Q2 2026 Cleopatra Hospitals Group SAE Earnings Call

September 8, 2026

Operator: To the Cleopatra Hospitals Group Q2 earnings conference call. Please note that all participants will be in a listen-only mode, and that after today's presentation, there will be an opportunity to ask questions. Should you wish to have access to the recording of this event, please do not hesitate to reach out to myself or Farah Samy, Cleopatra's Associate Director for Corporate Strategy and IR. With that said, I would now like to hand over the conference to Dr. Ahmed Ezzeddine, Chief Executive Officer, for his opening remarks. Dr. Ahmed, please go ahead.

Operator: To the Cleopatra Hospitals Group Q2 Earnings Conference Call. Please note that all participants will be in a listen-only mode, and that after today's presentation, there will be an opportunity to ask questions. Should you wish to have access to the recording of this event, please do not hesitate to reach out to myself or Farah Sami, Cleopatra's Associate Director for Corporate Strategy and IR. With that said, I would now like to hand over the conference to Dr. Ahmed Ezzeddine, Chief Executive Officer, for his opening remarks. Dr. Ahmed, please go ahead.

Speaker #2: Welcome to the Cleopatra Hospitals Group Q2 earnings conference call. Please note that all participants will be in listen-only mode, and that after today's presentation there will be an opportunity to ask questions.

Speaker #2: Should you wish to have access to the recording of this event, please do not hesitate to reach out to me or Farah Sami, Cleopatra's Associate Director for Corporate Strategy and IR.

Speaker #2: With that said, I would now like to hand over the conference to Dr. Ahmad Aizuddin, Chief Executive Officer, for his opening remarks. Dr. Ahmad, please go ahead.

Speaker #3: Good afternoon. Thank you very much, Hassan and Belton, for organizing this call. Ladies and gentlemen, it is a pleasure to share with you the results of the second quarter and the first half of 2026 for Cleopatra Hospitals Group.

Ahmed Ezz El-Din: Good afternoon. Thank you very much, Hassan and Beltone Financial, for organizing that call. Ladies and gentlemen, actually, it's a pleasure to share with you the results of the Q2 and the H1 of 2026 for Cleopatra Hospitals Group. As usual with me on the call, Mr. Hassan Fekry, our Chief Strategy and New Business Officer, Mrs. Farah Samy, Associate Director for the Corporate Strategy and IR, Mr. Amr Al Rashid, our Chief Financial Officer, and Mr. Mohamed Omar, our Financial Director. Actually, for the first time, I'm attending the call, but I'm not in Egypt.

Ahmed Ezz El-Din: Good afternoon. Thank you very much, Hassan and Beltone Financial, for organizing that call. Ladies and gentlemen, actually, it's a pleasure to share with you the results of the Q2 and the H1 of 2026 for Cleopatra Hospitals Group. As usual with me on the call, Mr. Hassan Fekry, our Chief Strategy and New Business Officer, Mrs. Farah Sami, Associate Director for the Corporate Strategy and IR, Mr. Amr Al Rashid, our Chief Financial Officer, and Mr. Mohamed Omar, our Financial Director. Actually, for the first time, I'm attending the call, but I'm not in Egypt.

Speaker #3: As usual, with me on the call are Mr. Hassan Fikri, our Chief Strategy and New Business Officer, and Ms. Farah Sami, Associate Director for Corporate Strategy and IR.

Speaker #3: Mr. Amr Rashid, our Chief Financial Officer, and Mr. Mohammed Omar, our Financial Director. Actually, for the first time, I'm attending the call, but I'm not in Egypt.

Speaker #3: Actually, I'm in Abu Dhabi currently because the Arab Hospital Federation is holding the annual ceremony for the awards of the Arab Hospital Federation, and I'm very glad to share with you that today, exactly two hours from now, I will receive an award as the role model for healthcare in the region, which is actually a great achievement for Cleopatra Hospital Group.

Ahmed Ezz El-Din: Actually, I'm in Abu Dhabi currently because the Arab Hospitals Federation is making the annual ceremony for the awards of the Arab Hospitals Federation, and I'm very glad to share with you that today, exactly 2 hours from now, I will receive an award being the role model for the healthcare in the region, which is actually a great achievement for Cleopatra Hospitals Group. So I'd like to thank the management and all our team for making us attending that moment, which is a proof of the continuous success that our group is doing. First of all, we had a great Q2 and consequently, a great H1. I would like just to remind you that the first 5 months of 2026 showed lots of turbulence between the war in the Gulf, between the additional number of vacations that took place in the first 5 months of the year.

Speaker #3: So I would like to thank the management and all our team for making us attend this moment, which is a proof of the continuous success that our group is achieving.

Speaker #3: First of all, we had a great second quarter, and consequently, a great first half. I would just like to remind you that the first five months of 2026 saw lots of turbulence, between the award in the Gulf and the additional number of vacations that took place in the first five months of the year.

Speaker #3: Actually, we calculated the number of hours and the number of days between the first five months of 2026 and 2025, and it was really more than 10 days off, and also the shift between Ramadan and all that stuff.

Ahmed Ezz El-Din: Actually, we calculated the number of hours and number of days between the first five months of 2026 and 2025, and it was really more than 10 days off. Also, the shift between Ramadan and World Cup. Keep all that in mind. Still, we are able to show a very high growth in the H2 and also consequently in the first two quarters. Also, I will give you a snapshot about how we have a great performance in July and August, and consequently, what will be our outlook for the year and also what our guidance even for 2027. One of the major highlights I would like to talk about now, just from numbers point of view, is the results of the Q2. I am sure all of you have received the results. We delivered more than EGP 2.3 billion as revenue with 33% growth versus prior year.

Speaker #3: Keep all that in mind. Still, we're able to show very high growth in the second half, and also, consequently, in the first quarter.

Speaker #3: And also, I will give you a snapshot about how we had great performance in July and August, and consequently, what our outlook for the year will be, and also what our guidance is even for 2027.

Speaker #3: One of the major highlights I would like to talk about now, just from a numbers point of view, is the results of the second quarter.

Speaker #3: I'm sure all of you have received the results. We delivered more than $2.3 billion in revenue, with 33% growth versus the prior year. Also, we generated approximately $822 million of profit, with a 35% margin.

Ahmed Ezz El-Din: Also, we generated EGP 822 million of profit margin with 35% margin, and with an EBITDA of EGP 680 million, which is again representing 29% in the Q2. At the same time also, we have an 18% increase in the volume of the patients and our normalized net profit of something like EGP 270 million. Those numbers, if we look at the first semester, we realize that in the first semester we are now at EGP 4.3 billion. Just keep in mind that the phasing in the first semester this year was only 43%. Consequently, we are very solid that we will deliver a EGP 10 billion revenue this year, because what we delivered so far is representing only 43% in the first six months. But the results in July and August is coming as per our expectation and exceeds 8.3% of the annual budget.

Speaker #3: And with an EBITDA of 680 million, which is, again, representing 29% in the second quarter. At the same time, we also have a 10% increase in the volume of patients, and our normalized net profit is something like 270 million Egyptian pounds.

Speaker #3: Those numbers, if we look at the first semester, we realize that in the first semester we are now at $4.3 billion. Just keep in mind that the phasing in the first semester this year was only 43%.

Speaker #3: So consequently, we are very solid that we'll deliver a $10 billion revenue this year. Because what we delivered so far represents only 43% in the first six months, but the results in July and August are coming as per our expectations and exceed 8.3% of the annual budget.

Speaker #3: So actually, we are solid that we'll deliver our revenues and also our profit margins, which I will discuss shortly. At the level of the GP margin, we are at a gross profit margin of 34%.

Ahmed Ezz El-Din: Actually, we are solid that we will deliver our revenues and also our profit margins, which I will discuss shortly. At the level of the GP margin, we are at a gross profit margin of 34%. At the level of the EBITDA, we are at the level of EGP 1.18 million, and our net profit is EGP 342. Year to date, we have 15% increase in the inpatient volume. Currently, in the first six months, we treated 800,000 patients. By simple math, we are anticipated to treat 2 million patients during the course of 2026. Which if you recall what we were talking about last year for the guidelines, we said that we exceed the 1.5 million, reaching close to 2 million patients. Now I am telling you that we are very solid, that we will land of a number close to 2 million patients this year.

Speaker #3: At the level of EBITDA, we are at EGP 1.18 million, and our net profit is EGP 342,000. Year to date, we have a 15% increase in inpatient volume, and currently, in the first six months, we treated about 800,000 patients. By simple math, we anticipate treating around 2 million patients during the course of 2026. If you recall what we talked about last year regarding the guidelines, we said that we would exceed 1.5 million and reach close to 2 million patients, which is what we are seeing now.

Speaker #3: I'm telling you that we are very solid that we'll land on a number close to 2 million patients this year, having the trust of being treated within Cleopatra Hospital Group.

Ahmed Ezz El-Din: Having the trust of being treated within Cleopatra Hospitals Group. From that perspective, I would like to shed the light more on the major highlight of the year, which is the integration of the biggest hospital in Egypt, state-of-the-art hospital, Cleopatra El Tagamo Sky. Imagine that Cleopatra El Tagamo exceeds all the expectations and all the anticipation for the ramp-up of the hospital. Currently, actually, the hospital is seeing only in the Q2, 54,000 patients more than the Q1. The hospital now contributed to almost 12% for the total revenue of the group. The hospital, by end of August, delivered a revenue of EGP 700 million and we are anticipating the hospital to deliver more than EGP 1.3 billion this year, which means that the hospital end of the year will be contributing 13% from the total revenue of the company.

