Akdital (AKT) H1 2025 earnings summary

Executive summary

• H1 2025 revenue reached MAD 2,093m, up 68% YoY; net income was MAD 214m, up 68%, and EBITDA reached MAD 533m.

• Capacity reached 4,111 beds across 36 facilities and 21 cities; headcount was 8,530, including 1,440 positions added since the start of 2025.

Financial highlights

• Revenue rose 68% to MAD 2,093m; newly opened facilities contributed MAD 612m versus MAD 35m in H1 2024.

• At constant scope, revenue increased 22%, from MAD 1,210m to MAD 1,479m.

• EBITDA rose 59% to MAD 533m; EBITDA margin was 25.4% versus 26.8% in H1 2024.

• Net income increased 68% to MAD 214m; net margin was 10.2%, EBIT was MAD 326m versus MAD 205m, and RNPG was MAD 194m.

• Gross margin was MAD 1,316m, or 62.9% of revenue, versus MAD 783m and 62.7% in H1 2024.

Outlook and guidance

• 12 facility openings are planned for 2025: three launched in H1, three operational in early Q3 and six scheduled by year-end.

• Domestic targets include 4,900 beds in 2025, 5,600 in 2026 and 6,400 in 2027, supported by a MAD 3.4bn three-year investment plan.

• Plans call for 200 diagnostic centers by 2030, each requiring MAD 5m of equipment capex, with financing through debt and local partners.

• International plans target the UAE and Saudi Arabia; a 200-bed Dubai hospital is under construction, and Riyadh operations are planned under management.

• MAD 1.2bn is allocated to equipment and fit-out for international projects, planned under an OpCo/PropCo model.