Life Healthcare Group Holdings Limited · JSE:LHC
Life Healthcare — Life Healthcare Grp Hldgs — FY2025 Earnings Presentation
34 slides from Life Healthcare's earnings presentation, Nov 27, 2025
Slide 1: Summarised Group results for the twelve months ended 30 September 2025
Summarised Group results for the twelve months ended 30 September 2025 and cash dividend declaration 2025
Slide 2: Highlights
Highlights
Slide 3: Highlights
Highlights 1.1% 69.7% 6.0% PPD1,2 growth Occupancy1 % Revenue growth 12.0% to 10.1% 119.6% 56 cps NEPS3 from Cash generated Total ordinary continuing % of EBITDA dividend operations 1 On a like-for-like basis and excluding assets sold in FY2025 2 Paid patient days 3 Normalised earnings per share Lif
Slide 4: Strategy review
Strategy review Peter Wharton-Hood
Slide 5: Our strategy | Grow, Drive, Optimise
Our strategy | Grow, Drive, Optimise GROW DRIVE OPTIMISE Grow footprint in strategic locations Drive facility utilisation Optimise asset utilisation Greenfield expansion by targeting new Dr recruitment and retention Strategically optimise asset utilisation builds in growth geographies GP channel Str
Slide 6: Our strategy | FY2025 progress
Our strategy | FY2025 progress GROW Greenfield expansion by targeting new • Commenced with the 140-bed v builds in growth geographies Life Paarl Valley Hospital Brownfield expansion of existing facilities • 30 ICU/HC beds v to grow capacity in high demand areas • 39 general ward beds Acquire new fac
Slide 7: Our strategy | FY2025 progress
Our strategy | FY2025 progress Overall occupancy %1 69.7 DRIVE Continued improvement in Dr recruitment and retention • 139 specialists recruited (net 98) facility utilisation v • 655 745 emergency unit visits 68.7 Emergency unit channel v • Upgraded emergency unit at Life Peglerae Hospital • 1 new c
Slide 8: Our strategy | FY2025 progress
Our strategy | FY2025 progress OPTIMISE • LMI: sale concluded • Life St Mary’s Private Hospital: sale concluded • Life Isivivana Hospital: asset closed v Strategically optimise asset utilisation • Identified a number of hospitals and complementary facilities as part of asset optimisation process • G
Slide 9: Our strategy | Underlying capabilities
Our strategy | Underlying capabilities Utilise capabilities Strong Compassionate Technology Clinical Footprint Dr relationships balance sheet people and data excellence es e rvic Life Nkanyisa ar es Acu Acute hospitals c te 2 531 beds 7 facilities ea lth ho sp it 42 facilities 8 085 acute hospital b
Slide 10: Our strategy | Underlying capabilities
Our strategy | Underlying capabilities Utilise capabilities Strong Compassionate Technology Clinical Footprint Dr relationships balance sheet people and data excellence Strong balance sheet Technology and data Dr relationships • Net debt/EBITDA 0.77x1 • Strategic projects completed: • Initiated a 9-
Slide 11: Our strategy | Underlying capabilities
Our strategy | Underlying capabilities Utilise capabilities Strong Compassionate Technology Clinical Footprint Dr relationships balance sheet people and data excellence • Employee turnover is the Compassionate people lowest it has been for the last 5 years • Implementation of the Staff turnover Trai
Slide 12: Our strategy | Underlying capabilities
Our strategy | Underlying capabilities Utilise capabilities Strong Compassionate Technology Clinical Footprint Dr relationships balance sheet people and data excellence Clinical excellence Patient experience Patient adverse events Key clinical indicators 97 97 VAP 1.6 1.6 8.6 3.1 SSI 8.5 3.0 1.1 1.1
Slide 13: Operational review
Operational review Peter Wharton-Hood
Slide 14: FY2025 | Acute hospitals
FY2025 | Acute hospitals1 Revenue (R’m) Occupancy % 69.2% V H2-2025 occupancy 21 273 V 70.2% ICU occupancy % 84.3% 6.4% V 19 994 PPDs 0.9% 6.6% V Theatre minutes 2.2% 18 752 Revenue/PPD 5.8% V ICU occupancy driven by V strong demand Revenue 6.4% V Added 46 ICU beds over Normalised EBITDA 6.2% last 2
Slide 15: FY2025 | Complementary services
FY2025 | Complementary services Total Organic Strong mental health occupancy of Occupancy 73.7% 76.6% PPDs 3.1% Renal dialysis treatments 41.5% 9.8% MRI/CT/PET-CT/SPECT2 9.0% 3.1% Imaging volumes driven by organic growth and two imaging Revenue 24.7% 8.8%1 acquisitions Normalised EBITDA 3.6% 9.0%1 R
Slide 16: FY2025 | Asset optimisation
FY2025 | Asset optimisation • A key focus for FY2025 is on the operational efficiency of the top 20 acute hospitals % of % of % of % of Occupancy PPD Revenue EBITDA beds PPDs Revenue EBITDA % growth growth growth v Total acute 100% 100% 100% 100% 69.2% 0.9% 6.4% 6.2% Top 20 65% 68% 72% 84% 72.0% 1.3