Speaker #3: From from that perspective, I would like to shed the light more on the major highlight of the year, which is the integration of the biggest hostel in Egypt, state-of-the-art hostel, Cleopatra and Tajammo Sky, and imagine that Cleopatra Tajammo exceeds all the expectations and all the the anticipation for the ramp-up of the of the hostel.

Speaker #3: So currently, actually, the hostel is seeing only in the in the in the first in the in the second quarter 54,000 patients more than more than the first quarter.

Speaker #3: The hostel now contributes almost 12% of the total revenue of the group. The hostel, by the end of August, delivered revenue of 700 million, and we are anticipating the hostel to deliver more than 1.3 billion this year, which means that the hostel, by the end of the year, will be contributing, like, 13% of the total revenue of the company.

Speaker #3: Not only that, from the second month of the year, the hostel started to deliver positive EBITDA. The EBITDA in the month of June by itself reached, like, 18%.

Ahmed Ezz El-Din: Not only that, from the second month of the year, the hospital started to deliver positive EBITDA. The EBITDA at the month of June by itself, reached 18%. Consequently, the overall revenue for the EBITDA for the H1 is 2%, but we are anticipating that it is 8% in the Q2, year to date 2%, but June by itself is 18%. So anticipating that the hospital will be at the highest double digit EBITDA towards the year end. Consequently, before digging more into the other achievements, the H1, our EBITDA was 25%. Q1, 25%, Q2 was 29.1%. So our consolidated EBITDA now is at 27.5%. The financial statement for the month of July, showing an EBITDA of 32% as a standalone month. Month after another, we are with the high ramp of Cleopatra El Tagamo. We are very close to deliver our commitments.

Speaker #3: Consequently, the overall revenue for the EBITDA for the first half is, like, 2%, but we're anticipating that it is 8% in the second quarter.

Speaker #3: Year to date, 2%, but June by itself is 18%. So we are anticipating that the hospital will be at the highest double-digit EBITDA towards the year end.

Speaker #3: Consequently, before digging more into the other achievements, in the first half, our EBITDA was 25%. First quarter, 25%; second quarter was 29.1%.

Speaker #3: So our consolidated EBITDA now is at 27.5%. The financial statement for the month of July shows an EBITDA of 32% as a standalone month.

Speaker #3: So month after another, we are with the higher ramp-up of Cleopatra Tajammo we are very close to deliver our commitments. So when I'm saying that we are going to close the year with at least 30% EBITDA with 3 billion Egyptian pounds as EBITDA, it's coming because actually we will be at least at a consolidated level from an EBITDA point of view at more than of 30% or even more.

Ahmed Ezz El-Din: When I am saying that we are going to close the year with at least 30% EBITDA with EGP 3 billion as EBITDA, it is coming because actually we will be at least at a consolidated level from an EBITDA point of view at more than of 30% or even more. At the same time, if we would like to look at our net income. So I anticipated to deliver not less than EGP 900 million up to EGP 1 billion this year as a net income towards end of the year. As we mentioned Sky Hospital and the great success we have. Now we have lots of center of excellence that really doing great in the open heart surgery, in the cath lab, in the oncology surgery. We are now number 1 in all these subspecialties, in orthopedic procedures.

Speaker #3: At the same time, if we look would like to look at our our net income, so we anticipated to to deliver not less than 900 up to 1 billion Egyptian pound this year, as a as a net income toward end of the year.

Speaker #3: As we mentioned, Sky, and the great success we have now, we have lots of centers of excellence that are really doing great in open heart surgery, in the cath lab, and in oncology surgery.

Speaker #3: We are now number one in all these subspecialties in orthopedic procedures. Lots of medical tourism patients are coming also to that amazing place, and I will talk more about the medical tourism shortly.

Ahmed Ezz El-Din: Lots of medical tourist patients is coming also to that amazing place, and I will talk more about the medical tourist shortly. But let me first jump on the other highlight of the year so far, which is Cleopatra October Hospital, the other PPP agreement. The first one, Sky Hospital, we did with Ministry of Petroleum and Mineral Resources. The second one, Cleopatra October Hospital, we did it three years ago with the Ministry of Interior. And let me tell you that although still running with 80 beds only, but we are really growing extremely nice. We installed our new cath lab there, and this is getting us lots of new services.

Speaker #3: But let me first jump to the other highlight of the year so far, which is Cleopatra October. The other Triple B agreement — the first one, Sky, we did with the Ministry of Petroleum. The second one, Cleopatra October, we did three years ago with the Ministry of Interior.

Speaker #3: And let me tell you that although we're still running with only 80 beds, we are really growing extremely nicely. We installed our new gas lab there, and this is getting us lots of new services.

Speaker #3: So actually, although we are specialized in rehabilitation and physiotherapy, now the 80 beds are working more towards a general hospital setup, with enough intensive care beds and a high number of surgical procedures per year, in addition to the stroke unit and the cath lab, which currently exist.

Ahmed Ezz El-Din: Actually, although we are specialized in rehabilitation and physiotherapy, but now the 80 beds is working more towards a general hospital set up with enough number of intensive care, with enough high number of surgical procedures per year in addition to the stroke unit and the cath lab, which is existing currently. As you know that we are waiting for the Ministry of Interior, during 2027 to give us the additional extension of 200 beds, which will be one of the major expansions towards end of 2027 and 2028. But I would like to shed the light here that we are creating currently a new center of excellence for sport medicine that really attracting lots of local and maybe also regional players to receive their medical management from a sport point of view within our facility.

Speaker #3: As you know, we are waiting for the Ministry of Interior during 2027 to give us the additional extension of 200 beds, which will be one of the major expansions toward the end of '27 and into '28.

Speaker #3: But I would like to share, in light of this, that we are currently creating a new center of excellence for sports medicine, which is really attracting lots of local and maybe also regional players to receive their medical management from a sports point of view within our facility.

Speaker #3: To the level that the ministry of youth we are going to sign with them shortly a very strong protocol in that protocol our our group will be considered as the medical arm for the Ministry of of youth going forward and also will be like the the major medical sponsorship for the Egyptian team going for the Olympic Games in in 2 years from now.

Ahmed Ezz El-Din: To the level that the Ministry of Youth, we are going to sign with them shortly a very strong protocol. In that protocol, our group will be considered as the medical arms for the Ministry of Youth going forward. Also, it will be like the major medical sponsorship for the Egyptian team going for the Olympic Games in 2 years from now. So actually, both PPP agreements, either Sky or Cleopatra October, are doing great. Keep in mind that on the organic level, all the hospitals are showing very high double-digit growth. Also, we opened our new facilities in Suez Canal and doing great. Also, Maadi Polyclinics is really doing amazing. Now the number of patients going to Nile Badrawy Hospital is almost doubled. Consequently, as I mentioned, the EBITDA in the month of July reached up to 32%.

Speaker #3: Actually, both triple B agreements, either Sky or Cleopatra October, are doing great. Keep in mind that on the organic level, all the hospitals are showing very high double-digit growth.

Speaker #3: Also, we opened our new facilities in Swiss Canal and are doing great. Also, the polyclinic is really doing amazing, and now the number of patients going to Nile Badrawi Hospital has almost doubled.

Speaker #3: Consequently, as I mentioned, the EBITDA in the months of July reached up to 32%, and consequently—and by the way, 32% including Sky—which means that we are on the right track to provide a fantastic closing for 2026.

Ahmed Ezz El-Din: Consequently, by the way, 32% including Sky, which means that we are on the right track to provide a fantastic closing for 2026. As I mentioned, just remember 3 numbers, 10, 3, 1. EGP 10 billion revenue, EGP 10 billion EBITDA, and between EGP 900 million to EGP 1 billion of net income towards 2026. Being said that, I maybe forgot to mention that just today we received a certificate, an award from an organization called Age, rewarding us a decent amount of money as a recognition for Sky Hospital, Cleopatra El Tagamo, being considered as a green facility, considering the number of carbon, the number of savings in the water and electricity and managing all the waste and that stuff. So actually every day, Cleopatra El Tagamo is adding one additional edge to distinguish our services from the others.

Speaker #3: And as I mentioned, just remember three numbers: 10, 3, 1. Ten billion revenue, 10 billion EBITDA, and between 900 million to 1 billion of net income toward 2026.

Speaker #3: That being said, I maybe forgot to mention, just today we received a certificate—an award—from an organization called AGE, rewarding us a decent amount of money.

Speaker #3: As a recognition for Sky Hospital Cleopatra Tajammo being considered as a green facility. Considering the number of carbon, the number of savings in the water and electricity and managing all the waste and stuff.

Speaker #3: So actually, every day Cleopatra Tajammo is adding one additional edge to distinguish our services from the others. I would like to shed the light on two major strategic approaches we are undertaking currently.

Ahmed Ezz El-Din: I would like to shed the light of 2 major strategic approach we are doing currently. One is the future, how the future looks like. We started 3 years ago talking about medical tourism. In that medical tourism, we start with very few companies until we delivered EGP 70 million a couple of years ago. Last year, we delivered EGP 140 million, which was double the year before for medical tourism. This year, the focus we did and the attraction we are receiving from patients from Libya, patients from Iraq, patients from African countries, even patients coming from Saudi Arabia. We are going to exceed EGP 400 million to maybe reach even EGP 500 million of revenue coming out of the medical tourism and patients coming from abroad to receive their treatment and medication within our facility.

Speaker #3: One is the future — how the future looks like. We started, like, three years ago talking about medical tourism, and in that medical tourism, we started with very few companies.

Speaker #3: Until we delivered like 70 million pounds, double a couple of years ago. Last year, we delivered around 140 million, which was double the year before, from medical tourism.

