Slide 1: Annual Results Presentation March 2026
Annual Results Presentation March 2026
Slide 2: Table of Contents
TABLE OF CONTENTS Highlights Operational Review of Outlook Appendices – & Achievements Performance Consolidated & Strategic Excerpts from 2025 & Parent Company priorities Subsidiaries Financial Statements
Slide 3: Highlights and Achievements 2025
Highlights and Achievements 2025
Slide 4: Key Figures 2025
Key Figures 2025 41 4,505 17% Facilities Beds Of Morocco’s private bed capacity 3,929 16.7 billion MAD 4,413 million MAD Doctors Stock market Revenue capitalization 9,894 1,149,801 Employees, of whom 62% Number of admissions paramedical staff
Slide 5: Highlights and Achievements 2025
Highlights and ACHIEVEMENTS 2025 200 8 new facilities by the end of 2025 1.2 billion MAD robotic surgeries performed Guelmim, Laâyoune (2), Nador, Oujda (2), Bond issuance in 2025 and 4pioneering surgeries Rabat (2) to finance international expansion in Morocco and Africa Qmentum International Plati
Slide 6: Our Geographic Footprint by the End of 2025
Tangier Tetouan Nador Our Geographic Footprint Oujda BY THE END OF 2025 Kenitra Salé Rabat Fez Number of Total Mohammédia Oncology Center Multidisciplinary facilities (beds) Casablanca Meknes El Jadida Khouribga Casablanca 8 850 ✓ ✓ El Jadida 2 220 ✓ ✓ Benguerir Safi Salé 2 220 ✓ ✓ Beni Mellal Agadi
Slide 7: Our Infrastructure and State-of-the-Art Equipment in 2025
Our infrastructure AND STATE-OF-THE-ART EQUIPMENT IN 2025 41 243 169 1,076 381 Facilities vs. 33 in 2024 Operating rooms Neonatal ICU beds Step-down beds ICU beds vs. 197 in 2024 vs. 145 in 2024 vs. 953 in 2024 vs. 294 in 2024 3 24 30 Bone marrow 28 8 Cities vs. 19 in 2024 Catheterization laboratori
Slide 8: The National Network in Numbers (1)
Capacity & Activity THE NATIONAL NETWORK IN NUMBERS (1) 4,505 1,149,801 75% 41 BEDS ADMISSIONS EXCLUDING CASA-RABAT FACILITIES Total bed capacity Total all specialties Bed capacity share National network DETAILS BY SPECIALTY — INTENSIVE CARE, GENERAL SURGERY & CARDIOLOGY SPECIALTY CAPACITY CAPACITY
Slide 9: The National Network in Numbers (2)
Capacity & Activity THE NATIONAL NETWORK IN NUMBERS (2) DETAILS BY SPECIALTY — RADIOLOGY, CHEMOTHERAPY, RADIOTHERAPY & NUCLEAR MEDICINE SPECIALTY CAPACITY CAPACITY DISTRIBUTION VOLUME ACTIVITY DISTRIBUTION Casa-Rabat: 49 Casa-Rabat: 71,709 190 273,719 26% 26% Radiology Imaging equipment Other: 141 7
Slide 10: Human Capital: Staff, Distribution, and Practitioners
Human Capital STAFF, DISTRIBUTION, AND PRACTITIONERS AGE DISTRIBUTION 18–30 years 6,035 (61%) 9,894 31–40 years 2,968 (30%) TOTAL STAFF 41–50 693 (7%) 51–60 198 (2%) 3% GEOGRAPHICAL & GENDER DISTRIBUTION Women 78% 35% 3,661 6,284 Men 22% 62% Casa-Rabat 37% Rest of Morocco 63% 3,929 AFFILIATED 191 Ho
Slide 11: ESG Achievements: HR Section
ESG Achievements HR SECTION 2025 GOALS Launch of Akdital Academy covering operations and paramedical professions Launch of the new CSR/ESG initiative Launch of the first class of Akdital Academy covering professions in operations 2025 Training Report 2,703 94% 462 326 41,822 5,822 KDH Particip
Slide 12: ESG Achievements: QHSE Section
ESG Achievements QHSE Section 2025 GOALS Accreditation of two facilities with Canadian Platinum-level certification—the first dual Platinum accreditation in Africa— attesting to excellence in clinical practices and patient safety. Rollout of the QSE (Quality, Safety, and Environment) Management
