Q2 2026 Integrated Diagnostics Holdings PLC Earnings Call

September 15, 2026

Speaker #1: Being recorded and summarized.

Speaker #2: Hello everyone, welcome to IDH's first half of 2026 results conference call. I'm pleased to be joined by Dr. Hendrik Šerbini, Chief Executive Officer; Tareq El-Refai, Vice President and Group CFO; and Mireille Ahmad, Investor Relations Officer.

Operator: Hello, everyone. Welcome to IDH's H1 2026 results conference call. I am pleased to be joined with Dr. Hend El Sherbini, Chief Executive Officer, Sherif El Zeiny, Vice President and Group CFO, and Mirette Ahmed, Investor Relations Officer. As usual, the company will start with a presentation on recent results and developments. Then we will open the floor for Q&A. IDH management, please go ahead.

Speaker #2: As usual, the company will start with a presentation on recent results and developments, and then we'll open the floor for Q&A. IDH's management, please go ahead.

Speaker #3: Thank you, Ahmad. Good afternoon, ladies and gentlemen. Thank you for joining us for IDH's first-half 2026 analyst call. My name is Mireille Ahmad, and I'm IDH Investment Section Head and Investor Relations Officer.

Mirette Ahmed: Thank you, Ahmed. Good afternoon, ladies and gentlemen. Thank you for joining us for IDH H1 2026 analyst call. My name is Mirette Ahmed, and I am the IDH Investment Section Head and Investor Relations Officer. I am pleased to be joining you today in this capacity, and I look forward to working closely with the investment community going forward. Joining me today are Dr. Hend El Sherbini, our CEO, and Mr. Sherif El Zeiny, our CFO. Dr. Hend will begin the call with a summary of the main highlights from the first half. After that, I will discuss the main macroeconomic and geopolitical trends seen across our markets before Sherif offers a deeper analysis of our financial performance. We will then end the call with a Q&A session. With that, I will hand it over to Dr. Hend for her introduction. Dr. Hend?

Mirette Ahmed: Thank you, Ahmed. Good afternoon, ladies and gentlemen. Thank you for joining us for IDH H1 2026 Analyst Call. My name is Mirette Ahmed, and I am the IDH Investment Section Head and Investor Relations Officer. I am pleased to be joining you today in this capacity, and I look forward to working closely with the investment community going forward. Joining me today are Dr. Hend El Sherbini, our CEO, and Mr. Sherif El Zeiny, our CFO. Dr. Hend will begin the call with a summary of the main highlights from the H1. After that, I will discuss the main macroeconomic and geopolitical trends seen across our markets before Sherif offers a deeper analysis of our financial performance. We will then end the call with a Q&A session. With that, I will hand it over to Dr. Hend for her introduction. Dr. Hend?

Speaker #3: I'm pleased to be joining you today in this capacity, and I look forward to working closely with the investment community going forward. Joining me today are Dr. Sihend El Šerbini, our CEO, and Mr. Sherif El Zeini, our CFO.

Speaker #3: Dr. Sihend will begin the call with a summary of the main highlights from the first half. After that, I will discuss the main macroeconomic and geopolitical trends seen across our markets.

Speaker #3: Before Sherif offers a deeper analysis of our financial performance, we'll then end the call with a Q&A session. With that, I will hand it over to Dr. Sihend for her introduction.

Speaker #3: Dr. Sihend?

Speaker #4: Thank you, Mireille, and good afternoon, everyone. I'm Dr. Hendrik Šerbini, CEO of IDH. I'm pleased to report a strong first-half performance, with IDH delivering operational and financial growth across our footprint while sustaining healthy profitability.

Hend El Sherbini: Thank you, Mirette, and good afternoon, everyone. I am Dr. Hend El Sherbini, CEO of IDH. I am pleased to report a strong first half performance, with IDH delivering growth-based operational and financial growth across our footprints while sustaining healthy profitability. The results we are presenting today reflect the resilience of demand across our markets and the continued strength of our operating platform, supported by network expansion, deeper patient engagement, service diversification, and disciplined execution. During the first half, we continued to strengthen our leadership in Egypt, maintain stable progress in Jordan, build on the turnaround achieved in Nigeria, and accelerate the ramp-up of our Saudi Arabia operations. We are also pleased with the group's ability to deliver sustained profitability while continuing to invest for future growth, particularly in radiology, radiotherapy, specialized diagnostics, and our broader regional footprint.

