Almoosa Health Co.: 1Q26 First Take: Top & Bottom-line Miss; FY26 Guidance Maintained

研报英文原文证据摘录

Almoosa Health Co.: 1Q26 First Take: Top & Bottom-line Miss; FY26 Guidance Maintained

Update

May 12, 2026 07:01 AM GMT

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

Equity Analyst

1Q26 First Take: Top & Bottom- Ricardo.Rezende@morganstanley.comSylvia C Richards +44 20 7677-9886

Research Associate

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

line Miss; FY26 Guidance Giulia Faro

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

Maintained

Almoosa Health Co. (4018.SE, ALMOOSA AB)

EEMEA - Healthcare | Saudi Arabia

Reaction to earnings

Stock Rating Overweight

Weakens our thesis Meaningful shortfall Modest revision lower Industry View No Rating

Impact to our thesis Financial results versus consensus Direction of next 12-month Price target SAR 191.50

consensus EPS Shr price, close (May 11, 2026) SAR 129.50

52-Week Range SAR 200.60- 128.30

Source: Company data, Morgan Stanley Research Mkt cap, curr (mn) SAR 5,711

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

EV, curr (mn)* SAR 6,410

Key Takeaways

* = GAAP or approximated based on GAAP

1Q26 results were challenged despite anticipated negative effects from

seasonality, with a -12%/-35% miss to Bloomberg consensus on revenues/adj. net

income.

The postponement of elective procedures/lower patient volumes due to

seasonality and the regional conflict has affected all healthcare operators this

quarter.

Lower net margins of 10.6% and a net income miss of -35% vs cons was driven by

higher staffing and operational costs...

… following the start of operations at two new medical centres, and an

expansion of bed capacity at Almoosa Specialist Hospital (operational in Q2).

Management remains confident in its FY outlook.

Bottom-line: negative. Despite the anticipated impacts of heightened seasonality