Integrated Diagnostics Holdings Plc · LSE:IDHC
Integrated Diagnostics — Q1 2026 Earnings Presentation
65 slides from Integrated Diagnostics's earnings presentation, May 2026
Slide 1: IDH Investor Presentation
IDH Investor Presentation May 2026
Slide 2: Table of Contents
Table of Contents IDH At a Glance 1Q 2026 Results Overview Key Investment Highlights Our Market Our Business Model Financial Position and Performance Growth Strategies Leadership and Governance 2 INTEGRATED DIAGNOSTICS HOLDINGS
Slide 3: Who We Are (I/II)
Who We Are (I/II) Integrated Diagnostics Holding is a leading, fully-integrated provider of high-quality medical diagnostic services with a footprint spanning Egypt, Jordan, Nigeria, Saudi Arabia, and Sudan An integrated diagnostics provider… Pathology Radiology Immunology Microbiology Haematology E
Slide 4: Who We Are (II/II)
Who We Are (II/II) The Company’s reach, scale, and service quality are unmatched across its markets of operation Track Record Accreditations +40 years CAP & ACR Accredited lab and scan First lab established in 1979 Patients Test Portfolio Jordan 9.4 MN +3,000 Egypt In FY 2025 (+5% y-o-y) Tests Saudi
Slide 5: Our Service Segments
Our Service Segments IDH’s pathology offering currently contributes the majority of revenue at c.95%. The Company’s radiology services continue to grow in popularity with revenue posting a 33% year-on-year growth in 1Q 2026. Pathology – 94.8% of Revenues1 Radiology & Radiotherapy – 5.1% of Revenues1
Slide 6: Our Geographies
Our Geographies IDH currently operates the largest branch network amongst private providers in Egypt and boasts an established presence in four key markets in the Middle East and Africa Egypt Jordan Nigeria Saudi Arabia +151 +35% +1 +6% 12 +23% +1 +171% New branches vs. y-o-y revenue growth New bran
Slide 7: Our Patients
Our Patients IDH serves two principal types of patients: contract and walk-in Around 64% of total revenue generated across the two segments is paid in cash Contract Patients1 Walk-In Patients IDH’s contract clients include institutions who enter into one-year IDH’s walk-in clients, also referred to
Slide 8: Q1 2026 Results Overview
Q1 2026 Results Overview 8 INTEGRATED DIAGNOSTICS HOLDINGS
Slide 9: Operating Environment (I/II)
15.4% 14.7% Mar-26 As expected, across both Egypt and Nigeria, inflation has been easing primarily supported by relative stability in the …which has supported a gradual easing of inflation in recent Inflation inched up in the first quarter of 2026 on account of 12.7% 15.1% Feb-26 11.2% 15.1% Jan-26
Slide 10: Operating Environment (II/II)
Operating Environment (II/II) IDH’s presence in two strong regional economies, Saudi Arabia and Jordan, enhances its position and provides a strategic advantage by anchoring growth in stable markets. Largely stable inflation in KSA over the past year Uptick in March inflation in Jordan on account of
Slide 11: Strong Start to 2026
Strong Start to 2026 IDH reports 31% revenue growth in Q1 2026 with continued expansion across core markets and resilient profitability performance EGP 2.1 bn EGP 807 mn EGP 611 mn EGP 292 mn Revenue in Q1 2026 Gross Profit in Q1 2026 EBITDA in Q1 2026 Adjusted1 Net Profit in Q1 2026 ▲ 31% y-o-y rev
Slide 12: Strong Start to 2026 (II/II)
Strong Start to 2026(II/II) Growth was supported by a 22% increase in test volumes alongside a 7% rise in average revenue per test (ARPT), reflecting continued expansion in patient activity Sustained top-line growth… …supported by rising test volumes… Revenue| EGP mn Test Volumes| mn $72mn $30mn $32
Slide 13: Segment Performance (I/II)
Segment Performance (I/II) Both IDH’s contract and walk-in segments continue to see revenue growth in Q1 2026 supported by rising test volumes and strategic price adjustments. Walk-in Segment Contract Segment Total Q1 2025 Q1 2026 Change Q1 2025 Q1 2026 Change Q1 2025 Q1 2026 Change Revenue (EGP mn)
Slide 14: Segment Performance (II/II)
