Akdital · CSEMA:AKT
Akdital — Investor Presentation (October 2026)
40 slides from Akdital's investor presentation, October 2026
Slide 1: Investor Presentation October 2026
INVESTOR PRESENTATION October 2026
Slide 2: Table of Contents
TABLE OF CONTENTS Highlights Operational Review of the Outlook Appendices and Performance consolidated & Strategic Achievements and parent Priorities H1 2026 company financial statements
Slide 3: Highlights and Achievements H1 2026
Highlights and Achievements H1 2026
Slide 4: Key Figures H1 2026
Key Figures H1 2026 45 4,864 +20% Facilities Beds of Morocco’s private bed capacity 4,186 15.9 billion MAD 2,532 million MAD Doctors Stock Market Revenue capitalization in H1 2026 10,256 590,842 employees, of whom 65% Number of admissions paramedical staff in H1 2026
Slide 5: Our infrastructure and state-of-the-art equipment
Our infrastructure AND STATE-OF-THE-ART EQUIPMENT – H1 2026 VS. 2025 45 266 159 1,097 393 Facilities vs. 41 in 2025 Operating rooms Neonatal ICU beds Intensive care beds Adult ICU vs. 243 in 2025 vs. 146 in 2025 vs. 1,076 in 2025 beds vs. 381 in 2025 33 4 21 25 Catheterization Bone marrow Hematology
Slide 6: H1 2026 Achievements: Morocco
Highlights and H1 2026 ACHIEVEMENTS Morocco Opening of Anfa Prime Hospital in Casablanca, combining a multidisciplinary offering with three specialized centers: Onco Prime, Cardio Prime and a mother-and-child center integrated into the multidisciplinary center. Opening of the Inezgane Internatio
Slide 7: H1 2026 Achievements: International
Highlights and H1 2026 ACHIEVEMENTS INTERNATIONAL Al Olaya Hospital (Riyadh): renovation works completed ahead of the hospital's commissioning. Al Bishri Hospital (Mecca): acquisition of a majority stake progressing, following the Memorandum of Understanding signed in December 2025. Both facil
Slide 8: Our Geographic Footprint H1 2026
Tangier Tetouan Nador Our Geographic Footprint Oujda H1 2026 Kenitra Salé Number of Total Oncology Multi- Rabat Fez facilities (beds) Center disciplinary Mohammedia Casablanca Meknes Casablanca 11 1,107 ✓ ✓ El Jadida Khouribga El Jadida 2 220 ✓ ✓ Benguerir Salé 2 220 ✓ ✓ Safi Beni Mellal Agadir 2 22
Slide 9: The National Network in Numbers (1)
Capacity & Activity THE NATIONAL NETWORK IN NUMBERS (1) 4,864 590,842 71% 45 BEDS ADMISSIONS EXCLUDING CASA-RABAT FACILITIES Total bed capacity Total all specialties Share of bed capacity Akdital National Network DETAILS BY SPECIALTY — INTENSIVE CARE & CARDIOLOGY VOLUME / SPECIALTY CAPACITY CAPACITY
Slide 10: The National Network in Numbers (2)
Capacity & Activity THE NATIONAL NETWORK IN NUMBERS (2) DETAILS BY SPECIALTY — RADIOLOGY, CHEMOTHERAPY, RADIOTHERAPY & NUCLEAR MEDICINE VOLUME / SPECIALTY CAPACITY CAPACITY DISTRIBUTION ACTIVITY DISTRIBUTION PROCEDURES Casa-Rabat 59 Casa-Rabat 71,709 217 273,719 27% 26% Radiology imaging units Other
Slide 11: Staff, Distribution, and Partner Practitioners
Human Capital STAFF, DISTRIBUTION, AND PARTNER PRACTITIONERS AGE 10,256 DISTRIBUTION 18–30 years 6,101 (59%) TOTAL STAFF 31–40 years 3,221 (31%) 41–50 years 723 (7%) 51–60 years 211 (2%) 3% GEOGRAPHICAL & GENDER 32% DISTRIBUTION Women 79% 3,739 6,517 Men 21% 65% Casa-Rabat 64% Rest of Morocco 36% 4,
Slide 12: ESG Achievements – HR Section
ESG Achievements HR SECTION H1 2026 ACHIEVEMENTS H1 2026 ACHIEVEMENTS Payroll framework harmonization. Launch of the new CSR/ESG initiative. Automation of payroll reporting using Power BI. CSR/ESG: double materiality assessment completed, informed by stakeholder dialogue, and the Group's mat
Slide 13: Operational Performance
Operational Performance ® AKDITAL
Slide 14: Breakdown of Revenue for H1 2026 by Business Segment
Breakdown of Revenue for H1 2026 BY BUSINESS SEGMENT Figures in MDH Oncology Oncology 31% 36% 2,093 MDH 2,532 MDH H1 2025 H1 2026 Multidisciplinary Multidisciplinary 69% 64% 14 Investor Presentation - October 2026
