Earnings Release FY2025

Integrated Diagnostics Holdings Plc FY 2025 Results

Friday, 17 April 2026

Integrated Diagnostics Holdings plc delivers 37% revenue growth in FY 2025 with strong margin expansion and bottom-line performance

(London) - Integrated Diagnostics Holdings ("IDH," "the Group," or "the Company"), a leading provider of diagnostic services with operations in Egypt, Jordan, Nigeria, Saudi Arabia, and Sudan, announced today its financial results for the quarter and year ended 31 December 2025. The Company reported revenues of EGP 7.9 billion in FY 2025, representing a year-on-year increase of 37%, driven by an 11% rise in tests performed and a 24% increase in average revenue per test, reflecting continued improvements in pricing, test mix, and service offerings across the Group's footprint. IDH's sustained focus on cost efficiency, operational leverage, and disciplined execution translated into robust profitability across the income statement. Gross profit increased 54% year-on-year to EGP 3.4 billion, with the gross margin expanding to 42.7%, compared with 38.1% in FY 2024. EBITDA grew 61% year-on-year to EGP 2.7 billion, delivering an EBITDA margin of 34.9%, up from 29.7% last year. Net profit rose 29% year-on-year to EGP 1.3 billion in FY 2025, while adjusted2 net profit increased 79% year-on-year, with the associated margin expanding to 16.1%, reflecting strong underlying operational momentum.

On a quarterly basis, Q4 2025 revenues reached EGP 2.1 billion, up 28.6% year-on-year, while EBITDA for the quarter increased 58% year-on-year to EGP 709 million, with the margin expanding to 34.2%. Net profit reached EGP 338 million, compared with EGP 284 million in Q4 2024. The fourth quarter also reflected the continued integration of Cairo Ray for Radiotherapy, acquired in June 2025, marking a strategic step in expanding IDH's radiology and radiotherapy capabilities and advancing the Group's longterm vision of building a fully integrated diagnostics platform.

Financial Results (IFRS)

Note: Throughout the document, percentage changes are calculated using the exact value (as per the Consolidated Financials) and not the corresponding rounded figure.

Key Operational Indicators4

‌1 Adjusted EBITDA is calculated as operating profit before depreciation, amortisation and other one-off items that are not expected to recur, with adjusted EBITDA being a measure monitored by management prior to these non-recurring items.

‌2 Adjusted net profit excludes non-recurring items in FY 2025 and FX gains in FY 2024.

‌3 Cash balance includes time deposits, treasury bills, current accounts, and cash on hand.

‌4 Key operational indicators are calculated based on revenue for the periods of EGP 7,855 million and EGP 5,720 million for FY 2025 and FY 2024, respectively.

‌5 IDH rolled out 137 new branches in Egypt, one new branch in Jordan, and one new branch in KSA. It is important to note that due to the ongoing conflict in Sudan, only one of IDH's 18

branches in the country is currently operating (reopened in Q3 2024).

Introduction

1. Financial Highlights

   • IDH reported consolidated revenue of EGP 7,855 million in FY 2025, representing a 37% year-on-year increase, driven by an 11% rise in test volumes and a 24% increase in average revenue per test (ARPT). Growth remained broad-based across the Group's footprint, with Egypt, Jordan, Nigeria, and Saudi Arabia all delivering solid contributions during the year. On a quarterly basis, Q4 2025 revenue reached EGP 2,074 million, up 29% year-on-year, reflecting continued momentum across both corporate and walk-in business lines.

     Revenue Progression

     (EGP mn)

     Test Volumes Progression

     (mn)

     7,855

     5,225

     5,720

     4,123

     2,773

     2,452

     3,605

     702

     2,903

     +34% Conventional Revenue CAGR

33.6

5.1

32.7

1.7

36.1

39.2

31.0

43.5

FY 2021 FY 2022 FY 2023 FY 2024 FY 2025

Conventional Covid-19-related

FY 2021 FY 2022 FY 2023 FY 2024 FY 2025

Conventional Covid-19-related

1. • Gross profit reached EGP 3,353 million in FY 2025, representing a 54% year-on-year increase, with the gross profit margin (GPM) expanding to 42.7%, compared with 38.1% in FY 2024. Margin expansion was primarily driven by tighter cost controls and scale efficiencies across the Group. Raw materials as a share of revenue declined to 19.3% from 22.0%, while direct wages and salaries improved modestly to 18.4% from 18.6%, reflecting continued optimisation of procurement and workforce productivity. On a quarterly basis, Q4 2025 gross profit stood at EGP 846 million, up 38% year-on-year, with a GPM of 41.0%, underscoring sustained operational efficiency.

   • EBITDA increased 61% year-on-year to EGP 2,738 million in FY 2025, with the EBITDA margin expanding to 34.9% from 29.7% last year. Similarly, operating profit also recorded strong growth, increasing by a strong 79% year-on-year to EGP

     2.2 billion. The improvement reflects stronger gross profitability and disciplined SG&A management, supported by digitalisation initiatives and operating leverage across the Group. SG&A expenses as a percentage of revenue declined year-on-year, despite continued investment in growth initiatives, particularly in Saudi Arabia. On an adjusted basis, EBITDA reached EGP 2,698 million, excluding EGP 40.1 million related to the contribution of Cairo Ray for Radiotherapy following its acquisition in June 2025, resulting in an adjusted EBITDA margin of 34.3%. On a quarterly basis, Q4 2025 EBITDA reached EGP 709 million, up 58% year-on-year, delivering an EBITDA margin of 34.2%. Adjusted EBITDA for the quarter amounted to EGP 669 million, corresponding to an adjusted margin of 32.3%.

   • Net profit rose 29% year-on-year to EGP 1,302 million in FY 2025, with a net profit margin (NPM) of 16.6%, compared with 17.6% in FY 2024, which included elevated FX gains. Excluding FX effects in FY 2024 and non-recurring items in FY 2025, adjusted net profit increased 79% year-on-year to EGP 1,262 million, with the associated margin expanding to 16.1%, highlighting the strength of the Group's underlying operating performance. On a quarterly basis, Q4 2025 net profit reached EGP 338 million, compared with EGP 284 million in Q4 2024, with a corresponding NPM of 16.3%. Adjusted net profit increased 22% year-on-year to EGP 298 million in Q4 2025. Similarly, operating profit in Q4 2025 recorded a strong 73% year-on-year increase to EGP 555 million.

   • IDH's net cash balance recorded EGP 472 million as at 31 December 2025, compared to a net cash of EGP 226 million as at year-end 2024.

   • The Board of Directors has declared a dividend of USD 0.0085 per share for the year ended 31 December 2025, representing a total distribution of USD 4.9 million. This payout aligns with our commitment to delivering sustainable shareholder value while maintaining flexibility to fund promising growth projects. Given the current geopolitical landscape and market volatility, the Board remains prudent in its capital allocation. We intend to re-evaluate as market conditions and capital requirements evolve.

2. Operational Highlights

   • As at 31 December 2025, IDH's branch network stood at 767 branches, up 139 branches year-on-year from 628 branches at year-end 2024. Over the past twelve months, the Group inaugurated 137 new branches in Egypt, alongside one new location in Jordan and one additional branch in Saudi Arabia, while operations in Sudan remained largely suspended except for a single partially operational branch. This expansion reflects IDH's continued commitment to enhancing accessibility and deepening market coverage across its operating geographies.

   • During FY 2025, IDH conducted 43.5 million tests, representing an 11% year-on-year increase, supported by higher patient throughput across both corporate and walk-in channels. Test volumes continued to grow across Egypt and Jordan despite the price adjustments implemented earlier in the year, underscoring the strength of the Group's brands and the resilience of underlying demand.

   • Average revenue per test (ARPT) increased 24% year-on-year to EGP 181 in FY 2025, reflecting the combined impact of pricing actions and a richer test mix driven by expanded radiology, radiotherapy, and specialised diagnostics. Average revenue per patient rose 31% year-on-year to EGP 835, highlighting IDH's continued success in enhancing value capture per patient through cross-selling and broader service offerings.

   • IDH served 9.4 million patients during FY 2025, up 5% year-on-year. In parallel, the Group further improved its average tests per patient metric to 4.6, compared with 4.4 in FY 2024. This improvement reflects the effectiveness of IDH's longterm initiatives aimed at deepening patient engagement, including loyalty programmes and digital outreach initiatives rolled out over recent years.

3. Updates by Geography

   • In Egypt (84.6% of total revenue in FY 2025), IDH recorded revenues of EGP 6,642 million during the year, representing 41% year-on-year growth compared to FY 2024. Growth was driven by a 10% increase in test volumes alongside a 28% rise in average revenue per test, reflecting the combined impact of pricing adjustments and a richer test mix.

   • IDH's Jordanian subsidiary, Biolab (13.1% of total revenues in FY 2025), reported revenues of JOD 15.0 million, up 7% year-on-year from JOD 14.0 million in FY 2024. In Egyptian pound terms, revenues increased 14% year-on-year to EGP 1,026 million. Performance during the year was supported by a 21% increase in test volumes and a 4% rise in patients served, reflecting continued recovery in patient activity and the sustained effectiveness of Biolab's promotional, digital outreach, and loyalty initiatives.

   • In Nigeria (1.5% of total revenues in FY 2025), Echo-Lab recorded revenues of NGN 3,712 million, representing 37% year-on-year growth in local currency terms. In EGP terms, revenue increased 47% year-on-year to EGP 121 million. Growth was supported by continued pricing adjustments to offset local inflation, driving higher average revenue per test, alongside a 6% increase in test volumes. Importantly, Echo-Lab delivered a full year of positive EBITDA in FY 2025 following its turnaround.

   • Biolab KSA, IDH's newest venture in Saudi Arabia (0.8% of total revenues in FY 2025), reported revenues of SAR 5.0 million, representing 252% year-on-year growth compared to FY 2024. In Egyptian pound terms, revenues rose to EGP 65 million, reflecting the continued ramp-up in patient activity and growing brand awareness as the network expanded. During the year, Biolab KSA increased its operational footprint to three branches, supporting a sharp increase in both patients served and tests performed. The strong momentum achieved during FY 2025 positions the venture well for further growth as additional locations are launched, with the Group aiming to launch three additional branches in the country (taking the total up to six) in the coming months, and leverage its expanded ownership stake6 to further accelerate growth at its newest geography.

   • In Sudan, one branch remained partially operational throughout the year, while the remaining 17 branches continued to be closed indefinitely pending stabilisation of conditions in the country. The Group generated SDG 109 million in revenues in FY 2025, compared with SDG 85.3 million in FY 2024. In EGP terms, revenues amounted to EGP 2.3 million, versus EGP

     2.6 million last year.

     ‌6 In December 2024, IDH announced the purchase of Izhoor's entire 49% stake in the venture for USD 3.2 million, bringing IDH's effective stake in Biolab KSA to 100% (79% controlled by IDH and 21% by its Jordanian subsidiary Biolab). It is worth noting that Biolab KSA was originally launched as a joint venture between IDH (30%), Biolab (21%), and Izhoor Holding Medical Company (49%) in January 2024.

4. Management Commentary

   Commenting on the Group's FY 2025 performance, IDH Chief Executive Officer, Dr. Hend El-Sherbini, said: "2025 marked another important year in IDH's journey, as we continued to expand access to high-quality diagnostics while strengthening the scale, efficiency, and resilience of our platform. Against a backdrop of improving macroeconomic stability across several of our core markets, the Group delivered strong operational and financial performance, reflecting the success of our disciplined execution, enhanced operating leverage, and long-term strategy focused on value-led growth.

   During the year, IDH reported consolidated revenues of EGP 7.9 billion, representing a year-on-year increase of 37%, driven by an 11% rise in tests performed and a 24% increase in average revenue per test. The Group performed 43.5 million tests during the year and served 9.4 million patients, with average tests per patient increasing to 4.6, reflecting deeper engagement and improved cross-selling across our expanding service portfolio. Growth was supported by continued expansion of our branch network and a progressively richer service mix, including radiology, radiotherapy, and specialised diagnostics. Importantly, this top-line momentum translated into meaningful profitability expansion. Operating profit also recorded strong growth, increasing by a strong 79% year-on-year to EGP 2.2 billion, reflecting improved cost control and operating leverage across the business. Similarly, EBITDA increased 61% year-on-year to EGP 2.7 billion, with the margin improving to 34.9% versus 29.7% in the previous year, while net profit after tax rose 29% year-on-year to EGP 1.3 billion. When adjusting for non-recurring items and foreign exchange effects, adjusted net profit increased 79%, with the associated margin expanding to 16.1%, highlighting the strength of our underlying operating performance and the structural improvements achieved across our cost base. These results demonstrate the scalability of our business model and our ability to generate sustainable growth while enhancing profitability, even as we continue investing in new markets and specialised capabilities.

   As we look ahead, IDH is well positioned to build on the progress achieved during the year. Our expanded network, strengthened service offering, improved cost structure, and enhanced profitability profile provide a solid foundation for continued growth. With a platform that combines scale and an increasingly diversified service mix, we enter the coming period with both momentum and clarity of purpose.

   At the same time, management continues to closely monitor evolving macroeconomic conditions and regional developments, including the escalation of the U.S.-Israel conflict with Iran in early 2026, which may introduce heightened uncertainty across the region, particularly in markets such as Jordan and Saudi Arabia.

