Amanat Holdings Pjsc · DFM:AMANAT
Amanat Holdings Pjsc — 9M 2025 Earnings Presentation
29 slides from Amanat Holdings Pjsc's earnings presentation, November 2025
Slide 1: Amanat Earnings Presentation 9M 2025 Financial Results
Amanat Invest . Grow . Impact Earnings Presentation QM 2025 Financial Results November 2025
Slide 2: Disclaimer
Disclaimer Important Information Upon receipt of this Earnings Presentation, the accompanying Press Release to Invest, or any oral presentation relating thereto (collectively, the “Information”), and confirmation of subscription to the Offer Shares, you irrevocably agree to be bound by the following
Slide 3: Table of Contents
> Table of Contents 01 02 03 Executive Summary pg.4 Healthcare Update pg.9 Education Update pg. 12 04 05 06 Financial Highlights pg. 18 Recap pg. 22 Appendix pg. 24 Amanat 9M 2025 Financial Results ll 3
Slide 4: Executive Summary
Executive Summary Amanat 9M 2025 Financial Results ll 4
Slide 5: Key Highlights | strong execution on growth strategy
> Key Highlights | strong execution on growth strategy Continued strong progress across Healthcare and Education, reflecting ongoing delivery on Amanat’s long-term strategy and monetization objectives es — Strong financial performance in 9M25, with Revenue and EBITDA from continuing operations up 15
Slide 6: Company Overview | Market-leading Healthcare and Education businesses
> Company Overview | Market-leading Healthcare and Education businesses Established market-leading businesses across Healthcare and Education in the UAE and KSA with monetization opportunities progressing well Cambridge Health Group #1 Provider of Post-Acute Care in the GCC SPP wtieancens Z% CAMBRID
Slide 7: Company Overview | AED 2.6 billion in AUM with AED 0.9 billion of cash
> Compa ny Overview | AED 2.6 billion in AUM with AED 0.9 billion of cash and further funds available for deployment Investment Breakdown AUM by Portfolio Company ———— __ AUM by Sector / (AED) \ \ y, CHG L, 7 = Healthcare Ne = Education wy Fra] Ae AUM by Geography — Almasar Alshamil Education =] MDX
Slide 8: Financial Performance Snapshot
> Financial Performance Snapshot | Revenue from continuing operations increased 15% YoY, with EBITDA from continuing operations up 49% YoY GROUP PROFIT GROUP REVENUE FROM GROUP EBITDA FROM BEEOREE ATOM GROUP PROFIT FROM CONTINUING OPERATIONS CONTINUING OPERATIONS PONTINUINGIORET eT Ione CONTINUING O
Slide 9: Healthcare Update
Healthcare Update Amanat 9M 2025 Financial Results ll 9
Slide 10: Healthcare Strategy | Development pipeline to deliver over 1,000 beds
Healthcare Strategy | Development pipeline to deliver over 1,000 beds in the medium-term to help address growing care demand ~~ —_ _ Expand outpatient revenues Continue to diversify into complementary service lines such as orthopedics and mental health Enter into further referral agreements with Acu
Slide 11: UAE KSA
▪ ▪ 75 63 ▪ ▪ ▪ ▪ 3.5 3.3 ▪ 2.1 2.0 37 45 ▪ UAE KSA 9M24 9M25 11
Slide 12: Education Update
Education Update Amanat 9M 2025 Financial Results ll 12
Slide 13: Almasar Alshamil Education announced Intention to Float on the Saudi Exchange
In October, Almasar Alshamil Education announced its Intention to Float on the Saudi Exchange at a valuation of SAR 2.0 billion with a total offering size of SAR 599 million > Education Strategy | The region’s first integrated education business \ Ramp-up Launch new Grow enrollments New existing fac
Slide 14: Education | Strong growth in number of students and beneficiaries
al > Education | Strong growth in number of students and beneficiaries i—1 3 Universities and 14 SEN Schools, 39 daycare and rehab centers c. 28K Students and Beneficiaries AED 216.3 MN EBITDA REVENUE AED MN =HDC Strategic Update Total students and beneficiaries rose 22% YoY to a record 28.0k, drive
Slide 15: Middlesex University Dubai
