Slide 1: Netcare Limited Unaudited Interim Group Results
Netcare Limited Unaudited Interim Group Results For the six months ended 31 March 2026
Slide 2: Netcare's unique ecosystem of assets and services
Netcare’s unique ecosystem of assets and services 49 Acute hospitals Netcare Hospitals 9 860 Beds 10 Day clinics 15 Netcare Netcare Mental health 89 hospitals Netcare 911 911 Akeso bases ntred health a 1 094 ce nd Beds n ca so r re Pe 7 63 Netcare Netcare . Cancer care centres Primary providing radi
Slide 3: Solid financial performance leveraging off strategic projects
Solid financial performance leveraging off strategic projects R R Strong financial Operating leverage supported Maintained solid Returned R948m performance, underpinned by the Group’s growing ‘digital financial position, with to shareholders through by digitisation strategy, dividend’ and continued
Slide 4: Financial performance overview
Financial performance overview Revenue EBITDA EBITDA margin Adjusted HEPS Net debt / EBITDA Interim dividend R13 281m R2 501m 18.8% 71.7 cents 1.2x 44.0 cents ▲ 4.8% ▲ 6.6% ▲ 30 bps ▲ 21.9% H1 2025: 1.2x ▲ 22.2% 4
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 1 173 189 1 043 832 129 357 65.0% 64.4% 70.0% ▲ 0.7% ▲ 0.4% ▲ 3.4% Average acute hospital occupancy (%) Averag
Slide 7: Hospital and emergency services
Hospital and emergency services Rm H1 2026 H1 2025 % Revenue 12 983 12 347 5.2 EBITDA 2 429 2 266 7.2 Operating profit 1 757 1 624 8.2 EBITDA margin (%) 18.7 18.4 Operating profit margin (%) 13.5 13.2 Revenue EBITDA margin Growth in clinicians ▲ 0.4% acute paid patient days ▲ 30 bps to 18.7% (H1 202
Slide 8: Primary Care
Primary Care Rm H1 2026 H1 2025 % Underlying1 % Revenue 303 337 (10.1) 8.6 EBITDA 72 81 (11.1) 12.5 Operating profit 29 39 (25.6) EBITDA margin (%) 23.8 24.0 Operating profit margin (%) 9.6 11.6 Revenue EBITDA Occupational health Decline vs. comparative period Underlying EBITDA grew by 12.5% Occupat
Slide 9: Operational division highlights
Operational division highlights Virtual Emergency Medical Services with 24/7 access to Advanced Life Support paramedics in a simulation laboratory who provide real-time simulated guidance using telemetric clinical indicators New 87-bed Netcare Akeso Polokwane facility commissioned in March 2026; new
Slide 10: Financial Review
Financial Review 10
Slide 11: Group financial overview
Group financial overview Robust financial performance and strong financial position EBITDA margin expansion Strong growth in adjusted HEPS from and solid operating leverage improved operational performance aided by digital benefits and lower weighted average number of shares R R Maintained strong fi
Slide 12: Operating leverage and cash generation profile
Operating leverage and cash generation profile Achieved further operating leverage and maintained comfortable net debt balances Revenue (Rm) EBITDA1 (Rm) ▲ 4.8% ▲ 6.6% 11 537 12 162 12 034 13 168 12 677 13 667 13 281 2 015 2 100 2 167 2 363 2 347 2 565 2 501 H1 2023 H2 2023 H1 2024 H2 2024 H1 2025 H
Slide 13: Summarised Group statement of profit or loss
Summarised Group statement of profit or loss Rm H1 2026 H1 2025 % ▲ 30 basis points in EBITDA margin to Revenue 13 281 12 677 4.8 18.8% from 18.5% EBITDA 2 501 2 347 6.6 Strategic costs of R23m (H1 2025: R31m) Operating profit 1 786 1 663 7.4 Net financial expenses driven by lower cost of debt on hi
Slide 14: Headline earnings per share (HEPS), dividends and share buybacks
Headline earnings per share (HEPS), dividends and share buybacks Cents per share H1 2026 H1 2025 % Share buybacks To FY 2025 H1 2026 H2 20261 Total HEPS 71.6 59.1 21.2 Number of 149.0 21.6 11.1 181.7 shares (m) Adjusted HEPS 71.7 58.8 21.9 Ave market Interim dividend 44.0 36.0 22.2 1 269 1 618 1 723
