Slide 1: Annual Results Presentation
Annual Results Presentation April 2025
Slide 2: Contents
01 Akdital presentation CONTENTS 02 Operating & financial performance 03 Financial statements 04 Appendices Annual Results Presentation - April 2025 2
Slide 3: Akdital Presentation
AKDITAL PRESENTATION
Slide 4: Key figures 2024
Key figures 2024 33 3 706 15% 7 090 Facilities Beds of Morocco’s bed Employees, of whom 65% capacity paramedical staff 3 569 17.2 bn MAD 2 954 M MAD 672 034 Doctors Stock market Revenue Number of admissions Capitalization in 2024 in 2024 Annual Results Presentation - April 2025 4
Slide 5: Our state-of-the-art infrastructure and equipment by the end of 2024
Our state-of-the-art infrastructure and equipment by the end of 2024 197 953 Step down 294 Adult 145 Neonatal Operating rooms beds intensive care units intensive care units 24 Radiotherapy 24 Catheterization 369 3 Bone marrow accelerators laboratories Chemotherapy chairs transplant units 6 Nuclear m
Slide 6: 2024 highlights and achievements
2024 highlights and achievements Opening of 12 new healthcare facilities: Khouribga, Marrakech, Essaouira, Tétouan, Errachidia, Taroudant, Dakhla, Kénitra (2), Benguerir and Meknès (2), with a total capacity of 1 406 beds Successful capital increase: raised nearly 1 Bn MAD through the issuance o
Slide 7: Our geographical footprint at the end of 2024
Tangier Tetouan Our geographical footprint at the end of 2024 Kenitra Salted Fez Number of Total Oncology Multi- Hybrid (Multi Mohammédia Casablanca Facilities Capacity (beds) Center disciplinary & Onco) Meknes El Jadida Khouribga Casablanca 8 850 ✓ (1) ✓ (6) ✓ (1) Benguerir El Jadida 2 220 ✓ ✓ Safi
Slide 8: ESG achievements
ESG achievements QHSE segment 2024 Achievements : Projects underway for 2025: Maintaining the certification of the ISO 9001 quality management system with the integration of two new facilities, with zero non-conformities. Transition of the quality management system (QMS) Setting up an HSE/Heal
Slide 9: ESG achievements
ESG achievements HR segment 2024 Achievements : Training review Deployment of training engineering across 11 facilities Digitization of the Goal Setting Process & Annual Evaluations 920 93% Launch of HQ and site team reviews Participants Plan completion rate Improvement of HR processes as pa
Slide 10: Operating & Financial Performance
OPERATING & FINANCIAL PERFORMANCE
Slide 11: Openings by cohort
Openings by cohort <2021 2022 2023 2024 Boughaz International Oncology Fez International Khouribga International Hospital Ain Sebaâ Hospital Center Oncology Center Ibn Nafis International Hospital - Marrakech Longchamps Hospital Tangier Hospital Fez International Hospital Mogador International Hospi
Slide 12: Breakdown of 2024 revenue by activity
Breakdown of 2024 revenue by activity Figures in M MAD Oncology Oncology 31% 33% 591 949 1 907 MMAD 2 954 MMAD 2023 2024 1.316 2 005 Multidisciplinary Multidisciplinary 69% 67% Annual Results Presentation - April 2025 12
Slide 13: Consolidated financial statements - income statement
Consolidated financial statements - income statement Key indicators 2024 Figures in M MAD Revenue Gross margin EBITDA Net income 1 866 839 2 954 54% 64,3% 348 54,9% 75,8% 1 212 511 1 907 198 11,8% 28,4% 63,5% 10,3% 26,8% 63,2% R 2023 R 2024 R 2023 R 2024 R 2023 R 2024 R 2023 R 2024 Revenue: strong g
Slide 14: Consolidated income statement
Consolidated income statement Contribution of each cohort to revenue growth 2023 vs. 2024 Figures in M MAD 126 4 2 954 310 308 298 1 907 2023 Revenue 2024 2023 2022 < 2021 Holding & other 2024 Revenue Annual Results Presentation - April 2025 14
Slide 15: Consolidated income statement
Consolidated income statement EBITDA margin by nature 2023 vs. 2024 Figures in M MAD 26,8% 0,4% 1,5% 0,2% 28,4% -0,4% -0,2% 2023 Gross Margin Operating Salaries Taxes Rent 2024 EBITDA Impact Expenses Impact Impact Impact EBITDA Impact +1.6% improvement in EBITDA margin, mainly driven by: Good cont
Slide 16: Consolidated financial statements - balance sheet
Consolidated financial statements - balance sheet Key indicators 2024 Figures in M MAD Non-current assets* Balance sheet total Shareholders' equity 4 128 6 368 2 639 63% 51% 85% 2 735 3 900 1 426 R 2023 R 2024 R 2023 R 2024 R 2023 R 2024 Fixed assets The increase in fixed assets of +51%/+1 393 M MAD
Slide 17: Consolidated financial statements - balance sheet