   Overall, the progress achieved during 2025 reflects the strength of our strategy, the dedication of our teams, and the trust placed in us by millions of patients across our markets. With clear market-specific action plans, continued operational discipline, and a scalable platform, we are confident in our ability to sustain this momentum and deliver long-term value for our stakeholders while contributing meaningfully to the development of healthcare systems across the region."

5. Post Balance Sheet Events

As announced on 13 November 2025 by the Company, Actis GP LLP and Actis Guernsey GP Limited, each, a subsidiary of Actis LLP and which through funds under their management control shares representing 21.67% of the Company (the "Actis Shareholding"), have agreed to dispose, by way of an indirect share sale of Actis IDH Limited, of the entire Actis Shareholding to a special purpose vehicle, the majority of which is controlled by funds managed by Elliott Investment Management L.P. (the "Transaction"), of whom the ultimate beneficial owner is Paul Singer.

The Transaction was conditional on the receipt of regulatory clearance, which was received on 31 March 2026, at which point the transfer became unconditional, and was completed on Thursday 9 April 2026.

- End -

Analyst and Investor Call Details

An analyst and investor call will be hosted at 14:00 pm (UK) | 15:00 (Egypt) on Tuesday, 21 April 2026. You can learn more details and register for the call by clicking on the link.

For more information about the event, please contact: amoataz@EFG-HERMES.com

About Integrated Diagnostics Holdings (IDH)

IDH is a leading diagnostics services provider in the Middle East and Africa offering a broad range of clinical pathology and radiology tests to patients in Egypt, Jordan, Nigeria, Saudi Arabia, and Sudan. The Group's core brands include Al Borg, Al Borg Scan and Al Mokhtabar in Egypt, as well as Biolab (Jordan), Echo-Lab (Nigeria), Ultralab and Al Mokhtabar Sudan (both in Sudan), and Biolab KSA (Saudi Arabia). With over 40 years of experience, a long track record for quality and safety has earned the Company a trusted reputation, as well as internationally recognised accreditations for its portfolio of over 3,000 diagnostics tests. From its base of 767 branches as of 31 December 2025, IDH served over 9.4 million patients and performed more than 43.5 million tests in 2025. IDH will continue to add laboratories through a Hub, Spoke and Spike business model that provides a scalable platform for efficient expansion. Beyond organic growth, the Group targets expansion in appealing markets, including acquisitions in the Middle Eastern, African, and East Asian markets where its model is well-suited to capitalise on similar healthcare and consumer trends and capture a significant share of fragmented markets. IDH has been a Jersey-registered entity (i) whose shares are admitted to the equity shares (transition) category (previously, the standard listing segment) of the Official List of the UK Financial Conduct Authority and admitted to trading on the main market for listed securities of the London Stock Exchange (ticker: IDHC) since May 2015.

Shareholder Information

LSE: IDHC.L

Bloomberg: IDHC:LN Listed on LSE: May 2015

Shares Outstanding: 581,326,272

Contact Tarek Yehia

Investor Relations Director

T: +20 (0)2 3332 1126 | M: +20 10 6882 6678 | tarek.yehia@idhcorp.com

Forward-Looking Statements

These results for the year ended 31 December 2025 have been prepared solely to provide additional information to shareholders to assess the group's performance in relation to its operations and growth potential. These results should not be relied upon by any other party or for any other reason. This communication contains certain forward-looking statements. A forward-looking statement is any statement that does not relate to historical facts and events, and can be identified by the use of such words and phrases as "according to estimates", "aims", "anticipates", "assumes", "believes", "could", "estimates", "expects", "forecasts", "intends", "is of the opinion", "may", "plans", "potential", "predicts", "projects", "should", "to the knowledge of", "will", "would" or, in each case their negatives or other similar expressions, which are intended to identify a statement as forward-looking. This applies, in particular, to statements containing information on future financial results, plans, or expectations regarding business and management, future growth or profitability and general economic and regulatory conditions and other matters affecting the Group.

Forward-looking statements reflect the current views of the Group's management ("Management") on future events, which are based on the assumptions of the Management and involve known and unknown risks, uncertainties and other factors that may cause the Group's actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by these forward-looking statements. The occurrence or non-occurrence of an assumption could cause the Group's actual financial condition and results of operations to differ materially from, or fail to meet expectations expressed or implied by, such forward-looking statements.

The Group's business is subject to a number of risks and uncertainties that could also cause a forward-looking statement, estimate or prediction to differ materially from those expressed or implied by the forward-looking statements contained in this communication. The information, opinions and forward-looking statements contained in this communication speak only as at its date and are subject to change without notice. The Group does not undertake any obligation to review, update, confirm or to release publicly any revisions to any forward-looking statements to reflect events that occur or circumstances that arise in relation to the content of this communication.

A message from the Chair of your Board of Directors

I am pleased to report that 2025 has been a year of strong performance and meaningful progress for your Company.

Building on the resilience demonstrated in prior years, IDH has delivered robust growth, strengthened its regional platform, and enhanced the quality and breadth of its service offering, all while navigating a complex global and regional environment.

Sustained Growth and Expanding Profitability

During the year, IDH recorded revenues of EGP 7.9 billion, representing a 37% year-on-year increase. This performance was driven by an 11% rise in test volumes and a 24% increase in average revenue per test, reflecting both strategic pricing actions and a richer diagnostic mix.

Importantly, growth was not only top-line in nature. EBITDA increased 61% year-on-year to EGP 2.7 billion, with margins expanding to 34.9%, underscoring the strength of the Group's underlying operating momentum, while net profit increased 29% to EGP 1.3 billion with a 17% margin.

These results reflect not only the scalability of our model, but also the strength, depth, and experience of our management team,

whose disciplined execution and strategic clarity continue to underpin the Company's success.

Egypt remains the cornerstone of our platform and has continued to deliver strong and resilient operational performance over recent years.

Encouragingly, we saw signs of improving macroeconomic stability throughout 2025, with moderating inflation and greater foreign exchange availability supporting a more constructive business environment.

However, it is important to acknowledge that the weakness and volatility of the Egyptian pound has, in recent years, represented

the principal challenge, and in many respects the Achilles' heel of an otherwise strong performance story.

Currency depreciation has impacted reported results and investor sentiment, despite the underlying robustness of the business.

We are cautiously optimistic that increasing economic stability in Egypt, particularly in relation to the Egyptian pound, will provide a more supportive backdrop going forward, although recent geopolitical developments - including the escalation of the U.S.-Israel conflict with Iran in early 2026 - may introduce renewed pressure on regional markets and external balances.

Strategic Progress and Regional Expansion

During the year, we continued to make important strategic progress across our footprint.

In Egypt, we strengthened our leadership position and expanded access to high-quality diagnostic services.

The acquisition of Cairo Ray for Radiotherapy marks a significant milestone, enhancing Al Borg Scan's capabilities and positioning the Group more firmly in higher-value, specialised services.

Beyond Egypt, our strategy remains under constant review, with a clear focus on geographic diversification.

The Middle East, and Saudi Arabia in particular, represents a key pillar of our future growth. We are encouraged by the strong momentum of Biolab KSA, where revenues grew significantly and our footprint continues to expand.

Nigeria also delivered encouraging progress, with Echo-Lab achieving full year positive EBITDA, demonstrating the potential of this high growth market following a period of restructuring.

A core strategic priority for the Group is the continued evolution of our revenue mix towards higher-value, more specialised services.

Through investments in radiology, radiotherapy, and advanced diagnostics, we are increasingly focused on driving value-added revenue streams that enhance margins, improve patient outcomes, and strengthen our competitive positioning.

This shift not only supports profitability but also reinforces our long-term ambition to build a fully integrated diagnostics platform across our markets.

The global operating environment during 2025 remained uncertain, shaped by geopolitical tensions, supply chain disruptions, and evolving trade dynamics. Against this backdrop, management acted proactively, implementing prudent inventory strategies and maintaining close supplier relationships.

As a result, the Group experienced no material disruptions and maintained uninterrupted service delivery.

Across our markets, management continues to closely monitor evolving macroeconomic conditions and regional developments, including the escalation of the U.S.-Israel conflict with Iran in early 2026, which may introduce heightened economic uncertainty across the region, particularly in markets such as Jordan and Saudi Arabia.

Innovation remains central to our strategy. We continue to invest in digital transformation to enhance operational efficiency, improve patient experience, and unlock greater value from our data capabilities.

We also remain committed to responsible growth, as demonstrated by our continued progress on sustainability and governance. Strong oversight, a balanced Board, and a robust risk framework remain fundamental to the way we operate.

The recovery in the Company's share price over the past six months has been both encouraging and, in our view, long overdue. It reflects a growing recognition of the strength of our underlying business, the resilience of our operating model, and the significant progress made across our key markets.

We remain focused on delivering sustainable long-term value for our shareholders through disciplined execution, strategic expansion, and continued operational excellence.

The Board of Directors has declared a dividend of USD 0.0085 per share for the year ended 31 December 2025, representing a total distribution of USD 4.9 million. This payout aligns with our commitment to delivering sustainable shareholder value while maintaining flexibility to fund promising growth projects. Given the current geopolitical landscape and market volatility, the Board remains prudent in its capital allocation. We intend to re-evaluate as market conditions and capital requirements evolve.

On behalf of the Board, I would like to thank our management team and employees for their continued dedication and professionalism, as well as our shareholders for their ongoing support.

IDH enters 2026 from a position of strength. With an experienced management team, a clear strategic direction, improving macroeconomic conditions, and a renewed focus on value creation, we are confident in our ability to deliver sustainable growth in the years ahead.

Lord St John of Bletso Chairman

Chief Executive's Review

2025 marked another important year in IDH's journey, as we continued to expand access to high-quality diagnostics while strengthening the scale, efficiency, and resilience of our platform. Against a backdrop of improving macroeconomic stability across several of our core markets, the Group delivered strong operational and financial performance, reflecting the success of our disciplined execution, enhanced operating leverage, and long-term strategy focused on value-led growth.

During the year, IDH reported consolidated revenues of EGP 7.9 billion, representing a year-on-year increase of 37%, driven by an 11% rise in tests performed and a 24% increase in average revenue per test. The Group performed 43.5 million tests during the year and served 9.4 million patients, with average tests per patient increasing to 4.6, reflecting deeper engagement and improved cross-selling across our expanding service portfolio. Growth was supported by continued expansion of our branch network and a progressively richer service mix, including radiology, radiotherapy, and specialised diagnostics. Importantly, this top-line momentum translated into meaningful profitability expansion. Operating profit also recorded strong growth, increasing by a strong 79% year-on-year to EGP 2.2 billion, reflecting improved cost control and operating leverage across the business. Similarly, EBITDA increased 61% year-on-year to EGP 2.7 billion, with the margin improving to 34.9% versus 29.7% in the previous year, while net profit after tax rose 29% year-on-year to EGP 1.3 billion. When adjusting for non-recurring items and foreign exchange effects, adjusted net profit increased 79%, with the associated margin expanding to 16.1%, highlighting the strength of our underlying operating performance and the structural improvements achieved across our cost base.

These results demonstrate the scalability of our business model and our ability to generate sustainable growth while enhancing profitability, even as we continue investing in new markets and specialised capabilities.

Building healthcare access in structurally attractive markets

At the heart of IDH's strategy is a clear conviction: the most compelling long-term healthcare opportunities lie in markets where demand is structurally expanding and access to high-quality services still has room to deepen. Across our footprint, rising prevalence of chronic and lifestyle-related diseases and expanding insurance coverage continue to underpin sustained demand for diagnostic services. Diagnostics increasingly sit at the centre of modern care pathways, acting as both a gatekeeper and an enabler of treatment decisions, which structurally supports utilisation growth over time.

Egypt remains central to this thesis. The diagnostics market is split between public and private providers, with the private segment still concentrated in major urban centres, leaving significant potential in underserved regions. Ongoing expansion of corporate health coverage and the rollout of mandatory health insurance further reinforce long-term growth prospects for private diagnostics. These structural tailwinds are supported by favourable demographics, including a large and growing population and an increasing proportion of older citizens, which together continue to drive healthcare utilisation and more frequent diagnostic testing. Within this landscape, IDH maintains a leading position, supported by its nationwide footprint, strong brand recognition, international accreditations, and long-standing market presence, all of which provide competitive insulation and procurement advantages at scale.

During 2025, the broader macroeconomic environment across parts of our footprint became more stable following a period of volatility in prior years. In Egypt, structural reforms, improved foreign exchange availability, moderating inflation, and renewed investor confidence contributed to a more predictable operating environment. In Jordan, a stable, insurance-led healthcare system continued to support consistent demand. In Nigeria, ongoing economic reforms and currency stabilisation efforts helped foster a gradual recovery in patient activity, while in Saudi Arabia, continued progress under Vision 2030 and growing private-sector participation in healthcare reinforced long-term demand for high-quality diagnostics infrastructure.

Together, these structural and macroeconomic trends provide a supportive backdrop for IDH's continued expansion and position

the Group to capture sustainable growth across its markets.

Egypt: scale leadership, mix enhancement, and platform expansion

Egypt delivered another year of exceptional performance, with revenues increasing 41% to EGP 6.6 billion, supported by 10% growth in tests performed and a 28% increase in revenue per test. Growth was broad-based across both contract and walk-in segments, with contract revenues reaching EGP 4.7 billion and walk-in revenues approaching EGP 1.9 billion. The strength of both channels reflects the balance in our model between institutional relationships and direct patient engagement.