Speaker #3: This year, the focus we had and the attraction we are receiving from patients from Libya, patients from Iraq, patients from African countries, even patients coming from Saudi Arabia—we are going to exceed 400, to maybe even reach 500 million in revenue coming out of the medical tourism and patients coming from abroad to receive their treatment and medication within our facility.

Ahmed Ezz El-Din: Even coming for renal transplantation, for renal dialysis, for oncology management, oncology surgery, for radiology, because all what I'm talking about is really center of excellence, robotic surgery, all that stuff. So actually, this is one of the areas that does not require additional CapEx, just additional focus and additional communication, and we're really getting very good results out of the medical tourism. One other area that because of the great job we are doing locally and the image we have among all the authorities and the success of the 2 treatment PPPs we did so far, we are receiving a lot of projects. I can tell you that we received many, but actually we are addressing and focusing currently on 8 different projects. 2 or 3 of them are locally in Egypt. Other projects are between Saudi Arabia and other projects in the Gulf countries.

Speaker #3: Even coming for renal transplantation, for renal dialysis, for oncology management, oncology surgery, for radiology. Because all what I'm talking about is really center of excellence, robotic surgery, all that stuff.

Speaker #3: So actually, this is one of the areas that we—that does not require additional CAPEX, just additional focus and additional communication, and we are really getting very good results out of the medical tourism.

Speaker #3: One other area that, because of the great job we are doing locally and the image we have among all the authorities and the success of the two triple Bs we did so far, we are receiving a lot of projects. I can tell you that we received many, but actually we are addressing and focusing currently on eight different projects. Two or three of them are locally in Egypt. Other projects are between Saudi Arabia, and another project in the Gulf countries, a couple of projects in Libya, and a couple of projects in Africa between Kenya and Nigeria.

Ahmed Ezz El-Din: A project in Libya and a couple of projects in Africa between Kenya and between Nigeria. All these projects, in Egypt, it is definitely an asset-light project, and outside Egypt, we are just talking about management contracts because, as you know, our reputation and our know-how can help us in managing every project as a turnkey from A, from thinking process and strategy to design, to implementation, to hiring and to management. So actually, with doing that, we believe that we will not burden ourselves with additional CapEx rather than the revenue required the CapEx, and we will be able to show better results going forward. For putting that in mind with the maximization of Sky Hospital, Cleopatra El Tagamoa, because we just opened the fifth floor last month, so we expected, still we have the sixth floor to be inaugurated towards the end of the year or early next year.

Speaker #3: All these projects the in Egypt it is definitely an asset light projects and in outside Egypt we are just talking about management contracts because as you know our reputation and our knowhow can help us in managing every project as a turnkey from a from thinking process and strategy to design to implementation to hiring and to management.

Speaker #3: Actually, with doing that, we believe that we will not burden ourselves with additional CAPEX other than the really required CAPEX, and we'll be able to show better results going forward.

Ahmed Ezz El-Din: For putting that in mind with the maximization of Sky Hospital, Cleopatra El Tagamoa, because we just opened the fifth floor last month, so we expected, still we have the sixth floor to be inaugurated towards the end of the year or early next year.

Speaker #3: Thank you for putting that in mind with the maximization of Sky Hostel Cleopatra Tajammo, because we just opened the fifth floor last month. We still expect to have the sixth floor inaugurated towards the end of the year or early next year.

Speaker #3: We have an additional floor that will open in Al Shuru Hostel, additional facilities in other hostels, in addition to the 200 beds coming in Haven Cleopatra October Hostel.

Ahmed Ezz El-Din: We have an additional floor that will open in Al Shorouk Hospital, additional facilities in other hospitals. In addition to the 200 beds coming in Haven Cleopatra October Hospital. We anticipated not less than 30% growth, even more than 30%, 35% growth in revenue next year. Not only that, we are anticipating as well to have at least the same level of growth in the GP margin, EBITDA margin, and definitely, inshallah, our net income margin. Consequently, we are very happy about the current performance. We are very solid of our outlook expectation for the year. As I mentioned, remember the three numbers, 10, 3, 1. We have a very strong feeling and preparation for how we can go with an asset-light and proper management contract to expand further in the future within Egypt or within even the region.

Speaker #3: We anticipated not less than 30% growth, even more than 30%—30 to 35% growth in revenue next year. And not only that, we are anticipating as well to have at least the same level of growth in the GP margin, EBITDA margin, and definitely, inshallah, our net income margin.

Speaker #3: Consequently, we are very happy about the current performance. We are very solid on our outlook expectations for the year. And as I mentioned, remember the three numbers.

Speaker #3: 10, 3, 1. And we have a very strong feeling on and preparation for how we can go with an asset-light and proper management contract to expand further in the future, within Egypt or even within the region.

Ahmed Ezz El-Din: With that, I think I just give a very quick snapshot about the performance of Cleopatra Hospitals Group, and I will be more than happy along with my colleagues on the call, to answer all your questions. Thank you.

Speaker #3: With that, I think I'll just give a very quick snapshot about the performance of Cleopatra Group, and then I'll be more than happy, along with my colleagues on the call, to answer all your questions.

Speaker #3: Thank you.

Speaker #1: Thank you, Dr. Ahmad. We will now begin the question and answer session. Please type your questions in the chat box, or press the 'raise hand' button if you wish to speak to management directly.

Hassan Fikry: Thank you, Dr. Ahmed. We will now begin the question and answer session. Please type in your questions in the chat box or press the raise hand button if you wish to speak to management directly. We will now give you a moment to ask your questions and to put them in the chat box. We have our first question from Salma Otif. She asks, "I missed 2027 guidance. Can you repeat that, please?

Operator: Thank you, Dr. Ahmed. We will now begin the question and answer session. Please type in your questions in the chat box or press the raise hand button if you wish to speak to management directly. We will now give you a moment to ask your questions and to put them in the chat box. We have our first question from Salma Otif. She asks, "I missed 2027 guidance. Can you repeat that, please?

Speaker #1: We will now give you a moment to ask your questions. Please put them in the chat box. We have our first question from Salma Otif.

Speaker #1: She asks, "I missed the 2027 guidance. Can you repeat that, please?"

Speaker #2: Thank you very much. For 2027 guidance, because actually I mentioned, Salma, how we are thinking in 2027. Sky Hostel Cleopatra Tajammo, we still have a very strong room because we just opened the fifth floor—an additional 50 rooms—and then we'll have an additional 50 in the sixth floor.

Ahmed Ezz El-Din: Thank you very much. For 2027 guidance, we entered it because actually I mentioned, Salma, that how we are thinking in 2027. Cleopatra El Tagamo, we still have a very strong room because we just opened the fifth floor, additional 50 rooms, and then we will have additional 50 in the sixth floor. So actually, we are anticipating that Cleopatra El Tagamo by itself at least will exceed more than EGP 2 billion next year. In addition, Cleopatra October also we are anticipating to have the additional 200 rooms, partially will be delivered in 2027, the rest will be in 2028. Plus, we have also Al Shorouk Hospital. We have an additional 17 rooms will be ready towards end of this year, and we will gain the fruits next year. Cleopatra Maadi Polyclinics expansion and that is, and here and all that stuff. Plus, a decent price increase.

Speaker #2: So actually we anticipating that Sky Hostel by itself at least will exceed more than 2 billion next year. In addition that Cleopatra October also we are anticipating to have the additional 200 rooms partially will be delivered in 2027 the rest will be in 2028 plus we have also Al Shuru Hostel we have an additional 17 rooms will be ready toward end of this year and we'll gain the fruits next year Mahadi Polyclinic expansion and that's and here and all that stuff plus a decent price increase we anticipated that the 2027 will show between 30 to 35% growth versus this year in addition and consequently we we our we we we we anticipating that also the GP margin EBITDA margin and net profit margin will follow closely the same track of of growth.

Ahmed Ezz El-Din: We anticipated that 2027 will show between 30% to 35% growth versus this year. In addition and consequently, we anticipated that also the GP margin, EBITDA margin, and net profit margin will follow closely the same track of growth.

Speaker #1: Thank you, Dr. Ahmad. We have another question regarding the ESOP or LTIP plan and the accounting for it. Is this now a recurring theme in the costs?

Hassan Fikry: Thank you, Dr. Ahmed. We have another question regarding the ESOP or LTIP Plan and the accounting for it. Is this now a recurring theme in the costs?

Operator: Thank you, Dr. Ahmed. We have another question regarding the ESOP or LTIP Plan and the accounting for it. Is this now a recurring theme in the costs?

Speaker #2: Okay. I will I will answer the first part as a strategy of what is the ESOP plan or the long-term incentive plan is and then I will leave the floor to my colleagues to handle the the detailed of the finance and the out of treated in the PNL.

Ahmed Ezz El-Din: Okay. I will answer the first part as a strategy of what is the ESOP plan or the long-term incentive plan is, and then I will leave the floor to my colleagues to handle the details of the finance and how it was treated in the P&L. First of all, this program is designed to increase the retention of the employees, to reduce the turnover big time, to let the people think strategically that they are part of the owners of the company itself. So we made this program, which started back in 2020, and the first program was ended in 2025. Then we got the board approval to expand another plan for another five years. The plan is simply, either employees are in the money or not in the money. So we are taking the VWAP between 1 July this year and 1 July next year.

Speaker #2: First of all, this program is is designed to increase the retention of the employees to to reduce the the turnover big time to let the people think strategy strategically that they are part of the they are part of the owners of the company itself.

Speaker #2: So we made this program, which started back in the year 2020, and the first program was ended in 2025. Then we got the board approval to expand another plan for another five years.

