Amanat Holdings Pjsc · DFM:AMANAT
Amanat Holdings Pjsc — H1 2025 Earnings Presentation
30 slides from Amanat Holdings Pjsc's earnings presentation, August 2025
Slide 1: Amanat H1 2025 Financial Results
Amanat Invest . Grow . Impact Earnings Presentation H1 2025 Financial Results August 2025 ar and defensive sectors avy (9
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. 10 Education Update pg. 13 04 05 06 Financial Highlights pg. 19 Recap pg. 23 Appendix pg. 25 Amanat H1 2025 Financial Results ll 3
Slide 4: Executive Summary
Executive Summary Amanat H1 2025 Financial Results ll 4
Slide 5: Key Highlights | Strong momentum on value creation strategy
> Key Highlights | Strong momentum on value creation strategy Significant progress on growth strategy, with strong performance in Education and steady progress in Healthcare, while actively exploring monetization opportunities es = Strong financial performance in 1H25, with revenue and EBITDA from c
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 that have the potential for monetization in the near term Healthcare #1 Provider of Post-Acute Care in the GCC Cambridge \(@ AUM - AED 1.4 BN
Slide 7: Company Overview | AED 2.9 billion in AUM
> Compa ny Overview | AED 2.9 billion in AUM with AED 0.4 billion of cash and further funds available for deployment Investment Breakdown °) CMRC Box Lon| NEMA HDC REAL ey ESTATE AUM by Portfolio Company (AED) \ 47% Almasar Alshamil Education - Ne AUM by Sector _ oP = Healthcare = Education wy ff AU
Slide 8: Financial Performance Snapshot
Financial Performance Snapshot | Revenue from continuing operations grew by 13% YoY, with EBITDA from continuing operations up 12% YoY GROUP PROFIT GROUP REVENUE FROM GROUP EBITDA FROM BEEOREE ATOM GROUP PROFIT FROM CONTINUING OPERATIONS CONTINUING OPERATIONS PONTNIINGGEERETIONS CONTINUING OPERATION
Slide 9: 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 platforms by developing and Actively explore platform
Slide 10: Healthcare Update
Healthcare Update Amanat H1 2025 Financial Results ll 10
Slide 11: Healthcare Strategy | Development pipeline to deliver over 700 beds by 2025
Healthcare Strategy | Development pipeline to deliver over 700 beds by 2025 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 Acute Care providers Exp
Slide 12: Healthcare results UAE and KSA
▪ ▪ ▪ 40 44 ▪ ▪ 3.6 3.3 ▪ 2.1 1.9 21 24 ▪ UAE KSA 1H24 1H25 12
Slide 13: Education Update
Education Update Amanat H1 2025 Financial Results ll 13
Slide 14: Education Strategy | The region's first integrated education platform
Education > Education Strategy | The region’s first integrated education platform Established Almasar Education, the leading specialist education platform in the region \ Ramp-up Launch new Grow enrollments New existing facilities SEN facilities in higher education growth initiatives 8 new daycare c
Slide 15: Education | strong growth in number of students and beneficiaries
> Education | strong growth in number of students and beneficiaries 3 Universities and 10 SEN Schools, 36 daycare and rehab centers © c. 24K Students and Beneficiaries AED 151 MN EBITDA REVENUE AED MN 1H24 1H25 =MDX #HDC Strategic Update Total students and beneficiaries increased by 17% YoY to a rec
Slide 16: Middlesex University Dubai
> Middlesex University Dubai Date of Acquisition August 2018 Amanat Investment AED 419 MN Specialization Undergraduate & Postgraduate RoW 1 University (2 campuses) c. 6.2K Students AED 77 MN EBITDA | Operational Highlights Delivered 18% YoY student growth with international students growing 40% YoY
