Pure Health Holding Pjsc · ADX:PUREHEALTH
Pure Health Holding Pjsc — PureHealth — FY2025 Earnings Presentation
50 slides from Pure Health Holding Pjsc's earnings presentation, February 2026
Slide 1: Earnings Presentation FY 2025
Earnings Presentation FY 2025 February 2026
Slide 2: Disclaimer
Disclaimer + This presentation has been prepared by PureHealth (the “Company”) for general use only and is not necessarily comprehensive as it has not been independently verified, nor is it considered or constitutes part of any invitation or inducement to engage in any investment activity, nor does
Slide 3: Contents
Contents Performance and Operational Highlights 4 Overview & Strategy 9 Our Operating Model Driving Synergies 11 Strategic Execution & Value Creation 14 Circle’s Turnaround: Deep Dive 19 Segment Review 25 Financial Review 33 Outlook & Guidance 40 Appendix 42
Slide 4: A Transformation Leader Across Healthcare and Insurance
FY 2025 Earnings Presentation A Transformation Leader Across Healthcare and Insurance Expanding our Footprint, Deepening our Market Leadership UAE’s Largest UK’s Largest Largest Private Healthcare UAE’s Largest Healthcare Group Private Healthcare Group Group in Greece & Cyprus Health Insurer Circle
Slide 5: FY 2025 Performance Highlights
FY 2025 Earnings Presentation FY 2025 Performance Highlights Strong full-year performance, reflecting broad-based momentum across both Care and Cover verticals. PureHealth’s Board recommends a dividend of AED 600.6 million, equivalent to 30% of distributable Net Profit. Group Financial Results (YoY)
Slide 6: FY 2025 Key Operational Highlights
FY 2025 Earnings Presentation FY 2025 Key Operational Highlights Driving strategic growth through transformation, operational efficiencies, tech-enablement and targeted acquisitions. Care (Healthcare) Expansion of Advanced Specialized Development of Specialized Centers & Expanded Patient Care Capaci
Slide 7: FY 2025 Key Operational Highlights
FY 2025 Earnings Presentation FY 2025 Key Operational Highlights Driving strategic growth through transformation, operational efficiencies, tech-enablement and targeted acquisitions. Care (Healthcare) Cover (Insurance) Strategic Partnerships Circle Health Capacity Expansion Acquisition of HHG Daman
Slide 8: FY 2025 Key Operational Highlights
FY 2025 Earnings Presentation FY 2025 Key Operational Highlights Driving strategic growth through transformation, operational efficiencies, tech-enablement and targeted acquisitions. Care (Healthcare) Cover (Insurance) MENA’s Largest AI-powered Rafed’s Landmark Partnerships Advancing AI, Automation
Slide 9: Overview & Strategy
Overview & Strategy
Slide 10: Strategy Focused on Growth, a Patient-Centered Ecosystem and Technological Enablement
FY 2025 Earnings Presentation Strategy Focused on Growth, a Patient-Centered Ecosystem and Technological Enablement Solidify Growth Unlocking Growth Through Strategic Expansions In Core Platforms Digital and AI Enablement through M&A • Market share expansion across key • Monetizing patient ecosystem
Slide 11: Our Operating Model Driving Synergies
Our Operating Model Driving Synergies
Slide 12: UAE's Largest Integrated Healthcare Network: Value Proposition and Unique Model
FY 2025 Earnings Presentation UAE’s Largest Integrated Healthcare Network: PureHealth’s Value Proposition and Unique Model Insurance & Financing 1 2 3 DIGITAL FRONT DOOR PRIMARY CARE NETWORK TERTIARY CARE NETWORK • Centralized Digital Access and Customer Stickiness • First Contact Point with Wide Ne
Slide 13: Platform Synergies Through a Horizontal and Vertical Ecosystem
UAE CARE UAE COVER INTERNATIONAL FY 2025 Earnings Presentation CARE Platform Synergies Through a Horizontal and Vertical Ecosystem PureHealth is an Integrated Operating Platform In progress with strategy, performance management and value creation driven centrally and executed consistently In progres
Slide 14: Strategic Execution & Value Creation
Strategic Execution & Value Creation
Slide 15: UAE Care – Executing for Scale, Complexity, and Returns
FY 2025 Earnings Presentation UAE Care – Executing for Scale, Complexity, and Returns 2025 KPIs (YoY) + 15 % + 14 % + 8 % + 10 % OP Volumes IP volumes Revenue1 EBITDA Strategic Focus 2025 Delivered • Network Optimization: Delivered strong volume growth and utilization recovery across SEHA through st