Slide 15: Summarised Group statement of financial position
Summarised Group statement of financial position Rm 31 Mar 2026 30 Sep 2025 Assets Our policy PPE1, goodwill and intangible assets 17 060 17 141 Netcare’s policy on capital structure is to maintain a strong statement of financial Right of use assets 4 169 4 308 position and to retain an investment g
Slide 16: Debt position
Debt position Rm 31 Mar 2026 30 Sep 2025 31 Mar 2025 Interest environment Gross debt1 8 092 7 367 6 924 • 27.2% of gross debt at fixed rates • Average cost of debt of 8.2% (H1 2025: 8.9%) Cash (1 985) (1 889) (1 298) Net debt 6 107 5 478 5 626 GCR credit rating retained • Long term AA- Net debt to E
Slide 17: Debt facilities
Debt facilities Access to R3.0bn cash and committed facilities with manageable maturity profile Cash and debt facilities (Rm) Debt1 maturity profile (Rm) 1 050 1 900 1 900 1 983 1 985 1 500 750 3 467 - H2 2026 FY 2027 FY 2028 FY 2029 FY 2030 FY 2031 Uncommitted facilities Committed facilities Cash 1
Slide 18: 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
Slide 19: Digital, data and AI strategy update
Digital, data and AI strategy update 19
Slide 20: Global AI market size
AI is no longer an optional innovation. It is becoming essential healthcare infrastructure Global healthcare AI landscape 24.7% near-term surge Additional hospitals deploying EMR1-integrated Al tools within 12 months 31.5% current adoption Global Al market size US hospitals actively using generative
Slide 21: Netcare's position in the global healthcare AI landscape
Netcare’s position in the global healthcare AI landscape Trust in healthcare is fracturing globally of citizens feel their country 63% is divided on health issues Doctors remain #1 trusted Global decline in trust in media health health voice globally barometer 11% reporting since 2019 AI is seen as
Slide 22: 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 1 2 3 Digitally Data and Person centred PHASE THREE PHASE TWO AI driven health and care PHASE ONE enabled Timeline Timeline Timeline Timeline 4 – 6 years to April 2024 2 – 3 years
Slide 23: Ongoing operational efficiencies
Ongoing operational efficiencies Widening the digital divide and expanding the digital dividend Rm Rollout capex to April 2024 320 Implementation opex to April 2024 350 Total cost of implementation 670 Cash savings and cost avoidance (gross) FY 2022 37 FY 2023 104 FY FY FY FY FY FY FY FY FY FY FY FY
Slide 24: AI driven clinical safety
AI driven clinical safety Predictive intelligence at the bedside Enterprise-wide deployment of Sepsis prediction (qSOFA) Corsano CardioWatch across 6 000 AI neural network using real-time vital signs to detect life-threatening general ward beds in all acute hospitals sepsis hours before onset, reduc
Slide 25: Maintaining the human touch in clinical care
Maintaining the human touch in clinical care AI-driven ambient listening and dictation Healthcare is no longer just being evaluated Introducing AI-driven AI clinical assistants against healthcare; it is being evaluated ambient listening and Evolving to prepare referral against the rest of a person’s
Slide 26: Patient experience – meeting the intelligent health consumer
Patient experience – meeting the intelligent health consumer The Netcare app Before During After hospital admission discharge • Netcare 911 geolocation • Unlimited free Wi-Fi • Recovery guide • Specialist and GP finder • Comprehensive hospital • Access to health records • Appointment booking guide •
Slide 27: Translating simple images into AI driven nutritional insights