Segment Performance (II/II) IDH’s contract segment maintained its growth trend, remaining the major contributor to overall revenue and patient volumes in Q1 2026 Revenue Split Patient Split 20% 20% 32% 32% Q1 Q1 Q1 Q1 2025 2026 2025 2026 68% 69% 80% 80% Walk-in Contract Walk-in Contract Walk-in Cont
Slide 15: Regional Performance (I/II)
Regional Performance (I/II) IDH recorded strong revenue growth across its entire footprint during the first quarter of 2026. In Nigeria, IDH’s turnaround strategy delivered results, with Echo-Lab maintaining its positive EBITDA momentum, while KSA delivered substantial YoY growth Revenue |M-EGP| Gro
Slide 16: Regional Performance (II/II)
Regional Performance (II/II) Patients |‘000| Tests |‘000| Test per Patient Revenue per Test |EGP| +18% +22% +4% +10% EGYPT 168 184 1,765 2,077 7,815 9,572 4.4 4.6 Q1 2025 Q1 2026 Q1 2025 Q1 2026 Q1 2025 Q1 2026 Q1 2025 Q1 2026 -1% +10% +11% -5% JORDAN 85 85 658 724 7.7 8.5 356 337 Q1 2025 Q1 2026 Q1
Slide 17: Regional Performance: Local Currency
Regional Performance: Local Currency Revenue Gross Profit EBITDA1 JOD ‘bn 0.9 3.3 3.5 1.0 0.8 0.9 ▲11% JORDAN ▲6% ▼ 9% 27% 28% 26% 22% Q1 2025 Q1 2026 Q1 2025 Q1 2026 Q1 2025 Q1 2026 NGN ‘mn 279 144 ▲23% 1,032 ▲62% NIGERIA 840 173 ▲121% 65 21% 27% 8% 14% Q1 2025 Q1 2026 Q1 2025 Q1 2026 Q1 2025 Q1 20
Slide 18: Continued Ramp up at Al Borg Scan (I/II)
Continued Ramp up at Al Borg Scan* (I/II) Al Borg Scan remains a key driver of future growth for IDH’s Egyptian operations. EGP 81 MN 24% 17% 16% 13% Q1 2026 revenues Q1 2026 revenue contribution Q1 2026 revenue contribution Q1 2026 revenue contribution Q1 2026 revenue contribution +44% vs Q1 2025 (
Slide 19: Continued Ramp up at Al Borg Scan (II/II)
Continued Ramp up at Al Borg Scan (II/II) Radiology and radiotherapy revenues reached EGP 94 million during the quarter, up 67% year-on-year. Growth was supported by increasing utilisation, higher patient traffic, and continued expansion of higher-value specialised imaging and oncology-related servi
Slide 20: Echo-Lab (Nigeria)
Echo-Lab (Nigeria) Echo-lab turned EBITDA positive in early 2025 displaying the efficacy of IDH’s new turnaround plan rolled out in 2024. Monthly Revenue Jan 2022 to Mar 2026 | NGN million 348 353 336 341 328 327 319 324 306 312 302 293 290 275 272 248 253 241 235 242 244 205 206 181 222 219 172 166
Slide 21: KSA Ramp-up
KSA Ramp-up KSA’s ramp-up is accelerating as IDH leverages increased effective ownership in Biolab KSA. In early July 2025, Biolab KSA inaugurated its third branch. IDH plans to continue expanding its footprint in the Kingdom in a disciplined and value-accretive manner. Revenues Evolution (SAR ‘000)
Slide 22: Q1 2026 Profitability Overview
Q1 2026 Profitability Overview Margin performance during the quarter reflected the impact of Ramadan and Eid seasonality, with a greater number of holidays falling within Q1 2026 compared to Q1 2025 Gross Profit, Margin EBITDA Margin Net Profit, Margin Adjusted Net Profit,1 | EGP mn, % | EGP mn, % |
Slide 23: Q1 2026 Profitability Deep-dive
Q1 2026 Profitability Deep-dive Performance during the quarter reflected the seasonal impact of Ramadan and Eid, with a greater number of holiday days falling within Q1 2026 compared to the prior-year period, temporarily weighing on operating leverage The Group continued to benefit from procurement
Slide 24: Revenue – EBITDA Bridge
Revenue – EBITDA Bridge Q1 2026 IDH Revenue – EBITDA Bridge | EGP mn 2,073 (388) (593) (2) (52) 2,738 (30) (17) (66) (313) 30% 19% 25% 0.1% 2% 1% 1% 3% 13% Raw material Rent Maintenance Marketing and… EBITDA 3M F26 Net Revenue 3M F26 Total Salries Transportation Utilites Other Q1 2025 IDH Revenue –
Slide 25: Adjusted Net Profit expanded in Q1 2026
Adjusted Net Profit expanded 78% to EGP 437 mn in Q1 2026 Q1 2026 IDH EBITDA – Net Profit Bridge | EGP mn 145 - 611 60 (70) (154) (154) Excluding foreign exchange gains in both periods, adjusted net profit increased 36% year-on-year to EGP 292 million, with the associated margin improving 60bps to 1
