Ibnsina Pharma · EGX:ISPH
Ibnsina Pharma — Q1 2025 Earnings Presentation
23 slides from Ibnsina Pharma's earnings presentation, 2025
Slide 1: Quarterly Business Results Q1, 2025
Quarterly Business Results Q1, 2025 1
Slide 2: ISPH: Business Strategy
ISPH: Business Strategy Seizing every vertical and horizontal growth opportunity to realize higher revenues and profit margin, strengthening ties with suppliers and customers Customer Supplier Pocket Share Increase through FMCG 3PL & 4PL services revenues business Regulator New distribution channels
Slide 3: ISPH: Business Lines
ISPH: Business Lines 4 primary business services achieving growth and diversifying revenue streams for higher sustainability, leveraging 23-year experience in supply chain management. Pharma FMCG Medical 3PL & 4PL Distribution Distribution Promotions Services 2001 2022 2023 2021 16.7bn 0.9bn 7.0bn 8
Slide 4: ISPH: Investment Catalysts 2025 - 2026
ISPH: Investment Catalysts 2025 - 2026 Unique business model representing an index to the Egyptian market with upside on multiple fronts. Only Proxy Change in Full Effect of for HC Competition Repricing – Expenditure Landscape Possible additional rounds (Deval. Effect) % Additional Decrease in Asset
Slide 5: Collateral (Held for Sale): Capitalizing on Inflation & Higher Replacement Value
Total Collateral (Held for Sale): Capitalizing on Inflation & Higher Replacement Value Serious measures to liquidate 1.15 bn collaterals to lower debt levels and boost NPM 1.15bn Refinanced Refinanced 2024 2023 15 Sold 155mn 25 Pharmacies & Others Haram Building Medical Center FV: 146mn Shorouk Hosp
Slide 6: Collateral (Held for Sale): Capitalizing on Inflation & Higher Replacement Value
Collateral (Held for Sale): Capitalizing on Inflation & Higher Replacement Value Serious measures to liquidate 1.2bn collaterals to lower debt levels and boost NPM 500mn 150mn Balance Sheet Effect P&L Effect Net Debt Int. Exp. & Dep. (Estimated Annual Effect) Shorouk Hospital Asset Value: 643 mn
Slide 7: Pharma Market: Total Pharma Market Growth
Pharma Market: Total Pharma Market Growth 57% Exchange Rate pressure EDA to increase Prices resulting in a double-digit growth in market value +33bn QoQ Growth FY, 2022: 160bn FY, 2023: 206bn FY, 2024: 292bn Q1, 2025 91 92 81 62 61 57 59 44 46 42 42 37 37 Q1, 2022 Q2, 2022 Q3, 2022 Q4, 2022 Q1, 2023
Slide 8: Pharma Market: Growth Drivers
Q1 2025 vs 2024 Pharma Market: Growth Drivers Units ASP Growth leveraged by “Average Selling Price” growth compensating decline in “Units sold” 8% 45% 11 0 104 10 00.0000 00 958 949 960 949 938 10 0 893 887 97 96 880 836 833 809 815 54% 90 80 0. 0000 0 796 % of Av. contribution of 80 77 repriced
Slide 9: Financial Performance Highlights: Q1, 2025
Financial Performance Highlights: Q1, 2025 Key highlights of 2024 business results 29.6% 17% 62% 111% Market Growth in Growth in Growth in Share Units Revenue EBITDA 24: 27.0% | +2.6% 269mn 25: 17.7bn | G: 62% 25: 861mn | M: 5.1% 24: 10.9bn | G: 55% 24: 408mn | M: 3.9% 85% 24% 66mn 2.37 Growth in Ne
Slide 10: Market Share: ISP Market Share based on Value
Market Share: ISP Market Share based on Value Keeping within the 30% market share zone, realizing 2.6% growth QoQ. 2.6% 2.3% 4.00% 6.00% 30.5% 30 % 30 % Growth in MS: Value 3.50% Growth in MS: Units Q1 2025 vs Q1 2024 29.6% Q1 2025 vs Q1 2024 5.00% 28.2% 27.0% 3.00% 25.6% 25 % 25 % 4.00% 2.50% 23.9%
Slide 11: Consolidated Revenue Analysis: Growth
QoQ Value G Consolidated Revenue Analysis: Growth 62% Ibnsina Group achieves 62% QoQ revenue growth rate in Q1, 2025 6.8bn 2021 Revenue: 22.4bn | G: 17% 2022 Revenue: 22.9bn | G: 2% 2023 Revenue: 35bn | G: 53% 2024 Revenue: 57.9bn | G: 65% Q1 2025 G: 12% G: 28% G: 62% 20 .0 G: 7% G: 55% 23 5% 18 .0
Slide 12: Pharma Revenue Analysis: Segments' Growth