Slide 17: Human Development Company
> Human Development Company Date of Acquisition October 2022 Amanat Investment AED c. 262 MN Specialization Special Education and Care 10 Schools, 36 daycare and rehab centers c. 6.4K Beneficiaries AED 44 MN EBITDA a See (Lud Gri é Sy | WW q HUMAN DEVELOPMENT CO. “a ° | Operational Highlights | —— A
Slide 18: NEMA Holding
> NEMA Holding Date of Acquisition March 2018 Amanat Investment AED 330 MN Specialization Undergraduate & Postgraduate; Corporate Training 2 Universities (5 campuses) c. 11.3k Students AED 114 MN EBITDA | Operational Highlights 13% increase in student numbers across Abu Dhabi University and Liwa Uni
Slide 19: Financial Highlights
Financial Highlights Amanat H1 2025 Financial Results ll 19
Slide 20: Statutory Profit and Loss
> Statutory Profit and Loss Continuing Operations " YoY fi tinul ti Revenue aaa 468.4 13% oY revenue from continuing operations Direct Costs (225.6) (267.3) (18)% growth of 13% to AED 468.4 million in 1H25 driven by strong performance in Education Gross Profit iE) 2011 ue) and continued progress in
Slide 21: Statutory Consolidated Balance Sheet | Selected highlights
> Statutory Consolidated Balance Sheet | Selected highlights Property and Equipment 625.7 636.1 Right-of Use-Assets 172.5 206.8 20% = PPE increase due to additions in leasehold Goodwill and Intangible Assets 1,394.8 1,389.2 (0)% improvements as part of expansion initiatives at HDC, partially offset
Slide 22: (34) (40) ▪ (97) (1) (11) ▪ ▪ ▪ ▪
34 503 18 (34) (40) 371 ▪ (97) (1) (11) ▪ ▪ ▪ ▪ 22
Slide 23: Amanat H1 2025 Financial Results
Amanat H1 2025 Financial Results
Slide 24: Recap | Capturing Opportunities in the GCC Healthcare and Education Sectors
| Capturing Opportunities in the GCC Healthcare and Education Sectors Strong financial performance in 1H25 with revenue and EBITDA from continuing operations up 13% and 12% year- on-year, respectively Increasing bed capacity with further growth in Jeddah, Dhahran and Khobar. On track to reach 700+ P
Slide 25: Appendix
Amanat H1 2025 Fir
Slide 26: Indicative EBITDA Growth Trajectory
Indicative EBITDA Growth Trajectory • • • • • 2025 MDX HDC Jeddah Khobar UAE LTC 2027 • EBITDA EBITDA • • 26
Slide 27: Trading Comparables
> Trading Com para bles | Regional comparables trading at c. 19x EV / EBITDA H1 2025 LTM EBITDA from Continuing Operation. AED 315 MN Trading Comparables ompany Dr. Sulaiman Al Habib Medical Source: S&P Capital IQ as of 30 June 2025 Comparable Trading Multiples ‘ HC 34.5x 40.9x Services Group (19x a
Slide 28: Financial Performance | Detailed Profit and Loss
> Financial Performance | Detailed Profit and Loss AED MN 1H-24 4H-25 Change Middlesex University Dubai 49.6 61.9 25% NEMA Holding 16.2 24.9 54% Human Development Company 163 16.9 4% North London Collegiate School - Real Estate 14.6 14.3 ()% Head Office Costs 0.0 (11.0) (100)% Non-recurring Items 0.
Slide 29: Financial Performance | Detailed Profit and Loss by Quarter
> Financial Performance | Detailed Profit and Loss by Quarter AED MN 1Q-24 2Q-24 3Q-24 4Q-24 FY 24 1Q-25 2Q-25 4H-25 Middlesex University Dubai 227 26.9 (15.2) 25.5 59.8 274 34.5 61.9 NEMA Holding 3.9 12.3 01 17.2 33.4 61 18.8 24.9 Human Development Company 12.6 4.0 28 23.5 42.9 12.6 43 16.9 North L
Slide 30: Investor Relations Contact
James Anderson | Teneo investor.relations@amanat.com investor.relations@amanat.com 30