We continued to grow our footprint meaningfully, inaugurating 137 new branches during the year and ending 2025 with 724 branches in Egypt. This expansion reinforces our ability to reach patients beyond major city centres, further strengthening our competitive position and referral network density.

Alongside expansion, we continued to enhance the value of our service mix. Radiology and radiotherapy remain central to our long-term platform thesis, both as growth drivers and as natural extensions of the role diagnostics plays in care pathways. During 2025, the acquisition of Cairo Ray for Radiotherapy represented a strategic step forward in broadening our capabilities and advancing our vision of a more integrated diagnostics platform. Radiology and radiotherapy revenues reached EGP 310 million during the year, reflecting the growing importance of higher-value specialised services within our portfolio.

Our house-call service remained a core pillar of our offering, accounting for approximately 20% of Egypt's revenues, significantly above pre-pandemic levels. This channel reflects shifting patient preferences toward convenience and accessibility while reinforcing IDH's ability to deliver high-quality care beyond the clinic setting. In parallel, Wayak continued to expand, generating EGP 34 million in revenues and fulfilling approximately 260 thousand orders, contributing to our broader digital ecosystem and strengthening patient engagement across both physical and digital touchpoints.

Jordan: stability, volume-led strategy, and quality advantage

Jordan remains a stable, insurance-led healthcare market where regulated pricing creates a clear imperative: operators win through service quality and efficiency. Biolab is well positioned in this environment, supported by its internationally accredited platform, long-standing relationships with healthcare providers, and strong brand equity in Amman and surrounding areas.

In 2025, Biolab delivered 7% revenue growth in local currency to JOD 15.0 million, supported by 21% growth in tests performed and a 4% increase in patients served. In Egyptian pound terms, revenues reached EGP 1.0 billion. The strong volume performance, alongside a deliberate pricing strategy aimed at defending market share, reflects the effectiveness of promotional, digital outreach, and loyalty initiatives in supporting patient acquisition and retention. EBITDA remained stable in margin terms at 27.8%, underscoring disciplined cost management in a regulated pricing environment.

Nigeria: a high-growth frontier and a turnaround milestone

Nigeria remains one of the most attractive long-term healthcare markets in Africa: a large and youthful population, rising chronic disease burden, and a fragmented diagnostics landscape that remains underpenetrated. It is a market where scale and quality standards can unlock meaningful share gains over time.

2025 marked an operational milestone for IDH in Nigeria, where Echo-Lab delivered a full year of positive EBITDA following its turnaround. Revenue increased to NGN 3.7 billion (EGP 121 million), supported by pricing actions aligned with local inflation and a 6% increase in volumes. EBITDA reached NGN 193 million, compared with an EBITDA loss of NGN 846 million in the prior year, reflecting improved cost control, better asset utilisation, and disciplined management of working capital. While macro conditions remain complex, our focus in Nigeria is clear: continue modernising the network, expand the service portfolio, and build a scalable platform that can consolidate demand away from informal providers toward higher-quality diagnostic standards.

Saudi Arabia: early scale-up with a long runway ahead

Saudi Arabia continues to be a compelling market, underpinned by lifestyle shifts and a healthcare transformation agenda accelerating private-sector participation. The diagnostics sector remains fragmented, and the long-term runway for professionally run providers is significant.

In 2025, Biolab KSA generated SAR 5.0 million in revenues, up 252% year-on-year, equivalent to EGP 65 million. The network expanded to three branches, supporting sharp growth in patient and test volumes. While the business remains in its investment and ramp-up phase, EBITDA losses narrowed meaningfully year-on-year, reflecting improved utilisation of fixed costs and early operating leverage. Progress during the year reinforces our confidence in the market's potential and in our ability to scale in a disciplined, value-accretive manner.

Sudan: cautious engagement, safety-first, and long-term optionality

Sudan continued to face severe disruption from ongoing conflict, constraining normal operations and access to care. IDH maintained a cautious presence, with one branch partially operational and the remaining network closed indefinitely pending

stabilisation. 2025 revenues were SDG 109 million (EGP 2.3 million). Our posture remains safety-first - protecting our people and patients - while maintaining the optionality to participate in recovery when conditions allow.

Investing in scale, efficiency, and long-term value

Beyond geographic expansion, we continued to strengthen the foundations of our platform. During the year, our branch network grew to 767 branches across our markets. This expansion enabled us to serve 9.4 million patients and perform 43.5 million tests, while increasing average tests per patient to 4.6, reflecting deeper patient relationships and improved monetisation.

At the same time, we advanced our digitalisation agenda and implemented targeted operational improvements to enhance efficiency and strengthen our cost base. Cost of goods sold declined to 57.3% of revenue from 61.9% in the prior year, driven by procurement optimisation and scale efficiencies. Raw materials as a percentage of revenue declined to 19.3%, while direct wages remained well controlled at 18.4% of revenue. SG&A expenses decreased to 15.0% of revenue from 16.9%, despite continued investment in growth initiatives, reflecting strong operating leverage and the tangible impact of digitalisation initiatives.

Collectively, these developments reinforce the strength of IDH's operating model, which combines scale, operational efficiency, service excellence, and disciplined capital allocation to deliver sustainable, long-term growth.

Responsible operations and sustainable value creation

As a leading diagnostics platform operating across multiple jurisdictions, we recognise that long-term value creation must be anchored in responsible governance, environmental stewardship, and measurable social impact. Sustainability at IDH is not treated as a parallel initiative, but rather as an integrated component of our operating model.

During 2025, we published our fourth TCFD-aligned disclosure, reinforcing our commitment to transparency in climate-related governance, strategy, and risk management. This year marked a meaningful step forward in the maturity of our climate reporting, most notably through the expansion of our Scope 1 and Scope 2 greenhouse gas inventory. Our emissions assessment now covers 726 locations in Egypt and 37 in Jordan, reflecting full operational boundary coverage in these markets. This represents a significant broadening of data capture compared to prior reporting cycles and strengthens the integrity of our carbon accounting framework.

We continue to advance our Decarbonisation Plan, focusing on practical, operationally grounded initiatives. These include energy efficiency upgrades such as LED lighting rollouts, smart building management systems, enhanced refrigeration management with leak detection controls, progressive replacement of legacy air conditioning systems, and structured water management practices aligned with ISO standards. Sustainable mobility is another priority area, with forward-looking evaluations of alternative fleet solutions and initiatives to encourage lower-carbon commuting practices among employees.

Importantly, our approach to sustainability extends beyond emissions. We are strengthening our supply chain governance through the development of a Sustainable Procurement Policy, building on our existing Supplier Code of Conduct, which embeds minimum environmental and social standards into contractual relationships. All direct material expenditure remains subject to defined ESG obligations, and we maintain zero tolerance for unethical labour or environmental practices. Over time, this structured supplier engagement framework will allow us to expand our emissions inventory to include relevant Scope 3 categories, with reporting expected to commence in 2026.

Governance remains central to our responsible operations agenda. ESG oversight continues to sit with the Board Audit Committee, supported by the Sustainability Steering Committee at the executive level. Day-to-day coordination is managed through the Investment Relations function under direct Board oversight, ensuring that sustainability considerations remain closely linked to disclosure standards and capital market expectations.

Beyond environmental considerations, our responsible operations agenda continues to prioritise patient accessibility, data confidentiality, clinical quality, and employee wellbeing. We continue to invest in training programmes and quality assurance systems across our expanding branch network. Through structured awareness initiatives and internal innovation platforms, we are also embedding a culture of environmental responsibility and continuous improvement across the organisation.

As we scale across structurally attractive healthcare markets, responsible operations remain fundamental to how we grow. By strengthening governance and embedding sustainability into procurement and operational processes, we are reinforcing the resilience of our platform while safeguarding long-term stakeholder value.

Positioning IDH for continued long-term growth

As we look ahead, IDH is well positioned to build on the progress achieved during the year. Our expanded network, strengthened service offering, improved cost structure, and enhanced profitability profile provide a solid foundation for continued growth. With a platform that combines scale and an increasingly diversified service mix, we enter the coming period with both momentum and clarity of purpose.

At the same time, management continues to closely monitor evolving macroeconomic conditions and regional developments, including the escalation of the U.S.-Israel conflict with Iran in early 2026, which may introduce heightened uncertainty across the region, particularly in markets such as Jordan and Saudi Arabia.

In Egypt, our priority remains deepening penetration in underserved geographies while enhancing value per patient. We intend to continue rolling out new branches in targeted locations that strengthen network density and referral capture, particularly outside major urban centres. At the same time, we will further expand higher-value verticals, including radiology and radiotherapy, building on the successful integration of Cairo Ray. We also plan to continue strengthening our house-call and digital booking ecosystem, enhancing convenience and reinforcing patient loyalty. Operationally, we will focus on sustaining margin resilience through procurement optimisation, workforce productivity initiatives, and further integration of data analytics into decision-making.

In Jordan, our strategy centres on defending and expanding market share through volume-led growth and service excellence within a regulated pricing environment. We will continue investing in patient acquisition initiatives and loyalty programmes while broadening our specialised test portfolio to deepen relationships with referring physicians and institutional clients. Maintaining operational efficiency and disciplined cost control will remain critical to protecting margins in this market.

In Nigeria, the focus shifts from turnaround to structured expansion. Having delivered EBITDA positivity, our next phase involves modernising additional facilities, selectively expanding the branch footprint, and strengthening the corporate and insurance client base. We will continue aligning pricing with inflationary dynamics while driving operational efficiency and quality standards that differentiate us from smaller, informal operators. Over time, we see meaningful consolidation opportunities in this fragmented market.

Saudi Arabia remains a strategic growth engine with a long runway ahead. In the near term, our emphasis is on disciplined ramp-up and operational scale. We plan to expand the network further, with additional branch openings designed to increase market coverage in Riyadh and other high-density areas. Alongside physical expansion, we will continue investing in brand building, physician engagement, and service portfolio enhancement to accelerate patient growth. As volumes increase, our objective is to progressively narrow losses and move toward operational breakeven, supported by improved utilisation and cost absorption.

Across the Group, digitalisation remains a central pillar of our growth strategy. We are working to enhance our digital patient interface, expand data-driven cross-selling capabilities, and deploy more advanced analytics to optimise pricing and resource allocation. We will also continue advancing automation within laboratory processes to improve turnaround times and operational consistency while protecting margins.

From a capital allocation perspective, we remain disciplined. Our asset-light model enables us to pursue expansion without excessive capital intensity, while preserving flexibility for selective bolt-on acquisitions or strategic partnerships that enhance capabilities or accelerate entry into adjacent segments.

The progress achieved during 2025 reflects the strength of our strategy, the dedication of our teams, and the trust placed in us by millions of patients across our markets. With clear market-specific action plans, continued operational discipline, and a scalable platform, we are confident in our ability to sustain this momentum and deliver long-term value for our stakeholders while contributing meaningfully to the development of healthcare systems across the region.

Dr. Hend El-Sherbini Chief Executive Officer

Group Operational & Financial Review

1. Revenue and Cost Analysis

   Revenue (EGP mn)

   7,855

   Consolidated Revenue

   5,720

   ▲37%

   IDH continued to deliver strong top-line momentum through the full year, reporting revenue growth of 37% year-on-year in FY 2025, with revenues reaching EGP 7,855 million. Growth was driven by a combination of higher test volumes, which increased 11% year-on-year, and a 24% increase in average revenue per test (ARPT), reflecting the full-year impact of strategic price adjustments alongside a richer diagnostic mix. The continued expansion of higher-value radiology and specialised testing further supported value-led growth across the Group's core markets.

   On a quarterly basis, Q4 2025 revenues reached EGP 2,074 million, up 29% year-on-year, while moderating sequentially compared with Q3 2025, reflecting a normalisation in growth following a particularly strong third quarter.

   	Q4 2024	Q4 2025	Change	FY 2024	FY 2025	Change
   Revenue (EGP mn)	1,613	2,074	29%	5,720	7,855	37%
   Tests performed (mn)	10.4	11.8	13%	39.2	43.5	11%
   Revenue per test (EGP)	155	176	14%	146	181	24%

   FY 2024 FY 2025

   Revenue by Patient Segment

   (FY 2025)

   33%

   EGP

   7,855

   mn

   67%

   Contract Walk-in
   
   

   Tests by Patient Segment

   (FY 2025)

   Revenue Analysis: Contribution by Patient Segment

   Contract Segment (67% of Group revenue in FY 2025)

   Revenues from the contract segment reached EGP 5,257 million in FY 2025, representing 42% year-on-year growth compared to EGP 3,714 million in FY 2024. Growth remained broad-based, supported by a 28% increase in average revenue per test and an 11% rise in test volumes, as IDH continued to benefit from its long-standing relationships with corporate clients, insurers, and referral networks.

   Average tests per patient in the contract segment continued to trend upward, reaching 4.8 tests per patient in FY 2025, compared with 4.6 in FY 2024, reflecting the effectiveness of IDH's loyalty programmes and cross-selling initiatives in driving deeper patient engagement and multi-test utilisation.

   Walk-in Segment (33% of Group revenue in FY 2025)

   At the walk-in segment, revenues reached EGP 2,599 million in FY 2025, up 30% year-on-year. Performance was driven by a 12% increase in test volumes alongside a 16% rise in average revenue per test, supported by higher patient spend per visit and continued uptake of radiology services.

   Average tests per patient also improved, reaching 3.9 tests in FY 2025, compared with 3.6 in FY 2024, highlighting the ongoing success of IDH's strategy to enhance the patient journey, expand service offerings, and promote comprehensive diagnostic testing across its growing network.