Slide 13: Akdital Innov: The Innovation Division of the Akdital Group
AKDITAL INNOV THE INNOVATION DIVISION OF THE AKDITAL GROUP WHAT IS AKDITAL INNOV? DRIVERS OF PERFORMANCE AND GROWTH An entity dedicated to transforming healthcare in Improving the quality of care, diagnostic accuracy, and Morocco by integrating artificial intelligence, medical operational effici
Slide 14: Akdital Innov: Strategy & Implementation 2025–2027
AKDITAL INNOV STRATEGY & IMPLEMENTATION 2025–2027 KEY CONCEPT Virtual Medical Resident Integrated AI assistant analyzing biological signals, imaging, and patient records to suggest diagnoses and prioritize cases in real time. ONGOING PROJECTS AKDITAL CardioGuard AKDITAL GlucoMind Predictive cardiac
Slide 15: Operational Performance
Operational Performance ® AKDITAL
Slide 16: Breakdown of Revenue for 2025 by Activity Segment
Breakdown of Revenue for 2025 BY ACTIVITY SEGMENT Figures in M MAD Oncology Oncology 33% 32% 33% 32% 33% 32% 2,954 4,413 million MAD million MAD 2024 2025 67% 68% 67% 68% Multidisciplinary Multidisciplinary 67% 68% 16 Annual Results Presentation - March 2026
Slide 17: Review of Consolidated Indicators
Review of Consolidated Indicators
Slide 18: P&L as of December 31, 2025: Key Indicators
P&L as of December 31, 2025 KEY INDICATORS Figures in M MAD REVENUE EBITDA NET INCOME 4 413 1 214 494 +45% ↑ +42% ↑ +49% ↑ 839 348 2 954 11.8% 28.4% 11.2% 27.5% R 2024 R 2025 R 2024 R 2025 R 2024 R 2025 Revenue: Strong growth of +49% compared to 2024, driven by new store openings (full-year effect
Slide 19: Hospital Cohorts by Year
Consolidated Financial Statements HOSPITAL COHORTS BY YEAR <2021 2022 2023 2024 2025 International Khouribga International Boughaz International Hospital Ain Sebaâ Hospital International Oncology Center Guelmim Private Hospital Oncology Center in Khouribga of Fez Ibn Nafis International Hospital Ibn
Slide 20: Subsidiaries' Contribution to Revenue Growth 2024 vs. 2025
Consolidated Financial Statements – Income Statement SUBSIDIARIES’ CONTRIBUTION TO REVENUE GROWTH 2024 VS. 2025 Figures in M MAD 20 Annual Results Presentation - March 2026
Slide 21: Balance Sheet Key Indicators 2025
Consolidated Financial Statements - Balance Sheet KEY INDICATORS 2025 Figures in M MAD FIXED ASSETS* BALANCE SHEET TOTAL EQUITY 9 486 6 109 2 926 49%↑ 12%↑ 48%↑ 6 368 2 639 4 128 R 2024 R 2025 R 2024 R 2025 R 2024 R 2025 A 48% increase in fixed assets (+1,981 MDH), driven by the Group’s investment
Slide 22: Key Financial Ratios 2025
Consolidated Financial Statements – Balance Sheet KEY FINANCIAL RATIOS 2025 Figures in M MAD NET DEBT NET DEBT As of the end of 2025, consolidated net debt stood at MAD 4,268 million, a 4 268 significant increase compared to 2024. This change is primarily due to: 143%↑ The issuance of a 1.2 bill
Slide 23: Changes in Working Capital
Consolidated Financial Statements – Balance Sheet CHANGES IN WORKING CAPITAL Figures in M MAD INVENTORIES ACCOUNTS RECEIVABLES ACCOUNTS PAYABLE* OPERATING WORKING CAPITAL 2025 VS. 2024 233 1 525 871 887 177 791 976 361 126 72 22 121 98 45 19 73 R 2024 R 2025 R 2024 R 2025 R 2024 R 2025 R 2024 R 2025
Slide 24: Breakdown of Billing 2024 vs. 2025 by Category
