Akdital · CSEMA:AKT
Akdital — Investor Presentation (October 2025)
33 slides from Akdital's investor presentation, October 2025
Slide 1: Investors Presentation October 2025
INVESTORS PRESENTATION October 2025
Slide 2: Agenda
01 Akdital presentation AGENDA 02 Operating & financial performance 03 Development Outlook 04 Appendices – Financial Statements Investors presentation - October 2025 2
Slide 3: Akdital Presentation
AKDITAL PRESENTATION
Slide 4: Over a decade of legacy upheld by public trust
Over a decade of legacy upheld by public trust Opening of a Opening of 2 new new 126-bed Opening of new 570- Opening of 3 Hospitals Hospitals with a facility in bed Hospitals in in Casablanca total capacity of Guelmim Bouskoura, (Casablanca 220 beds Mohammedia, Fès (2) Acquisition of 2 International
Slide 5: Key figures H1 2025
Key figures H1 2025 36 4 111 17% 8 530 Facilities Beds of Morocco’s bed Employees, of whom 65% capacity paramedical staff 3 742 21,5 Md MAD 2 093 M MAD 514 118 Doctors Stock market Revenue Number of admissions Capitalization in H1 2025 in H1 2025 Investors presentation - October 2025 5
Slide 6: Our state-of-the-art infrastructure and equipment H1 2025
Our state-of-the-art infrastructure and equipment H1 2025 218 995 Step down 326 Adult 160 Neonatal Operating rooms beds intensive care intensive care units units 26 Radiotherapy 28 Catheterization 398 Chemothe- 3 Bone marrow accelerators laboratories rapy chairs transplant units 6 Nuclear 22 6 31 Ra
Slide 7: H1 2025 Highlights and achievements
H1 2025 Highlights and achievements Opening of 3 new healthcare facilities: Guelmim Private Hospital, Laâyoune International Polyclinic, and Al Hikma Medical Center in Laâyoune, with a combined capacity of 405 beds. Start of Construction Works for the First Hospital in Dubai. Performance of se
Slide 8: Our geographical footprint as of H1 2025
Tanger Tétouan Our geographical footprint as of H1 2025 Kénitra Total Salé Fès Number of Oncology Multi- Mohammédia Capacity Casablanca Facilities Center disciplinary Meknès (beds) El Jadida Khouribga Casablanca 8 850 ✓ ✓ Benguerir El Jadida 220 ✓ Safi 2 ✓ Béni Mellal Salé 2 220 ✓ ✓ Essaouira Errach
Slide 9: Operating & Financial Performance
OPERATING & FINANCIAL PERFORMANCE
Slide 10: Consolidated statements – Clinic cohort definition
Consolidated statements – Clinic cohort definition <2021 2022 2023 2024 2025 Boughaz International Fez International Khouribga International Laâyoune Al Hikma Ain Sebaâ Hospital Hospital Oncology Center Oncology Center Medical Center Ibn Nafis International Hospital- Marrakech Longchamps Hospital Ta
Slide 11: Breakdown of H1 2025 revenue by activity
Breakdown of H1 2025 revenue by activity Figures in M MAD Oncology Oncology 31% 32% 1 249 MMAD 2 093 MMAD H1 2024 H1 2025 Multidisciplinary Multidisciplinary 68% 69% Investors presentation - October 2025 11
Slide 12: Consolidated financial statements - income statement
Consolidated financial statements - income statement Key Indicators H1 2025 Figures in M MAD Revenue Gross Margin EBITDA Net Income 1 316 533 68% 2 093 214 68% 68% 59% 783 334 1 249 127 62,9% 26,8% 10,2% 10,2% 62,7% 25,4% H1 2024 H1 2025 H1 2024 H1 2025 H1 2024 H1 2025 H1 2024 H1 2025 Revenue: Stron
Slide 13: Consolidated financial statements - balance sheet
Consolidated financial statements - balance sheet Key Indicators H1 2025 Figures in M MAD Fixed Assets* Balance Sheet Total Shareholders’ Equity 5 068 2 676 7 361 23% 16% 1% 2 639 6 368 4 128 2024 H1 2025 2024 H1 2025 2024 H1 2025 Fixed Assets The increase in fixed assets is mainly explained by the
Slide 14: Consolidated financial statements - balance sheet (net debt)
Consolidated financial statements - balance sheet Key Indicators H1 2025 Figures in M MAD Net Debt NET DEBT Net debt stood at 2,886 MDH as of end-June 2025, up +65% compared to end-2024, mainly due to: 2 886 Drawdowns on financing lines amounting to 494 MDH 65% Decrease in cash by 555 MDH Incr
Slide 15: Change in operating working capital
Consolidated financial statements - balance sheet Change in operating working capital Figures in M MAD Stocks Customers Suppliers* Operating working capital * H1 2025 vs. 2024 1.161 246 881 526 791 177 976 121 361 101 98 77 22 21 2024 H1 2025 2024 H1 2025 2024 H1 2025 Number of days of revenue 46 Ov
Slide 16: Breakdown of H1 2024 vs. H1 2025 billings by nature
Breakdown of H1 2024 vs. H1 2025 billings by nature Figures in M MAD H1 2024 H1 2025 International Coverage Reimbursement International Coverage 1% National Coverage claims 1% 60% 9% Direct Pay National 19% Co- Coverage Payment 67% 8% Billing by nature Billing Direct Pay Reimbursement Private Insura
Slide 17: Akdital, a continuously growing multidisciplinary group