Slide 15: Breakdown of Billing H1 2025 vs. H1 2026
Breakdown of Billing H1 2025 vs. H1 2026 BY CATEGORY Figures in MDH BILLING H1 2025 BILLING H1 2026 Direct Pay Direct National 458 Pay National Coverage 15% 495 Coverage 2,481 2,113 14% 68% 68% Reimburse ment claims Reimburse Billing 296 Billing ment by category 9% claims by category 349 INSURANCE 1
Slide 16: Review of Consolidated Indicators
Review of Consolidated Indicators
Slide 17: P&L as of June 30, 2026 – Key Indicators
P&L as of June 30, 2026 KEY INDICATORS Figures in MDH REVENUE EBITDA NET INCOME 2,532 +19% ↑ +20% ↑ +21% ↑ 634 2,093 252 533 210 25.4% 25.0% 10.0% 10.0% H1 2025 H1 2026 H1 2025 H1 2026 H1 2025 H1 2026 Revenue: 2025 openings; Revenue grew by 21% compared to H1 2025. About 70% of this growth came fr
Slide 18: Change in EBITDA by Nature H1 2025 vs. H1 2026
Consolidated Financial Statements – Income Statement CHANGE IN EBITDA BY NATURE H1 2O25 VS. H1 2O26 Gross margin: +1.7 pts Payroll: -1.3 pts Driven by oncology, partly offset by an unfavorable mix effect as oncology’s Well contained on a like-for-like basis (+4% vs. +6.3% revenue growth). The sh
Slide 19: Balance Sheet Key Indicators H1 2026
Consolidated Financial Statements - Balance Sheet KEY INDICATORS H1 2026 Figures in MDH FIXED ASSETS* BALANCE SHEET TOTAL EQUITY 6,691 10,300 2,926 2,961 9,486 9%↑ 1%↑ 6,109 10%↑ 2025 H1 2026 2025 H1 2026 2025 H1 2026 A 10% increase in fixed assets, driven by the Group’s investments. Increase in
Slide 20: CAPEX H1 2026
Investments CAPEX H1 2026 Internati onal 477 54% Additional Figures in MDH Ongoing projects Extensions Total investments International 477 – – 477 H1 2026 875 MDH National 166 156 77 399 Group total 642 156 77 875 National 399 46% International: International : Hospital projects under development
Slide 21: Net Debt Key Indicators H1 2026
Consolidated Financial Statements – Balance Sheet KEY INDICATORS H1 2026 Figures in MDH NET DEBT As of end-June 2026, consolidated net debt stood at 4,858 MDH, up 14% compared NET DEBT to end-2025. This change is primarily due to: The issuance of a 300 MDH bond with a 7-year maturity and a one-y
Slide 22: Changes in Working Capital
Consolidated Financial Statements – Balance Sheet CHANGES IN WORKING CAPITAL Figures in MDH INVENTORIES RECEIVABLES PAYABLES* OPERATING WC R 2025 VS. R H1 2026 1,835 1,452 871 289 20%↑ 24%↑ 1,525 -23%↓ 671 233 64%↑ 887 72 48 21 132 104 19 126 73 2025 H1 2026 2025 H1 2026 2025 H1 2026 2025 H1 2026 Ov
Slide 23: Cash Bridge 12-31-2025 vs 06-30-2026
Consolidated Financial Statements – Cash Flow Statement CASH BRIDGE 12-31-2025 vs 06-30-2026 Figures in MDH Cash flow from operations: As of June 30, 2026, the Group generated cash flow from operations of 516 MDH, reflecting the sound capacity of its businesses to generate internal resources. Net ca
Slide 24: Outlook & Strategic Priorities
Outlook & Strategic Priorities
Slide 25: The Openings 2026–2028
The Openings Tangier Tetouan Nador Laarache 2026 – 2O28 Kenitra Al Hoceima Taza Oujda Rabat Salé Fez Mohammedia Meknes Casablanca Khemisset Berrechid Khouribga Situation at end-2028 El Jadida Beni Mellal Benguerir Safi Errachidia Marrakech 59 Essaouira Taroudant Agadir Facilities Inezgane vs. 45 in
Slide 26: National Outlook 2026-2028
National Outlook 2O26-2O28 Marrakech ext., 75 beds Al Hoceima, 100 beds Awaiting opening Under construction Q4 Q1 2026 2027 +18 Facilities Taza, 100 beds Laarache, 100 beds Khemisset, 100 beds Land acquired / Permit pending Under construction Under construction Q3 Q2 2027 2027 5 New cities Fez Prime
Slide 27: Expanding our geographic presence nationwide
Expanding our geographic presence nationwide NETWORK EXPANSION TO COVER 12 REGIONS OF THE KINGDOM Facilities Beds Cities 59 6,005 29 29 5,530 53 4,939 25 24 45 4,505 41 2025 2026 2027 2028 2025 2026 2027 2028 2025 2026 2027 2028 27 Investor Presentation - October 2026
