Dallah Healthcare Co. · TADAWUL:4004
Dallah Healthcare — Q2 2026 Earnings Presentation
38 slides from Dallah Healthcare's earnings presentation, 2026
Slide 1: Dallah Health Company Q2-2026
Dallah Health Company Q2-2026 Disclaimer: “Forecasts and forward-looking statements are based on current information, assumptions, estimates and are not guarantees of future performance. Actual results may differ materially due to various risks, uncertainties and other factors. The Company assumes n
Slide 2: Today's Agenda and Speakers
Today’s Agenda and Speakers Amine Hariz Chief Financial Officer 1. About us Muteab Altukeas 2. Business Review Chief Strategy Officer 3. Financial Review Omar Aljabari Chief Commercial Officer 4. Appendix Saud Alraqraq Chief Corporate Affairs Officer
Slide 3: DHC's mission and vision guided by core values
DHC’s mission and vision … … guided by core values Mission Values To deliver excellent healthcare services Care and respect for our patients, which are consistent with our values and their needs and our society with the expectation of our patients, society, and partners Commitment to professional et
Slide 4: Dallah Healthcare Company offers an attractive investment opportunity
DHC has long been established in KSA and has shown year-on-year growth DHC has a strong product portfolio, consistently growing to address the evolving needs of patients Dallah Healthcare Company offers an DHC has numerous certifications positioning it at the forefront in terms of service excellence
Slide 5: Dallah Health Company History
Dallah Hospital- 1987 Al Nakheel Dallah Pharma 2002 Dallah Ob-gyne 2007 DHC listing 2012 Dallah Pediatrics 2013 DMRF Afyaa Al Nakheel 2014 North clinics 2015 Dallah Hospital- quite rapidly both organically and inorganically 2018 Namar Dallah Al Nakheel Meras Arabia Medical west expansion 2019 Makkah
Slide 6: DHC owns and directly operates five categories of companies
Dallah Health Company Portfolio Today, DHC owns and directly operates five categories of companies while also engaging in active management of portfolio investments Owned & operated by DHC Portfolio investments (ownership share, %) Hospitals Clinics Meras Clinics * (35.6%) ** Wahat Al-Nakheel Real E
Slide 7: DHC's longstanding presence in KSA and integrated portfolio of services
12 +1,900 Healthcare Facilities Beds DHC’s longstanding presence in KSA and integrated portfolio of +20% 13% services position it Adjusted Net Profit CAGR FY21-25 Patients Volume CAGR as a leader in service FY21-25 18% reported CAGR for excellence, quality, FY2021–FY2025 and patient safety 5 +207 Me
Slide 8: Awards and Honors
Dallah Health Company Accreditations ICHOM “Most Contributing Leading Hospital” The 1st Saudi hospital to receive the new version of ICHOM Accreditation By CHI “Excellence in Patient Dallah Al-Nakheel Among the Satisfaction” World's Greenest Hospitals Awards and Honors by the Global Patient Experien
Slide 9: Certifications, accreditations, and awards for service excellence and patient safety
Dallah Health Company Accreditations When addressing service excellence and patient safety, DHC has acquired several well-regarded certifications, accreditations, and awards One of the first hospitals in Dallah Hospital laboratory Dallah Hospitals catering Saudi Arabia awarded JCI certified by the C
Slide 10: With +1,900 beds, DHC aims to further expand to meet future demand
Dallah Health Company Portfolio With +1,900 beds, DHC aims to further expand to meet future demand Combined current capacity at +1,900 beds across DHC's operational entities and investments Companies owned & operated by 540 300 200 274 180 134 4 3 DHC beds beds beds beds beds beds Location Cities Po
Slide 11: Ongoing Projects
Dallah Health Company Portfolio Ongoing Projects Dallah Al-Arid Hospital Wahat Al-Nakheel Real Estate Fund • Land: 45,000 sqm • DHC, Dallah Real Estate, Aljazira Capital, and Tatweer established a private real estate fund to own, develop and manage the Project • Built-up area: 87,300 sqm • Estimated
Slide 12: DHC's presence across the Kingdom of Saudi Arabia
Dallah Health Company Portfolio DHC's presence Al Khobar across the �)« Riyadh Al Hofouf Kingdom of ÷U�d�« ·uH�« Saudi Arabia Jeddah …b� Makkah W�dJ*« WJ� 11
Slide 13: Hajj 1447H season – Mena Hospital
Dallah Health Company Offered Services Hajj 1447H season – Mena Hospital 12
