Specialized Medical Company (4019) Q3 2026 earnings summary

Executive summary

• Q3 2026 revenue rose 4.8% YoY to 401.1 million, supported by higher patient activity and expanding outpatient operations.

• 9M 2026 revenue increased 4.6% YoY to 1,183.1 million, while EBITDA and net profit declined amid higher operating costs and lower other income.

Financial highlights

• Q3 2026 EBITDA was 78.7 million, down 24.7% YoY; net profit was 41.9 million, down 36.8%.

• 9M 2026 EBITDA was 230.7 million, down 5.6% YoY; net profit was 119.6 million, down 9.5%.

• Q3 revenue was 401.1 million versus 382.6 million in Q3 2025; 9M revenue was 1,183.1 million versus 1,130.9 million.

Outlook and guidance

• Near-term priorities include ramping up Al Malqa clinic center and launching the MOH PPP mental health hospital, targeted to commence operations by Q2 2027.

• SMC 3 and SMC 4 are estimated for completion in 2028; SMC 5 is estimated for 2029, with land acquisition expected in 2026.

• Planned northern Riyadh hospitals are expected to nearly double capacity; the strategy also targets outpatient expansion and growth in higher-margin acute care services.