   16%

   43.5

   mn

   84%

   Contract Walk-in
   
   

   Detailed Segment Performance Breakdown

   	Walk-in Segment			Contract Segment			Total
   	FY24	FY25	Change	FY24	FY25	Change	FY24	FY25	Change
   Revenue (EGP mn)	2,005	2,599	30%	3,714	5,257	42%	5,720	7,855	37%
   Patients ('000)	1,791	1,852	3%	7,156	7,557	6%	8,947	9,409	5%
   % of patients	20%	20%		80%	80%
   Revenue per Patient (EGP)	1,120	1,403	25%	519	696	34%	639	835	31%
   Tests ('000)	6,414	7,161	12%	32,778	36,294	11%	39,192	43,455	11%
   % of Tests	16%	16%		84%	84%
   Revenue per Test (EGP)	313	363	16%	113	145	28%	146	181	24%
   Test per Patient	3.6	3.9	8%	4.6	4.8	5%	4.4	4.6	5%

   Revenue by Geography

   (FY 2025)

   84.6%

   0.03%

   0.8%

   1.5%

   EGP

   7,855

   mn

   13.1%

   
   
   Egypt Jordan Nigeria
   
   KSA Sudan
   
   

   Egypt Revenue

   (EGP mn)

   Revenue Analysis: Contribution by Geography

   Egypt (84.6% of Group revenue in FY 2025)

   IDH's home and largest market, Egypt, delivered another year of strong growth, with revenues increasing 41% year-on-year to EGP 6,642 million in FY 2025, compared to EGP 4,718 million in FY 2024. Performance was supported by a 10% increase in tests performed alongside a 28% rise in average revenue per test, reflecting the continued impact of strategic price adjustments and a progressively richer diagnostic mix, particularly within radiology and specialised testing.

   Al-Borg Scan and Radiotherapy

   IDH's radiology segment, comprising Al Borg Scan and the newly added radiotherapy offering following the acquisition of Cairo Ray for Radiotherapy in June 2025, continued to expand its contribution to the Group's Egyptian operations. Radiology and radiotherapy revenues reached EGP 310 million in FY 2025, up from EGP 224 million in FY 2024, representing year-on-year growth of 38%. Growth was primarily value-driven, supported by a higher-value service mix and improved monetisation, while volumes were broadly stable on a full-year basis.

   6,642

   FY 2024 FY 2025

   Al Borg Scan Revenue

   (EGP mn)

   4.8%

▲38%

FY 2024 FY 2025

House Calls

4,718

▲41%

IDH's house-call service remained a core pillar of its Egyptian operations throughout FY 2025, accounting for approximately 20% of Egypt's revenues, in line with recent periods and well above pre-pandemic levels. The service continues to benefit from strong consumer adoption, supported by enhanced digital booking capabilities, efficient logistics, and the Group's nationwide footprint.

Wayak

Wayak, IDH's digital health and e-pharmacy platform, sustained its strong growth trajectory during FY 2025, with revenues reaching EGP 34 million, up 53% year-on-year. Growth was supported by a 19% increase in orders fulfilled, which reached approximately 260 thousand orders over the year, supported by continued optimisation of the platform's delivery network and expanding cross-selling through IDH's branch and digital ecosystem.

Detailed Egypt Performance Breakdown

% of Egypt Revenue

Jordan Revenue

(EGP mn)

FY 2024 FY 2025

Jordan Revenue

(JOD mn)

FY 2024 FY 2025

Nigeria Revenue

(EGP mn)

121

FY 2024 FY 2025

Nigeria Revenue

(NGN mn)

3,712

FY 2024 FY 2025

Saudi Arabia Revenue

(FY 2025)

65 5

EGP mn SAR mn

Jordan (13.1% of Group revenue in FY 2025)

899

▲14%

1,026

In IDH's second-largest market, Jordan, Biolab reported revenues of JOD 15 million in FY 2025, representing a 7% year-on-year increase compared to JOD 14 million in FY 2024. Growth was primarily volume-led, with the number of tests performed rising 21% year-on-year, supported by continued patient acquisition and the sustained impact of promotional and digital outreach initiatives implemented during the year. Average revenue per test in local currency declined 12% year-on-year, reflecting the combined effect of promotional pricing and a deliberate strategy to stimulate volumes, strengthen patient loyalty, and defend market share in an increasingly competitive environment. In Egyptian pound terms, revenues increased 14% year-on-year to EGP 1,026 million, supported by both underlying operational growth and FX translation effects.

14

▲7%

15

Detailed Jordan Performance Breakdown

Nigeria (1.5% of Group revenue in FY 2025)

82 ▲47%

Echo-Lab, IDH's Nigerian subsidiary, reported revenues of NGN 3,712 million in FY 2025, representing 37% year-on-year growth compared to NGN 2,716 million in FY 2024. Revenue growth was primarily driven by a 29% increase in average revenue per test in local currency terms, as Echo-Lab continued to adjust pricing in line with local inflationary trends. Test volumes increased 6% year-on-year, reflecting a gradual recovery in patient activity as consumer purchasing power stabilised over the course of the year. In Egyptian pound terms, revenues rose 47% year-on-year to EGP 121 million, supported by both operational growth and FX translation effects.

Saudi Arabia (0.8% of Group revenue in FY 2025)

Biolab KSA, IDH's newest market venture, recorded revenues of SAR 5.0 million in FY 2025, representing a 252% year-on-year increase compared to SAR 1.4 million in FY 2024. In Egyptian pound terms, revenues increased more than threefold to EGP 65 million, reflecting the continued ramp-up in operations and growing brand recognition across the Kingdom.

2,716

▲37%

Growth was supported by a sharp increase in patient volumes as the network expanded, with the subsidiary ending the year operating three branches, following the inauguration of its third location in Riyadh during the year. The Saudi market remains a key long-term growth driver for IDH, underpinned by favourable demographics, rising healthcare awareness, and a highly fragmented private diagnostics sector offering significant consolidation potential. Over the coming period, IDH plans to continue expanding its footprint in the Kingdom in a disciplined and value-accretive manner.

Sudan (0.03% of Group revenue in FY 2025)

In Sudan, operations remained severely constrained by the ongoing conflict. One branch remained partially operational throughout the year, while the remaining 17 branches continued to be closed indefinitely pending stabilisation of conditions in the country.

The Group generated SDG 109 million in revenues in FY 2025, compared with SDG 85.3 million in FY 2024. In Egyptian pound terms, revenues amounted to EGP 2.3 million, versus EGP 2.6 million last year, with the year-on-year decline in EGP terms reflecting adverse FX movements rather than underlying operational performance.

Revenue Contribution by Country

Average Exchange Rate

Patients Served and Tests Performed by Country

Operational Branches by Country

Cost of Goods Sold Breakdown

(FY 2025)

22%

EGP

34%

12%

4,502

mn

32%

Raw Materials Wages & Salaries

Dep. & Amort. Other Exp.

Cost of Goods Sold (COGS)

IDH's cost of goods sold amounted to EGP 4,502 million in FY 2025, marking a 27% increase year-on-year in line with higher activity levels and continued network expansion. Importantly, as a proportion of consolidated revenue, COGS declined meaningfully to 57.3%, compared with 61.9% in FY 2024, highlighting the Group's ability to capture operating leverage and execute on its cost-efficiency agenda.

The improvement was broad-based, with all major COGS components declining as a share of revenue, reflecting tighter cost discipline, procurement efficiencies, and the benefits of scale as volumes increased across IDH's core markets.

COGS Breakdown as a Percentage of Revenue

Raw materials, the single largest cost component, stood at EGP 1,516 million in FY 2025. While raw material costs increased in absolute terms to support higher testing volumes, as a percent of revenue they declined to 19.3% of revenue in FY 2025, down from 22.0% last year. The improvement at the margin level reflects IDH's centralised procurement model, improved inventory planning, and enhanced supplier negotiations, which helped cushion the impact of inflationary pressures on input costs.

Direct wages and salaries, including employee profit-sharing, remained well controlled at EGP 1,445 million in FY 2025 or 18.4% of revenue, broadly stable compared with 18.6% in FY 2024. This reflects a balance between continued investment in talent to support branch openings and service quality, and ongoing efforts to optimise staffing levels and productivity across the network.

Direct Wages and Salaries by Region

Direct depreciation and amortisation amounted to EGP 523 million in FY 2025 and declined to 6.7% of revenue, from 7.7% last year, despite sustained capital deployment into new branches, laboratory upgrades, and diagnostic equipment.

Other direct costs, including hospital contracts, maintenance, utilities, transport, consulting, and licensing expenses, reached EGP 1.0 billion in FY 2025, or 13.0% of revenue down from 13.6% in FY 2024, supported by tighter cost controls and ongoing efficiency initiatives across operating units.

Gross Profit

IDH generated gross profit of EGP 3,353 million in FY 2025, representing a 54% year-on-year increase compared with FY 2024. Gross profit margin expanded to 42.7%, up from

Gross Profit

(EGP mn)

▲54%

43%

38.1% last year, reflecting the combined impact of strong revenue growth, improved cost

discipline, and increasing scale across the Group's operations.

38%

The sustained expansion in gross margin underscores the strength and scalability of IDH's operating model, as well as its ability to translate higher volumes and an improving service mix into structurally stronger profitability, even while continuing to invest in geographic expansion and enhanced diagnostic capabilities.

Selling, General, and Administrative (SG&A) Expenses

IDH's SG&A expenses amounted to EGP 1,180 million in FY 2025, representing a 22% increase year-on-year compared with FY 2024. Despite the increase in absolute terms, SG&A declined as a proportion of consolidated revenue to 15.0%, down from 16.9% last

FY 2024 FY 2025

Gross Profit Margin

year, reflecting continued operating leverage, disciplined cost management, and the scalability of the Group's platform amid strong revenue growth. The year-on-year movement in SG&A was primarily driven by the following factors:

• Indirect wages and salaries reached EGP 552 million in FY 2025, up 42% year-on-year, reflecting annual salary adjustments, selective headcount additions to support network expansion and new business lines, particularly in Saudi Arabia, as well as FX translation effects on Jordanian and Saudi payroll costs following the depreciation of the Egyptian pound.

• Advertising and marketing expenses increased 39% year-on-year to EGP 210 million, as the Group continued to invest in strengthening brand visibility in Egypt while accelerating marketing and customer acquisition efforts in Saudi Arabia in line with the expansion of the Biolab KSA network.

Selling, General, and Administrative Expenses

EBITDA

(EGP mn)

35%

EBITDA

30%

2,738

▲61%

IDH reported EBITDA of EGP 2,738 million in FY 2025, representing a 61% year-on-year increase compared with EGP 1,697 million in FY 2024. The Group's EBITDA margin expanded to 34.9%, up from 29.7% last year, driven by lower COGS as a percentage of revenue, tighter SG&A management despite ongoing growth investments, and the continued benefits of digitalization and procurement efficiencies. Performance was further supported by the sustained turnaround in Nigeria, meaningful scale-up in Saudi Arabia, and the consolidation of Cairo Ray within the radiology platform.

FY 2024 FY 2025

EBITDA Margin

Adjusted EBITDA, which excludes a gain on bargain purchase of EGP 40.1 million related to Cairo Ray's acquisition June 2025, stood at EGP 2,698 million, reflecting a 34.3% adjusted EBITDA margin, compared to an adjusted EBITDA of EGP 1,731 million in FY 2024 with a 30.3% margin.

EBITDA by Region

(FY 2025)

10.0%

0.2%

EBITDA by Country

In Egypt, IDH generated EBITDA of EGP 2,494 million in FY 2025, up 58% year-on-year from EGP 1,584 million in FY 2024. EBITDA margin expanded to 37.6%, compared with 33.6% last year. The improvement reflects stronger gross profitability, improved cost absorption across a larger branch base, and continued SG&A optimisation.

91.0

%

EGP

2,738

mn

-1.7%

In Jordan, Biolab reported EBITDA of JOD 4.1 million in FY 2025, up 7% year-on-year from JOD 3.9 million in FY 2024. In EGP terms, EBITDA recorded EGP 285 million in FY 2025, compared with roughly EGP 253 million last year. EBITDA margin in local currency terms recorded 27.8%, reflecting disciplined cost management despite promotional pricing initiatives aimed at stimulating volume growth.

In Nigeria, Echo-Lab delivered a significant turnaround, reporting EBITDA of NGN 193

Egypt Jordan Nigeria KSA

Interest Expense

(EGP mn)

million in FY 2025, compared with an EBITDA loss of NGN 846 million in FY 2024. This equates to approximately EGP 6 million, versus a loss of approximately EGP 26 million last year. EBITDA margin improved to 5.2%, compared with negative 31.1% in FY 2024. The improvement reflects continued pricing discipline, cost rationalisation, and stabilising operating conditions.

In Saudi Arabia, Biolab KSA recorded EBITDA losses of SAR 3.5 million in FY 2025, compared with SAR 9.3 million in FY 2024. This corresponds to approximately EGP 46 million in losses, versus roughly EGP 113 million last year. The substantial reduction in losses reflects strong revenue ramp-up, improved utilisation of fixed costs, and early-stage operating leverage as the branch network expands.