Slide 26: Robust Financial Position
Robust Financial Position Improving Cash Conversion Cycle Net receivables DOH Remained Stable CCC | Days AR, DOH | EGP mn, days 134 141 146 149 139 126 129 124 122 126 1,145 195 196 178 155 155 138 863 963 997 996 123 127 104 102 703 753 806 804 570 Dec-23Mar-24 Jun-24 Sep-24 Dec-24Mar-25 Jun-25 Sep
Slide 27: Q1 2026 Capital Expenditure
Q1 2026 Capital Expenditure IDH CAPEX recorded EGP 141 mn in Q1 2026, including both, core recurring CAPEX items and non-recurring CAPEX related to the expansion of Al-Borg Scan’s network and acquisition of Cairo Ray. This figure represented 7% of Q1 2026 revenues and excludes translation effect of
Slide 28: Fixed Gross Assets Bridge
Fixed Gross Assets Bridge IDH Fixed Gross Assets Bridge by Account | M-EGP 64 3 2 1 156 4,195 3,900 5 30 30 4 EGP 141 mn 7% of total Q1 2026 revenue IDH Headquarter Mega Lab Renovation Radiotherapy Translation Balance 31/3/2026 Balance 31/12/2025 WAREHOUSE New branches Al-Borg Scan Wayak Pharmacy Pa
Slide 29: Outlook and Strategies (I/II)
Outlook and Strategies (I/II) In IDH’s home and largest market of Egypt, the Company’s priorities for the coming months remain unchanged as the Company looks to capitalize on the improving operating conditions brought about by a strengthening local currency and slowing inflation. Pricing Volumes Raw
Slide 30: Outlook and Strategies (II/II)
Outlook and Strategies (II/II) In 2026, the Group’s focus will remain on executing its Saudi ramp-up strategy, leveraging its expanded ownership stake to accelerate growth. In Jordan and Nigeria, areas of focus remain unchanged as the Group looks to drive volumes up and boost profitability. Jordan –
Slide 31: Investment Highlights
Investment Highlights 31 INTEGRATED DIAGNOSTICS HOLDINGS
Slide 32: Investment Highlights
Investment Highlights IDH is an attractive investment opportunity with compelling fundamentals, present in fast- growing, under-served markets 1 Operating in highly fragmented markets characterised by strong structural growth drivers and high barriers to entry Deploys an asset-light business model
Slide 33: Fast-Growing, Underserved Markets
Fast-Growing, Underserved Markets 33 INTEGRATED DIAGNOSTICS HOLDINGS
Slide 34: Favorable Industry Dynamics
Favorable Industry Dynamics IDH’s home market of Egypt is underpinned by robust structural growth drivers Lab tests per capita (2023) High Disease Burden Operating in a still under- 23.2 penetrated market The Egyptian population is marked by a high incidence of lifestyle- related medical conditions,
Slide 35: Favorable Industry Dynamics
Favorable Industry Dynamics IDH’s markets are characterised by high barriers to entry Economies of Scale Accreditation of Brand & Reputation Market Reach Key Stakeholder Facilities Relationships IT-enabled platform, Attracting patients Patients are loyal to Fragmented markets Building a scalable cri
Slide 36: IDH is a Consumer-Facing Service Provider
IDH is a Consumer-Facing Service Provider The mechanics of healthcare markets in developing economies are markedly different from those in many Western healthcare industries IDH serves the private healthcare A hospital outpatient clinic or Perceived quality and safety market, where notably patients
Slide 37: Scalable Business Model
Scalable Business Model 37 INTEGRATED DIAGNOSTICS HOLDINGS
Slide 38: Asset-light Business Model
Asset-light Business Model IDH’s “Hub, Spoke and Spike” business model enables the Company to organically expand its reach in highly- fragmented markets with underserved diagnostic services demand Mega Lab: “Hub” • The Mega Lab, the largest automated lab in Egypt, serves as IDH’s diagnostic “Hub,” e
Slide 39: Our Mega Lab
