Akdital (AKT) H2 2025 earnings summary

Executive summary

• FY2025 revenue reached MAD 4,413 million, up 49% YoY; admissions totaled 1,149,801 across 41 facilities and 4,505 beds.

• Eight facilities were added in 2025, expanding the network to 24 cities and all 12 Moroccan regions; capacity represented 17% of Morocco’s private beds.

• Like-for-like sales grew 14%; new openings, including the full-year effect of 2024 sites, contributed 74% of revenue growth.

• Expansion entered an international execution phase, with projects in the UAE, Saudi Arabia and Tunisia.

Financial highlights

• Consolidated revenue was MAD 4,413 million, up 49% YoY; gross margin reached MAD 2,775 million, up 49%.

• EBITDA rose 45% to MAD 1,214 million and EBIT increased 56% to MAD 808 million.

• Net income grew 42% to MAD 494 million, including MAD 444 million attributable to shareholders and MAD 50 million minority interest.

• Net capital expenditure was MAD 2,221 million, up 17% YoY, including MAD 589 million for international projects.

• Total assets increased 49% to MAD 9,486 million; fixed assets rose 48% to MAD 6,109 million.

Outlook and guidance

• By end-2028, targets are 59 facilities, 6,005 beds and coverage in 29 cities, versus 41 facilities and 4,505 beds in 2025.

• Planned Moroccan openings by 2028 include Inzegane, Al Hoceima, Khémisset, Taza and Larache; Prime formats are under development in Casablanca, Agadir, Tangier and Fez.

• 2030 international targets include 2,000 beds, 15 facilities across Tunisia, KSA and UAE, and 35% of consolidated revenue from international operations.

• Identified international projects are projected to generate MAD 5,044 million revenue, MAD 1,190 million EBITDA and MAD 503 million net income by 2030.

• Two Dubai projects are under development; the Riyadh Al Mishari Hospital acquisition is complete, a Mecca acquisition MoU was signed, and Taoufik Hospitals Group acquisition is subject to approvals expected in H1 2026.