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Earnings Report

Amanat Holdings

Q1 26 NEUTRAL LOW Impact

1. Company Overview & Earnings Context

Amanat Holdings PJSC reported strong Q1 2026 earnings growth supported by double-digit expansion across both its healthcare and education platforms, continued operational scaling, and disciplined capital deployment. The company operates across healthcare and education assets in the GCC through Cambridge Health Group and Almasar Education.

Management highlighted sustained demand for quality healthcare and education services across the GCC, while continuing to evaluate expansion and M&A opportunities supported by a strong balance sheet.

2. Financial Performance Snapshot

  • Revenue: AED 298.5M

  • EBITDA: AED 106.5M

  • EBITDA margin: 36%

  • Profit for the period: AED 72.9M

  • Adjusted EBITDA: AED 106.6M

  • Adjusted profit: AED 73.1M

  • Cash & bank balances: AED 1.39B

Compared to Q1 2025:

  • Revenue increased from AED 240.7M to AED 298.5M

  • EBITDA increased from AED 84.1M to AED 106.5M

  • Profit increased from AED 50.5M to AED 72.9M

  • Adjusted profit increased 70% YoY

Additional highlights:

  • Continuing and discontinued operations profit increased 62% YoY to AED 72.1M

  • Adjusted profit from continuing and discontinued operations increased 96% YoY

3. Operational Highlights & Key Metrics

Healthcare – Cambridge Health Group:

  • Revenue growth: +27% YoY

  • EBITDA growth: +49% YoY

  • Profit growth: +6x YoY

  • Total bed capacity: 715

  • Licensed beds: 666

  • Average inpatient census: 530 (+34% YoY)

  • Jeddah hospital operating at 95%+ utilization

Education – Almasar Education:

  • Revenue growth: +22% YoY

  • EBITDA growth: +30% YoY

  • Profit growth: +29% YoY

  • Total students & beneficiaries: ~28,600 (+21% YoY)

  • MDX enrollments: ~7,200

  • International students: 54% of MDX student body

  • NEMA enrollments: ~13,700

  • HDC beneficiaries: ~7,700

Additional highlights:

  • 3 new SEN facilities launched during Q1 2026

  • 15 additional SEN facilities under development

  • CHG increased ownership in Jeddah hospital to 100%

4. Key Performance Drivers

  • Strong growth in healthcare patient volumes and education enrollments supported topline expansion

  • Higher hospital utilization and capacity ramp-up improved profitability

  • Expansion of special education facilities supported recurring growth in education operations

  • Operational leverage and disciplined cost management supported margin improvement

  • Strategic ownership increase in Jeddah hospital strengthened healthcare platform integration

The company also recorded:

  • Record dividend payment of AED 175M equivalent to 7 fils per share

  • Over AED 1B cash available for future deployment

  • Continued strong enrollment growth across MDX, NEMA, and HDC platforms

5. Outlook & Forward Guidance

  • Continued expansion across healthcare and education platforms remains a strategic priority

  • Additional hospital bed licensing and healthcare capacity expansion are planned during 2026

  • Amanat continues evaluating selective greenfield, brownfield, and M&A opportunities across the GCC

  • Management remains focused on scalable growth, operational excellence, and sustainable shareholder returns

  • No visible operational impact from current global geopolitical developments has been identified on operations or enrollment trends

The company also highlighted ongoing expansion in Saudi Arabia and continued development of new SEN facilities and healthcare infrastructure projects.

6. ???? Investor Takeaway

Amanat delivered strong Q1 2026 earnings growth driven by expanding healthcare capacity, rising education enrollments, strong operational execution, and disciplined capital deployment, while maintaining a strong balance sheet with over AED 1 billion available for future growth opportunities.