Breakdown of billing 2024 vs. 2025 BY CATEGORY Figures in M MAD BILLING* 2024 BILLING* 2025 International Coverage International Coverage 31 39 1% 1% National Coverage National Coverage 2,255 3,302 Direct Pay Direct Pay 62% 60% 708 976 19% 18% Billing Billing Reimbursement by category Reimbursement
Slide 25: Breakdown of Billing 2024 vs. 2025 by Category
Breakdown of billing for 2024 vs. 2025 BY CATEGORY Figures in M MAD BILLING 2025 International Coverage 39 1% National Coverage 3,302 Direct Pay 62% 976 18% AMO TADAMON Revenue Billing Reimbursement by nature 11% of Akdital’s total billing claims CMIM CNOPS 628 44 664 12% AMO TADAMON 1% 20% ASSURANC
Slide 26: Outlook & Strategic Priorities
Outlook & Strategic Priorities
Slide 27: Openings 2025–2028
Openings Tangier Tetouan Nador Laarache 2025–2028 Kenitra Al Hoceima Taza Oujda Rabat Salé Fez Mohammédia Meknes Casablanca Khemisset Berrechid Khouribga At a glance: end of 2028 El Jadida Beni Mellal Benguerir Safi Errachidia Marrakech 59 Essaouira Taroudant Agadir Facilities Inezgane vs. 41 in 202
Slide 28: Expanding Our Geographic Presence Nationwide
Expanding our geographic presence nationwide EXPANSION OF THE NETWORK OF FACILITIES TO REINFORCE OUR PRESENCE IN THE 12 REGIONS OF THE KINGDOM FACILITIES BEDS CITIES 59 6 005 29 29 53 5 446 4 900 25 24 45 4 505 41 2025 2026 2027 2028 2025 2026 2027 2028 2025 2026 2027 2028 28 Annual Results Presenta
Slide 29: Why Go International?
International WHY GO INTERNATIONAL? GCC — KSA & UAE TUNISIA — REGIONAL HUB - MAGHREB & AFRICA 4.6% < 2 beds 80–95% –30% 32% 14% Annual GDP growth per 1,000 residents Insured population Pricing EBITDA margin Net margin in KSA in target cities KSA · UAE vs. Morocco vs 28% Morocco vs 10% Morocco Unders
Slide 30: International: Strategic Objective for 2030
International STRATEGIC OBJECTIVE FOR 2030 2,000 35% 15 3 Beds of consolidated revenue Facilities Countries International bed capacity target Hospitals worldwide International contribution by 2030 (*) Tunisia · KSA · UAE Of which +1,500 beds already identified including 11 already identified Scope i
Slide 31: International Project Roadmap
International PROJECT ROADMAP Al Olaya Hospital, 150 beds Mecca Hospital (Al Bishri), 120 beds Hannibal Hospital, 230 beds Soukra Hospital, 130 beds Under construction MoU signed Taoufik Hospital, 164 beds Ezzahra Hospital, 50 beds MoU signed Q2 2026 Dubai DIP Hospital, 180 beds Jeddah Hospital, 150
Slide 32: Legal Structure & Governance
International LEGAL STRUCTURE & GOVERNANCE Target structure Current Structure by the end of 2026 100% 70% 30% Akdital SA Akdital SA Investment Fund Akdital International Akdital International Subsidiaries in Tunisia Subsidiaries in KSA Subsidiaries in UAE Taoufik · Hannibal Al Mugharrazat · Olaya DI
Slide 33: Project Financing $350 million
International Value creation and share PROJECT FINANCING premium: The combination of income- generating assets and high- potential greenfield projects thus supports an attractive valuation and optimizes fundraising conditions, enabling Akdital SA to $350 million hold at least 70% of Akdital Internat
Slide 34: Group Debt Trajectory
INTERNATIONAL Group debt trajectory Figures in M MAD ND / EBITDA ND / (ND + Equity) 5,314 ND 5,213 5,051 4 268 3,772 59.1% 4.0 61.0% 50.2% 3.5 51.0% 45.3% 45.3% 3.5 3.0 41.0% 34.2% 31.0% 2.5 2.7 1,868 21.0% 2.0 2.0 1.5 11.0% 1.8 18.4% 1.0% 1.0 1.1 -9.0% 0.5 0.5 -19.0% - 2025 2026 2027 2028 2029 203