Slide 16: UAE Cover – Scaling a Resilient, High-Performance Insurance Platform
FY 2025 Earnings Presentation UAE Cover – Scaling a Resilient, High-Performance Insurance Platform 2025 KPIs (YoY) + 9 % + 7 % + 6 % + 13 % + 53 % GWP Claims Processed Members Insured Revenue Net Profit Strategic Focus 2025 Delivered • Profitable Scaling: Delivered YoY growth in GWP and Strengthen t
Slide 17: International – Scaling Platforms and Unlocking Value Through Integration
FY 2025 Earnings Presentation International – Scaling Platforms and Unlocking Value Through Integration 2025 KPIs (YoY) +21 % + 20 % + 19 % Total Patient Interactions Revenue EBITDA Strategic Focus 2025 Delivered • Platform Expansion: Finalized HHG acquisition and bolt-on Build Scaled International
Slide 18: Disciplined M&A Creating a Global Integrated Platform
FY 2025 Earnings Presentation Disciplined M&A Creating a Global Integrated Platform Executing a Clear Buy-and-Build Strategy for Value Accretive M&A and Bolt-ons Strategic rationale for international expansion… Growth • Scalable, growth and margin-accretive markets • Favourable demographics and risi
Slide 19: Circle Health Turnaround: Deep Dive
Circle Health Turnaround: Deep Dive
Slide 20: Circle Turnaround: Shift to High-Acuity, Profitable Specialist Services
FY 2025 Earnings Presentation Circle Turnaround: Executing a Strategic Shift from General Elective Care to High- Acuity, Profitable Specialist Services +8% 6,458 +9% 6,006 + AED 1 Bn Revenue Revenue growth (AED M) 5,505 in 2 Years FY 2023 FY 2024 FY 2025 +214% 166 Impact of UK budgetary changes on N
Slide 21: Moving From a General Elective Provider to a High-acuity Platform
FY 2025 Earnings Presentation Moving From a General Elective Provider to a High-acuity, Technology-led Specialist Platform Service and Capacity Expansion Inorganic (Buy and Build via Bolt-on Acquisitions) • Acquired Fairfield Independent Hospital (28 beds, 2 theatres) and Meriden Hospital Advanced I
Slide 22: High-Acuity Growth Through Clinical Excellence
FY 2025 Earnings Presentation Moving From a General Elective Provider to a High-acuity, Technology-led Specialist Platform High-Acuity Growth Through Clinical Excellence • Strategic pivot to higher-acuity, higher-margin specialties including orthopaedics, cardiology, oncology, robotics and complex g
Slide 23: Margin Expansion Through Integration and Productivity
FY 2025 Earnings Presentation Moving From a General Elective Provider to a High-acuity, Technology-led Specialist Platform Margin Expansion Through Integration and Productivity • Portfolio-wide operational optimisation, driven by standardisation and procurement efficiencies • Case-mix shift, workfor
Slide 24: Circle and PureHealth Group Synergies
FY 2025 Earnings Presentation Circle and PureHealth Group Synergies Integrating Group capabilities to drive cost efficiency, clinical depth, and platform scale Governance & Strategy Technology & Digital People & Organisation • Reconstituted the Board and • PureNet as the digital healthcare • Physici
Slide 25: Segment Review
Segment Review
Slide 26: Care: Strong Growth Across Key Metrics
FY 2025 Earnings Presentation Care: Strong Growth Across Key Metrics Healthcare Outpatient Volumes Inpatient Volumes (in Thousands) (in Thousands) +22% 250 +17% 9,743 205 +60% 85 53 8,359 Q4 2024 Q4 2025 FY 2024 FY 2025 +28% 2,958 Radiology Volumes (in Thousands) +11% 2,196 +13% 579 1,986 2,310 512
Slide 27: UAE Care: c.1 Million Outpatients Volume Growth
FY 2025 Earnings Presentation UAE Care: c.1 Million Outpatients Volume Growth Covering both Citizens and Expats Healthcare Outpatient Volumes Surgeries Volumes (in Thousands) +15% 7,330 +17% 73,321 6,356 62,708 +15% +18% 19,141 2,082 1,818 16,226 Q4 2024 Q4 2025 FY 2024 FY 2025 Q4 2024 Q4 2025 FY 20
Slide 28: Continued Investment in Bed Capacity across Abu Dhabi Emirate
FY 2025 Earnings Presentation Continued Investment in Bed Capacity across Abu Dhabi Emirate Inpatient Operational Bed Capacity & Occupancy across the Emirate of Abu Dhabi (Licensed Capacity: c. 4,000 beds within the Emirate of Abu Dhabi) 77.5% +10.5 80% pp 2,900 75.1% FY23-25 2,827 75% 2,800 70% 67.