Slide 28: Strategic Objective for 2030
International STRATEGIC OBJECTIVE FOR 2O3O Scope identified to date 2,000 Beds Morocco Tunisia Target international bed capacity 4,864 beds 574 beds Of which +1,578 beds already identified 45 facilities 4 facilities UAE 15 275 beds Facilities 2 facilities Hospitals & clinics worldwide including 11 a
Slide 29: International: Legal Structure & Governance
International LEGAL STRUCTURE & GOVERNANCE Current Structure Target structure by the end of 2026 100% 70% 30% Akdital SA Akdital SA Investment Fund Of which Arab Invest (15.6%) Akdital International Akdital International Subsidiaries in Tunisia Subsidiaries in KSA UAE Subsidiaries Taoufik · Hannibal
Slide 30: Project Financing 380 M$
International PROJECT FINANCING Value creation and share premium: The combination of income-generating assets and high-potential greenfield 380 M$ projects thus supports an attractive Total international investment valuation and optimizes fundraising conditions, enabling Akdital SA to hold at leas
Slide 31: International Project Roadmap
International PROJECT ROADMAP Akdital Olaya Hospital, 157 beds Akdital Makkah Al Mukarrama Hannibal Hospital, 230 beds Soukra Hospital, 130 beds Operational (Bishri Hospital), 120 beds Taoufik Hospital, 164 beds Ezzahra Hospital, 50 beds Operational Memorandum of Understanding signed Q3 Q4 2026 2026
Slide 32: Appendices
Appendices ® AKDITAL
Slide 33: Income Statement
Consolidated Financial Statements INCOME STATEMENT Figures in MDH P&L H1 2026 H1 2025 % Change 26 vs. 25 Revenue 2,532 2,093 21% Purchases Used -899 -777 16% Gross Margin 1,634 1,316 24% As a % of revenue 64.5% 62.9% Operating Expenses -186 -156 19% Salaries -569 -444 28% Taxes -32 -39 -19% EBITDAR
Slide 34: Balance Sheet Assets
Consolidated Financial Statements BALANCE SHEET ASSETS Figures in MDH Jun. 30, 2026 Dec. 31, 2025 % Change Fixed assets 6,691.2 6,108.6 +9.5% Goodwill 204.6 210.0 -2.6% Deferred charges 287.6 173.1 +66.1% Intangible assets 325.7 316.0 +3.1% Property, plant, and equipment 5,782.3 5,336.3 +8.4% Financ
Slide 35: Balance Sheet Liabilities
Consolidated Financial Statements BALANCE SHEET LIABILITIES Figures in MDH Jun. 30, 2026 Dec. 31, 2025 % Change Capital 141.6 141.6 +0.0% Share premiums, merger premiums, contribution premiums 1,938.8 1,938.8 +0.0% Consolidated reserves 628.2 350.9 +79.1% Consolidated net income 252.5 494.3 -48.9% C
Slide 36: Cash Flow Statement
Consolidated Financial Statements CASH FLOW STATEMENT Figures in MDH Jun. 30, 2026 Dec. 31, 2025 Consolidated net income 252 494 Excluding depreciation, amortization, and provisions 280 495 Elimination of change in deferred taxes -17 -15 Elimination of gains or losses on disposals 0 -20 Total cash f
Slide 37: Statutory Income Statement
Statutory Financial Statements INCOME STATEMENT Figures in MDH H1 2026 H1 2025 H1 2026 H1 2025 OPERATING REVENUE 109 80 Interest expense 45 10 Sales of goods (as received) Foreign exchange losses Sales of goods and services produced 99 70 Other financial expenses Revenue 99 70 Financial provisions 1
Slide 38: Statutory Balance Sheet
Statutory Financial Statements BALANCE SHEET Figures in MDH Assets H1 2026 2025 Liabilities H1 2026 2025 Deferred charges→[A] 15 10 EQUITY 2,959 2,522 Preliminary expenses Share capital (1) 142 142 Called-up capital 142 142 Deferred expenses 15 10 Of which paid in 142 142 Intangible assets→ [B] 5 5
Slide 39: Statutory Cash Flow Statement
Statutory Financial Statements CASH FLOW STATEMENT Figures in MDH H1 2026 2025 Net Income 634 365 +Depreciation and Amortization 5 7 Change in Working Capital -157 -321 Cash Flow from Operations 483 51 Acquisitions of Fixed Assets (Deferred/Tangible/Intangible) -5 5 Acquisitions of Financial Assets
Slide 40: Akdital
(%) AKDITAL