Slide 35: Local Senior Executives with In-Depth Knowledge of Their Market
International Organization LOCAL SENIOR EXECUTIVES WITH IN-DEPTH KNOWLEDGE OF THEIR MARKET Chairman & CEO Dr. Rochdi Talib International Development Director Salima El Mezouari PR & Communications Director Abdelkoddous Hafsi Audit and Internal Control Deputy CEO Ilyas El Harti General Secretary CIO
Slide 36: Management
International Organization Management Local senior professionals with deep knowledge of their markets Selim BEN YEDDER Dr. Abdulhady HABASH CEO, Tunisia CEO, Saudi Arabia Selim Ben Yedder has over 25 years Dr. Abdulhady Habash has a of experience in the healthcare sector, proven track record in
Slide 37: Appendices – Financial Statements
Appendices – Financial Statements
Slide 38: Income Statement
P&L as of December 31, 2025 INCOME STATEMENT Figures in M MAD R 2025 R 2024 % Change 24 vs. 25 Revenue 4,413 2,954 49% Purchases Used -1,638 -1,088 51% Gross Margin 2,775 1,866 49% As a % of revenue 62.9% 63.2% -0.3 percentage points Operating Expenses -295 -177 66% Salaries -897 -611 47% Taxes -42
Slide 39: Balance Sheet Assets
Consolidated Financial Statements BALANCE SHEET ASSETS Figures in M MAD Dec. 31, 2025 Dec. 31, 24 % Change Fixed assets 6,109 4,128 48% Goodwill 210 61 >100% Intangible assets 173 68 >100% Intangible assets 316 191 65% Property, plant, and equipment 5,336 3,672 45% Financial assets 54 134 -60% Defer
Slide 40: Balance Sheet Liabilities
Consolidated Financial Statements BALANCE SHEET LIABILITIES Figures in M MAD Dec. 31, 2025 Dec. 31, 2024 % Change Capital 142 142 0% Share premiums, merger premiums, contribution premiums 1,939 1,939 0% Consolidated reserves 351 211 67% Consolidated net income 494 348 42% Consolidated equity 2,926 2
Slide 41: Consolidated Cash Flow Statement (TFT)
Consolidated Financial Statements TFT Figures in M MAD Dec 2025 Dec 2024 Consolidated net income 494 348 Excluding depreciation, amortization, and provisions 495 322 Elimination of change in deferred taxes -15 -8 Elimination of gains or losses on disposals -20 -27 Elimination of share of income from
Slide 42: Company Financial Statements: Income Statement
Company Financial Statements INCOME STATEMENT Figures in M MAD Dec 2025 Dec 2024 Dec 2025 Dec 2024 OPERATING REVENUE 185 122 Interest Expense 31 9 Sales of goods (as received) Foreign exchange losses 0 Sales of goods and services produced 160 120 Other financial expenses Revenue 160 120 Financial co
Slide 43: Company Financial Statements: Balance Sheet
Company Financial Statements BALANCE SHEET Figures in M MAD Assets Dec 2025 Dec 2024 Liabilities Dec 2025 Dec 2024 Non-current assets→[A] 10 11 EQUITY 2,522 2,299 Preliminary expenses 0 Share capital or equity (1) 142 142 Deferred expenses 10 10 Paid-in capital 142 142 Intangible assets→ [B] 5 5 Of
Slide 44: Company Cash Flow Statement (TFT)
Financial Statements TFT Figures in M MAD Dec 2025 Dec 2024 Net Income 365 206 +Depreciation and Amortization 7 17 Change in Working Capital -321 -111 Cash Flow from Operations 51 112 Acquisitions of Fixed Assets (Tangible/Corporate/Intangible) 5 8 Acquisitions of Financial Assets -2,127 -788 Dispos
Slide 45: (%) AKDITAL
(%) AKDITAL