Speaker #2: The the the plan is is simply are we are is the employees are in the money or not in the money. So we are taking the VWAP between July 1st this year and July 1st next year.

Speaker #2: If the there is a an increase and the there is a difference in the in the share price consequently we'll multiply this with the number of units offer to every one of the employees and then the we'll start to calculating the the value.

Ahmed Ezz El-Din: If there is an increase and there is a difference in the share price, consequently, we multiply this with the number of units offered to every one of the employees, and then we start calculating the value. Actually, in the first five years of the first plan, there was 2 years during the COVID and that stuff where the people didn't earn anything because the stock price on the market in Egypt was not in the money. This year, because of the price went up from EGP 8 to EGP 16, definitely all the employees became in the money. But we need to remember that still, although the share price went to 16 and 17, majority of the financial advisors and stuff saying that still we are below the regular price we were supposed to have based on our EBITDA margin and based on our future plans.

Speaker #2: So actually, in the first five years of the first plan, there were two years during COVID and that stuff where people didn't earn anything because the stock price and the market in Egypt was not in the money.

Speaker #2: This year because of the price went up from 8 8 pounds to 16 pounds. So definitely all the employees became in the money. But we need to remember that still although we are the share price went to 16 and 17 but majority of the financial advisor that stuff saying that still we are below the the the regular price we we supposed to have based on our EBITDA margin and based on our future plans.

Speaker #2: For this is simply the the story behind behind the the ESOP plan and keep in mind that the maximum earned for all the employees per year will never exceed 1% because this is a cap from the FRA and from the board of directors that the distribution will never exceed 1%.

Ahmed Ezz El-Din: This is simply the story behind the ESOP plan. Keep in mind that the maximum earned for all the employees per year will never exceed 1%, because this is a cap from the FRA and from the board of directors that the distribution will never exceed 1%. The FRA is extremely happy with our program to the extent that the same model was applied now with other companies in the stock market in different industries. Regarding the financial treatment, please, if our colleague, Omar, can comment on that.

Speaker #2: And the FRA is extremely happy with our program, to the extent that the same model was applied now with other companies in the stock market in different industries.

Speaker #2: Regarding the financial treatment, I'll please ask if our colleague Omar can comment on that.

Speaker #1: Thank you very much for your question. Thank you, Dr. Ahmad, for the clarification. Regarding the financial treatment for the ESOP, as you know, ESOP is treated as a current liability.

Mohamed Omar: Thank you, Mo, for your question. Thank you, Dr. Ahmed, for the clarification. For the financial treatment for the ESOP, as you know, ESOP is treated as a current liability. Current liability is revaluated based on a monthly basis, based on the actual VWAP of the share, which resulted in an incremental increase of EGP 200 million, which is reflected on as a non-cash transaction on our cash flow. It added up to the net profit on our cash flows to reach the reconciled profit to show our working capital. Then we have our ESOP balance in the balance sheet, which is expected to be vested and will be financed through capital increase with an amount of nearly EGP 270 to EGP 275 million in the balance sheet. Are we expecting that the cost will be recurring?

Speaker #1: Current liability is revaluated based on on a monthly basis based on the actual VWAP of the chair. Which resulted in an incremental increase of 200 million which is reflected on as a non-cash transaction on our cash flows added up to the net profit on our cash flows to reach the reconciled profit for to to show our working capital.

Speaker #1: Then we have our ESOP balance in the balance sheet which is expected to be vested and and will be financed through capital increase with an amount of nearly 170 or 170 or 275 million in the balance sheet are we expecting that the cost will be recurring yes we are expecting this cost will be recurring up to the on the same amount which not not with the same amount but with the same cap as Dr. Ahmad stated which is 1% of our share yeah so in essence in essence the the figure changes according to market dynamics of the of the share price that's number one number two as a reminder again this is not a cash program so what you see on the financials is the shift between non-cash and non-cash expense that is translated on the balance sheet perfect thank you guys we have another question from Mariam she asks what is the total number of lab tests performed in the first half of 2026 and what was the average revenue per test could you provide metrics the same metrics for radiology procedures okay so we report sorry so we report Dr. Ahmad if you allow me we report lab we report all KPIs whether lab radiology surgeries and so on all within the earning release this this is available across but to give you a specific answers year to date June we're talking about approximately year to date one second we're talking about approximately 1.2 or 1.16 million tests across across the facility across all our facilities with radiology we're talking about approximately 200,000 sorry 208,000 tests across all our facilities Hassan also the question about the average per test so actually if we can divide quickly the total revenue by the number of lab tests please look at so average sorry one second okay so for labs we're talking about approximately 390 pounds per test not per patient per test for radiology we're talking about approximately 1,000 590 EGP per per per test thank you thank you Mr. Hassan we have another question what was the main reason for the margin compression and elevated costs during the quarter regarding suggest this would reverse in the next two quarters or the second half of the year if so what would be the drivers thank you very much number one we have to separate between the organic business and Cleopatra October Cleopatra Sky business as I mentioned if you look at the the revenue sorry the EBITDA level for the organic business excluding Cleopatra in the in the in the first half we'll see that we'll delivered 31% EBITDA margin but because Cleopatra is added and as I mentioned it was definitely as a new launch was that a negative EBITDA and start to so to show positive EBITDA from the second month until now it reaches more than 18% EBITDA at the month of June and then second half it became second quarter it became 8% when you add all this together that the margin will become 27.5 but as I mentioned first half first first quarter total was 25% second quarter 27.5% month of July is coming at 32% for consequently months after another the overall will reach 30% or even maybe higher and consequently will deliver the 3 billion why there is a compression in the margin at that period because as we mentioned that during the when when the the the Irani American Israeli war took place we took a very wise decision and we inject lots of money to build up an inventory for consumables and pharmaceuticals that's why we are one of the very few hostels in in the country where we have all the consumables and all the pharmaceuticals medication required and this consequently help us in saving patients and treating patients and give them the right quality of care we are looking for from injecting money for consumables and medications plus at the same time the the ramp up of Cleopatra both of them reach level but at the meantime we improved a lot our from our living cycle management our impairment to a great extent because we are really making very strong reconciliation on all our accounts we are taking care of all the financial elements and all the steps from an efficiency point of view to make sure that we will land towards end of the year with at least a consolidated EBITDA of at least 30% of the entire revenue of the company I hope I answered your question thank you Dr. Ahmad we have another question from Laila Amer she asks how much interest was expect was expensed from Sky Hospital Omar Hassan if you would like to handle okay we all interest related to Sky Hospital was capitalized this during the first and the second quarter so zero we can we can move to the next question what is your guidance for finance expense for finance expenses in 2026 should we expect the remaining finance expenses to be broadly distributed between Q3 and Q4 or waited more heavily towards Q4 okay if you allow me Dr. Ahmad same applies in quarter go ahead Hassan please quarter four in terms of.

Mohamed Omar: Yes, we are expecting this cost will be recurring up to the or the same amount which-

Ahmed Ezz El-Din: No

Mohamed Omar: Not with the same amount, but with the same cap as Dr. Ahmed stated, which is 1% of our share.

Ahmed Ezz El-Din: So in essence, the figure changes according to market dynamics of the share price. That is number one. Number two, as a reminder, again, this is not a cash program. So what you see on the financials is the shift between non-cash and non-cash expense that is translated on the balance sheet.

Hassan Fikry: So in essence, the figure changes according to market dynamics of the share price. That is number one. Number two, as a reminder, again, this is not a cash program. So what you see on the financials is the shift between non-cash and non-cash expense that is translated on the balance sheet.

Hassan Fikry: Perfect. Thank you, guys. We have another question from Maria Hakim. She asked, "What is the total number of lab tests performed in H1 2026, and what was the average revenue per test? Could you provide the same metrics for radiology procedures?

Operator: Perfect. Thank you, guys. We have another question from Maria Hakim. She asked, "What is the total number of lab tests performed in H1 2026, and what was the average revenue per test? Could you provide the same metrics for radiology procedures?

Hassan Fikry: Okay. So we report. Sorry. So we report, Dr. Ahmed, if you allow me, we report all KPIs, whether lab, radiology, surgeries, and so on, all within the earnings release. This is available across. But to give you a specific answer, year to date, June, we are talking about approximately-

Omar Hassan: Year to date.

[Company Representative]: Year to date.

Hassan Fikry: Year to date, one second. We are talking about approximately 1.2 or 1.16 million tests across the.

Mohamed Omar: Facilities

[Company Representative]: Facilities

Mohamed Omar: Across all our facilities. With radiology, we are talking about approximately 208,000 tests across all our facilities.

Hassan Fikry: Across all our facilities. With radiology, we are talking about approximately 208,000 tests across all our facilities.

Mohamed Omar: Hassan, also the question about the average per test. Actually, if we can divide quickly the total revenue by the number of lab tests, please.

Ahmed Ezz El-Din: Hassan, also the question about the average per test. Actually, if we can divide quickly the total revenue by the number of lab tests, please.

Hassan Fikry: Okay. Sorry. One second. Okay. For labs, we are talking about approximately 390 EGP per test, not per patient, per test. For radiology, we are talking about approximately 1,590 EGP per test.

Hassan Fikry: Thank you. Thank you, Mr. Hassan. We have another question. What was the main reason for the margin compression and elevated costs during the quarter? Your guidance suggests this would reverse in the next two quarters or the H2 of the year. If so, what will be the drivers?

Hassan Fikry: Thank you.

Operator: Thank you, Mr. Hassan. We have another question. What was the main reason for the margin compression and elevated costs during the quarter? Your guidance suggests this would reverse in the next two quarters or the H2 of the year. If so, what will be the drivers?

