2Q26 First Take: Small Miss to MSe/Consensus Ex-SAR20.4mn Land Sale

Research evidence excerpt

2Q26 First Take: Small Miss to MSe/Consensus Ex-SAR20.4mn Land Sale

Update

August 3, 2026 03:28 PM GMT

Morgan Stanley & Co. International plc+MMouwasat Medical Services Company | Europe Ricardo Rezende, CFA

Equity Analyst

2Q26 First Take: Small Miss to Ricardo.Rezende@morganstanley.comSylvia C Richards +44 20 7677-9886

Research Associate

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

MSe/Consensus Ex-SAR20.4mn Giulia Faro

Giulia.Faro@morganstanley.com +44 20 7425-7581

Land Sale

Mouwasat Medical Services Company (4002.SE,

MOUWASAT AB)

AlphaSignals Earnings Reaction

EEMEA - Healthcare | Saudi Arabia

Unchanged Modest shortfall Largely unchanged Stock Rating Equal-weight

Impact to our thesis Financial results versus consensus Direction of next 12-month Industry View No Rating

consensus EPS Price target SAR 65.50

Source: Company data, Morgan Stanley Research Shr price, close (Aug 3, 2026) SAR 63.50

52-Week Range SAR 79.25- 58.65

Mkt cap, curr (mn) SAR 12,700

Key Takeaways Net debt (12/26e) (mn)* SAR 925

EV, curr (mn)* SAR 13,335

2Q26 results marginally missed MSe/BBG consensus (~2-3%) if adjusted for the * = GAAP or approximated based on GAAP

land sale benefit, though revenues of SAR876mn were in-line with BBG cons.

Q2 recorded a one-off capital gain of SAR20.4mn from a land sale, which we

adjust for in our summary table (Exhibit 1).

Ex-adjustments (i.e headline figures), EBIT and net income would have beaten

MSe/consensus within a range of 7-8%.

Outpatient flows recovered vs a seasonally weak Q1, and Q2 captured the first

full three months of operations at Yanbu.

Despite seasonally-better performance, we believe investors may find the print

lacking vs the strong beats posted by HMG and Care.

Bottom-line: neutral. Mouwasat posted a small miss to both MSe and Bloomberg