongoing operational efficiencies
1 Ongoing operational efficiencies Widening the digital divide and expanding our ‘digital dividend’ Rm Rollout capex to April 2024 320 Implementation opex to April 2024 350 Cash savings and cost avoidance (gross) FY 2022 37 FY 2023 104 FY FY FY FY FY FY FY FY FY FY FY FY FY FY 2024 190 2018 2019 202
Slide 23: Improving consistency and quality of patient care outcomes
2 Improving consistency and quality of patient care outcomes Widening the digital divide and expanding our ‘digital dividend’ A few examples... Accurate Significantly and auditable reduced ability and drug interactions Ability through AI driven machine to measure prescribing and manage errors throug
Slide 24: Improving consistency and quality of patient care outcomes
2 Improving consistency and quality of patient care outcomes Introducing unique medical-grade wearable devices for all patients in general wards, maternity, psychiatry and rehabilitation The wearable • Blood pressure accurately • Heart rate measures • Oxygen saturation (SpO2) Made in Geneva, Switzer
Slide 25: Improving consistency and quality of patient care outcomes
2 Improving consistency and quality of patient care outcomes Introducing unique medical-grade wearable devices for all patients in general wards, maternity, psychiatry and rehabilitation Offers accurate, non-invasive, Ability to identify patient continuous and proactive deterioration earlier and pat
Slide 26: The Netcare app: your health and care companion
2 Improving consistency and quality of patient care outcomes Widening the digital divide and expanding our ‘digital dividend’ The Netcare app: your health and care companion, improving ease of access Before hospital In-hospital And everywhere in between • Netcare 911 geolocation • Unlimited free Wi-
Slide 27: Increasing person centred clinician centricity
3 Increasing person centred clinician centricity Widening the digital divide and expanding our ‘digital dividend’ The benefits to clinicians EMRs encourage a multidisciplinary EMRs are mobile and portable and EMRs have significantly improved approach and enhance collaboration can be accessed away fr
Slide 28: Increasing person centred clinician centricity
3 Increasing person centred clinician centricity Widening the digital divide and expanding our ‘digital dividend’ qSOFA1 score (sepsis prediction) Emergency department conversion rate • Early identification of clinical deterioration using • Aid to ensure appropriate admissions into hospital out an a
Slide 29: Introducing AI-driven, ambient listening and dictation in 2026
3 Increasing person centred clinician centricity Widening the digital divide and expanding our ‘digital dividend’ Introducing AI-driven, ambient listening and dictation in 2026 AI-enabled transcription captures This allows clinicians and nurses to be dictation and conversations to create fully engag
Slide 30: Increasing person centred funder centricity
4 Increasing person centred funder centricity Widening the digital divide and expanding our ‘digital dividend’ Enhancing our partnership with Funders Our digital Funder Portal The Funder Portal reduces Big Data enables a structured allows medical schemes 24/7 the need for on-site funder approach to
Slide 31: Other Strategic Initiatives
O THER STRA TE GIC IN ITIATI VES 31
Slide 32: Driving growth by unlocking access to Netcare
Driving growth by unlocking access to Netcare The problem The opportunity The solution Less than one in six South Africans Millions are not adequately covered A new, affordable way to get belong to a medical scheme private healthcare Percentage of South Africans The middle market of South Africa Eco
Slide 33: Africa's largest healthcare environmental sustainability programme
Africa’s largest healthcare environmental sustainability programme Underpinned by innovation Phase 1 Wind power renewable energy on track Phase 2 targets for 2030 39% reduction in energy intensity Power purchase agreement in place covering six Strategy aligned with JET IP 1 per bed Eskom-supplied fa
Slide 34: Netcare social responsibility and our people
Netcare social responsibility and our people Caring for people Physicians Mother and Child Our people Professor Bongani Mayosi Support to gender-based Netcare Clinical Scholarship violence survivors Achieved global benchmarks to qualify 27 scholarships awarded to black PhD students > 16 000 survivor
Slide 35: Guidance
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Slide 36: Guidance
Guidance Paid patient days Revenue Acute: ▲ 0.8% – 1.5% ▲ 4.0% – 5.0% vs. FY 2025 Total: ▲ 1.8% – 2.4% vs. FY 2025 EBITDA margin Capex Normalised EBITDA FY 2026: margin will benefit R1.9bn including from operational expansionary capex efficiencies, off of R566m high FY 2025 base of 18.6% 36
Slide 37: Thank You
Thank You SUMMARISED AUDITED GROUP RESULTS For the year ended 30 September 2025 37
Slide 38: Q&A
Q&A SUMMARISED AUDITED GROUP RESULTS For the year ended 30 September 2025 38
Slide 39: Annexures
Annexures SUMMARISED AUDITED GROUP RESULTS For the year ended 30 September 2025 39
Slide 40: Reconciliation of normalised EBITDA
Reconciliation of normalised EBITDA Hospital and Non-acute Hospital and Primary Total pharmacy services emergency care operations services 30 September 2025 EBITDA including exceptional items 4 451 315 4 766 162 4 928 Exceptional items: Impairment of investment in an associate 44 44 44 Impairment of
Slide 41: Shares in issue
Shares in issue Number of shares Weighted average number of shares Shares in issue Treasury shares Net Shares in issue Treasury shares Net 1 October 2024 1 417 549 301 (168 817 910) 1 248 731 391 1 417 549 301 (168 817 910) 1 248 731 391 Shares repurchased (64 238 024) (64 238 024) (30 281 606) (30
Slide 42: Normalised occupancy and PPD
Normalised occupancy and PPD Total Normalised1 Total occupancy (%) 65.2 65.5 Occupancy (full week) - acute hospital (%) 64.6 65.5 Occupancy (weekday) - acute hospital (%) 69.3 69.7 Occupancy (full week) - mental health (%) 70.3 70.3 Percentage change in PPD: Total (%) 0.5 0.7 Acute hospitals (%) 0.5
Slide 43: Principles of capital allocation
Principles of capital allocation Netcare remains prudent in managing its capital resources Investment strategy Deployment of capital Cash generation • Identify opportunities • Return on capital must safely • Target annual cash conversion ratio of 90% - 100% linked to Group strategy exceed the cost o