Ahmed Ezz El-Din: Thank you very much. Number one, we have to separate between the organic business and Cleopatra October, Cleopatra El Tagamoa Sky business. As I mentioned, if you look at the EBITDA level for the organic business, excluding Cleopatra El Tagamoa in the H1, we will see that we have delivered 31% EBITDA margin. Because Cleopatra El Tagamoa is added, and as I mentioned, it was definitely as a new launch, it was at a negative EBITDA and started to show positive EBITDA from the second month. Until now, it reaches more than 18% EBITDA at the month of June, and then Q2, it became 8%. When you add all this together, the margin will become 27.5%. As I mentioned, Q1, total was 25%. Q2, 27.5%. Month of July is coming at 32%.

Ahmed Ezz El-Din: Consequently, month after another, the overall will reach 30% or even maybe higher, and consequently, we will deliver the 3 billion. Why there is a compression in GP margin at that period, because as we mentioned that during when the Iranian-American-Israeli war took place, we took a very wise decision, and we inject lots of money to build up an inventory for consumables and pharmaceuticals. That is why we are one of the very few hospitals in the country where we have all the consumables and all the pharmaceuticals medication required, and this consequently helps us in saving patients and treating patients and give them the right quality of care we are looking for. From injecting money for consumables and medications, plus at the same time, the ramp up of Cleopatra El Tagamoa, both of them reached its targets.

Ahmed Ezz El-Din: But at the meantime, we improved a lot from our revenue cycle management, our impairment, to a great extent because we are really making very strong reconciliation on all our accounts. So we are taking care of all the financial elements and all the steps from an efficiency point of view to make sure that we will land towards end of the year with at least a consolidated EBITDA of at least 30% of the entire revenue of the company. I hope I answered your question.

Hassan Fikry: Thank you, Dr. Ahmed. We have another question from Laila Amer. She asked how much interest was expensed from Sky Hospital.

Operator: Thank you, Dr. Ahmed. We have another question from Laila Amer. She asked how much interest was expensed from Sky Hospital.

Ahmed Ezz El-Din: Omar Hassan, if you would like to handle.

Omar Hassan: Okay. All the interest related to Sky Hospital was capitalized during the first and the second quarter. So zero.

Hassan Fikry: Okay. All the interest related to Sky Hospital was capitalized during the first and the second quarter. So zero.

Hassan Fikry: We can move to the next question. What is your guidance for finance expenses in 2026? Should we expect the remaining finance expenses to be broadly distributed between Q3 and Q4 or weighted more heavily towards Q4?

Operator: We can move to the next question. What is your guidance for finance expenses in 2026? Should we expect the remaining finance expenses to be broadly distributed between Q3 and Q4 or weighted more heavily towards Q4?

Omar Hassan: Okay. If you allow me, Dr. Ahmed. Same applies in Q3.

Hassan Fikry: Okay. If you allow me, Dr. Ahmed. Same applies in Q3.

Ahmed Ezz El-Din: Go ahead, Hassan, please.

Omar Hassan: Q4 in terms of. If we do not capitalize in Q3 and Q4, the amount is approximately between EGP 120 million to EGP 130 million per quarter. So what we expect is around EGP 270 million or so until year end, incremental to what you see currently. So the distribution is equal. When you capitalize the first two quarters, this does not mean that you have shifted towards the two quarters. It just means that the number itself is taken away from the P&L in the first and the second quarter and will be there in Q3 and Q4 if we do not capitalize. Capitalization happens because as we speak, the total building has not been handed over. This is why from a financial

Hassan Fikry: Q4 in terms of. If we do not capitalize in Q3 and Q4, the amount is approximately between EGP 120 million to EGP 130 million per quarter. So what we expect is around EGP 270 million or so until year end, incremental to what you see currently. So the distribution is equal. When you capitalize the first two quarters, this does not mean that you have shifted towards the two quarters. It just means that the number itself is taken away from the P&L in the first and the second quarter and will be there in Q3 and Q4 if we do not capitalize. Capitalization happens because as we speak, the total building has not been handed over. This is why from a financial

Amr Al Rashid: From a financial audit point of view, we are still able to capitalize the interest related to Sky Hospital as we have not completed the complete handover of the total project.

Hassan Fikry: From a financial audit point of view, we are still able to capitalize the interest related to Sky Hospital as we have not completed the complete handover of the total project.

Hassan Fikry: Thank you. We have another question from Mohammed Badri. He is asking, can you please clarify a little more about the 8 projects expected in the region?

Operator: Thank you. We have another question from Mohammed Badri. He is asking, can you please clarify a little more about the 8 projects expected in the region?

Ahmed Ezz El-Din: What? Excuse me. About what?

Hassan Fikry: The 8 projects expected in the region, so Egypt and the GCC region.

Operator: The 8 projects expected in the region, so Egypt and the GCC region.

Ahmed Ezz El-Din: Okay. As I mentioned, because of the success we had in the PPP agreement, which actually the government and many other institutions is extremely happy with making this model as a success. We actually got approached from different authorities in the country. But definitely, we cannot disclose currently, unfortunately. I am sorry to say that. But you know that one, the stock market, we can just simply announce anything at that stage. But the additional information, and I think I gave enough information, but let me repeat what I said. We have projects with the government in Libya. We have projects with Kenya and Nigeria that we are addressing currently. We have projects with Saudi Arabia that, again, we are in the final stage of the discussion, but again, we cannot disclose until we sign and then review by the board and then approve in the stock market officially.

Ahmed Ezz El-Din: In addition to the rest of the projects are within Egypt, and all of them are asset-light projects from different institutions, would like us to replicate the same model we had with Cleopatra October or Cleopatra Tagamo. Whenever anything will be more solid and more concrete and reviewed by the investment committee and the board, we definitely will be the first to know, and we will publish this officially within the stock market.

Uh, we have projects with the government in Libya. We have projects with uh with Kenya and Nigeria that were addressing currently uh we have projects with Saudi Arabia that again, we are in the final stage of the discussion but uh, again we cannot disclose until uh, uh, we sign and then the review by the board, and then approve, in the stock market officially uh, in addition to, uh, the rest of the projects are within Egypt and all of them are as supplied projects from different institutions, uh, would like us to replicate the same model we had with kylo October or kilo. Uh,

Whenever anything will be more solid and more concrete and reviewed reviewed by the investment committee. And the board will definitely be the first to know and we will public this officially in the, uh, uh, within the stock market.

Hassan Fikry: Thank you, Dr. Ahmed. We have a question from Omar Rogi. How much is CapEx for the full year 2026 and 2027?

Operator: Thank you, Dr. Ahmed. We have a question from Omar Rogi. How much is CapEx for the full year 2026 and 2027?

Ahmed Ezz El-Din: Hassan?

Thank you, Dr. Ahmed. We have a question from Omar Roi: How much is CapEx for the full year 2026 and 2027?

Omar Hassan: As Dr. Ahmed mentioned, our guidance for this year in terms of revenue is around EGP 10 billion, with EBITDA of EGP 3 billion and EGP 900 million to EGP 1 billion in net income. In terms of CapEx, we are looking to close the year at around EGP 900 million to EGP 1 billion, probably around EGP 900 million, 50% of which were towards Cleopatra Tagamo Hospital. For 2027, I think currently Dr. Ahmed gave a very strategic overview of our thinking for 2027. We are currently in the business plan process, but what I can say about CapEx in 2027 in general is that all the heavy lifting CapEx is behind us now, especially in 2024 and 2025, where we were invested heavily in the fitting and the medical equipment of Cleopatra Tagamo.

Hassan Fikry: As Dr. Ahmed mentioned, our guidance for this year in terms of revenue is around EGP 10 billion, with EBITDA of EGP 3 billion and EGP 900 million to EGP 1 billion in net income. In terms of CapEx, we are looking to close the year at around EGP 900 million to EGP 1 billion, probably around EGP 900 million, 50% of which were towards Cleopatra Tagamo Hospital. For 2027, I think currently Dr. Ahmed gave a very strategic overview of our thinking for 2027. We are currently in the business plan process, but what I can say about CapEx in 2027 in general is that all the heavy lifting CapEx is behind us now, especially in 2024 and 2025, where we were invested heavily in the fitting and the medical equipment of Cleopatra Tagamo.

Mentioned our guidance for this year. Uh, in terms of revenue, it's around 10 billion, with 3 billion and 900 to 1 billion net income. In terms of capex, we're looking to close the year at around 900 to 1 billion pounds, probably around 900 million pounds, 50% of which are towards, or were towards, uh...

Omar Hassan: I think in the coming years, the CapEx spending in general will go down drastically as a percentage of our revenues, as a percentage of our business. This is due to, number one, first of all, our asset-light expansion model. Number two is that all the renovations and all the requirements for the hospitals have been done throughout those three, four years. The CapEx required from an organic business point of view or from an operating business point of view in the coming years will be mostly towards must-have and maintenance CapEx that is required either for new medical services or as replacements for our current equipment.

Hassan Fikry: I think in the coming years, the CapEx spending in general will go down drastically as a percentage of our revenues, as a percentage of our business. This is due to, number one, first of all, our asset-light expansion model. Number two is that all the renovations and all the requirements for the hospitals have been done throughout those three, four years. The CapEx required from an organic business point of view or from an operating business point of view in the coming years will be mostly towards must-have and maintenance CapEx that is required either for new medical services or as replacements for our current equipment.

Ahmed Ezz El-Din: Can we give a round number, Hassan? An early anticipation for a number.

