Dallah Healthcare: Off The 1Q26 Call

研报英文原文证据摘录

Dallah Healthcare: Off The 1Q26 Call

Update

May 18, 2026 03:00 PM GMT

Morgan Stanley & Co. International plc+MDallah Healthcare | 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: neutral. Management reaffirmed revenue guidance on strong April/

Giulia Faro

May trends and Q1 net profit tracking budget, but visibility on FY gross margin is Research Associate

weaker. Q&A focused on margin sustainability, cost inflation from conflict-related Giulia.Faro@morganstanley.com +44 20 7425-7581

insurance/transport surcharges, DRG implementation, insurance renewals, and Dallah Healthcare (4004.SE, DALLAH AB)

capital allocation post-asset sale. EEMEA - Healthcare | Saudi Arabia

Stock Rating Underweight

# FY2026 Guidance. Management maintained revenue guidance of SAR4.7–4.8bn Industry View No Rating

and said April/May revenues were strong, supporting confidence despite Q1 revenue Price target SAR 108.50

Shr price, close (May 18, 2026) SAR 108.40

being slightly below budget. Gross margin guidance is less secure: management 52-Week Range SAR 157.30- 95.50

framed 37% as achievable but challenging, with 36–37% a more realistic range. The Mkt cap, curr (mn) SAR 10,970

Net debt (12/25e) (mn)* SAR 3,678

main risk is cost inflation from conflict-related insurance and transportation EV, curr (mn)* SAR 14,455

surcharges - management see greater visibility for revenues over earnings. * = GAAP or approximated based on GAAP

# Insurance contract negotiations. Management confirmed ongoing renewal with a

major insurer during 2026, potentially concluding in Q2 with financial impact from

Q3.