Regional EBITDA in Local Currency

197

▲24%

245

17

FY 2024 FY 2025

Fast Track Payment

Loan-related Expenses on IFC Facility

Interest Expenses on Leases

Bank Charges

Interest Expenses on Borrowings

Interest Income / Expense

9

27

52

34.0

24

IDH recorded interest income of EGP 223 million in FY 2025, up 54% from EGP 145 million in FY 2024, reflecting the Group's higher average cash balance during the year and continued benefit from elevated deposit rates in Egypt for much of the reporting period. While the Central Bank of Egypt began easing policy rates during the year, yields remained attractive relative to historical levels, supporting strong treasury income.

Total interest expense7 increased to EGP 236 million in FY 2025, compared with EGP 197 million in FY 2024, representing a 20% year-on-year rise. The increase was primarily attributable to:

• Interest on financial obligations rising to EGP 133 million, up 18% year-on-year, largely reflecting the expansion of the branch network and the associated lease liabilities under IFRS 16.

• Interest on borrowings increasing significantly to EGP 52 million from EGP 24 million last year, mainly due to higher average debt balances following the loan

  ‌7 Interest expenses on medium-term loans include EGP 44 million (EGP 21 million in FY 2024) related to the Group's facility with Kuwait Finance House (KFH) -

  formerly Ahli United Bank (AUB).

  Tax

  (EGP mn)

  30%

  39%
  
  

  ▲20%

  FY 2024 FY 2025

  Effective Tax Rate
  
  

  Net Profit

  (EGP mn)

  FY 2024 FY 2025

  Net Profit Margin
  
  

  drawdown related to the acquisition of Cairo Ray for Radiotherapy, as well as elevated borrowing costs during the year.

  • Bank charges rising to EGP 27 million from EGP 17 million, in line with higher transaction volumes and revenue growth across the Group.

It is important to note that IDH's interest-bearing debt8 (excluding accrued interest) increased during FY 2025 to reach EGP 427 million as at 31 December 2025, from EGP 265 million at year-end 2024. The increase is due to a loan withdrawal for the acquisition of Cairo Ray.

Interest Expense Breakdown

Foreign Exchange

IDH recorded a foreign exchange loss of EGP 37 million in FY 2025, compared with a foreign exchange gain of EGP 303 million in FY 2024. The foreign exchange loss relates to intercompany balances revaluation in entities where the balance was in a currency different to the functional currency.

Taxation

Tax expenses, including current and deferred tax, amounted to EGP 817 million in FY 2025, compared with EGP 431 million in FY 2024. IDH's effective tax rate increased significantly versus the same period of last year, reaching 39% in FY 2025 versus 30% last year. The increase reflects a normalisation in foreign exchange gain recorded during the period. It is important to highlight that there is no tax payable for IDH's two holding-level companies.

18%

17%

1,302

▲29%

Taxation Breakdown by Region

Net Profit

IDH recorded a net profit of EGP 1,302 million in FY 2025, representing a 29% year-on-year increase from EGP 1,008 million in FY 2024. It is worth noting that the prior year's bottom line benefited from significant foreign exchange gains, which created a high comparative base in FY 2024. The Group's net profit margin stood at 16.6% in FY 2025, compared with 17.6% last year, with the slight contraction primarily reflecting the absence of last year's exceptional FX gains and higher financing costs associated with strategic investments undertaken during the year.

‌8 IDH's interest-bearing debt as at 31 December 2025 included EGP 403 million (EGP 85 million as at 31 December 2024) related to its facility with Kuwait Finance House (KFH) - formerly Ahli United Bank (AUB) (outstanding loan balances are excluding accrued interest for the period).

‌9 Interest expenses on medium-term loans include EGP 44 million (EGP 21 million in FY 2024) related to the Group's facility with Kuwait Finance House (KFH) -

formerly Ahli United Bank (AUB).

When adjusting for non-recurring items in FY 2025 and foreign exchange gains in FY 2024, adjusted net profit reached EGP 1,262 million in FY 2025, up 79% year-on-year from EGP 705 million in FY 2024. The corresponding adjusted net profit margin improved significantly to 16.1%, compared with 12.3% last year, underscoring the strength of the Group's underlying operating performance, margin expansion, and improved cost structure.

1. Balance Sheet Analysis

   Dividends

   The Board of Directors has recommended that a cash dividend of USD 4.9 million (USD 0.0085 per share), should be paid to shareholders who appear on the register as of 29 May 2026, with an ex-dividend date of 28 May 2026. The payment date for the dividend will be 22 June 2026. Proposed dividends for ordinary shares are subject to the approval of the Annual General Meeting (AGM) and are not recognised as a liability as of 31 December 2025.

   Assets

   Property, Plant and Equipment (PPE)

   IDH recorded PPE cost of EGP 3,900 million as at 31 December 2025, up from the EGP 3,111 million as at year-end 2024. The increase primarily reflects the addition of new branches across key markets, continued investments in laboratory and radiology equipment, the renovation and upgrade of existing locations to enhance service quality and operational capacity, and the acquisition of Cairo Ray.

   Total CAPEX Addition Breakdown - FY 2025

   EGP mn	FY 2025	% of Revenue
   Leasehold Improvements/new branches	406	5%
   Radiotherapy (Cairo Ray acquisition)	440	6%
   Al-Borg Scan Expansion	30	0.4%
   CAPEX Additions	876	11%
   Translation Effect	(70)	-1%
   Disposals	(17)	-0.2%
   Total Increase in PPE Cost	789	10%

   Trade Receivables and Provisions

   Net trade receivables stood at EGP 996 million as at 31 December 2025, compared with EGP 804 million at year-end 2024. Despite the increase in absolute receivables in line with revenue growth, Days on Hand (DOH) improved to 122 days, compared with 140 days at the end of 2024, reflecting enhanced collections discipline and continued focus on working capital optimisation.

   Meanwhile, provision charges for doubtful accounts in FY 2025 stood at EGP 45 million, down from EGP 48 million in FY 2024.

   Inventory

   As at 31 December 2025, IDH's inventory balance stood at EGP 424 million, compared with EGP 318 million at year-end 2024. Meanwhile, Days Inventory Outstanding (DIO) improved to 94 days, versus 105 days at 31 December 2024. The improvement reflects stronger sales momentum during the year, improved procurement planning, and enhanced inventory turnover management across the Group's expanding branch network.

   Cash and Net Debt

   Cash balances and financial assets at amortised cost reached EGP 2,090 million as at 31 December 2025, compared with EGP 1,716 million at year-end 2024, reflecting strong operating cash generation during the year.

   Cash Balances

   (EGP mn)

   2,090

▲22%

31 Dec 2024 31 Dec 2025

IDH's net cash10 balance recorded EGP 472 million as at 31 December 2025, compared to a net cash of EGP 226 million as at year-end 2024.

Note: Interest Bearing Debt includes accrued interest for each period.

*If excluding Lease Liabilities Property (IFRS 16), IDH would have recorded net cash of EGP 1,478 million.

**Includes accrued finance cost.

Lease liabilities and financial obligations on property recorded EGP 1,006 million at 31 December 2025, up from EGP 943 million recorded at year-end 2024. Meanwhile, financial obligations related to equipment recorded at EGP 180 million as at 31 December 2025, down from EGP 264 million at year-end 2024 reflecting the addition of no new contracts in 2025. Finally, interest bearing debt 12 (excluding accrued interest) reached EGP 427 million at 31 December 2025, up from EGP 265 million at year-end 2024.

Liabilities

Trade Payable13

As at 31 December 2025, IDH's trade payables stood at EGP 563 million, up from EGP 320 million at year-end 2024. Meanwhile, Days Payable Outstanding (DPO) recorded 112 days, compared with 90 days at 31 December 2024.

Put Option

The put option current liability stood at EGP 629 million as at 31 December 2025, up versus the EGP 532 million at 31 December 2024, and is related to both:

• The option granted in 2011 to Dr. Amid, Biolab's CEO, to sell his stake (40%) to IDH. The put option is in the money and exercisable since 2016 and is calculated as seven times Biolab's LTM EBITDA minus net debt.

• The option granted in 2018 to the International Finance Corporation from Dynasty -shareholders in Echo Lab - and it is exercisable in 2024. The put option is calculated based on fair market value (FMV).

It is important to note that the put option previously included as part of the agreement between IDH, Biolab and Izhoor in Saudi Arabia has been removed following IDH's acquisition of Izhoor's entire 49% stake in Biolab KSA, which was concluded in December 2024. Biolab KSA is now owned 79% by IDH and 21% by its Jordanian subsidiary Biolab.

‌10 The net cash/(debt) balance is calculated as cash and cash equivalent balances including financial assets at amortised cost, less interest-bearing debt (medium term loans), finance lease and right-of-use liabilities.

‌11 It is worth noting that some term deposits and treasury bills cannot be accessed for over three months and are therefore not treated as cash. Term deposits which cannot be accessed for over three months stood at EGP 336 million at 31 December 2025 (2024: EGP 468 million). Meanwhile, treasury bills not accessible for over three months stood at EGP 83 million (2024: EGP 60 million).

‌12 IDH's interest-bearing debt as at 31 December 2025 included EGP 403 million to its facility with Kuwait Finance House (KFH) - formerly Ahli United Bank (AUB) (outstanding loan balances are excluding accrued interest for the period).

‌13 Accounts payable is calculated based on average payables at the end of each period.

1. Principal Risks, Uncertainties & their Mitigation

   As with all corporations, IDH is exposed to several risks and uncertainties which may have adverse impacts on the Company's performance. IDH's Chairman, Lord St John of Bletso, systematically stresses the importance of the risk matrix as a key driver of the Group's long-term success, and one which must be equally shared by the Board of Directors and senior management.

   While no system is capable of mitigating every risk, and while some risks, at the country level, are largely without potential mitigants, the Group has developed complex processes, procedures, and baseline assumptions which provide effective mitigation. The Board and senior management agree that the principal risks and uncertainties facing the Group include:

   Specific Risk

   Mitigation

   Country/regional risk - Economic and Forex Egypt: IDH is directly impacted by the economic conditions of its largest market, Egypt, and, to a lesser extent, those of its other operating geographies. Egypt accounted for 84.6% of consolidated revenues in 2025 (82.5% in 2024) and 91% of adjusted EBITDA (93% in 2024). Starting in early 2022, IDH's home and largest market has been directly impacted by the Russian-Ukraine war due to Egypt's reliance on wheat imports and tourism inflows from both countries, as well as its broader exposure to capital outflows during periods of global and regional economic uncertainty. These pressures were further exacerbated by the global tightening of monetary policy during 2022-2024, which led to reduced foreign capital inflows across emerging markets. Meanwhile, since late 2023, Egypt has also been affected by the ongoing conflict in Gaza and wider regional tensions, which have periodically weighed on tourism activity, investor sentiment, and Suez Canal traffic-an important source of foreign currency for the country. Disruptions to Israeli natural gas supply during periods of escalation also contributed to intermittent energy supply constraints, although the government has taken steps to mitigate these risks through diversified energy sourcing and infrastructure investments. Despite these external pressures, Egypt's macroeconomic environment began to stabilise significantly following the landmark economic reforms implemented in early 2024. These included the transition to a flexible exchange rate regime in March 2024 and a substantial tightening of monetary policy to address inflation and restore confidence in the financial system. In parallel, Egypt secured significant external support, including investment commitments from Abu Dhabi's ADQ, expanded financing arrangements with the

   Overall, management reiterates that IDH employs a robust and resilient business model which has helped the Company navigate several economic and political downturns, including two revolutions, while allowing the business to expand its offering and record positive growth across key operational and financial performance indicators. Moreover, as part of IDH's long-term growth strategy, the Company is working to diversify its geographic exposure by decreasing its exposure to any single country. To this end in January 2024, the Company launched its Saudi Arabian venture under the name Biolab KSA. Once fully ramped up, the venture will offer a full suite of diagnostic testing services. IDH has maintained an active approach in shielding the business from exchange rate fluctuations in its markets. As part of its mitigation efforts, IDH negotiates contracts with tenures ranging from 5 to 7 years (at fixed FX rates, which only get revised once the currency surpasses an agreed upon value) and purchases laboratory test kits on contract with volume-linked prices. Meanwhile, thanks to its large scale and longstanding supplier relationships, the Company is able to secure favourable test kit prices with all its major suppliers. Additionally, the Company takes proactive steps to hedge against foreign currency risks on a case-by-case basis whenever applicable. Meanwhile, the Group's asset-light model allows for minimal borrowing and significant strategic flexibility, providing it with ample leeway to navigate challenging times while supporting its expansion plans even in high-interest rate environments.

   International Monetary Fund (IMF), and additional funding from international and regional partners including the European Union. These measures helped restore foreign currency liquidity, eliminate the parallel foreign exchange market, and encourage the return of foreign investment and remittance flows through formal channels. As a result, throughout 2025, the Egyptian Pound has demonstrated relative stability compared to the volatility experienced in prior periods. Inflationary pressures, which peaked in early 2024 amid currency adjustments and subsidy reforms, began to moderate during 2025 as the effects of monetary tightening and improved foreign exchange availability took hold. While inflation remains above the Central Bank of Egypt's long-term targets, it has been on a declining trajectory, allowing the Central Bank to gradually begin easing monetary policy during 2025 following the aggressive tightening cycle of the preceding two years. Nonetheless, inflation and interest rates remain elevated relative to historical norms, reflecting the lagged impact of structural reforms and global economic uncertainty. Egypt's political environment remained stable during 2025 following the presidential elections held in December 2023, which saw President Abdel Fattah El-Sisi secure a new six-year mandate. The government has continued to advance its structural reform agenda, including fiscal consolidation, privatisation initiatives, and policies aimed at increasing private sector participation in economic activity. These reforms are intended to strengthen macroeconomic resilience, improve fiscal sustainability, and support long-term economic growth. While external risks-including geopolitical tensions, global financial conditions, and commodity price volatility-continue to present potential challenges, Egypt's economic outlook has improved materially compared to prior years. The country's strengthened foreign exchange position, improved investor confidence, and ongoing reform programme have contributed to greater macroeconomic stability. IDH continues to closely monitor developments in Egypt and has demonstrated resilience through prior economic cycles, supported by the essential nature of its services, diversified customer base, and flexible operating model.

