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Earnings Report

Pure Health Holding

Q1 26 NEUTRAL LOW Impact

1. Company Overview & Earnings Context

PureHealth Holding PJSC reported its Q1 2026 results, delivering resilient revenue and EBITDA growth, while profitability declined due to pressures in UAE Care and regulatory impacts.

2. Financial Performance Snapshot

  • Revenue: AED 7.26B (+10.4% YoY)

  • EBITDA: AED 1.19B (+4.8% YoY)

  • EBITDA margin: 16.3%

  • Net profit: AED 415M (−17.9% YoY)

  • Net profit margin: 5.7%

3. Operational Highlights & Key Metrics

  • Patient interactions: 2.9M (+18% YoY)

  • Operational beds: 6.8K (+25% YoY)

  • Inpatient volume: 81K (+52% YoY)

  • Outpatient volume: 2.59M (+19% YoY)

  • UAE test volumes: 8.2M (+2% YoY)

  • Segment contribution:

    • Care: ~72% of revenue

    • Cover (Insurance): ~28% of revenue

  • Balance sheet & liquidity:

    • Total assets: AED 57.3B

    • Total equity: AED 18.5B

    • Cash & bank balance: AED 4.7B

    • Net debt: AED 14.1B

    • Net debt / EBITDA: 2.9x

4. Key Performance Drivers

  • Strong international operations (Circle Health & HHG) supporting revenue growth

  • Expansion in capacity and patient volumes, across inpatient and outpatient services

  • Resilient insurance segment (Daman), providing stable revenue visibility

  • Regulatory changes and regional disruptions, impacting UAE Care profitability

  • Continued investments in digital, AI, and clinical capabilities, enhancing efficiency and outcomes

5. Outlook & Forward Guidance

  • Medium-term targets (2026–2029):

    • Revenue growth: mid- to high-teens (incl. M&A)

    • International revenue mix: ~50% target

    • EBITDA margins (Care): low 20s target

  • Continued focus on:

    • International expansion and acquisitions

    • Operational efficiency and platform integration

    • Scaling insurance and healthcare ecosystem

6. 🧾 Investor Takeaway

PureHealth delivered a resilient Q1 2026 with strong revenue growth and expanding scale, supported by its integrated healthcare and insurance platform, though profitability faced pressure from regulatory and regional factors, highlighting a growth vs margin trade-off in the near term.