Akdital, a continuously growing multidisciplinary group Figures in M MAD Evolution of the bedding capacity and the number of facilities between 2020 and H1 2025 Bedding Capacity Number of Establishments Number of Cities 4 111 3 706 36 CAGR20-24 : +55,4% 33 2 300 1 822 21 19 21 912 17 600 9 9 5 6 1 2
Slide 18: Akdital, a continuously growing multidisciplinary group
Akdital, a continuously growing multidisciplinary group Figures in M MAD EBITDA evolution between 2020 and H1 2025 EBITDA 839 CAGR20-24 : +66,0% 511 533 282 178 110 2020 2021 2022 2023 2024 H1 2025 Net Income evolution between 2020 and H1 2025 Net Income 348 CAGR20-24 : +92,0% 198 214 99 46 26 2020
Slide 19: Shareholding structure
Shareholding structure 47,5% Free Float 52,5% Member of SSG* * Stable shareholding group: historical shareholder grouping Investors presentation - October 2025 19
Slide 20: Development Outlook
DEVELOPMENT OUTLOOK
Slide 21: Development ambition 2025 – 2030
2025 – 2030 National development Responsibility Strengthening of the national network and positive impact Strengthening of regional healthcare services through the deployment of diagnostic centers Ambition : Consolidate our position as a benchmark in Morocco by providing access to quality health
Slide 22: National development (1/2)
National development (1/2) Expansion of the national network (2025 – 2027 objectives) Timeline Number of Total bedding openings capacity Number of beds created +1 200 beds 2 700 beds over 3 2025 Of which 405 beds created 4 900 beds years during H1 2025 2026 +700 beds 5 600 beds Investment 2027 800 b
Slide 23: National development (2/2)
National development (2/2) 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 24: International development
International development 2025 – 2030 Objectives 2027 – 2030 Objectives : Ongoing projects United Arab Emirates: construction works are underway for a multidisciplinary International expansion hospital and an oncology center located in the Dubai Investment Park (DIP) area, with operations schedu
Slide 25: Appendices – Financial Statements
APPENDICES – FINANCIAL STATEMENTS Présentation Investisseurs - Octobre 2024
Slide 26: Consolidated financial statements - Income statement
Consolidated financial statements - Income statement Income Statement Figures in M MAD H1 2025 H1 2024 % Var 25 Vs 24 Revenue 2 093 1 249 68% Cost of goods sold - 777 - 465 67% Gross margin 1 316 783 68% In % of Revenue 62,9% 62,7% 0,2% Operating expenses - 156 - 75 >100% Labor Cost - 444 - 271 64%
Slide 27: Consolidated financial statements - Balance sheet
Consolidated financial statements - Balance sheet Assets Figures in M MAD 31-dec.-24 30-june-25 % Var. Fixed assets 4 128 5 068 23% Goodwill 61 243 >100% Non-valuable assets 68 82 21% Intangible fixed assets 191 224 17% Tangible fixed assets 3 672 4 373 19% Investments accounted for by the equity me
Slide 28: Consolidated financial statements - Balance sheet
Consolidated financial statements - Balance sheet Liabilities Figures in M MAD 31-dec.-24 30-june-25 % Var. Capital 142 142 0% Additional paid-in capital 1 939 1 939 0% Consolidated reserves 211 382 81% Consolidated net income 348 214 -39% Consolidated shareholders' equity 2 639 2 676 1% Of which :
Slide 29: Consolidated financial statements – Cash Flow Statement
Consolidated financial statements – Cash Flow Statement Figures in M MAD June 2025 Dec 2024 Consolidated net income 214 348 Elimination of depreciation, amortization and provisions 238 322 Elimination of changes in deferred taxes -8 -8 Elimination of capital gains and losses on disposal 1 -27 Elimin
Slide 30: Statutory financial statements – Income statement
Statutory financial statements – Income statement Income Statement Figures in MADM June 2025 June 2024 June 2025 June 2024 OPERATING INCOME Interest expense 10 4 Sales of Goods (as is) Foreign exchange losses Sales of Goods and Services Produced 70 56 Other financial expenses Revenue 70 56 Financial
Slide 31: Statutory financial statements – Balance Sheet
Statutory financial statements – Balance Sheet Balance Sheet Figures in M MAD Assets June 2025 Dec 2024 Liabilities June 2025 Dec 2024 Capitalized cost →[A] 9 11 SHAREHOLDERS' EQUITY 2 298 Preliminary costs 0,43 Share capital (1) 142 142 Deferred charges 9 10 Called-up capital 142 Intangible assets→
Slide 32: Statutory financial statements – Cash flow statement
Statutory financial statements – Cash flow statement Cash Flow Statement Figures in M MAD June 2025 Dec 2024 Net income 340 206 +Depreciation and amortization 19 17 Change in WCR 158 -111 Operating Cash Flow 517 112 Fixed assets acquisitions -3 8 Financial assets acquisitions -903 -788 Disposal of f
Slide 33: (%) AKDITAL
(%) AKDITAL