Almoosa Health Co.: Off The 1Q26 Call

Research evidence excerpt

Almoosa Health Co.: Off The 1Q26 Call

Update

May 14, 2026 02:05 PM GMT

Morgan Stanley & Co. International plc+MAlmoosa Health Co. | Europe Ricardo Rezende, CFA

Equity Analyst

Off The 1Q26 Call Ricardo.Rezende@morganstanley.comSylvia C Richards +44 20 7677-9886

Research Associate

Sylvia.Richards@morganstanley.com +44 20 7677-3354

Bottom-line: mixed. Patient flows were pressured by seasonality at the acute care

Giulia Faro

hospital and geopolitical impacts at the rehabilitation hospital for Q1. Management Research Associate

however flagged a strong rebound in April, and reiterated confidence in achieving Giulia.Faro@morganstanley.com +44 20 7425-7581

22–25% EBITDA margins as new medical centres ramp. Management does not Almoosa Health Co. (4018.SE, ALMOOSA AB)

expect a repeat of the derivative mark-to-market losses, which are linked to interest EEMEA - Healthcare | Saudi Arabia

rate movements. Stock Rating Overweight

Industry View No Rating

# Geopolitical impact. Patient flow at the rehabilitation hospital was constrained Price target SAR 191.50

Shr price, close (May 14, 2026) SAR 121.50

given many patients are from outside of the region/country, and accessibility was 52-Week Range SAR 200.60- 121.50

limited. Foreign patient numbers are short of reaching the 1000's, but they are Mkt cap, curr (mn) SAR 5,358

Net debt (12/25e) (mn)* SAR 373

generally very complex cases and do impact overall profitability. Management noted EV, curr (mn)* SAR 6,057

that flows significantly rebounded in April, and they are confident that demand will * = GAAP or approximated based on GAAP

return. The drop in patient volumes in the acute services hospital had more to do

with seasonality than regional disruption.

# Margins ex new medical centres. Management guided that Q1 margins ex the