QoQ Value G Pharma Revenue Analysis: Segments’ Growth Addressing customer segments individually, achieving remarkable growth figures primarily 62% from cash segments 6.7bn 2021 Revenue: 22.3bn 2022 Revenue: 22.8bn 2023 Revenue: 34.7bn 2024 Revenue: 57.5bn 2025 17.9 18 17.6 16.1 Q1 25 vs Q1 24 G Cont
Slide 13: Non-pharma Distribution: Revenue Analysis & Customer Portfolio
Non-pharma Distribution: Revenue Analysis & Customer Portfolio Non-pharma Distribution Business Model – Higher Margin Business Line with Great Potential – Picking up 4+2 Dedicated Sites the pace, contributing with significance to bottom line (4 WHs | 2 PUC) Suppliers Channels Revenue Modern Trade Qo
Slide 14: Medical Promotions: Clients & P&L Analysis
Medical Promotions: Clients & P&L Analysis High synergy diversification model with great impact on ISP’s growth performance with attractive NPM Overview Contracts Market Share Revenue (Commission) 7,000 Total 220 Total 1152 120 Q1 43 55% Actual Medical Reps. Actual Growth 5,848 Forecast 145 4,075 To
Slide 15: Ramp Logistics Review: Service Outline & Top Line Overview
Ramp Logistics Review: Service Outline & Top Line Overview Multiple revenue streams and increase in customers on-board; showing potential Services Revenue Analysis P&L Client Portfolio 7 Sites, 40,000 PP 20k Dry, 20k Ambient 90 81% 90 % East & West Cairo 80 80 % 3000 shipment/month 70 70 % Variety o
Slide 16: Gross Profit: Gross Profit Analysis
Gross Profit: Gross Profit Analysis Achieving new heights of Gross Profit due to focus on CDG and GDT, ensuring sustainability of growth against rising economic challenges 2021 2022 2023 2024 2025 Cash Discount Given 7.5% 7.3% 7.4% 7.9% 8.4% FY 24 GPM GPM GPM GPM GPM 11% -1% 56% 75% 83% Growth Growt
Slide 17: OPEX Optimization: EBITDA-M vs OPEX to Sales
OPEX Optimization: EBITDA-M vs OPEX to Sales 116% 18% Cumulative EBITDA margin continues its steady incline against a steady OPEX : Sales Digital Sales Retail Sales Growth Share decline, reflecting effective optimization efforts, paving the way to a healthy bottom line 660mn 1,328mn 2,508mn FY EBITD
Slide 18: Income Statement: 23 vs 24 vs 25
Income Statement: 23 vs 24 vs 25 ISP Consolidated 55% forecasted growth in net profit margin despite rising financial cost ISP Standalone AIM Consolidated Gross Sales (Growth: 62%) Gross Profit (Growth: 83%) OPEX (Growth: 45%) EBITDA (Growth: 111%) 1,428 17,722 (8.4 %) 497 861 (2.9 %) (5.1 %) 86 17
Slide 19: Financial Expenses: Debt Levels vs Interest Expense
Financial Expenses: Debt Levels vs Interest Expense Healthy spread maintained between EBITDA and Financial Expenses at 1.5% despite repricing effect on working capital Q1 22 Int. Exp.: 91mn | EBITDA: 166mn Q1 23 Int. Exp.: 198mn | EBITDA: 279mn Q1 24 Int. Exp.: 330mn| EBITDA: 408mn 1,000 8,000 3,262
Slide 20: Margin Analysis: GPM, EBITDA-M, EBIT-M, NPM
Margin Analysis: GPM, EBITDA-M, EBIT-M, NPM Healthy margin improvement across all lines with exceptional performance on EBITDA and NP levels Q1 Margin Analysis 2022 - 2025 1.0% 8.4% 8.0% 7.9% 7.4% 7.4% 1.2% 1.3% 5.1% 48mn 6mn 4.5% 4.6% FX Gain FX Gain 396mn 546mn 779mn 4.4bn 1.4bn 4.1% 4.0% 2024 202
Slide 21: Net Debt Optimization: Most Indicative Financial Ratios on Debt
Net Debt Optimization: Most Indicative Financial Ratios on Debt Pricing Net Debt : EBITDA maintained at healthy levels, positive DSR and slight increase in Debt Ratio due Effect to full repricing effect on working capital in Q1, 2025 TTM Net Debt to EBITDA Net Debt to Equity +0.5 4.96 3.2 2.9 2.9 2.
Slide 22: Guidance: Key P&L & B/S Metrics Assumptions
Guidance: Key P&L & B/S Metrics EGP 2,649mn EGP 699mn % : Sales: 3.5% 2024: 443mn Forecasted 2025 full-year performance SG&A (+984mn) CAPEX Assumptions 2025: 33.8% +3% 90 , 00 0 40 % 20.8bn 25% 80 , 00 0 Difference 35 % 7,000 2.0bn Difference 50 % 4,000 922mn 40 % Market Growth 78,671 Difference (22
Slide 23: ibnsinapharma
ibnsinapharma