Slide 17: FY2025 | Asset optimisation
FY2025 | Asset optimisation • Identified a number of facilities as part of our asset optimisation programme • If we exclude the performance of these facilities: Occupancy PPD % Growth Acute/MH/AR 69.7% 1.1% • Robust activity growth • Strong EBITDA growth Total Good underlying performance v • Good re
Slide 18: FY2025 | Asset optimisation
FY2025 | Asset optimisation • Renal Dialysis Renal dialysis treatments • Good organic growth in underlying treatments – 9.8% FY2023 198 227 • Overall EBITDA margins adversely impacted by Life Renal Dialysis: FY2024 214 761 154 3451 • Improved H2-2025 operational performance over H1-2025: • 3% increa
Slide 19: Life Molecular Imaging transaction
Life Molecular Imaging transaction Pieter van der Westhuizen
Slide 20: Life Molecular Imaging (LMI)
Life Molecular Imaging (LMI) Discontinued operation SALE CONCLUDED FINANCIAL RESULTS • Sale concluded • The sale resulted in a net profit on disposal of R2.4 billion • Transaction summary: • A profit of R5.3 billion recognised in discontinued operations • Upfront payment $355m • Piramal liability fa
Slide 21: Financial highlights
Financial highlights Pieter van der Westhuizen
Slide 22: Highlights
Highlights Normalised EPS Good revenue growth LMI transaction concluded +10.1% Strong cash generated 17.8% ROCE1 Final dividend up 12.9% from operations 1 1 Calculated as operating profit/capital employed. Capital employed = PPE plus intangibles plus current assets (excl. cash) less current liabilit
Slide 23: FY2025 | Statement of profit and loss
FY2025 | Statement of profit and loss Pro forma FY2025 1. Revenue growth boosted by FY2025 adjustment Pro forma FY2024 R’m R’m R’m R’m % Notes PPD growth of 1.1%1 and strong revenue / PPD Revenue 25 104 25 104 23 674 6.0 1 Normalised EBITDA 3 845 3 845 3 671 4.7 2 2. Normalised EBITDA impacted by st
Slide 24: FY2025 | Segment
FY2025 | Segment FY2025 FY2024 • Revenue growth R’m R’m % • Strong acute hospital and complementary growth Revenue • Revenue from complementary services boosted by strong Hospitals 21 324 20 299 5.0 performances in mental health and diagnostics, and the Complementary services 2 550 2 045 24.7 acquis
Slide 25: FY2025 | Cash flow from continuing operations
FY2025 | Cash flow from continuing operations FY2025 FY2024 R’m R’m % Cash generated from operations 4 598 3 713 23.8 • Strong cash generated from Interest, tax and transaction costs paid (913) (833) operations Maintenance capex (1 360) (1 166) Distributions to non-controlling interests (173) (151)
Slide 26: FY2025 | Financial position
FY2025 | Financial position FY2025 FY2024 • Strong balance sheet R’m R’m Non-current assets 16 117 16 809 • Capex spend (excl. Property, plant and equipment 11 301 10 765 acquisitions) in FY2025 of Goodwill & intangibles 2 333 3 570 R2.2 billion Other 2 483 2 474 Current assets (excluding cash) 4 25
Slide 27: FY2025 | Debt
FY2025 | Debt Balance at Maturing in Maturing in Maturing in Maturing in R’m 30 Sep 2025 FY2026 FY2027 FY2028 FY2029 or later Bank debt and notes 3 270 (20) (1 975) (500) (775) Lease liabilities 681 (167) (105) (91) (318) Total debt 3 951 (187) (2 080) (591) (1 093) Cash (3 810) Net debt 141 Piramal
Slide 28: FY2025 | Earnings per share and dividend
FY2025 | Earnings per share and dividend Pro forma FY2025 • Good underlying southern FY2025 adjustment* Pro forma FY2024 % Africa performance resulted in Weighted average number of shares (’m) 1 436 1 436 1 443 (0.5) a 10.1% increase in NEPS Cents per share • EPS / HEPS from continuing operations im
Slide 29: Outlook
Outlook
Slide 30: FY2026 | Outlook statement
FY2026 | Outlook statement GROW DRIVE OPTIMISE • Greenfield: • Occupancies at 70% • EBITDA margin improvement • 140 bed Life Paarl Valley • PPD growth of c.1.0% • R400m saving over 3 years: construction to continue • Brownfield: • Revenue of c. 5.0% • Asset optimisation process • 89 acute beds • Spe
Slide 31: Questions
Questions
Slide 32: Appendix
Appendix
Slide 33: National Health Insurance (NHI)
National Health Insurance (NHI) The President signed the NHI Act in May 2024. Life Healthcare supports the goal of improving access to quality healthcare as envisioned by the NHI Act. Since then, nine litigants have challenged its legality. However, the signing of the Act without addressing critical
Slide 34: Head Office
Head Office Oxford Parks 203 Oxford Road Cnr Eastwood and Oxford Roads Dunkeld 2196 www.lifehealthcare.co.za Life Healthcare Group results for the year ended 30 September 2025
Life Healthcare Grp Hldgs — FY2025 Earnings Presentation on 6ix