   Foreign currency risk: IDH is exposed to foreign currency risk, placing potential pressure on the cost side of the business. Despite the majority of the Company's suppliers receiving payments in EGP, due to the fact that materials are imported, prices vary based on the exchange rate between EGP and foreign currencies. Moreover, a small portion of suppliers are priced in foreign currency and paid in EGP based on the prevalent exchange rate at the time of purchase. It is important to note that starting in spring 2024, FX availability for importers significantly improved with priority sectors able to access the needed capital to fulfil obligations and resume normal business operations. Nigeria: macroeconomic environment remained characterized by elevated currency and inflation volatility following the liberalization of the Nigerian Naira in 2023. The currency remained under pressure through 2025, with the Naira trading at approximately NGN 1,443 per US Dollar on average in late 2025 and fluctuating within a range of approximately NGN 1,450-1,600 per US Dollar during the year, reflecting ongoing foreign exchange constraints and structural adjustments in the economy. While volatility persisted, exchange rate movements began to stabilize relative to the sharp depreciation experienced in prior periods, supported by ongoing monetary and fiscal reforms. As a result of the devaluation and foreign currency shortages, Nigerian inflation has maintained an upward trend, with inflation rates averaging 21-22% throughout 2025 (33.2% in 2024).

   During 2025, almost none of the Company's cost of supplies were payable in US Dollars apart from one supplier, minimizing exposure to foreign currency risk. Furthermore, the Company's proactive inventory and supplier management strategy has seen it able to contain the impacts of a weaker EGP and rising inflation on its raw material expenses with its raw material to sales ratio improving year-on-year in 2025 at 19.3% (versus 22.0% in 2024 and 22.2% in 2023). The Company will continue to capitalise on its established reputation and position as a leading diagnostic services provider in the region to negotiate favourable prices and mitigate the impact of foreign currency fluctuations whenever possible. It is important to highlight that starting January 2024, IDH has renegotiated the terms of its contracts with its major suppliers to pay for its supplies in EGP. Some contracts with major suppliers, however, are fixed at USD prices, with payments made in EGP at the official exchange rate at the time of payment. As such, there have been no USD payments for supplies since the beginning of 2024. In response to the high inflationary pressures in Nigeria, management is methodically implementing cost optimization strategies, while implementing price increases across its service portfolio. In 2025, average revenue per test in Nigeria rose 31% year-on-year in local currency terms, signalling the effectiveness of management's pricing strategies. It is worth noting that Nigerian operations are naturally shielded from foreign currency risk and inflation, due to IDH's asset base in the country which can be sold in US Dollars.

   Country/regional risk - Political & Security Sudan: Sudan's economic progress continues to be affected by economic and political turmoil, starting with the secession of South Sudan in 2011 and the associated loss of the majority of the country's oil production. This unrest continued throughout the remainder of the decade, eventually culminating in the removal of the country's president,

   It is worth highlighting that in 2025 Sudan only constituted 0.03% of consolidated revenues. With regards to the ongoing conflict, management continues to actively monitor the evolving situation on the ground, taking all necessary measures to safeguard its operations and guarantee the health and safety of its personnel and patients. This included

   President Al-Bashir, in 2019 via a military coup. Despite a significant easing of tensions in 2022, a violent conflict erupted in April 2023 between two rival groups; the Sudanese Armed Forces (SAF) and the Rapid Support Forces (RSF). The conflict is currently ongoing resulting in widespread humanitarian, economic, and infrastructure disruption across the country. Millions of people have been displaced, and economic activity remains severely constrained, with ongoing interruptions to healthcare services, logistics, banking operations, and power infrastructure. The security situation remains highly volatile, with no clear timeline for a full resolution of hostilities or stabilisation of the operating environment.	the temporary suspension of all commercial activities at the start of the conflict at 17 of its 18 branches. IDH is also taking steps to keep its stakeholders updated on the developing situation.
   As a result of the ongoing conflict, nearly all of IDH's branches in Sudan remain closed indefinitely. As at year-end 2025, only one branch remains partially operational, operating on a limited basis depending on local security and infrastructure conditions.
   Nigeria: the country faces security challenges on several fronts, including re-emerging ethnic tensions and resurgent attacks by Islamist militants in the northeast. Political instability is further magnified by economic pressures, which remained volatile over the past two years, primarily driven by major structural reforms implemented by the Nigerian government. These have included the removal of fuel subsidies and the liberalisation of the exchange rate regime, which resulted in significant depreciation of the Nigerian Naira, elevated inflation, and higher operating and transportation costs across the economy. Inflation remained elevated throughout 2024 and 2025, continuing to weigh on household purchasing power and business costs.	In 2025 Nigeria comprised just 1.5% of IDH's consolidated revenues. Additionally, while security and political challenges do impact operations in the country, IDH's industry continued to be largely inelastic by nature, with patient and test volumes remaining relatively resilient throughout economic cycles. This is particularly apparent given the consistent growth in operational KPIs, with test and patient volumes recording a compound annual growth rate of 5.3% and 0.8%, respectively, between 2019 and 2025. It is important to mention, however, that Echo-Lab delivered a significant turnaround, reporting EBITDA of NGN 193 million in 2025, compared with an EBITDA loss of NGN 846 million in 2024. This equates to approximately EGP 6 million, versus a loss of approximately EGP 26 million last year.
   	While these political challenges are particularly difficult to mitigate, IDH continued to take all necessary steps to safeguard its employees and operations. The Group employs rigorous standards to evaluate the country's political climate, ensuring it is well-equipped to deal with any developments as they unfold.
   Middle East Conflicts The latest escalation of the long-lasting Israeli Palestinian conflict erupted on 7 October 2023 following an attack by Gaza-based group, Hamas. Israel responded by launching a retaliation campaign on Gaza, enacting a 15-month-long total siege on the territory. As of February 2026, the conflict is	While this specific conflict has no direct mitigations from the Company's side, IDH continues to actively monitor the situation, placing an emphasis on remaining updated on the impacts of the war on IDH's markets of operation and the subsequent repercussions on IDH's business.

   conflict is estimated to have resulted in the death of over 75,000 people and the injury of an additional 171,000. In October 2025, Israel and Hamas reached a ceasefire and hostage-release agreement, bringing about a temporary reduction in hostilities. However, the truce has remained fragile, with periodic flare-ups and ongoing uncertainty around longer-term political and security arrangements. More recently, in early 2026, regional conflict has broadened to include a direct escalation involving the United States, Israel, and Iran, marking a significant intensification of regional tensions. This development has increased the risk of wider geopolitical disruption across the Middle East, with potential implications for energy markets, trade routes, and overall regional stability. With the Gaza Strip bordering IDH's home and largest market, Egypt, and with several other of the Company's geographies situated within the region, namely Jordan and Saudi Arabia, the evolving conflict environment creates the potential for heightened economic and political headwinds. These developments may affect tourism flows in neighbouring countries, weigh on investor sentiment, and contribute to increased volatility in capital flows. For Egypt specifically, the conflict has contributed to regional insecurity and, at points, to disruptions in energy and trade dynamics. Moreover, due to ongoing attacks on shipping lanes in and around the Red Sea, a number of shipping companies have diverted vessels away from the Suez Canal route, creating pressure on canal-related foreign currency inflows. Meanwhile, broader regional escalation - including disruption to the Strait of Hormuz and reported targeting of energy infrastructure in Saudi Arabia and GCC countries - has heightened volatility in regional energy markets, with potential spillover effects on energy supply, pricing, and fiscal dynamics across the region.

   However, it is worth noting that IDH's business is inherently resilient to macroeconomic and political difficulties, due to its inelastic nature of healthcare and diagnostics demand. While the Company does not expect any major direct impact from this war on its operations, it will continue monitoring events and update the market, as necessary.

   Global Supply Chain Disruptions While global supply chain disruptions that negatively impacted businesses and consumers during the post-Covid-19 recovery have largely moderated, they continue to operate below optimal efficiency levels and remain vulnerable to geopolitical and trade-related shocks. Throughout 2025, key challenges affecting global supply chains included ongoing missile attacks on commercial shipping routes in the Red Sea, continued logistical bottlenecks in critical shipping corridors,

   IDH's management team continually monitors the evolving situation and have taken proactive steps to build up its inventory to shield the Group from any potential future disruptions. IDH is in continual dialogue with key suppliers to gauge the risk associated with a shortage of materials and is yet to identify a weakness. Throughout 2025, thanks to IDH's proactive inventory build-up and sourcing strategy, the Group continued to face no problems acquiring raw materials.

   and renewed trade protectionism, particularly following the reintroduction and expansion of tariff measures by the United States on a broad range of imported goods. These tariffs, targeting key manufacturing inputs and equipment from major trading partners, have contributed to increased costs, supply re-routing, and heightened uncertainty across global procurement and manufacturing networks.
   Supplier Risk IDH faces the risk of suppliers re-opening price negotiations in the face of increased inflationary pressures and/or a possible, albeit limited, devaluation risk. IDH's supplier risk is concentrated amongst its three largest suppliers - Siemens, Roche, and Sysmex - who provide the Company with kits constituting 50% of the total value of raw materials in 2025 (48% in 2024).	IDH boasts strong, longstanding relationships with its key suppliers, to whom IDH remains a large regional client. Due to the sheer volume of kits the Group purchases on a regular basis, the Company is able to successfully secure favourable pricing conditions and mitigate the impacts of inflationary pressures to maintain relatively stable raw material costs as a percentage of revenues. Total raw material costs as a percentage of sales stood at 19.3% in 2025, compared to 22.0% in 2024 and 22.2% in 2023.
   Remittance of dividend regulations and repatriation of profit risk The Group's ability to remit dividends abroad may be adversely affected by changes in foreign exchange regulations, capital controls, or taxation frameworks in the jurisdictions in which it operates. Under Egyptian law, companies seeking to transfer dividends overseas are required to obtain the necessary regulatory clearances and comply with applicable withholding tax requirements. While Egypt experienced periods of foreign currency shortages and administrative constraints in 2022 and 2023, conditions improved materially during 2024 and 2025, supported by enhanced foreign exchange liquidity and macroeconomic stabilisation measures. Nevertheless, the potential re-emergence of foreign exchange volatility, regulatory amendments, or administrative delays could affect the timing or efficiency of dividend repatriation in the future.	During 2025, IDH successfully resumed dividend distributions following a period of hiatus between 2023 and 2024, reflecting improved foreign exchange availability. The Group did not encounter material obstacles in obtaining the necessary approvals or executing dividend repatriation. The Board will continue to periodically review dividend decisions in light of prevailing market conditions, foreign exchange dynamics, and the Group's strategic investment priorities to safeguard both shareholder returns and longterm financial resilience.
   Legal and regulatory risk to the business The Group's business is subject to, and thus affected by, extensive, rigid, and constantly evolving laws and regulations, in addition to changing enforcement regimes in each of its operating geographies. Further, the Group's position as a major player in the Egyptian private clinical laboratory market subjects IDH to antitrust and competition-related restrictions,	The Group's legal and the quality assurance teams work together to keep IDH fully informed, and in compliance with, both legislative and regulatory updates. On the antitrust front, the private laboratory segment (of which IDH is part) accounts for only a small proportion of the total market, which consists of small private labs, private chain

   as well as the chance of investigation by the Egyptian Competition Authority.	labs, and large governmental and quasi-governmental institutions.
   Pricing pressure in a competitive, regulated environment The Group may face pricing pressures from several third-party payers, including national health insurance, syndicates, other governmental bodies, which are potentially capable of adversely impacting Group revenue. Pricing may also be restricted in cases by recommended or mandatory fees set by government ministries and other authorities. The risk may be more apparent in cases of increased inflationary pressures, particularly following the devaluation of the Egyptian Pound and its subsequent effects. The Group may also face pricing pressure from existing competitors and new market entrants.	This is an external risk for which few mitigants exist. In the case of price competition escalation between market players, the Group relies on its wide national footprint as a mitigant. More specifically, IDH is able to leverage its nationwide network to attract contract clients to the Group (67% of the Company's revenues in 2025 were generated through its contract segment), who prefer IDH's national reach and established position over patchworks of local players. IDH enjoys limited ability to influence changes to mandatory pricing policies set forth by government agencies, as with those in Jordan, where basis tests account for the majority of IDH's business in that nation are subject to price controls. Instead, IDH's operations in Jordan are focused on driving volume growth as a catalyst for expanding revenues. IDH banks on its strong brand equity in its markets of operation to enjoy a solid positioning. As such, IDH is a price maker, especially in Egypt where the Group currently controls the largest network of branches amongst all private sector players. Moreover, the Group faces no potential risk of governmental price regulations in its home and largest market, Egypt, which made up 84.6% of revenues in 2025.
   Cybersecurity risks IDH controls a vast and growing database of confidential data for its patient records; to this end, there is a cybersecurity risk for both data confidentiality and security.	The Company places top priority on its data security, regularly conducting stress tests of its IT infrastructure to confirm the effectiveness of its internal controls. Additionally, its cybersecurity controls and protocols are regularly updated to address potential shortcomings and remain up-to-date and in full adherence with data security regulations in its markets. In response to a cybersecurity incident in 2023, IDH took immediate steps to assess and contain the incident, launch an incident response plan, and engage specialist support services. While the incident did not involve patient data nor directly impact IDH's operations, all appropriate regulatory authorities were informed of the incident, and the Company continues to conduct regular tests of its systems to ensure their security, prioritising the security of its patients' data. It is important to note that no cybersecurity incidents occurred during 2025.