Consolidated financial statements - balance sheet Key indicators 2024 Figures in M MAD Net Debt NET DEBT 1 753 Net debt increase of 40% vs 2023, mainly due to : 40% Release of financing funds of 350 M MAD 1 249 Increase in payables to fixed assets suppliers by 736 M MAD Cash flow improved by 5
Slide 18: Consolidated financial statements - balance sheet
Consolidated financial statements - balance sheet Change in operating working capital Figures in M MAD Stocks Customers Suppliers* Operating working capital* 2024 vs. 2023 177 976 791 361 696 630 99 133 121 121 98 19 22 165 R 2023 R 2024 R 2023 R 2024 R 2023 R 2024 45 Number of days of revenue 32 Ov
Slide 19: Breakdown of 2023 vs. 2024 billings by nature
Breakdown of 2023 vs. 2024 billings by nature Figures in M MAD 2023 2024 International International Coverage National Coverage Coverage National 1% 59% 1% Coverage 60% Direct Pay Direct Pay 19% 20% Billing Billing by nature Reimbursement by nature Reimbursement claims CNOPS CNOPS claims 12% 21% Pri
Slide 20: Akdital, a continuously growing multidisciplinary group
Akdital, a continuously growing multidisciplinary group Figures in M MAD Evolution of the bed capacity and the number of facilities between 2020 and 2024 3 723 Bedding Capacity Number of Establishments Number of Cities CAGR20-24 : +55,4% 2 300 33 1 822 21 20 912 17 600 9 9 5 6 1 2 2020 2021 2022 202
Slide 21: Akdital, a continuously growing multidisciplinary group
Akdital, a continuously growing multidisciplinary group Figures in M MAD EBITDA evolution between 2020 and 2024 EBITDA 839 CAGR20-24 : +66,0% 511 282 178 110 2020 2021 2022 2023 2024 Net Income evolution between 2020 and 2024 Net Income 348 CAGR20-24 : +92,0% 198 99 46 26 2020 2021 2022 2023 2024 An
Slide 22: Distribution of 2024 dividends
Distribution of 2024 dividends Net income for the year 205,624,401.62 MAD 5% legal reserve -5,964,709.13 MAD Retained earnings 4,513,581.13 MAD Total amount to be allocated 204,173,273.62 MAD Dividend per share 10 MAD Dividends 141,592,070.00 MAD Retained earnings carried forward 62,581,203.62 MAD A
Slide 23: Post-transaction shareholding structure
Post-transaction shareholding structure 9,4% MCIII Al Razi** 38,8% Free Float 51,8% Member of SSG* * Stable shareholding group: historical shareholder grouping ** Fund managed by Mediterrania Capital Partners Annual Results Presentation - April 2025 23
Slide 24: Perspectives & Strategic Priorities
PERSPECTIVES & STRATEGIC PRIORITIES 24
Slide 25: Strategic priorities 2025 – 2030
2025 – 2030 National development Responsibility Expanding the national network and positive impact Strengthening regional services through the deployment of diagnostic centers Ambition : Consolidate our position as a benchmark in Morocco by providing access to quality healthcare to all Moroccans
Slide 26: National development (1/4)
Tanger Tetouan National development (1/4) Al Hoceima Nador Berkane Expansion of the national network (2025 – 2027 objectives) Kénitra Taza Oujda Mohammédia Salé Fès Rabat Meknès Casablanca Khémisset Berrechid Khouribga 2027 REPORT El Jadida Beni Mellal Benguerir Safi Kalaa Seraghna Errachidia Marrak
Slide 27: National development (2/4)
National development (2/4) Expansion of the national network (2025 – 2027 objectives) INVESTMENTS Timeline Number of Number of openings beds +3,4 Bn MAD in 12 of which 7 hospitals and oncology centers, 1 « Prime » hospital, 2 investments 2025 +1 .200 beds satellite hospitals, and 1 multidisciplinary
Slide 28: National development (3/4)
National development (3/4) Strengthening regional services through the deployment of diagnostic centers 2025 – 2030 Objectives: City selection criteria : For each Akdital hospital, identify 4 to 5 small cities Population size > 40 000 within a 100 km radius to Cities in the urban area within 1
Slide 29: National development (4/4)
National development (4/4) Strengthening regional services through the deployment of diagnostic centers Rabat Fès Casablanca Meknès Progress : Beni Mellal 20 cities were identified and prospection is underway for land identification Marrakech Prototype of the project has been completed Agadir Fè
Slide 30: International development
International development 2025 – 2030 Objectives Opening of 4 facilities : 2025 – 2030 Objectives : Opening of four facilities in the United Arab Emirates and Saudi Arabia: 2 in the UAE International expansion (Dubai and another Emirate) and two in Saudi Arabia (Riyadh/Jeddah) targeting primaril
Slide 31: Dubai: An interesting opportunity to serve the mid-to-high segment
