National Medical Care Co. · TADAWUL:4005
National Medical Care — Q1 2026 Earnings Presentation
23 slides from National Medical Care's earnings presentation, May 7, 2026
Slide 1: Investor Presentation
INVESTOR PRESENTATION 7 May 2026 | Riyadh, KSA
Slide 2: Performance Highlights and Strategy
Performance Highlights and Strategy
Slide 3: Operating and Financial Performance Highlights
Operating and Financial Performance Highlights Robust top-line performance supported by sustained volume growth despite Ramadan and Eid seasonality, with profitability temporarily impacted by case mix and payor mix shifts Revenue 1Q 2026 +1% year-on-year 388 211 1Q22 1Q23 1Q24 1Q25 1Q26 248.2 thousa
Slide 4: Operational Enhancements – FY2026 Focus
Operational Enhancements – FY2026 Focus Strengthening Care’s market position in KSA’s dynamic healthcare market through capacity optimization, operational excellence, and service innovation Capacity Expansion Service-Line Expansion Payor & Revenue Mix Technology & Cost Efficiency Care Academy & Tale
Slide 5: Operating and Financial Performance
Operating and Financial Performance 1Q 2026
Slide 6: Operational Trends
Operational Trends Sustained patient volume growth despite the full impact of Ramadan and Eid, underscoring resilient demand across the Group's network Operational Highlights Inpatients Admissions Quarterly Trend (Admissions) 1Q2026 1Q2025 YoY, % +16% Inpatient Admissions 7,866 6,782 +16% Outpatient
Slide 7: Income Statement
Income Statement Strong patient volume growth supported revenue performance in Q1 2026, while profitability was weighed by the full-quarter impact of Ramadan and Eid, which shifted activity toward lower-acuity cases and lower-margin payor segments Income Statement Highlights Net Profit Development (
Slide 8: Revenue Trends
Revenue Trends Revenue performance was supported by the continued ramp-up of newer facilities. GOSI revenue declined on lower referral activity due to seasonality, driving a temporary shift in payor mix, expected to normalize in subsequent quarters Revenue Development (SAR MN) Revenue by Business Un
Slide 9: Costs Overview
Costs Overview Higher cost of revenue driven by increased salaries reflecting continued investment in the Group’s staff, alongside higher spending on medicines and consumables in line with volume growth Total Expenses Breakdown (1Q 2026) Cost of Revenues Breakdown (1Q 2026) (%) 62.8% 18.4% Salaries
Slide 10: Balance Sheet Highlights
Balance Sheet Highlights Solid balance sheet with healthy liquidity, as net debt reflects Al Narjis investment and seasonal working capital buildup during Ramadan and Eid Balance Sheet Highlights Cash Conversion Cycle1 Trend (Days) SAR mn 1Q2026 4Q2025 YtD, % +85% Total Non-Current Assets 1,473 1,29
Slide 11: Receivables Management
Receivables Management Rising receivables reflect seasonal slowdown in payor settlements during Ramadan and Eid, with collections expected to normalize in subsequent quarters Trade Receivables1 Developments (SAR MN) +10% 63 29 1,310 1,187 42 (5) (7) +14% +16% +7% -15% -14% Trade receivables 4Q25 GOS
Slide 12: Cash Flow Highlights
Cash Flow Highlights Lower operating cash flow primarily reflects higher working capital outflows associated with receivables and inventory levels Cash Flow Highlights Capex Trend (SAR MN) SAR mn 1Q2026 1Q2025 YoY, % 275 Net Profit before zakat 59 95 -38% 240 Non-cash adjustments 48 31 +56% 212 Work
Slide 13: Strategy Refresh Overview
Strategy Refresh Overview 1Q 2026
Slide 14: Future Growth Drivers – Building the Next Phase of Scalable Growth
Future Growth Drivers – Building the Next Phase of Scalable Growth A clear growth roadmap to expand capacity, enhance care delivery, and unlock long-term value Strategic Pillars of Future Growth Completion of Narjis Disciplined M&A Expansion in Jeddah Network of New Clinics Hospital Strategy • Const
Slide 15: Strategic Expansion - Scaling Capacity and Driving Shareholder Value
Strategic Expansion - Scaling Capacity and Driving Shareholder Value Care Medical’s disciplined expansion strategy targets value-accretive opportunities, aligned with long-term returns. Recent acquisitions validate the strategy, with the Al Narjis Hospital driving our next phase of scale Disciplined
Slide 16: Management Alignment & Long-Term Incentive Plan (LTIP)
Management Alignment & Long-Term Incentive Plan (LTIP) Aligning management incentives with long-term shareholder value creation Clear Objective Incentivizing and recognizing executive performance in delivering the company’s strategy and long-term growth through a meaningful equity-based reward struc
Slide 17: Q&A Session
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Slide 18: Appendix
Appendix
Slide 19: Operating Performance Overview (1/2)
Operating Performance Overview1 (1/2) Total Patients Trend (Thousand surgeries) Surgeries Trend (Thousand surgeries) +17% CAGR +12% CAGR 985 25 639 651 742 20 532 19 19 16 46 207 253 261 299 193 254 339 385 398 427 479 FY21 +20% FY22 +2% FY23 +14% FY24 +33% FY25 FY21 + 19% FY22 + 1% FY23 + 7% FY24 +
Slide 20: Operating Performance Overview (2/2)
Operating Performance Overview1 (2/2) Bed Capacity Trend (Thousand patients) Bed Occupancy Trend (Thousand surgeries) +16% CAGR 82.8% 77.6% 79.2% 70.8% 68.1% 1,128 1,178 655 655 655 359 349 335 335 335 459 459 320 320 320 320 360 FY21 +0% FY22 +0% FY23 +72% FY24 +4% FY25 FY21 FY22 FY23 FY24 FY25 Raw
Slide 21: Financial Performance Overview
Financial Performance Overview Total Revenue Trend (SAR MN) EBITDA Trend (SAR MN) +17% CAGR +21% CAGR 1,600 465 1,294 377 1,082 918 302 845 243 214 FY21 +9% FY22 +18% FY23 +20% FY24 +24% FY25 FY21 +13% FY22 +24% FY23 +25% FY24 +23% FY25 Net Profit Trend (SAR MN) Margins Trend (%) +24% CAGR 36.8% 318
Slide 22: Contacts
Contacts Institutional investor contact Alia Balbaa Investor Relations and Strategy Director abalbaa@care.med.sa +966-11-418-4488 ext. 322 Investor Relations website https://ir.care.med.sa/
Slide 23: Disclaimer
Disclaimer All information included in this document is for general use only and has not been independently verified, nor does it constitute or form part of any invitation or inducement to engage in any investment activity, nor does it constitute an offer or invitation or recommendation to buy or su
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