Hend El Sherbini: Thank you, Mirette, and good afternoon, everyone. I am Dr. Hend El Sherbini, CEO of IDH. I am pleased to report a strong H1 performance, with IDH delivering growth-based operational and financial growth across our footprints while sustaining healthy profitability. The results we are presenting today reflect the resilience of demand across our markets and the continued strength of our operating platform, supported by network expansion, deeper patient engagement, service diversification, and disciplined execution. During the H1, we continued to strengthen our leadership in Egypt, maintain stable progress in Jordan, build on the turnaround achieved in Nigeria, and accelerate the ramp-up of our Saudi Arabia operations. We are also pleased with the group's ability to deliver sustained profitability while continuing to invest for future growth, particularly in radiology, radiotherapy, specialized diagnostics, and our broader regional footprint.

Speaker #4: The results we are presenting today reflect the resilience of demand across our markets and the continued strength of our operating platform, supported by network expansion, deeper patient engagement, service diversification, and disciplined execution.

Speaker #4: During the first half, we continued to strengthen our leadership in Egypt, maintain stable progress in Jordan, build on the turnaround achieved in Nigeria, and accelerate the ramp-up of our Saudi Arabia operations.

Speaker #4: We are also pleased with the Group's ability to deliver sustained profitability while continuing to invest for future growth, particularly in radiology, radiotherapy, specialized diagnostics, and our broader regional footprint.

Speaker #4: Turning to our performance in more detail, IDH delivered 37% revenue growth year-on-year in H1 2026, with revenues reaching EGP 4.9 billion. Growth was supported by both volume and value.

Hend El Sherbini: Turning to our performance in more detail, IDH delivered 37% revenue growth year on year in H1 2026, with revenues reaching EGP 4.9 billion. Growth was supported by both volume and value, with test volumes increasing 20% year on year to 23.6 million tests performed and average revenue per test rising 14% to EGP 206. During the period, we served 4.9 million patients, reflecting year on year growth of 14%. These trends also helped us further strengthen average tests per patient, which reached a new record of 4.9 tests per encounter, compared with 4.6 in H1 2025. This improvement reflects deeper patient engagement, stronger referral flow, and continued success in expanding cross-service utilization across our growing platform. In Egypt, momentum remained strong during the first half, with revenues increasing 41% year on year to EGP 4.2 billion.

Hend El Sherbini: Turning to our performance in more detail, IDH delivered 37% revenue growth year on year in H1 2026, with revenues reaching EGP 4.9 billion. Growth was supported by both volume and value, with test volumes increasing 20% year on year to 23.6 million tests performed and average revenue per test rising 14% to EGP 206. During the period, we served 4.9 million patients, reflecting year on year growth of 14%. These trends also helped us further strengthen average tests per patient, which reached a new record of 4.9 tests per encounter, compared with 4.6 in H1 2025. This improvement reflects deeper patient engagement, stronger referral flow, and continued success in expanding cross-service utilization across our growing platform. In Egypt, momentum remained strong during the H1, with revenues increasing 41% year on year to EGP 4.2 billion.

Speaker #4: With test volumes increasing 20% year-on-year to 23.6 million tests performed, and average revenue per test rising 14% to £106. During the period, we served 4.9 million patients, reflecting year-on-year growth of 14%.

Speaker #4: These trends also helped us further strengthen average tests per patient, which reached a new record of 4.9 tests per encounter, compared with 4.6 in H1 2025.

Speaker #4: This improvement reflects deeper patient engagement, stronger referral flow, and continued success in expanding cross-service utilization across our growing platform. In Egypt, momentum remained strong during the first half, with revenues increasing 41% year-on-year to EGP 4.2 billion.

Speaker #4: Growth was supported by a 21% increase in tests performed and a 16% rise in average revenue per test, reflecting continued strength in demand prior to optimization and an improving diagnostic mix.

Hend El Sherbini: Growth was supported by a 21% increase in tests performed and a 16% rise in average revenue per test, reflecting continued strength in demand, price optimization, and improving diagnostic mix. Egypt remained the core engine of group performance, contributing around 86% of group revenue in Q1 2026 and continues to demonstrate scale, resilience, and strong operating fundamentals. The continued expansion of our physical network in Egypt remained a key driver of growth and accessibility. Over the past 12 months, we added 157 new branches in Egypt, bringing our national network to 793 locations as of 30 June 2026. These new sites continue to deepen our presence across greater Cairo and regional cities, supporting stronger access for both contract and walk-in patients. Our household service also remained a core pillar of our Egyptian operation, accounting for approximately 22% of Egypt's revenues during the first half.

Speaker #4: Egypt remained the core engine of group performance, contributing around 86% of total revenue in H1 2026 and continuing to demonstrate scale, resilience, and strong operating fundamentals.

Speaker #4: The continued expansion of our physical network in Egypt remained a key driver of growth and accessibility. Over the past 12 months, we added 157 new branches in Egypt, bringing our national network to 793 locations as of June 30, 2026.