   Business continuity risks Management concentration risk: IDH is dependent on a highly experienced management team boasting decades of experience in their respective fields. The loss of key members of IDH's team could materially affect the Company's operations and business.	IDH comprehends the importance of strengthening its human capital to support its future growth plans. The Company is therefore committed to expanding its senior management team, under the experienced leadership of its CEO, Dr. Hend El Sherbini, to add and maintain the talent needed for the expansion of its footprint. In January 2024, the Group welcomed on board Sherif El Zeiny as Board Member, Vice President and Group Chief Financial Officer. The Group has constituted an Executive Committee, led by Dr. El Sherbini, and composed of head of departments. The Executive Committee meets every second week.
   Business interruption: Virtually all aspects of the Group's business use IT systems extensively. This includes test and exam results reporting, billing, customer service, logistics, and management of medical data. Similarly, business interruption at one of the Group's larger facilities could result in significant material losses and reputational damage to IDH's business. This could be a result of natural disasters, fire, riots, or extended power failures. The Group, therefore, depends on the continued and uninterrupted performance of its systems.	The Group has in place a full disaster recovery plan, with procedures and provisions for spares, redundant power systems, and the use of mobile data systems as alternatives to landlines, among multiple other factors. To ensure its readiness, IDH performs disaster recovery plan tests on a regular basis, with updates as well as internal and external audits. In Egypt and Jordan, to mitigate the impact of potential branch closures on operations, the Group has been ramping up its house call services which in 2025 contributed to c.20% of total revenue versus a pre-pandemic average of 9%. Moreover, the Group's important role in conducting key testing in both Egypt and Jordan makes it unlikely that branches would be closed even if new restrictive measures were introduced.

   INTEGRATED DIAGNOSTICS HOLDINGS plc - "IDH"

   AND ITS SUBSIDIARIES

   Consolidated Financial Statements

   for the year ended 31 December 2025

   Consolidated statement of financial position as at 31 December 2025

   	Notes	2025 EGP'000		2024 EGP'000
   Assets Non-current assets Property, plant and equipment	12	1,992,972		1,489,647
   Intangible assets and goodwill	13	1,852,521		1,806,067
   Right of use assets	26	797,879		753,298
   Total non-current assets		4,643,372		4,049,012
   Current assets Inventories	16	424,428		317,562
   Trade and other receivables	17	1,402,301		1,010,605
   Financial assets at fair value through profit and loss	15	35,285		36,158
   Financial assets at amortized cost	19	419,002		527,832
   Cash and cash equivalents	18	1,670,799		1,188,082
   Total current assets		3,951,815		3,080,239
   Total assets		8,595,187		7,129,251
   Equity Share capital	20	1,039,121		1,039,121
   Share premium reserve	20	1,027,706		1,027,706
   Capital reserves	20	(314,310)		(314,310)
   Capital Redemption Reserve	20	33,379		33,379
   Legal reserve	20	51,641		51,641
   Put option reserve	20	(628,645)		(532,499)
   Translation reserve	20	(446,198)		(407,595)
   Future Minority Interest Reserve		23,813		-
   Retained earnings		2,596,607		1,812,706
   Equity attributable to the owners of the Company		3,383,114		2,710,149
   Non-controlling interests	2	747,262		789,350
   Total equity		4,130,376		3,499,499

   Non-current liabilities Provisions	22	14,051		23,288
   Borrowings	25	253,493		40,479
   Other financial obligations	26	941,037		970,890
   Deferred tax liabilities	10	558,654		431,355
   Total non-current liabilities Current liabilities Trade and other payables	23	1,767,235 1,121,523		1,466,012 826,251
   Other financial obligations	26	244,857		236,197
   Current put option liability	24	628,645		532,499
   Borrowings	25	173,849		224,528
   Current tax liabilities	29	528,702		344,265
   Total current liabilities		2,697,576		2,163,740
   Total liabilities		4,464,811		3,629,752
   Total equity and liabilities		8,595,187		7,129,251

   The accompanying notes on pages 36-83 form an integral part of these consolidated financial statements.

   These consolidated financial statements were approved and authorised for issue by the Board of Directors and signed on their behalf on 16 April 2026 by:

   
   
   

   Dr. Hend El Sherbini Sherif El Zeiny

   Chief Executive Officer Chief Financial Officer

   Consolidated income statement for the year ended 31 December 2025

   	Notes	2025 EGP'000	2024 EGP'000
   Revenue	7	7,855,407	5,719,742
   Cost of sales	9.1	(4,502,223)	(3,538,189)
   Gross profit		3,353,184	2,181,553
   Marketing and advertising expenses	9.2	(432,693)	(291,098)
   Administrative expenses	9.3	(794,009)	(672,466)
   Impairment loss on trade and other receivable	17	(45,108)	(48,312)
   Net other income	9.4	91,940	44,671
   Operating profit		2,173,314	1,214,348
   Net fair value losses on financial assets at fair value through profit or loss	9.9	(4,940)	(25,996)
   Finance costs	9.7	(272,730)	(196,898)
   Finance income	9.7	222,909	448,141
   Net finance (cost)/income	9.7	(49,821)	251,243
   Profit before income tax		2,118,553	1,439,595
   Income tax expense	10	(816,889)	(431,221)
   Profit for the year		1,301,664	1,008,374
   Profit/(Loss) attributed to: Owners of the Company		1,262,207	1,077,434
   Non-controlling interests		39,457	(69,060)
   		1,301,664	1,008,374
   Earnings per share Basic and diluted (EGP)	11	2.17	1.82

   The accompanying notes on pages 36-83 form an integral part of these consolidated financial statements.

   Consolidated statement of comprehensive income for the year ended 31 December 2025

   	2025 EGP'000		2024 EGP'000
   Net profit for the year	1,301,664		1,008,374
   Other comprehensive (expense)/income:
   Items that may be reclassified to profit or loss:
   Exchange difference on translation of foreign operations	(63,311)		82,447
   Other comprehensive (expense)/income for the year, net of tax	(63,311)		82,447
   Total comprehensive income for the year	1,238,353		1,090,821
   Attributable to:
   Owners of the Company	1,223,604		752,180
   Non-controlling interests	14,749		338,641
   	1,238,353		1,090,821

   The accompanying notes on pages 36-83 form an integral part of these consolidated financial statements.

   Consolidated statement of cash flows for the year ended 31 December 2025

   	Note	2025 EGP'000		2024 EGP'000
   Cash flows from operating activities
   Profit before tax		2,118,553		1,439,595
   Adjustments for:
   Depreciation of property, plant and equipment	12	342,687		300,049
   Depreciation of right of use assets	26	197,913		173,655
   Amortisation of intangible assets	13	24,525		9,094
   Unrealised foreign exchange gains and losses	9.7	36,957		(303,466)
   Fair value losses on financial assets at FV through profit or loss		4,940		25,996
   Finance income	9.7	(222,909)		(144,675)
   Finance Expense	9.7	235,774		196,898
   Bargain gain from business acquisition		(40,120)		-
   (Gain)/loss on disposal of PPE		(4,006)		2,692
   Impairment in trade and other receivables	17	45,108		48,312
   ECl in cash		561		1,260
   Equity settled financial assets at fair value		(1,381)		4,680
   ROU Asset/Lease Termination		(1,700)		(655)
   Change in Provisions	22	(9,041)		5,099
   Change in Inventories		(110,562)		76,760
   Change in Trade and other receivables		(446,249)		(208,758)
   Change in Trade and other payables		236,200		93,884
   Cash generated from operating activities before income tax payment		2,407,250		1,720,420
   Taxes paid		(502,838)		(151,818)
   Net cash generated from operating activities		1,904,412		1,568,602
   Cash flows from investing activities
   Proceeds from sale of property, plant and equipment		10,309		9,120
   Interest received		215,347		134,398
   Payments for acquisition of property, plant and equipment		(436,154)		(209,214)
   Payments for acquisition of Radiotherapy branch		(340,000)		-
   Payments for acquisition of intangible assets		(84,887)		(15,383)
   Payments for the purchase of financial assets at amortised cost		(827,486)		(550,870)
   Proceeds from the sale of financial assets at amortized cost		914,893		211,231
   Payment for purchase of global depository receipts (short-term investment)	9.9	(55,047)		(308,606)
   Proceeds from sale of global depository receipts (short-term investments)	9.9	50,107		282,610
   Net cash used in investing activities		(552,918)		(446,714)
   Cash flows from financing activities
   Proceeds from borrowings	28	383,459		184,941
   Repayment of borrowings	28	(219,817)		(35,047)
   Payment of financial obligations	28	(78,317)		(42,209)
   Principal payment of lease liabilities	28	(175,914)		(143,359)
   Dividends paid		(535,143)		(27,421)
   Payments for shares bought back		-		(374,354)
   Interest paid	28	(221,870)		(170,805)
   Bank charge paid		(27,272)		(26,324)
   Cash injection by owner of non-controlling interest		-		48,055
   Acquire shares non-controlling interest		-		(162,474)
   Proceeds from future equity agreement		23,813		-
   Net cash flows used in financing activities		(851,061)		(748,997)
   Net increase in cash and cash equivalents		500,433		372,891
   Cash and cash equivalents at the beginning of the year		1,188,082		674,253
   Effect of exchange rate on cash		(17,716)		140,938
   Cash and cash equivalents at the end of the year	18	1,670,799		1,188,082
   Non-cash investing and financing activities disclosed in other notes are:

   • acquisition of right-of-use assets - note 26

   • Put option liability - note 24

   The accompanying notes on pages 36-83 form an integral part of these consolidated financial statements.

   FY 2025 EARNINGS RELEASE

   London | 17 April 2026

   
   
   Consolidated statement of changes in equity for the year ended 31 December 2025

   EGP'000

   Share Capital

   Share premium reserve

   Capital reserves

   Legal reserve*

   Capital Redemption Reserve

   Put option reserve

   Translation reserve

   Future Minority Interest Reserve

   Retained earnings

   Total attributed to

   the owners of the

   Company

   Non-Controlling interests

   Total Equity

   As at 1 January 2025	1,039,121	1,027,706	(314,310)	51,641		33,379	(532,499)	(407,595)	-	1,812,706	2,710,149	789,350	3,499,499
   Profit for the year	-	-	-	-		-	-	-	-	1,262,207	1,262,207	39,457	1,301,664
   Other comprehensive expense for the year	-	-	-	-	-		-	(38,603)	-	-	(38,603)	(24,708)	(63,311)
   Total comprehensive income/(expenses)	-	-	-	-	- -			(38,603)	- 1,262,207		1,223,604	14,749	1,238,353
   Transactions with owners in their capacity as owners Dividends	-	-	-	-	- -			-	- (478,306)		(478,306)	(56,837)	(535,143)
   Movement in put option liability in the year	-	-	-	-	- (96,146)			-	- -		(96,146)	-	(96,146)
   Agreement for future equity to non- controlling interest**	-	-	-	-	-		-	-	23,813	-	23,813	-	23,813
   Total	-	-	-	-	-		(96,146)	-	23,813	(478,306)	(550,639)	(56,837) (607,476)
   At 31 December 2025	1,039,121	1,027,706	(314,310)	51,641	33,379		(628,645)	(446,198)	23,813	2,596,607	3,383,114	747,262 4,130,376

   1,072,500	1,027,706	(314,310)	51,641 -	(356,583)	(82,341)	-	1,280,287	2,678,900	421,888	3,100,788
   -	-	-	- -	-	-	-	1,077,434	1,077,434	(69,060)	1,008,374
   -	-	-	- -	-	(325,254)	-	-	(325,254)	407,701	82,447
   -	-	-	- -	-	(325,254)	-	1,077,434	752,180	338,641	1,090,821
   -	-	-	- - -	-	-	-	-	-	(27,421)	(27,421)
   -	-	-	- -	-	-	-	(374,354)	(374,354)	-	(374,354)
   (33,379)	-	-	- 33,379	-	-	-	-	-	-	-
   -	-	-	- -	(338,390)	-	-	-	(338,390)	-	(338,390)
   -	-	-	- -	162,474	-	-	(170,661)	(8,187)	8,187	-
   			-		-	-		-	48,055	48,055

   As at 1 January 2024

   Profit / (loss) for the year

   Other comprehensive (expense)/ income for the year

   Total comprehensive income Transactions with owners in their capacity as owners

   Dividends

   Buyback of shares Cancellation of treasury shares

   Movement in put option liability in the year Acquisition of non-controlling interests without change in control

   Cash injection by owner of non-controlling

   interest	-	-	-	-		-		-
   Total	(33,379)	-	-	-	33,379	(175,916)	-	- (545,015)	(720,931)	28,821	(692,110)
   At 31 December 2024	1,039,121	1,027,706	(314,310)	51,641	33,379	(532,499)	(407,595)	- 1,812,706	2,710,149	789,350	3,499,499

   * Under Egyptian Law each subsidiary must set aside at least 5% of its annual net profit into a legal reserve until such time that this represents 50% of each subsidiary's issued capital. This reserve is not distributable to the owners of the Company

   ** During the year Chronx Limited (one of the subsidiaries of the Group) entered into a SAFE agreement for future equity in Chronx Limited in exchange for USD 500 thousand. If there is an Equity Financing before the termination of this Safe, on the initial closing of such Equity Financing, this Safe will automatically convert into the number of Senior Preferred Shares equal to the Purchase Amount divided by the lowest price per share of the Senior Preferred Shares.