Strategic overview of our thinking for 2027. We're currently in the business plan process, but what I can say about capex in 2027 in general, is that all the heavy lifting capex is behind us now especially in 2024 and 2025 where we were um invested heavily in the in the fitting and the medical equipment of kilop Tama. Um I think in the coming years um the capex spending in general will go down uh drastically as a percentage of our revenues as the percentage of our business. Uh this is due to number 1, first of all, our assets like expansion model number 2 is that all the renovations and all the requirements for the hospitals have been done throughout those 3. 4 years, the capex required from an organic business point of view or from an operating business. Point of view, in the coming years will be mostly towards, uh, must have and maintenance capex. That is required either for new, uh, uh, Medical Services or as The Replacements for our current uh ecosystem.

We give a round number, Hassan.

And early, and early anticipation for a number.

Omar Hassan: Yeah. I think we can consider that the organic business should stick to around 400 to 500 million pounds next year.

Hassan Fikry: Yeah. I think we can consider that the organic business should stick to around 400 to 500 million pounds next year.

Ahmed Ezz El-Din: Yeah. Okay.

Yeah, I I think I think I think we can. I think we can consider that the organic business should stick to around uh, 400 to 500 million pounds. Uh, next year.

Yeah. Okay.

Hassan Fikry: Thank you, Mr. Fifi. I had a follow-up question with regards to CapEx. How much should we expect the expansion at Cleopatra October will cost you for the medical equipment and the fitting of the new extension?

Operator: Thank you, Mr. Fifi. I had a follow-up question with regards to CapEx. How much should we expect the expansion at Cleopatra October will cost you for the medical equipment and the fitting of the new extension?

Uh, thank you, Mr. Si. Uh, I had a follow-up question, um, with regards to CapEx.

Ahmed Ezz El-Din: Well, it is too early to come up with a final number because actually we are waiting for the final building to be existing. But definitely, we are not talking about total less than $20 to $25 million to get all the medical equipment and the medical and non-medical furniture as well. But this definitely will not be as a one go because we are planning to open the 200 beds in sequential mode. I mean, like first 50, second 50, third 50, and that stuff, according to the ramp-up we would like to do in order to replicate and even exceed the same plan we did with Cleopatra October to be repeated in West Cairo with Cleopatra October. Hassan?

Uh, how much do we, uh, expect the expansion at qoto October, uh, will cost you any further medical equipment and the fitting of the new extension. It's, it's too early to, uh, uh, to come up with the final number because, actually, where we're waiting for the final, uh, building to be existing, but definitely we are not talking about put less than, uh, 20 to 25, uh, million dollars.

to, uh, get all the medical equipment and the, uh,

The medical and medical for nature as well, but this definitely will not be as the one go because we are planning to open the 200 beds in, in sequential, uh, mode. I mean, like, first 50, second 50, third 50, and then, uh, and that stuff, uh, according to the ramp that we would like to do in order to replicate and even exceed the same plan we did with Sixth of October to be repeated in, uh, in West Cairo with Cleopatra, October, uh, Hassan.

Omar Hassan: Thank you, Dr. Ahmed. As you said, Cleopatra October, we are still in the planning phase. But I think that between medical equipment and non-medical equipment, we should land at around $25 to $30 million USD.

Hassan Fikry: Thank you, Dr. Ahmed. As you said, Cleopatra October, we are still in the planning phase. But I think that between medical equipment and non-medical equipment, we should land at around $25 to $30 million USD.

As you said, as you said,

In the planning phase. But I think that between medical equipment and non-medical equipment, we should land at around $25 to $30 million USD.

Hassan Fikry: Thank you. We have another question. Can you give guidance on revenues and net income just for the next quarter, so Q3 2026?

Operator: Thank you. We have another question. Can you give guidance on revenues and net income just for the next quarter, so Q3 2026?

Ahmed Ezz El-Din: Well, Amin, we are working on the range of between close even to EGP 1 billion per month, starting from the months of August and September. That is why we are saying that we are going to the end of August, we are worth something like EGP 6.1 billion already. We are planning to be extremely close to EGP 10 billion. Same with the other financial elements, as I mentioned, to help us land on the EGP 3 billion EBITDA.

Thank you. Uh, we have another question. Can you give guidance on revenues and net income just for the next quarter? So, Q3 2026.

Well, I mean, we are working on the range of between...

Closed even to $1 billion per month.

Uh, starting from the months of August and September.

So, that's why we are saying that we are going to the end of August. We were something like 6.1 billion already.

So we are planning to, uh, to visit extremely close to the $10 billion.

Uh, same with the other financial elements, as I mentioned, to help us land on the $3 billion.

Hassan Fikry: Perfect. Thank you, Dr. Ahmed. We have a question from Nour Bahet. What utilization rates and margins do you expect for Cleopatra El Tagamo and Cleopatra October Hospital in 2026 and 2027? So for year 2026 and 2027.

Operator: Perfect. Thank you, Dr. Ahmed. We have a question from Nour Bahet. What utilization rates and margins do you expect for Cleopatra El Tagamo and Cleopatra October Hospital in 2026 and 2027? So for year 2026 and 2027.

Ahmed Ezz El-Din: For utilization, already as I started my discussion, I mentioned that the results and the ramp-up of Cleopatra El Tagamo was really above the expectation and it was extremely fast to the level that from the second and third month will start to show a positive EBITDA. We accelerated the opening of the fifth floor. Although, the engineers really asked us to wait for another 2 months, something like that, but we really accelerated the process in order to open the fifth floor quickly. So when it comes to the regular rooms, we hit maybe 100% in the first phase. Now we may be at 40% from the additional 50 beds. Intensive care units are at 70%, 80%. That is why I said that we have an additional 50 rooms on the sixth floor.

Uh, perfect. Thank you, Dr. Ahmed. Um, we have a question about what utilization rates and margins you expect for Cleopatra for October, and for 2026 and 2027 for the full year—'26 and '27? Well, I mean, for utilization, I mean, uh, already, uh, as a...

Uh, as I started my discussion, I mentioned that uh, the results and ramp up of kylo was really above the expectation, and it was extremely fast to the level that from the second and third months will start to show a positive ibida. We accelerated, uh, uh, the, the opening of the fifth floor, uh, although, uh, I need the engineers and we really asked us to wait for, for another 2 months, something like that. But we really accelerated the process in order to open the fifth floor quickly

Ahmed Ezz El-Din: We will accelerate also these rooms should be ready, even to have them partially ready in the Q4 or early 2027. So I think in 2027, Cleopatra El Tagamo will be working maybe on 75% to 80% utilization. For Cleopatra October Hospital, currently with the 80 beds we have, I can say also toward the end of this year, we will be again at the level of 70%, 75% utilization, and definitely this is going to be increased. That is why I said that towards opening the extension, we will start to take it gradually, 50 bed by 50 bed, quarter after quarter, to ensure that we are not hiring additional headcount until they are needed and when all the services is really perfectly done and will open gradually. So it is very hard on a ramp-up hospital to give a precise number about the occupancy. You got my point.

With that, we have an additional 50 rooms in the sixth floor. We will accelerate also the, uh, uh, the rooms should be ready either to have them partially ready in the Q4 or early 2027. So I think in 2027, we will be working maybe on uh, 75 to 80% uh utilization uh for uh kilo October currently with, with the 80 beds. We have I can say also toward the end of this year will be again, at the, at the level of 70, 75% utilization, and definitely this going to be increased. That's why I said that towards opening the extension will start to take it gradually 50, bit by 50 bed, quarter after quarter to ensure that we are not hiring at this night count until the needed. And when all the services,

Ahmed Ezz El-Din: So the occupancy before opening the fifth floor were maybe 90%, but when we open the fifth floor, it will come down something like overall 70. That is why. So quarter after another and opening new beds, the percentage of occupancy and utilization is increasing gradually.

It’s really perfectly done and will open gradually, but it's very hard on a RAM. But it's difficult to give a precise number about occupancy. You got my point. So, the occupancy before opening the sixth floor might be 90%, but when we open the fifth floor, it will come down to something like, overall, 70%. That's why, quarter after quarter, and with opening new beds…

The percentage of occupancy and utilization is increasing gradually.

Hassan Fikry: Thank you, Dr. Ahmed. We have another question from Salma Abdel Hai. You mentioned an additional floor in Al Shorouk Hospital and other hospitals. Should we therefore expect additional beds beyond the 200 beds currently planned for Cleopatra October?

Operator: Thank you, Dr. Ahmed. We have another question from Salma Abdel Hai. You mentioned an additional floor in Al Shorouk Hospital and other hospitals. Should we therefore expect additional beds beyond the 200 beds currently planned for Cleopatra October?

Ahmed Ezz El-Din: Yes. Actually, we have 17 additional rooms. We are going to receive them during December this year, and those 17 beds will be an added capacity to Al Shorouk Hospital during 2027. Additional capacities also we are expected to have in Nile Badrawy Hospital, but frankly speaking, I do not want to give any above-expectation assumptions because actually we are in the plan now of preparing the business plan for next year. So definitely during the Q3 results, the plan for next year will be ready so we can give you more precise additional rooms, because we will have additional rooms. We are moving some offices and some facilities outside the hospitals, and this will give us additional rooms. So all these tiny discussing details we can provide, but please allow us to give you the more precise numbers when the plan for next year is ready.

Uh, thank you, Dr. Ahmed. We have another question from Sa Abdulhai. You mentioned additional and additional slower in-hospital and other hospitals. Should we therefore expect additional beds beyond the 200 beds currently planned for Cleopatra in October?