Slide 14: Array of medical services offered by DHC hospitals
Dallah Health Company Offered Services Array of medical services offered by DHC hospitals extends across various specialties, complemented by supplementary support services 207+ Medical specialties and subspecialties 4+ key Ancillary Services Medical services under the following therapy areas: Suppl
Slide 15: Q2-2026 witnessed 9% growth in number of patients Y-o-Y
Dallah Health Company Financial Performance Q2-2026 witnessed 9% growth in number of patients Y-o-Y, contributed by all 3 regions, 1/3rd of which came from Khobar and Ahsa Khobar near-term growth mainly driven by average bill as volume adjusts to a new insurance class Patient volume (in 000s) CAGR 1
Slide 16: DHC's Journey to Value-Based Healthcare
DHC’ Journey to Value-Based Healthcare DHC's is dedicated to leading the way in VBHC, ultimately delivering greater value and improved health outcomes for our patients Key initiatives: Pilot Programs Strategic Collaborations Future Focus • PROM & PREM with a Major Insurer • The Center for Value in H
Slide 17: DHC's future growth supported by well-defined 5-year strategy
Dallah Health Company Growth Strategy & Leadership DHC's future growth is supported by its well-defined 5-year strategy anchored around a coherent direction for the diversified portfolio Deep-dive included in the next slides Operating companies Investments Become a one-stop shop for VIP/A privately
Slide 18: To become a 'one-stop high-end' service provider
Dallah Health Company Growth Strategy & Leadership To become a 'one-stop high-end' service provider, DHC will selectively specialize as well as expand into clinics, telemedicine, post-acute care and homecare Value One-stop-shop high-end provider First point of contact from the cradle to the grave Pr
Slide 19: H1-2026 profitability impacted by higher financing cost below EBIT
Dallah Health Company Financial Performance H1-2026 profitability impacted by higher financing cost below EBIT line, expected to improve as debt load decreases starting Q3-2026 using DMRF sale proceeds Key consolidated Reported Reported Adjusted Adjusted financial results (SAR M) H1-25 H1-26 H1-25 H
Slide 20: Q2-2026 profitability healthy despite pressure in Central Region
Dallah Health Company Financial Performance Q2-2026 profitability healthy despite some pressure in the Central Region mainly driven by weaknesses in Care Shield and Dallah Pharma Key consolidated Reported Reported Adjusted Adjusted financial results (SAR M) Q2-25 Q2-26 Q2-25 Q2-26 Revenues 1,062 4%
Slide 21: Jun-26 balance sheet reflected higher working-capital requirements
Dallah Health Company Financial Performance Jun-26 balance sheet reflected higher working-capital requirements due to slower collections –expected to reverse starting H2-2026–, and higher inventories Balance sheet (SAR M) Dec-25 Jun-26 Inventories 360 11% 400 Trade receivables 1,196 27% 1,524 Proper
Slide 22: Capex and dividend disbursements financed through operating cash-flows
Dallah Health Company Financial Performance Capex and dividend disbursements during the period financed through operating cash-flows, net financing drawdowns, and decrease in cash balance Movement in Cash Balance: Jan-2026 to Jun-2026 (SAR M) Opening Cash Cash inflow from Cash outflow from Cash outf
Slide 23: Q2-2026 revenues matching the highest quarter in DHC's history
Dallah Health Company Financial Performance Q2-2026 revenues matching the highest quarter in DHC’s history Revenues (SAR M) OP Revenue IP Revenue Pharma Sales / Total Revenue (%) * (RHS) 800 27% 67.2% 65.0% 66.6% 700 746 64.6% 26.2% 707 61.8% 721 26% 656 654 600 25% 500 24.8% 23.8% 24.5% 38.1% 400 3
Slide 24: DHC maintained a broadly stable revenue mix across payers
Dallah Health Company Financial Performance DHC maintained a broadly stable revenue mix across payers Revenue by Payer (SAR M) H1-2026 vs H1-2025 75.2% 75.6% Total Revenue 1,595 1,433 8.3% 8.9% 13.7% 12.6% 2.7% 2.9% 2,121 H1-26 177 168 291 239 58 55 Insurance MOH Cash B2B medicine distribution 1,895
Slide 25: Q2-2026 revenue growth at 4.3% Y-o-Y
Dallah Health Company Financial Performance Q2-2026 revenue growth at 4.3% Y-o-Y, of which 3.7% (87%) from Khobar and Ahsa Revenues (SAR M) CAGR 18% 12% 4% 4,067 3,206 2,943 2,121 1,895 2,488 2,105 1,062 1,108 2021 2022 2023 2024 2025 H1-25 H1-26 Q2-25 Q2-26 24