Slide 29: UAE Care: Strong Growth Across Key Metrics
FY 2025 Earnings Presentation UAE Care: Strong Growth Across Key Metrics Healthcare UAE Radiology Volumes UAE Lab Volumes (in Thousands) (in Millions) +14% 1,497 +18% 409 346 1,316 +17% 34.0 +15% 8.6 Q4 2024 Q4 2025 FY 2024 FY 2025 29.0 UAE Prescriptions Dispensed 7.5 (in Thousands) +22% 3,010 +11%
Slide 30: UAE Care: Patient-Driven Growth Supported by Service Expansion
FY 2025 Earnings Presentation UAE Care: Patient-Driven Growth Supported by Service Expansion Healthcare Normalized Revenue (in AED Mn) Commentary • UAE Care delivered normalized revenue1 of AED +8% 14.0bn in FY 2025, up 8% year-on-year, with Q4 2025 +5% revenue of AED 3.7bn, representing 5% YoY grow
Slide 31: International Care: Robust Growth in Core Specialties
FY 2025 Earnings Presentation International Care: Robust Growth in Core Specialties Healthcare Total Patient Interactions1 Revenue (in Thousands) (in AED Mn) +80% +21% +57% +20% 7,200 2,500 6,006 917 2,390 2,066 1,519 508 Q4 2024 Q4 2025 FY 2024 FY 2025 Q4 2024 Q4 2025 FY 2024 FY 2025 Commentary EBI
Slide 32: Cover: Strong Results Across All Metrics
FY 2025 Earnings Presentation Cover: Strong Results Across All Metrics Insurance Gross Written Premium Claims Processed Members Insured (in AED Bn) (in Thousands) (in Millions) +9% 7,552 +7% 56,143 52,586 6,947 +6% 3.4 3.2 FY 2024 FY 2025 FY 2024 FY 2025 Solvency Ratio % Investment Income (in AED M)
Slide 33: Financial Review
Financial Review
Slide 34: Group: Robust Revenue Growth Trajectory with Higher Margins
FY 2025 Earnings Presentation Group: Robust Revenue Growth Trajectory with Higher Margins Commentary AED Mn Q4 2024 Q4 2025 Δ% FY 2024 FY 2025 Δ% • Group revenue maintained strong momentum through Q4, underpinning a solid FY 2025 performance. Hellenic Healthcare Group contributed AED 742 million to
Slide 35: Care: Revenue & EBITDA Growth Supported by Capacity Expansion
FY 2025 Earnings Presentation Care: Revenue & EBITDA Growth Supported by Capacity Expansion Healthcare Commentary AED Mn Q4 2024 Q4 2025 Δ% FY 2024 FY 2025 Δ% • Care revenue grew by over 3% YoY in FY 2025, driven by higher patient and diagnostics volumes, supported through ongoing capacity and servi
Slide 36: Cover: Sustained Revenue Growth with Strong Margins Improvement
FY 2025 Earnings Presentation Cover: Sustained Revenue Growth with Strong Margins Improvement Insurance Commentary AED Mn Q4 2024 Q4 2025 Δ% FY 2024 FY 2025 Δ% • Insurance segment growth delivered strong growth in FY 2025, driven by solid renewal activity and continued new-customer acquisition, unde
Slide 37: Strong Growth in Free Cash Flow
FY 2025 Earnings Presentation Strong Growth in Free Cash Flow AED Mn FY 2024 FY 2025 Working Capital Changes FY 2025 EBITDA 4,119 4,781 (in AED Mn) 1 Change in Net Working Capital 122 (605) Inventories (149) Other operating activities (21) 754 Due from related parties (453) Trade and other receivabl
Slide 38: Strong Financial Position Supporting Strategic, Value-Driven Investments
FY 2025 Earnings Presentation Strong Financial Position Supporting Strategic, Value-Driven Investments Commentary Total Assets (AED Bn) Cash & Bank Balance (AED Bn) Net Debt / EBITDA • The balance sheet remains strong, with a Net Debt to EBITDA ratio of 2.5x 57.2 7.7 2.5x • The Group proactively str
Slide 39: Balanced Approach to Capital Allocation Driving Long-Term Value Creation