Translating simple images into AI driven nutritional insights Helping you feel more confident about the everyday meals you choose 01 Pick your meal 02 Snap your 03 Discover smart or snack meal or snack nutritional insights 27
Slide 28: Expanding our continuum of care strategy
Expanding our continuum of care strategy Strategic investment in Quro Medical A digital healthcare company with globally competitive proprietary technology Built on QM Insight platform 1st virtual hospital in Africa Hospital-at-Home Transitional Care Programme In-hospital continuous monitoring Selec
Slide 29: Digital EMR platforms
Digital EMR platforms Netcare’s data and AI foundation Drug safety • Access to world’s largest drug database DataDoc (Micromedix) • Prescription checking in 2 milliseconds • Analytics platform enabling • Reduces prescribing errors and adverse sophisticated analysis drug interactions AI clinical deci
Slide 30: Responsible AI
Responsible AI Governance, regulation and workforce trust AI adoption is a leadership challenge, not a technical challenge Regulatory Workforce Patient compliance trust data ethics • SAHPRA applications filed for AI • Clinicians and nurses involved in AI • POPIA-compliant data architecture clinical
Slide 31: Widening the digital divide
Widening the digital divide FY 2026 priorities Person centred health and care · Digitally enabled · Data and AI driven 01 02 03 04 05 Clinical safety Clinician experience Regulatory Patient engagement Funder centricity Enterprise-wide Ambient SAHPRA approval of Netcare Funder digital rollout of Cors
Slide 32: Environmental sustainability
Environmental sustainability 32
Slide 33: Africa's largest healthcare environmental sustainability programme
Africa's largest healthcare environmental sustainability programme Rapidly reducing Netcare’s reliance on Eskom's coal-fired power stations Energy through the deployment of renewable energy Stage 1 Stage 2 Stage 3 Overall usage Solar PV systems installed across Wind power in place from September 202
Slide 34: Africa's largest healthcare environmental sustainability programme
Africa's largest healthcare environmental sustainability programme Water Waste Accolades 30% reduction in 41% of 85% of general 2025 global winner freshwater consumption, healthcare risk waste recycled of AEE2 Award surpassing 2030 target waste diverted and re-purposed from landfill 54 Water filtrat
Slide 35: Guidance
Guidance 35
Slide 36: Guidance
Guidance Paid patient days1 Revenue Acute: ▲ 0.3% - 0.8% ▲ 4.0% to 4.8% vs. FY 2025 Total: ▲ 1.1% – 1.6% vs. FY 2025 EBITDA margin Capex Normalised EBITDA FY 2026: margins will benefit R1.9bn including from operational expansionary capex efficiencies, off of R566m high FY 2025 base of 18.6% 36 1 Nor
Slide 37: Netcare Limited
Netcare Limited Unaudited Interim Group Results For the six months ended 31 March 2026 37
Slide 38: Annexures
Annexures
Slide 39: 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 Shares repurchased (35 591 034) (35 591 034) Shares vested (SIP1 and HPFL2) 5 648 503 5 648 503 Shares c
Slide 40: Normalised H1 2026 occupancy and PPD
Normalised H1 2026 occupancy and PPD Total Normalised1 Total occupancy (%) 64.6 65.0 Occupancy (full week) - acute hospital (%) 64.0 64.4 Occupancy (weekday) - acute hospital (%) 68.7 69.1 Occupancy (full week) - mental health (%) 70.0 70.0 Percentage change in PPD: Total (%) 0.8 0.7 Acute hospitals
Slide 41: Acute hospital occupancy range
Acute hospital occupancy range Number of beds in use by occupancy H1 2025 H1 2026 11% 8% 31% 39% 62.8% 32% 64.0% 34% Total acute hospital Total acute hospital occupancy1 occupancy1 24% 21% >70% 61% - 70% 51% - 60% <=50% >70% 61% - 70% 51% - 60% <=50% 1 In early December 2024, a fire occurred at the