   .

   (In the notes all amounts are shown in Egyptian Pounds "EGP'000" unless otherwise stated)

   1. Corporate information

      The consolidated financial statements of Integrated Diagnostics Holdings plc and its subsidiaries (collectively, "the Group") for the year ended 31 December 2025 were authorised for issue in accordance with a resolution of the directors on 16 April 2026. Integrated Diagnostics Holdings plc "IDH" or "the company" is a public limited company incorporated in Jersey. It has been established according to the provisions of the Companies (Jersey) law 1991 under No. 117257. The registered office address of the Company is 12 Castle Street, St Helier, Jersey, JE2 3RT. The Company is a listed entity, in London stock exchange since 2015.

      The principal activity of the Group is investments in all types of the healthcare field of medical diagnostics (the key activities are pathology and radiology) and medical treatment (Radiotherapy) either through acquisitions of related business in different jurisdictions or through expanding the acquired investments IDH has. The key jurisdictions that the Group operates are in Egypt, Jordan, Nigeria, Sudan and Saudi Arabia.

      The Group's financial year starts on 1 January and ends on 31 December each year.

   2. Group information Information about subsidiaries

      Principal activities	Country of Incorporation	% Equity 2025	interest 2024	Non-Controlling interest 2025 2024
      Al Borg Laboratory Company Medical diagnostics service	Egypt	99.3%	99.3%	0.7%	0.7%
      Al Mokhtabar Company for Medical diagnostics service	Egypt	99.9%	99.9%	0.1%	0.1%
      Medical Genetic Center Medical diagnostics service	Egypt	55.0%	55.0%	45.0%	45.0%
      Al Makhbariyoun Al Arab Medical diagnostics service	Jordan	60.0%	60.0%	40.0%	40.0%
      Golden Care for Medical Holding company of SAMA	Egypt	100.0%	100.0%	0.0%	0.0%
      Integrated Medical Analysis Medical diagnostics service	Egypt	100.0%	100.0%	0.0%	0.0%
      SAMA Medical Laboratories Co. ("Ultralab medical laboratory Medical diagnostics service	Sudan	80.0%	80.0%	20.0%	20.0%
      ")
      AL-Mokhtabar Sudanese Medical diagnostics service	Sudan	65.0%	65.0%	35.0%	35.0%
      Integrated Diagnostics Holdings Intermediary holding company Limited	Cayman Islands	100.0%	100.0%	0.0%	0.0%
      Dynasty Group Holdings Limited Intermediary holding company	England and Wales	51.0%	51.0%	49.0%	49.0%

      The consolidated financial statements of the Group include:

      ("Al-Borg")

      Medical Labs ("Al Mokhtabar")

      Services Company (S.A.E)

      Egyptian Co.

      Eagle Eye Echo-Scan Limited Intermediary holding company Mauritius 77.57% 77.57% 22.43% 22.43%

      Echo-Scan*	Medical diagnostics service	Nigeria	100.0%	100.0%	0.0%	0.0%
      WAYAK Pharma	Medical services	Egypt	99.99%	99.99%	0.01%	0.01%
      Medical Health Development**	Medical services	Saudi Arabia	100.0%	100.0%	0.0%	0.0%

      Chronx Limited*** Intermediary holding company United Arab Emirates

      80.0% 80.0% 20.0% 20.0%

      * The Group owns 39.6% of Echo-Scan due to the ownership of the entity being held through subsidiaries with a non-controlling interest.

      **The Group owns 91.6% of Medical Health Development due to the ownership of the entity being held through a subsidiary with a non-controlling interest.

      *** On October 23, 2024, the Group completed the establishment of Chronx Limited, a limited company based in United Arab Emirates with a total stake of 80% directly and 20% held by Dr.Khaled Ezzeldin Ismail.

      Non-Controlling interest

      Non-Controlling Interest is measured at the proportionate share basis.

      Proportion of equity interest held by non-controlling interests:

      Country of

      incorporation 2025 2024

      Medical Genetic Center	Egypt	45.0%	45.0%
      Al Makhbariyoun Al Arab	Jordan	40.0%	40.0%
      SAMA Medical Laboratories Co. " Ultra lab medical laboratory "	Sudan	20.0%	20.0%
      AL-Mokhtabar Sudanese Egyptian Co.	Sudan	35.0%	35.0%
      Al Borg Laboratory Company	Egypt	0.7%	0.7%
      Dynasty Group Holdings Limited	England and Wales	49%	49%
      Eagle Eye Echo-Scan Limited	Mauritius	22.43%	22.43%

      Chronx Limited United Arab

      Emirates

      20% 20%

      The summarised financial information of subsidiaries that have material non-controlling interests is provided below. This information is based on amounts before inter-company eliminations.

      	Al Makhbariyoun Al Arab	Dynasty Group	Total
      	EGP'000	EGP'000	EGP'000
      Summarised statement of income for 2025:
      Revenue	1,034,690	120,748	1,155,438
      Profit	82,759	902	83,661
      Other comprehensive expenses	(49,337)	(1,723)	(51,060)
      Total comprehensive income/(expenses)	33,422	(821)	32,601
      Profit allocated to non-controlling interest	33,104	554	33,658
      Other comprehensive expenses allocated to non- controlling interest	(19,942)	(2,648)	(22,590)

      Non-current assets 587,668	33,948	621,616
      Current assets 413,216	43,342	456,558
      Non-current liabilities (228,062)	(485)	(228,547)
      Current liabilities (295,113)	(23,316)	(318,429)
      Net assets 477,709	53,489	531,198
      Net assets attributable to non-controlling 191,084	31,492	222,576

      Summarised statement of financial position as at 31 December 2025:

      interest

      Al Makhbariyoun Al Arab	Dynasty Group	Total
      EGP'000	EGP'000	EGP'000

      Summarised statement of income for 2024:
      Revenue	901,693	82,073	983,766
      Profit/(loss)	43,284	(28,681)	14,603
      Other comprehensive income	236,565	507,452	744,017
      Total comprehensive income	279,849	478,771	758,620
      Profit/(loss)allocated to non-controlling interest	17,314	(17,451)	(137)
      Other comprehensive income allocated to non- controlling interest	95,631	280,775	376,406
      Summarised statement of financial position as at
      31 December 2024:
      Non-current assets	686,881	40,962	727,843
      Current assets	444,959	43,039	487,998
      Non-current liabilities	(275,070)	(3,911)	(278,981)
      Current liabilities	(289,230)	(23,365)	(312,595)
      Net assets	567,540	56,725	624,265
      Net assets attributable to non-controlling interest	227,016	33,718	260,734

   3. Business combinations

      1. Basis of consolidation

The consolidated financial statements comprise the financial statements of the Group and its subsidiaries as at 31 December 2025. Control is achieved when the Group is exposed, or has rights, to variable returns from its involvement with the investee and has the ability to affect those returns through its power over the investee.

1. Subsidiaries

   Subsidiaries are all entities over which the Group has control. The Group controls an entity where the Group is exposed to, or has rights to, variable returns from its involvement with the entity and has the ability to affect those returns through its power to direct the activities of the entity. Subsidiaries are fully consolidated from the date on which control is transferred to the Group. They are deconsolidated from the date that control ceases.

   Inter-company transactions, balances and unrealised gains on transactions between group companies are eliminated. Unrealised losses are also eliminated unless the transaction provides evidence of an impairment of the transferred asset. Accounting policies of subsidiaries have been changed where necessary to ensure consistency with the policies adopted by the Group.

   Non-controlling interests in the results and equity of subsidiaries are shown separately in the consolidated statement of income statement of comprehensive income, statement of changes in equity and statement of financial position respectively.

2. Changes in ownership interests

The Group treats transactions with non-controlling interests that do not result in a loss of control as transactions with equity owners of the Group. A change in ownership interest results in an adjustment between the carrying amounts of the controlling and non-controlling interests to reflect their relative interests in the subsidiary. Any difference between the amount of the adjustment to non-controlling interests and any consideration paid or received is recognised in a separate reserve within equity attributable to owners of the Group.

When the Group ceases to consolidate or equity account for an investment because of a loss of control, joint control or significant influence, any retained interest in the entity is remeasured to its fair value, with the change in carrying amount recognised in profit or loss. This fair value becomes the initial carrying amount for the purposes of subsequently accounting for the retained interest as an associate, joint venture or financial asset. In addition, any amounts previously recognised in other comprehensive income in respect of that entity are accounted for as if the Group had directly disposed of the related assets or liabilities. This may mean that amounts previously recognised in other comprehensive income are reclassified to profit or loss.

If the ownership interest in a joint venture or an associate is reduced but joint control or significant influence is retained, only a proportionate share of the amounts previously recognised in other comprehensive income are reclassified to profit or loss where appropriate.

The acquisition method of accounting is used to account for all business combinations, regardless of whether equity instruments or other assets are acquired. The consideration transferred for the acquisition of a subsidiary comprises the:

• fair values of the assets transferred

• liabilities incurred to the former owners of the acquired business

• equity interests issued by the Group

• fair value of any asset or liability resulting from a contingent consideration arrangement, and

• fair value of any pre-existing equity interest in the subsidiary.

  Identifiable assets acquired and liabilities and contingent liabilities assumed in a business combination are, with limited exceptions, measured initially at their fair values at the acquisition date. The Group recognises any non-controlling interest in the acquired entity on an acquisition-by-acquisition basis either at fair value or at the non-controlling interest's proportionate share of the acquired entity's net identifiable assets.

  Acquisition-related costs are expensed as incurred. The excess of the:

• consideration transferred,

• amount of any non-controlling interest in the acquired entity, and

• acquisition-date fair value of any previous equity interest in the acquired entity over the fair value of the net identifiable assets acquired is recorded as goodwill. If those amounts are less than the fair value of the net identifiable assets of the business acquired, the difference is recognised directly in profit or loss as a bargain purchase.

Where settlement of any part of cash consideration is deferred, the amounts payable in the future are discounted to their present value as at the date of exchange. The discount rate used is the entity's incremental borrowing rate, being the rate at which a similar borrowing could be obtained from an independent financier under comparable terms and conditions.

Contingent consideration is classified either as equity or a financial liability. Amounts classified as a financial liability are subsequently remeasured to fair value, with changes in fair value recognised in profit or loss.

If the business combination is achieved in stages, the acquisition date carrying value of the acquirer's previously held equity interest in the acquiree is remeasured to fair value at the acquisition date. Any gains or losses arising from such remeasurement are recognised in profit or loss.

On 19 June 2025 the Group acquired the assets related to Radiotherapy branch through its subsidiary Al Borg Laboratory Company for total consideration of EGP 400 million. This has been treated as a business combination under IFRS 3 since the assets acquired and agreement in place which transferred employees and customer lists are considered to constitute a business. The assets acquired and the key inputs calculate the value these assets has been included below.

The acquisition has been completed with total consideration with EGP 400 million and a purchase price allocation study at the date of the acquisition concluded total identified assets with EGP 440,120 thousand, and that resulted 40,120 thousand as a bargain gain from the acquisition. The PPA performed by the company's expert Prime Capital has identified fair value for acquired assets as follows:

EGP'000

* The market value of the building was assessed with the comparable method in accordance with the following considerations: the advantages of the location and plot size, the quality of internal finishes, the medical nature of the facility, and a market survey of comparable units.

** The market value of the Equipment was assessed by obtaining a purchase quotation from the manufacturer of the Equipment and adjusting it with the technical depreciation rate and technical usability rate.

*** Bargain gain resulted from the acquisition recorded within the net other income at the income statement

The recognized bargain purchase gain resulted from acquiring the building at an amount below its fair value. Because The property had already been fully fitted out to meet the operational requirements of radiation therapy services and to accommodate the specialized equipment installed within it. Consequently, the former owner's ability to sell the asset was limited to buyers operating in the same line of business., the Company also engaged in extensive negotiations to secure the acquisition at the lowest possible price. These factors collectively led to the purchase consideration being lower than the fair value of the acquired net assets, resulting in the recognition of a bargain purchase gain.

From the acquisition date until the end of the reporting period, the branch generated revenues of EGP 28,215 thousand and a net profit of EGP 358 thousand. Had the acquisition been completed at the beginning of the financial year, Radiotherapy branch would have contributed approximately EGP 51,997 thousand in revenues and EGP 1,177 thousand in net profit for the year."

The new carrying amount of fixed assets resulting from the purchase price allocation created a temporary difference between the net book value of the assets recognized under IFRS 3 and their tax base as determined by the Egyptian Tax Authority (ETA), which recognize fixed assets based on their transaction cost. Consequently, a deferred tax liability has been recorded on the temporary difference, amounting to EGP 9,027 thousand.