Our Mega Lab IDH’s Mega Lab is the only CAP-accredited facility in Egypt, demonstrating the excellence of IDH’s patient care and confidence in the laboratory’s practices Capabilities Capacity • Mega Lab machines are capable of conducting a wide range of tests. • IDH’s Mega Lab doubled testing capaci
Slide 40: Key Supplier Relationships
Key Supplier Relationships IDH leverages its bargaining power with suppliers to maximize value in a business that is fundamentally about economies of scale. Combined with the long-tenure nature of its supplier contracts, this provides significant protection against short-term price fluctuations. Dyn
Slide 41: Strong Growth and Financial Position
Strong Growth and Financial Position 41 INTEGRATED DIAGNOSTICS HOLDINGS
Slide 42: Key Financial Performance Indicators
Key Financial Performance Indicators Since the Company’s IPO on the LSE in 2015, IDH has delivered consistent top- and bottom-line growth supported by a steady increase in volumes and strategic price increases across the Group’s service offering Revenues | EGP mn - CAGR Gross Profit, GPM | EGP mn, %
Slide 43: Regional Performance (I/II)
Regional Performance (I/II) Across its footprint, the Company deploys tailored expansion strategies which enable it to continue driving growth irrespective of the prevailing macroeconomic environment Revenue |M-EGP| Adjusted EBITDA |M-EGP| CAGR: 23% CAGR: 21% EGYPT 6,642 EGYPT 1,903 2,173 4,108 2,89
Slide 44: Regional Performance (II/II)
Regional Performance (II/II) IDH’s growing and increasingly attractive offering has enabled the Group to drive sustained volume expansion across its footprint. Similar strategies are being deployed in Saudi Arabia to ensure the rapid ramp up of the venture. Patients | ‘000 Tests | ‘000 CAGR: 5% CAGR
Slide 45: Growth Strategies
Growth Strategies 45 INTEGRATED DIAGNOSTICS HOLDINGS
Slide 46: Future Growth Strategies
Future Growth Strategies IDH’s growth strategies rely on leveraging its competitive advantages to achieve four strategic goals Expand Customer Reach Expand Geographically Beyond opening laboratories in new In addition to organic expansion, the Company geographies, IDH is reaching out to new continue
Slide 47: Expanding Customer Reach – Growing In Egypt
Expanding Customer Reach – Growing In Egypt The Group enjoys ample growth room in Egypt thanks to its market leading position and extensive reach, attractive underlying fundamentals, and favourable regulatory environment Reach and penetration Solid Fundamentals Universal Healthcare Act New growth op
Slide 48: Diversifying Service Offering – Al Borg Scan Ramp-Up
Diversifying Service Offering – Al Borg Scan Ramp-Up IDH’s radiology venture, Al Borg Scan, continues expanding its top line on the back of increased test volumes and average revenue per test 2018 7 branches EGP 861mn 1,177k Covering Cairo from East to West Revenue Scans Performed Fastest growing ch
Slide 49: Diversifying Service Offering – Al Borg Scan Expansion Updates
Diversifying Service Offering – Al Borg Scan Expansion Updates Al Borg Scan operates seven branches, one of which was inaugurated in 2023. The Group also recently earned the prestigious ACR (American College of Radiology) accreditation for Al Borg Scan’s Nuclear Medicine and ultrasound units. Ration
Slide 50: Al Borg Scan Maintains Growth Trajectory
Al Borg Scan Maintains Growth Trajectory IDH’s Egyptian radiology venture, Al Borg Scan, continues expanding its top-line and expanding its contribution to Egypt revenues, driven by sustained increases in test volumes and higher revenue per test Revenue | EGP mn Scans Performed | ‘000 Patients Serve
Slide 51: House Call Services (Egypt and Jordan)
House Call Services (Egypt and Jordan) IDH’s house call services, offered in both Egypt and Jordan, is becoming a primary contributor to top-line, averaging 18% compared to a pre-pandemic contribution of 9% House call services witnessed rising demand during the Covid-19 pandemic Expands Reach Fee-Ba
Slide 52: Expanding Customer Reach – State-sponsored Initiatives