> Middlesex University Dubai Date of Acquisition August 2018 Investment AED 419 MN Specialization Undergraduate & Postgraduate 1 University (2 campuses) Au c. 6.4K Students AED 61.7 MN EBITDA | Operational Highlights Delivered 12% YoY student growth with international students growing 39% YoY now co
Slide 16: Human Development Company
> Human Development Company October 2022 Investment AED c. 262 MN Specialization Care Date of Acquisition Special Education and 14 Schools, 39 daycare and rehab centers c. 8.0K Beneficiaries AED 56 MN EBITDA | Operational Highlights | Number of beneficiaries increased by 25% YoY to c. 8.0k: © Daycar
Slide 17: NEMA Holding
> NEMA Holding Date of Acquisition March 2018 Investment AED 330 MN Specialization Undergraduate & Postgraduate; Corporate Training 2 Universities (5 campuses) c. 13.6K Students AED 140.4 MN EBITDA | Operational Highlights 25% increase in student numbers across Abu Dhabi University and Liwa Universi
Slide 18: Financial Highlights
Financial Highlights Amanat 9M 2025 Financial Results ll 18
Slide 19: Statutory Profit and Loss
> Statutory Profit and Loss Continuing Operations Revenue 541.9 622.1 15% Direct Costs (316.4) (376.4) (19)% Gross Profit 225.5 245.8 9% General, Selling and Admin Expenses (172.4) (203.3) (18)% Share of Result of Associate 13.1 25.6 95% Income from Finance Lease 24.0 20.3 (16)% Gain on Disposal of
Slide 20: Statutory Consolidated Balance Sheet | Selected highlights
> Statutory Consolidated Balance Sheet | Selected highlights = Total assets increased 1% to AED 3,966.5 million, Pl id E t 625.7 645.1 roperty and Equipmen reflecting continued investment and strong Right-of Use-Assets 72.5 198.3 15% liquidity Goodwill and Intangible Assets 1,394.8 1,386.4 (N% * Pro
Slide 21: (6) ▪ (57) (40) (81) (4) ▪ ▪ ▪ ▪ ▪
453 911 (6) 125 ▪ 18 503 (57) (40) (81) (4) ▪ ▪ ▪ ▪ ▪ 21
Slide 22: Amanat
Amanat 9M 2025 Financial Results
Slide 23: Recap | Capturing Opportunities in the GCC Healthcare and Education Sectors
| Capturing Opportunities in the GCC Healthcare and Education Sectors Strong financial performance in 9M25 with revenue and EBITDA from continuing operations up 15% and 49% YoY, respectively Bed capacity reaching 715 beds and on track to exceed 1,000 beds in the medium term Record enrollments at edu
Slide 24: Appendix
Amanat 9M 2025 Fi
Slide 25: Identify & Invest, Grow, Monetize
Invest in and grow market leading companies in attractive sectors with strong structural growth trends and explore opportunities for value creation and monetization Identify & Invest Grow Monetize Identify cash flow generating assets in Establish businesses by developing and Actively explore busines
Slide 26: Trading Comparables | Regional comparables trading at c. 8.5x EV / EBITDA
> Trading Comparables | Regional comparables trading at c. 18.5x EV / EBITDA Q3 2025 LTM EBITDA from Continuing Operations AED 381 MN Trading Comparables ompany Dr. Sulaiman Al Habib Medical Source: S&P Capital IQ as of 30 September 2025 Comparable Trading Multiples ‘ HC 32.8x 40.1x Services Group (
Slide 27: Financial Performance | Detailed Profit and Loss
> Financial Performance | Detailed Profit and Loss AED MN 9M-24 9M-25 Change Middlesex University Dubai 34.4 46.4 35% NEMA Holding 16.3 278 1% Human Development Company 19.4 18.9 (2)% North London Collegiate School - Real Estate (Rental Income) 219 18.4 (16)% North London Collegiate School - Real Es
Slide 28: Financial Performance | Detailed Profit and Loss by Quarter
> Financial Performance | Detailed Profit and Loss by Quarter AED MN 10-24 20-24 3Q-24 40-24 FY 24 19-25 2@-25 _3@-25 [ 9M-25 Middlesex University Dubai 227 269 (15.2) 25.5 598 274 34.5 (15.5) 46.4 NEMA Holding 39 123 04 7.2 33.4 64 18.8 29 278 Human Development Company 12.6 4.0 28 235 42.9 12.6 43
Slide 29: Investor Relations Contact
James Anderson | Teneo investor.relations@amanat.com investor.relations@amanat.com 29