Equity Snap: Cleopatra Hospital (CLHO EY): 2Q26 trading update: Sales growth lower than HSBC estimates

Research evidence excerpt

Equity Snap: Cleopatra Hospital (CLHO EY): 2Q26 trading update: Sales growth lower than HSBC estimates

27 July 2026

Equity Snap: Cleopatra Hospital Equities Health Care Providers &

(CLHO EY) Srvcs

2Q26 trading update: Sales growth lower than HSBC estimates Egypt

◆ 2Q26 sales growth is almost equally split into growth in CTH Raj Sinha*

and core portfolio; EBITDA margin recovery is positive Co-Head of Global Equity Research HSBC Bank Middle East Limited, Dubai branch

raj.sinha@hsbc.com

+971 4 423 6932

Cleopatra Hospital (CLHO EY, EGP16.71, Hold, TP EGP13.50)

Saikat Majumder*

(Priced as of 26 Jul 2026) Analyst, Emerging EMEA Healthcare & Saudi

Consumer

Sales growth below HSBC estimates: Management expects 2Q26 sales to rise HSBC Securities and Capital Markets (India) Private

31% y-o-y, which is around 5.5% below HSBC estimates. Growth is mainly driven by Limited saikat1majumder@hsbc.co.in

the new Cleopatra El Tagamoa Hospital (CTH), opened in late Dec 2025, contributing +91 80 6737 2751

EGP290m of 2Q26 sales. Excluding CTH, underlying sales growth would be 14.6% Jaina Heerabhai*

y-o-y, supported by the build-to-suit extension at Cleopatra October Hospital (West Analyst, EMEA Healthcare HSBC Bank Middle East Limited, DIFC

Cairo), new polyclinic launches and organic growth in core portfolio. jaina.heerabhai@hsbc.com

+27 60 5010 4253

EBITDA margin (adj.) recovery in 2Q26: Management expects a 29% adjusted

EBITDA margin in 2Q26, implying 16.5% y-o-y EBITDA growth. Excluding the new * Employed by a non-US affiliate of HSBC Securities (USA) Inc, and is

not registered/ qualified pursuant to FINRA regulations

Cleopatra El Tagamoa Hospital, the Group’s adjusted EBITDA margin would have

been 31.5% in 2Q26, implying 10.6% y-o-y EBITDA growth in core portfolio without

CTH.