Yes. Actually we, uh,

Uh, we, uh, we have like 17 additional rooms. We are going to receive them, uh, during December this year, and those 17 beds will be an added capacity to also, uh, uh, uh, during 2027, uh, additional capacities. Also, we are expected to have a nice, but probably host, but, and Frankly Speaking, uh, I don't want to give any, uh, about expectation of functions because actually, we are in the, in the plan. Now, of preparing, the business plan for for next year. So definitely during the third quarter results, will the plan for next year will be ready so we can give you more precise additional rooms because we'll have additional rooms. We are moving some some uh some offices and some facilities outside the office and this will give us an additional rooms for all these tiny discussing details. We can provide, but please allow us to give you the more precise

Ahmed Ezz El-Din: But for Shorouk, yes, we will have additional 17 rooms for 2027.

Numbers, uh, when the plans for next year are ready.

But for through, yes, we will have an additional 17 rooms for 2027.

Hassan Fikry: Thank you, Dr. Ahmed. We have another question. With the strong performance at Cleopatra El Tagamo, positive EBITDA within months and strong guidance in 2026 and 2027, does this change your near-term priority between paying down debt faster and starting dividends sooner?

Operator: Thank you, Dr. Ahmed. We have another question. With the strong performance at Cleopatra El Tagamo, positive EBITDA within months and strong guidance in 2026 and 2027, does this change your near-term priority between paying down debt faster and starting dividends sooner?

Thank you, Dr. Ahmed. We have another question: Was the strong performance at, uh, too positive even though within months? And strong guidance in '26 and '27—does this change your near-term priority between paying down debt faster and starting dividends sooner?

Ahmed Ezz El-Din: Okay. Being dividends, I think we are on the right track. Sorry, being the financing, we are in a very good shape with the CIB Bank and others, and really we are on top of that, and frankly speaking, this is not our worry at all. Because actually our cash flow is there. Our revenue cycle management is making a collection monthly of something like exceeding 60%. Reconciliation with the clients is on track. I think this is not our worry. The treasury is worried, but I think they are managing their job in a great shape. Regarding paying dividends, as I mentioned during the call that we are anticipating a very good growth organically and additional beds in more than one location. In addition to the medical tourism, which I mentioned, clearly it will be asset light.

Uh, okay. Uh

Uh, being divided, I think on the right track, sorry, they're being the, the the, the, the financing we are in a very good shape, with, with the, with the, CIB bank and others. And really, we are on on the top of that and it's not, Frankly Speaking is not ours at all. Uh, because actually, our, our cash flow is there. Uh, our ribbon cycle management is making a collection monthly of something like exceeding. 60% uh reimburse U reconciliation with the client is on on track. So I think this is not our our worry, but uh, the treasure is worried but I think they are managing their job in a great shape, regarding being dividends as I mentioned, during the call that

Uh, we are anticipating very good growth, both organically and with additional beds in more than one location.

Ahmed Ezz El-Din: Also for management contracts outside the country, which could be in hard currency, could be in whatever, but I mean additional incremental income without investing more money or CapEx on that stuff. We agreed with that with the board of directors. In a couple of years, if everything went fine as per plan, maybe the board of directors at that time, in a couple of years' time, will find that we are in a position to think about dividends. But definitely it is a board decision. But we are playing our drums and we are putting the actions in accelerating revenue, expanding in medical tourism, working on asset lights in Egypt, working on management contracts outside the country, within our region, in order to avail better financial results, expand our medical service to others.

In addition to the medical tourism which I mentioned clearly, it will be a supply and also for management uh, contracts outside the country which could be in hard currency could be in whatever. But I mean, additional incremental income without investing more money or credits on that stuff, we agreed with that with the board of directors.

You would find that we have an opposition to think about dividends, but definitely it supports decisions. But, I mean, we are playing our drums and we are putting the actions in accelerating revenue, expanding in medical tourism, working on our supplies in Egypt, and working on management contracts outside the country within our region.

Ahmed Ezz El-Din: I think if all that I am saying became true, maybe in a couple of years, the board of directors will be in a better position to consider paying dividends or delayed for it. This is actually all the answers that I have for at that stage.

In order to avail better financial results and expand our medical services to others, I think if we keep saying it, it may become true. So, maybe in a couple of years, the board of directors will be in a better position to consider being distant or delaying for you.

Hassan Fikry: Thank you, Dr. Ahmed. We have a question from Abdulwahed Samori. When do you expect Sky Hospital to be fully completed and operational? When do you expect to start recognizing interest expenses on the associated loans? Probably he means on the P&L and not capitalized.

Operator: Thank you, Dr. Ahmed. We have a question from Abdulwahed Samori. When do you expect Sky Hospital to be fully completed and operational? When do you expect to start recognizing interest expenses on the associated loans? Probably he means on the P&L and not capitalized.

These are actually all the aspects that I have for at that stage.

Perfect, thank you. We have a question from Abdul: When do you expect Sky Hostile to be fully completed and operational? And when do you expect the storage recognizing interest expenses on the associated loans? Probably he means on the—

Ahmed Ezz El-Din: I will answer the first part, and I will let Omar and Hassan answer the second part. For the first part, Q1 of next year, if we have a delay, Q1 next year, the 200-bed hospital is fully operational, and with very high ramp-up and very high occupancy rate. Hassan and Omar, if you'd like to answer the second part of the question.

Uh, P&L not capitalized. I will answer the first part and I will let Omar and Fastened answer the second part. For the first part, uh, first quarter of next year, if we have a delay, first quarter next year, uh, the 200-bed hospital is fully operational, uh,

Uh, and, uh, was very high, remember, but very high, uh,

Uh, occupancy rate.

Uh,

Omar Hassan: Yeah, sure. We will start recognizing the interest expense in Q3 and Q4, as explained in the earlier question. We expect this interest for the two quarters combined to be around EGP 270 million. We are either going to recognize both in Q3 and Q4, depending on the situation of the handover, or at least, only Q4. The combined of the two quarters is around EGP 270 million. So we are talking about each quarter around EGP 130 million.

Hassan Fikry: Yeah, sure. We will start recognizing the interest expense in Q3 and Q4, as explained in the earlier question. We expect this interest for the two quarters combined to be around EGP 270 million. We are either going to recognize both in Q3 and Q4, depending on the situation of the handover, or at least, only Q4. The combined of the two quarters is around EGP 270 million. So we are talking about each quarter around EGP 130 million.

I would like to answer the second part of the question.

Yeah, sure.

Um, we will start recognizing the interest expense, uh, in Q3 and Q4 as it's linked to the earlier question. Uh, and we expect this interest for the two quarters combined to be around 270, uh, maybe...

Or, I mean, we're either going to recognize both in Q3 and Q4 depending on the situation of the handover, or at least only in Q4. The combined total for the two quarters is around 270 million. So we're talking about each quarter being around 130, uh, million.

Hassan Fikry: Thank you, Mr. Fifi. For the last question in the chat box. Shall we expect similar financing expenses in 2027?

Operator: Thank you, Mr. Fifi. For the last question in the chat box. Shall we expect similar financing expenses in 2027?

Thank you, sir 50, uh, for the last question, the chat, uh, box. Um, shall we expect similar Finance expenses? Uh, financing expenses in 2027,

Ahmed Ezz El-Din: I don't understand. Yes, we'll have. You mean we'll take more loan or something like that?

uh,

Omar Hassan: Dr. Ahmed, if you allow me.

Hassan Fikry: Dr. Ahmed, if you allow me.

Have 100% of my yes, will have. You mean, will we take more loans or something like that? Or—

Ahmed Ezz El-Din: Please go ahead.

Omar Hassan: Yes. Finance expenses in 2027 will be higher because, during 2026, as I said, there was two quarters out of which the interest expense was capitalized. 2027 will have the full year effect.

Hassan Fikry: Yes. Finance expenses in 2027 will be higher because, during 2026, as I said, there was two quarters out of which the interest expense was capitalized. 2027 will have the full year effect.

Yes, yes, yes. Finance expenses and 2027 will will be will be higher because um during 2026. As I said, there was 2 quarters out of which the interest expense was capitalized. So 2027 uh, will will have the full year affect

Hassan Fikry: Okay. Thank you, Mr. Fifi. I had a question of my own. With regards to El Katib Hospital, we wanted to ask why both revenues and direct margins took a hit this quarter, and if you expect this to be short-lived.

Operator: Okay. Thank you, Mr. Fifi. I had a question of my own. With regards to El Katib Hospital, we wanted to ask why both revenues and direct margins took a hit this quarter, and if you expect this to be short-lived.

Ahmed Ezz El-Din: Thank you very much. Very simple answer. The question, there was something called the Eastern Company for Tobacco. This company used to give all their patients, majority of their patients were treated between Nile Badrawi, Al Shorouk, and El Katib Hospital, and mainly in El Katib Hospital. Last year, their new owners decided that they would be treated within the health insurance hospitals, not the private hospitals. Consequently, there was something like EGP 110 million of total revenue was missed from our numbers this year. We never talked about that because actually we compensated that big time. The major impact was in El Katib Hospital in the first 8 months. If you eliminate the performance of the Eastern Company, you will see that the fastest growing hospital in the group is El Katib.

Uh, okay. Thank you. Thank you, Mr. Fixie, uh, I had a question of my own, uh, with regards to the hospital. Um, do you have any, you wanted to ask, uh, why revenue, and both revenues and, uh, direct margin stock ahead, uh, this quarter. And if you expect this, uh, any and B shortlived, thank you very much, very simple answer the question. The there was something called the Eastern company for tobacco. The the, you know, the uh, this company used to, uh, uh, to give all their patients majority of their patience was treated between, uh, near badawi and shiru and Aleta Boston, and mainly in the kettle Boston. And, uh, last year, uh, their new owners decided that they would be treated in the within the health. Insurance hospital is not a public Hospital.