Slide 26: Q2-2026 gross margin improved from Q1-2026
Dallah Health Company Financial Performance Q2-2026 gross margin improved from Q1-2026, in line with Q2-2025’s Gross Profit (SAR M) CAGR 18% 7% 3% 1,600 1600 1600 35.7% 40.0% 40.0% 40.0% 37.6% 35.4 35.0 36.1% 36.0% 36.7% 1,400 1,452 1400 35.5% 1400 % % 35.0% 34.0% 35.0% 35.0% 1,200 1200 1200 1,207 3
Slide 27: Adjusted EBIT margin in Q2-2026 unchanged Year-on-Year
Dallah Health Company Financial Performance Adjusted EBIT margin in Q2-2026 unchanged Year-on-Year Adjusted EBIT (SAR M) CAGR 1% 4% 18% 1000 1000 1000 25.0% 25.0% 900 900 900 21.0% 800 19.0% 800 20.0%800 20.0% 700 17.1% 15.7 16.1% 700 16.0% 700 15.7% 15.9% 15.9% % 16.0% 14.4% 600 646 600 15.0%600 15
Slide 28: Depr'n and Amort'n amounted to SAR 63.2m in Q2-2026
Dallah Health Company Financial Performance Depr’n and Amort’n amounted to SAR 63.2m in Q2-2026, increased 1.7% Y-o-Y Adjusted EBITDA (SAR M) CAGR 18% 5% 3% 1200 30.0% 1200 30.0% 1200 30.0% 1000 23.4% 25.0% 1000 25.0% 1000 25.0% 21.3% 21.4% 21.4% 21.6% 21.6% 21.4% 20.7% 20.3% 800 871 20.0% 800 20.0%
Slide 29: Adjusted Net Margin recovered in Q2-2026
Dallah Health Company Financial Performance Adjusted Net Margin recovered in Q2-2026 to near Q2-2025’s level, recovering from its Q1-2026 softness Adjusted Net Profit (SAR M) CAGR 13% (9%) 1% 800 800 800 19.0% 19.0% 19.0% 700 700 700 17.0% 17.0% 17.0% 15.1% 600 600 15.0% 15.0% 600 15.0% 13.1% 13.1%
Slide 30: Long-term deleveraging aim, with temporary debt surge
Dallah Health Company Financial Performance Long-term deleveraging aim, with temporary debt surge linked to growth through M&A and transitory working capital disruption DMRF sales proceeds expected to reduce financing cost by cSAR 25m in 2027 Net debt-to-EBITDA and Gearing ratio 3.7x 3.3x 2.6x 2.3x
Slide 31: ROE in 2026 expected to exceed its historical average
Dallah Health Company Financial Performance ROE in 2026 expected to exceed its historical average, boosted by non-recurring gain from DMRF sale in H2-2026 Return on Equity (SAR M) 14.2% 14.1% 14.3% 13.9% 13.9% 14.3% 11.8% 2021 2022 2023 2024 2025 H1-25 H1-26 30
Slide 32: Appendix – M&A Performance Analysis
Appendix – M&A Performance Analysis 1. MMC (Makkah Medical Center) 2. Dallah Clinics — Al-Arid 3. Dallah Al-Khobar Hospital 4. Dallah Al-Ahsa Hospital 5. Kingdom Hospital and Consulting Clinics (Care Shield Holding Company)
Slide 33: MMC (Makkah Medical Center)
MMC (Makkah Medical Center) M&A Performance Analysis Acquired in 2020, MMC witnessed an initial turnaround to profitability, leading to strong revenue and net profit growth in recent years, with CAGR of 25.5% and 46.5%, respectively 1 • Financial growth — YoY % (Revenue · Gross profit · Net profit),
Slide 34: Dallah Clinics — Al-Arid
Dallah Clinics — Al-Arid M&A Performance Analysis Acquired in 2022, patient visits jumped in the first year post-acquisition backed by the Dallah brand. Revenue CAGR at 70.4% and turnaround to profitability from 2025 1 • Financial growth — YoY % (Revenue · Gross profit · Net profit), and Gross & net
Slide 35: Dallah Al-Khobar Hospital
Dallah Al-Khobar Hospital M&A Performance Analysis Acquired in Mar-25, revenue growth is estimated at a compounded quarterly rate (Q1-25 to Q4-26) of 11.2%, driven by increased number of patients and average bill, supported by capacity expansion from Q3-2026 Resilient net profitability from Q4-2025,
Slide 36: Dallah Al-Ahsa Hospital
Dallah Al-Ahsa Hospital M&A Performance Analysis Acquired in Mar-25, revenue growth is estimated at a compounded quarterly rate (Q1-25 to Q4-26) of 5.9%, driven by increased number of patients and average bill, supported by additional clinics 1 • Financial growth — YoY % (Revenue · Gross profit · Ne
Slide 37: CSHC (Kingdom Hospital and Consulting Clinics)
CSHC (Kingdom Hospital and Consulting Clinics) M&A Performance Analysis Supported by its prime location, significant land holdings, strong expansion potential, and an established loyal patient base, Kingdom Hospital is expected to deliver its full potential –in line with other DHC turnarounds– once
Slide 38: Thank you
Thank you Contact Info.: Dallah Healthcare Company Number: +966 11 22 55 0 65 Email address: IR@dallahhealth.com
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