Speaker #4: These new sites continue to deepen our presence across Greater Cairo and regional cities, supporting stronger access for both contract and open patients. Our household service also remained a core pillar of our Egyptian operations, accounting for approximately 22% of Egypt's revenues during the first half.

Speaker #4: The service continues to benefit from strong patient adoption, enhanced digital booking capabilities, efficient logistics, and the strength of our nationwide network. Our radiology and radiotherapy platform continues to play an important role in our long-term strategy to build a more integrated diagnostics platform.

Hend El Sherbini: This service continues to benefit from strong patient adoption, enhanced digital booking capabilities, efficient logistics, and the strength of our nationwide network. Our radiology and radiotherapy platform continues to play an important role in our long-term strategy to build a more integrated diagnostics platform. During H1 2026, combined radiology and radiotherapy revenues reached EGP 220 million, up 79% year on year. Growth was supported by both higher volumes and improved pricing, with total scans and radiotherapy procedures increasing 40% year on year to 162,000, while average revenue per scan increased 28% to EGP 1,358. The platform served 121,000 patients during the period, up 41% year on year and expanded to nine branches, including eight in both scan branches and one radiotherapy facility.

Speaker #4: During H1 2026, combined radiology and radiotherapy revenues reached EGP 220 million, up 79% year-on-year. Growth was supported by both higher volumes and improved pricing.

Speaker #4: Total scans and radiotherapy procedures increased 40% year-on-year to 162,000, while average revenue per scan rose 28% to £1,358. The platform served 121,000 patients during the period, up 41% year-on-year, and expanded to 9 branches, including 8 scan branches and 1 radiotherapy facility.

Speaker #4: The continued expansion of these capabilities strengthens our position in higher-value specialized diagnostics and oncology-related services, and expands our ability to serve patients and referring physicians across a broader range of needs.

Hend El Sherbini: The continued expansion of these capabilities strengthens our position in higher value specialized diagnostics and oncology-related services and expands our ability to serve patients and referring physicians across a broader range of needs. In Saudi Arabia, our newest geography continued to show strong progress during the first half. Biolab KSA generated SAR 5.5 million in revenue in the H1 2026, representing 191% year on year growth. In Egyptian pound terms, revenues increased 199% to EGP 76 million. Growth was driven by a sharp increase in patient test volumes, with patients served increasing 144% year on year and tests performed rising 194%. This momentum reflects growing brand awareness, stronger utilization across the existing branch network, and continued ramp-up following expansion to five operational branches.

Hend El Sherbini: The continued expansion of these capabilities strengthens our position in higher value specialized diagnostics and oncology-related services and expands our ability to serve patients and referring physicians across a broader range of needs. In Saudi Arabia, our newest geography continued to show strong progress during the H1. Biolab KSA generated SAR 5.5 million in revenue in the H1 2026, representing 191% year on year growth. In Egyptian pound terms, revenues increased 199% to EGP 76 million. Growth was driven by a sharp increase in patient test volumes, with patients served increasing 144% year on year and tests performed rising 194%. This momentum reflects growing brand awareness, stronger utilization across the existing branch network, and continued ramp-up following expansion to five operational branches.

Speaker #4: In Saudi Arabia, our newest geography continues to show strong progress during the first half. Biolab generated SAR 5.5 million in revenue in H1 2026, representing 191% year-on-year growth.

Speaker #4: In Egyptian pound terms, revenues increased 199% to EGP 76 million. Growth was driven by a sharp increase in patient test volume, with patients served increasing 144% year-on-year and tests performed rising 194%.

Speaker #4: This momentum reflects growing brand awareness, stronger utilization across the existing branch network, and continued ramp-up following the expansion to five operational branches. While the business remains in its early stages, the progress achieved so far continues to reaffirm our confidence in Saudi Arabia as a key pillar in IDH's regional growth strategy.

Hend El Sherbini: While the business remains in its early stages, the progress achieved so far continues to reaffirm our confidence in Saudi Arabia as a key pillar in IDH regional growth strategy. As always, profitability remained the core focus, and we are pleased to have delivered sustained profitability while continuing to invest for long-term growth. Gross profit increased 41% year-on-year to EGP 2.1 billion, while EBITDA increased 38% year-on-year to EGP 1.6 billion. Gross profit margins improved to 43.3% from 42% in H1 2025, supported by procurement optimization, stronger operating leverage, and disciplined cost management. EBITDA margin recorded 33.9%, broadly in line with 33.6% last year, despite ongoing investments in Biolab KSA and the expansion of our agile genealogy IP platform.

Speaker #4: As always, profitability remained the core focus, and we are pleased to have delivered sustained profitability while continuing to invest for long-term growth. Gross profit increased 41% year-on-year to EGP 2.1 billion, while EBITDA increased 38% year-on-year to EGP 1.6 billion.