So consequently, there was something like $110 million of total revenue that was missed from our numbers this year, but we've never talked about that because actually, we compensated for that big time.

And the performance—the major impact was in, uh, in Arcata, mostly in the first eight months. But if you eliminate the performance of, uh, the Eastern company, you will see that the fastest growing goals in the group is this capital.

Ahmed Ezz El-Din: In Q3, you will see a very good improvement in the results because there are no Eastern Company versus last year. Definitely Q4 consequently will be the same. In addition, during the business plan, we had a meeting. We had a plan to expand and invest more in El Katib Hospital to get the right outcome in 2027. It was just a one-off incident due to the timing of the tobacco company in and tobacco company out, which was compensated big time by our commercial team from other suppliers, from other vendors and other clients.

Uh, to get the right outcome in the uh, in 2027.

So it was just in one-off incident due to, uh, the timing of the, uh, tobacco company in and took company out.

Which was compensated big time by our commercial team from other supply, from other vendors, and other clients.

Hassan Fikry: Thank you, Dr. Ahmed. We have a new question in the chat. Out of curiosity and from a high-level perspective, for the new geography projects to be similar to Sky/Haven agreements arrangements, are the contracts denominated or linked to the USD? If there is any management for any FX risks, if the contracts-

Operator: Thank you, Dr. Ahmed. We have a new question in the chat. Out of curiosity and from a high-level perspective, for the new geography projects to be similar to Sky/Haven agreements arrangements, are the contracts denominated or linked to the USD? If there is any management for any FX risks, if the contracts-

Thank you. Officer Ahmed we have a new question in the chat, uh, out of curiosity and from a high level perspective, for the new geography projects to be similar to Sky, slash Haven agreements, uh, uh, arrangements or the contracts, the nominated, or linked uh to the US dollar and uh, if there is any management for any FX risks,

Ahmed Ezz El-Din: No. No risk at all because I mentioned we are in the management agreement phase. We are not going to spend money or to invest money. We are managing only. So actually, we provide our know-how, we provide our high-tech technology and the right management to make such a project a success. So we are not going to invest and have any impact on FX or whatever. As I mentioned, we are now in a phase that the trust in our name became really phenomenal across the Gulf, across the other neighboring countries, and also in certain African countries. So we are building in that, and we are investigating and addressing and reviewing all the projects in hand. Once anything will be materialized, you will be the first to know.

Any, if if the contract for no, no, no, no, no, no, no risk at all, because I mentioned we are in the management agreement phase. We are not going to spend money on. On this money, we are managing only

So actually, we will provide our know-how, we provide our, uh, high-tech technology and uh, uh, the the right management to make the such a project, a success. So we are not going to invest and have any impact on FX or whatever. Uh, as I mentioned it is, uh, we are now in in a phase that, uh, the trust in our name became really phenomenal, across the gulf, across the the other neighboring countries and also in

177 African countries for our building in that, and we are investigating and addressing and reviewing all the projects in hand. And one thing, anything will be materialized, you will be the first to know.

Omar Hassan: Dr. Ahmed, if you allow me, I want to add just here a statement. As Dr. Ahmed said, we just want to clarify two things on our expansion model. When we were talking about similar expansions, probably in Egypt, there are two opportunities. There is the opportunity of similar arrangements of asset-light models or PPP. Those models are, as you saw in Cleopatra October or Cleopatra El Tagamo, where we fully consolidate, we fully take control, and it is part of our consolidation. This is against revenue share to the property owner or to the PropCo. So this is a typical OpCo PropCo structure. Right? This is one of the opportunities or this is a type of structure that we see a lot of opportunities in right now.

Hassan Fikry: Dr. Ahmed, if you allow me, I want to add just here a statement. As Dr. Ahmed said, we just want to clarify two things on our expansion model. When we were talking about similar expansions, probably in Egypt, there are two opportunities. There is the opportunity of similar arrangements of asset-light models or PPP. Those models are, as you saw in Cleopatra October or Cleopatra El Tagamo, where we fully consolidate, we fully take control, and it is part of our consolidation. This is against revenue share to the property owner or to the PropCo. So this is a typical OpCo PropCo structure. Right? This is one of the opportunities or this is a type of structure that we see a lot of opportunities in right now.

Omar Hassan: When we are talking about management contracts or pure management contracts, those are mostly the ones, the opportunities outside Egypt, and those are the opportunities where they require, or the other side requires our management expertise to run the business for them against revenue share to us and management fees to us. But we do not consolidate, we do not carry any working capital risk, and we do not carry any sort of investment risk. So there are two different opportunities here. There are two different expansion models here. One is asset-light, typical to what you saw in Egypt, and the other one is a typical management contract where you are just supplying your management expertise at a cost-plus structure. Again, I want to highlight something, is that all the opportunities that we are just mentioning, there is nothing to be disclosed at the time being.

Hassan Fikry: When we are talking about management contracts or pure management contracts, those are mostly the ones, the opportunities outside Egypt, and those are the opportunities where they require, or the other side requires our management expertise to run the business for them against revenue share to us and management fees to us. But we do not consolidate, we do not carry any working capital risk, and we do not carry any sort of investment risk. So there are two different opportunities here. There are two different expansion models here. One is asset-light, typical to what you saw in Egypt, and the other one is a typical management contract where you are just supplying your management expertise at a cost-plus structure. Again, I want to highlight something, is that all the opportunities that we are just mentioning, there is nothing to be disclosed at the time being.

Dr. If if you allow me, I want to add the just here statement. Um as Dr. Ahmed said we just want to clarify 2 things on on, on our expansion model. So when we're talking about similar expansions probably in Egypt, there are 2 opportunities. There is the opportunity of similar Arrangements, of asset Lite models, or PPP those models are, as you see, as you saw in October or we fully consolidate, we fully take control and it is part of our consolidation. And against this is against the revenue, share to the property owner, or to the prop call. So, this is a typical of corrupt, right? So, this is 1 of the opportunity or this is the type of of, of, of, of, of structure that we see a lot of opportunities in right now. Um, when we're talking about management contract or cure management contracts, those are mostly the ones the opportunities outside Egypt. And those are the opportunities where, um, they require or the other side requires our management expertise.

Who run the business for them against, um, uh, Revenue share to us and management, fees to us. But we don't consolidate, we don't carry any working capital risk and we don't, uh, carry any sort of investment risk. So, there are 2 different opportunities. Here, there are 2, different expansion models here, 1 is the asset slide, typical to what you saw, uh, in Egypt. And the other 1 is a typical management contract, where you are just supplying, your management expertise at a Cost. Plus

Omar Hassan: We are being approached by a lot of opportunities, and in due course, we will be able to show you, or we will be able to disclose the proper details of every project.

Hassan Fikry: We are being approached by a lot of opportunities, and in due course, we will be able to show you, or we will be able to disclose the proper details of every project.

Uh, structure, but again, I want to highlight something is that all the opportunities that we are just mentioning are. Uh, there's nothing to be disclosed at the time being we are being approached by, uh, a lot of opportunities. Um, and in due course, will be able to show you or will be able to disclose the proper, uh, uh,

the proper details of every project.

Hassan Fikry: Thank you, Mr. Fikri. If this is the end of the, if nobody else has any other questions, this now concludes our question and answer session. I would now like to turn the conference back over to management for any closing remarks.

Operator: Thank you, Mr. Fikri. If this is the end of the, if nobody else has any other questions, this now concludes our question and answer session. I would now like to turn the conference back over to management for any closing remarks.

Uh, thank you sir. Thank you. Uh, if this is the end of the, if nobody else has any other questions. This now, concludes our question answer session. Uh, I would now like to turn the conference back over to management for any closing remarks.

Ahmed Ezz El-Din: Hassan, again, to you and Beltone Financial, thank you very much for granting the call. I am extremely happy. I took 20 minutes to give a briefing, and then we have 40 minutes to answer the questions of our colleagues over the call, which shows a great interest from their end. So thank you very much, and I would like to assure you that we are on the right track, and Cleopatra Hospitals Group will continue to deliver the commitments. Inshallah, in Q3 and the year-end, you will see that we have delivered our commitments, and the future will be much more towards us, inshallah. Thank you. Thank you very much for everybody attending the call.

Uh, Hassan, again to you and the table. Thank you very much for granting the call. I am extremely happy. Uh, I took 20 minutes to give a briefing, and then we had, like, 40 minutes to answer the questions of our colleagues over the call, which shows a great interest from the end. So, thank you very much and, uh, I would like to...

I assure you that we are on the right track, and the Group will continue to deliver on our commitments. Inshallah, at the end of the quarter and the year, you will see that we have delivered on our commitments, and the future will, inshallah, be much more favorable for us. Thank you. Great, thank you very much to everybody attending the call.

Hassan Fikry: Thank you, Dr. Ahmed. The conference is now concluded, and we thank everyone for attending today's presentation. Thank you, everyone, and have a-

Operator: Thank you, Dr. Ahmed. The conference is now concluded, and we thank everyone for attending today's presentation. Thank you, everyone, and have a-

Thank you, Dr. Ahmed, uh, the conference is now concluded and we thank everyone for attending today's presentation.

Ahmed Ezz El-Din: Thank you.

Hassan Fikry: good rest of your day. Thank you.

Operator: good rest of your day. Thank you.

Omar Hassan: Thank you.

Hassan Fikry: Thank you.

Ahmed Ezz El-Din: Thank you.

Mohamed Omar: Thank you.

Uh, thank you, everyone, and have a good day. Thank you. Thank you. Thank you.

[Analyst]: Goodbye

Operator: Goodbye

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Q2 2026 Cleopatra Hospitals Group SAE Earnings Call

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