Expanding Customer Reach – State-sponsored Initiatives IDH’s nationwide presence and strong brand equity position it well to benefit from state-sponsored campaigns to increase awareness of preventative healthcare with diagnostic testing Duration Revenue Generated 8 months EGP 84 mn Nov ‘18 – Jun ‘19
Slide 53: Expanding Customer Reach – IDH Awareness Campaigns
Expanding Customer Reach – IDH Awareness Campaigns Parallel to state-sponsored initiatives, IDH also runs its own awareness campaigns focusing on specific diseases on a monthly basis and offering discounts on related testing IDH’s PCR Offers and Campaigns Discounts on PCR PCR testing for testing for
Slide 54: Diversifying Service Offering – New Investment in Wayak
Diversifying Service Offering – New Investment in Wayak IDH launches new subsidiary “Wayak” to offer data-driven healthcare services, utilising data analytics and artificial intelligence to capitalise on IDH’s database of over c.13 million patients Wayak Services Medication to be Service provider On
Slide 55: Growing Geographic Footprint– Investment Rationale
Growing Geographic Footprint– Investment Rationale IDH’s regional expansion strategy targets acquisitions in African, Middle Eastern and Asian markets where it can deploy its proven business model and generate accretive value Growing economies and strong Similar healthcare market structure to demogr
Slide 56: Growing Geographic Footprint – Nigeria Expansion
Growing Geographic Footprint – Nigeria Expansion* In December 2017, IDH further expanded its geographical footprint with an investment in Nigeria, a value-accretive acquisition in a large, fragmented and underpenetrated diagnostic services market where our business model is well-suited to capitalise
Slide 57: Nigeria Branch Roll-Out and Renovations
Nigeria Branch Roll-Out and Renovations Opebi Branch Renovation and Rebranding New Victoria Island Branch Area 11 Branch Renovation and Rebranding Benin Branch Renovation & Rebranding 57 INTEGRATED DIAGNOSTICS HOLDINGS
Slide 58: Growing Geographic Footprint – KSA Expansion
Growing Geographic Footprint – KSA Expansion In October 2022, IDH and Biolab signed a JV agreement with Izhoor, a company owned by Fawaz Alhokair, to launch a full-fledged pathology diagnostic services provider in Saudi Arabia. In December 2024, IDH purchased Izhoor’s full stake in the new venture,
Slide 59: Strong Leadership & Governance
Strong Leadership & Governance 59 INTEGRATED DIAGNOSTICS HOLDINGS
Slide 60: Governance
Governance A World-Class Board of Directors The majority of members of IDH’s Board of Directors are non-executive and offer significant experience in the healthcare market, MENA region and investment activities Lord St John of Bletso 1 Prof. Dr. Hend El Sherbini Sherif El Zeiny Non-Executive Chairma
Slide 61: Governance
Governance IDH is committed to implementing best practices in corporate governance through the expertise of both the individual Directors and outside parties Anti-Bribery and Anti Corruption Internal Audit Procedures While not required to comply with UK Policy (ABAC) Corporate Governance Code, IDH a
Slide 62: Sustainability
Sustainability Founded on the principle of providing quality medical assistance and services to better the lives of individuals and the community at large, IDH views corporate responsibility initiatives as an extension of its core purpose with the aim of improving communities in which it does busine
Slide 63: Appendix
Appendix 63 INTEGRATED DIAGNOSTICS HOLDINGS
Slide 64: IDH Development Story
IDH Development Story Over 40 years of industry experience, complemented by strategic expansion to develop a strong market position across products and geographies. Today IDH has built a scalable platform that is positioned for further strong growth 1979 1990 2008 2011-2012 2013-14 2015 Establishmen
Slide 65: IDH
INTEGRATED DIAGNOSTICS HOLDINGS IDH
Integrated Diagnostics Holdings — Q1 2026 Earnings Presentation on 6ix