FY 2025 Earnings Presentation Balanced Approach to Capital Allocation Driving Long-Term Value Creation Shareholder Returns Inorganic Growth 1 Disciplined Capital Return Policy Clear Strategy to Drive Value Accretive M&A • Pursuing disciplined M&A and Bolt-on to enhance the platform Target annual cas
Slide 40: Outlook & Guidance
Outlook & Guidance
Slide 41: Medium-Term Strategic and Financial Targets
FY 2025 Earnings Presentation Medium-Term Strategic and Financial Targets 2 Revenue International Care: EBITDA CAPEX as % Net Debt Dividend 1 Growth Revenue Share Margin of Revenue / EBITDA Payout Ratio FY 2025 +5.7% 26.4% 19.5% 4.0% 2.5x 30% Medium-Term Mid-to-High Targets Teens c. 50% Low 20s <5%
Slide 42: Appendix
| F ih 8 SS i rrr Appendix
Slide 43: Overview of Our Integrated Portfolio of Healthcare Assets
FY 2025 Earnings Presentation Overview of Our Integrated Portfolio of Healthcare Assets Care (Healthcare) Cover (Insurance) Hospitals Diagnostics Procurement Technology Health Insurance 1 FY 2025 Segment Value & Contribution in % Revenue AED 20,524 Mn (58%) AED 1,139 Mn (3%) AED 5,360 Mn (15%) AED 6
Slide 44: Built to Scale: A Platform for Global Growth and Strategic Value Creation
FY 2025 Earnings Presentation Built to Scale: A Platform for Global Growth and Strategic Value Creation Enabling Expansion through Clinical Excellence, Cost Synergies, and Strategic Positioning Digital Infrastructure • Positioning PureHealth as a Clinical & Digital Uplift world-class, future-ready h
Slide 45: Continued International Expansion via Strategic Entry into Greece and Cyprus
FY 2025 Earnings Presentation Continued International Expansion via Strategic Entry into Greece and Cyprus Successful Completion of the HHG Acquisition, Consolidated from Q4 2025 Largest Private Healthcare Operator in Greece & Cyprus 35% 24% Shareholding Structure Market Share Market Share About HHG
Slide 46: Breakthrough Complex Care with Strong Clinical Performance
FY 2025 Earnings Presentation Breakthrough Complex Care with Strong Clinical Performance Transplants Microvascular Free-Tissue Transfer 33 Liver and 130 Kidney Transplants carried out in 2025 with a Reconstruction of complex head and neck defects using advanced total of 794 Kidney Transplants since
Slide 47: Balance Sheet
FY 2025 Earnings Presentation Balance Sheet AED Mn FY 2024 FY 2025 Δ% Total Non-Current Assets 25,844 37,141 44% Right of use assets 11,019 12,671 15% Intangible Assets 8,644 12,568 45% Property & equipment 3,277 7,397 126% Other non-current assets 2,904 4,504 55% Total Current Assets 22,731 20,021
Slide 48: Income Statement
FY 2025 Earnings Presentation Income Statement AED Mn Q4 2024 Q4 2025 Δ% FY 2024 FY 2025 Δ% Revenue 6,892 7,211 +4.6% 25,848 27,312 +5.7% Cost of sales (5,654) (5,600) -1.1% (19,202) (20,579) +7.2% Gross profit 1,238 1,611 +30.1% 6,646 6,733 +1.3% G&A expenses incl. selling & distribution (1,150) (1
Slide 49: Cash Flow Statement
FY 2025 Earnings Presentation Cash Flow Statement AED Mn Q4 2024 Q4 2025 Δ% FY 2024 FY 2025 Δ% Net Profit for the period before tax 250 498 +99% 1,778 2,242 +26% Non-cash Adjustments 747 945 +26% 2,511 2,629 +5% 1 Working Capital Changes 2,643 1,798 -32% 122 -605 -597% Employees’ end of service bene
Slide 50: Investor Relations
Investor Relations purehealth.ae/investor-relations ir@purehealth.ae