Dubai: An interesting opportunity to serve the « mid-to-high » segment Population Current Total number Bed to Multispecialty Population Population growth rate affluency of hospitals Total number population hospitals and Sector growth 2022 ('000) (CAGR: 2019- (mid-to-high (new of beds ratio per clini
Slide 32: Target population in Dubai
Target population in Dubai Overview Hospital Patient mix Geographic presence category Bed to No. of hospitals No. of beds population ratio Cater to a mix of premium/worldwide and Premium 3 493 0,7 - 0,5 GN/GN+ plans High-to- Cater to a mix of premium/worldwide, 20 1 964 3,6 - 2,7 premium GN/GN+ and
Slide 33: Riyadh: Limited healthcare offering in a city experiencing rapid economic growth
Riyadh : Limited healthcare offering in a city experiencing rapid economic growth Current Population Total Bed to Multispecialty Population Total List of multispecialty affluency growth number population hospitals with Zones 2022E number hospitals with oncology (mid-to-high potential of ratio per 1
Slide 34: BP Pre-money
BP Pre-money Values en MDH 6.259 6.443 6.650 5.954 5.461 4.611 2025 2026 2027 2028 2029 2030 Upside of + 50% by 2030 of which 20% of revenues derived from international development Annual Results Presentation - April 2025 34
Slide 35: Excellence opérationnelle centrée sur l’expérience patient
Excellence opérationnelle centrée sur l’expérience patient Qualité et hygiène : Accréditation : Qmentum International MC Certifications : Système de Management Intégré (SMI) intégrant la certification ISO 9001, 14001 et 45001. Processus de contrôle et d’amélioration continue Innovation : Akd
Slide 36: Responsabilité et impact positif
Responsabilité et impact positif Responsabilité environnementale : Optimisation de la consommation énergétique et de l’empreinte carbone Gestion des déchets médicaux Développement des compétences : Accompagnement des collaborateurs dans leur évolution professionnelle Mise en place d’Akdital
Slide 37: Financial Statements
FINANCIAL STATEMENTS
Slide 38: Consolidated financial statements - Income statement
Consolidated financial statements - Income statement Figures in M MAD Annual Results Presentation - March 2025 38
Slide 39: Consolidated financial statements - Balance sheet
Consolidated financial statements - Balance sheet Assets Figures in M MAD 31-Dec-24 31-Dec-23 % Change Fixed assets Goodwill 61 42 45% Non-valuable assets 68 39 75% Intangible fixed assets 191 113 69% Property, plant and equipment 3 672 2 387 54% Investments accounted for by the equity method 0 25 -
Slide 40: Consolidated financial statements - Balance sheet
Consolidated financial statements - Balance sheet Liabilities Figures in M MAD 31-Dec-24 31-Dec-23 % Change Capital 142 127 12% Additional paid-in capital 1 939 984 97% Consolidated reserves 211 117 80% Consolidated net income 348 198 75% Consolidated shareholders' equity 2 639 1 426 85% Of which :
Slide 41: Consolidated financial statements – Cash Flow Statement
Consolidated financial statements – Cash Flow Statement Figures in M MAD Dec 2024 Dec 2023 Consolidated net income 348 198 Elimination of depreciation, amortization and provisions 322 212 Elimination of changes in deferred taxes -8 1 Elimination of capital gains and losses on disposal -27 -1 Elimina
Slide 42: Statutory financial statements – Income statement
Statutory financial statements – Income statement Figures in M MAD Dec 2024 Dec 2023 Dec 2024 Dec 2023 OPERATING INCOME 122 84 Interest expense 9 4 Sales of Goods (as is) Foreign exchange losses Sales of Goods and Services Produced 120 80 Other financial expenses Revenue 120 80 Financial provisions
Slide 43: Statutory financial statements – Balance sheet
Statutory financial statements – Balance sheet Figures in M MAD Assets Dec 2024 Dec 2023 Liabilities Dec 2024 Dec 2023 Capitalized cost →[A] 11 11 SHAREHOLDERS' EQUITY 2 298 1209 Preliminary costs 0.43 0.10 Share capital (1) 142 127 Deferred charges 10 11 Called-up capital 142 127 Intangible assets→
Slide 44: Statutory financial statements – Cash flow statement
Statutory financial statements – Cash flow statement Figures in M MAD Dec 2024 Dec 2023 Net income 206 94 +Depreciation and amortization 17 5 Change in WCR -111 -56 Operating Cash Flow 112 43 Fixed assets acquisitions 8 13 Financial assets acquisitions -788 -421 Disposal of financial fixed assets 48
Slide 45: Appendices
APPENDICES Annual Results Presentation - March 2025 45
Slide 46: Akdital
(%) AKDITAL