Speaker #4: Gross profit margins improved to 43.3% from 42% in H1 2025, supported by procurement optimization, stronger operating leverage, and disciplined cost management. EBITDA margin recorded 33.9%, broadly in line with 33.6% last year, despite ongoing investment in Biolab Gets A and the expansion of our radiology and radiotherapy platform.

Speaker #4: At the bottom line, net profit increased 47% year-on-year to EGP 839 million. Excluding foreign exchange gains and losses in both periods, adjusted net profit increased 40% to EGP 802 million, with the adjusted net profit margin improving to 16.5%.

Hend El Sherbini: At the bottom line, the net profit increased 47% year-on-year to EGP 839 million, excluding foreign exchange gains and losses in both periods. Adjusted net profit increased 40% to EGP 802 million, with the adjusted net profit margin improving to 16.5%. We are also pleased to see Nigeria continue generating positive EBITDA during this period, while Saudi Arabia materially narrowed EBITDA losses as utilization improved. As we look ahead, our priorities remain unchanged. We will continue to deepen our leadership in Egypt, expand our agile genealogy and specialized diagnostics platform, accelerate the disciplined ramp-up of Saudi Arabia, and build on the profitability improvements achieved in Nigeria. Across the group, we remain focused on operational efficiency, digitalization, procurement optimization, and enhancing the patient experience. At the same time, management continues to closely monitor evolving macroeconomic conditions and regional developments, which may introduce volatility across parts of our footprint.

Speaker #4: We are also pleased to see Nigeria continue generating positive EBITDA during the period, while Saudi Arabia materially narrowed EBITDA losses and utilization improved.

Speaker #4: As we look ahead, our priorities remain unchanged. We will continue to deepen our leadership in Egypt, expand our radiology and radiotherapy and specialized diagnostics platforms, accelerate the disciplined ramp-up in Saudi Arabia, and build on the profitability improvements achieved in Nigeria.

Speaker #4: Across the group, we remain focused on operational efficiency, digitalization, procurement optimization, and enhancing the patient experience. At the same time, management continues to closely monitor evolving macroeconomic conditions and regional developments, which may introduce volatility across parts of our footprint.

Hend El Sherbini: Across the group, we remain focused on operational efficiency, digitalization, procurement optimization, and enhancing the patient experience. At the same time, management continues to closely monitor evolving macroeconomic conditions and regional developments, which may introduce volatility across parts of our footprint. Overall, we believe IDH remains well-positioned to build on its strong H1 performance and continue delivering sustainable long-term growth. With that, I will hand the call back over to Mirette and Sherif, who will take you through key trends across our markets and a more detailed breakdown of our financial performance for the H1. Thank you.

Speaker #4: Overall, we believe IDH remains well-positioned to build on its strong first-half performance and continue delivering sustainable, long-term growth. With that, I'll hand the call back over to Mireille and Sherif, who will take you through key trends across our markets and provide a more detailed breakdown of our financial performance for the first half.

Hend El Sherbini: Overall, we believe IDH remains well-positioned to build on its strong H1 performance and continue delivering sustainable long-term growth. With that, I will hand the call back over to Mirette and Sherif, who will take you through key trends across our markets and a more detailed breakdown of our financial performance for the first half. Thank you.

Speaker #4: Thank you.

Speaker #2: Thank you very much, Dr. Hent. During the first half of 2026, we continued to operate against a mixed but manageable macroeconomic backdrop across our markets.

Mirette Ahmed: Thank you very much, Dr. Hend. During the H1 2026, we continued to operate against a mixed but manageable macroeconomic backdrop across our markets. In Egypt, inflation remained well below the levels seen prior years. However, it remained sensitive to currency movements and energy-related pressures. Urban headline inflation eased to 14.3% in June before rising slightly to 14.9% in July. The Egyptian pound saw renewed pressures earlier in 2026, especially around regional developments, but regained part of the move by June and continued to trade within a relatively stable range through July, supported by improved FX availability. In Nigeria, operating conditions continued to show signs of gradual stabilization. The naira traded within a relatively narrow range through April to July, supported by improved liquidity and continued FX market reforms.

Speaker #2: In Egypt, inflation remained well below the levels seen in prior years; however, it remained sensitive to currency movements and energy-related pressures. Urban headline inflation was 14.3% in June, before rising slightly to 14.9% in July.

Speaker #2: The Egyptian pound saw renewed pressures earlier in 2026, especially around regional developments, but regained part of the move by June and continued to trade within a relatively stable range through July.

Speaker #2: Supported by improved FX availability, operating conditions in Nigeria continued to show signs of gradual stabilization. The naira traded within a relatively narrow range from April to July, supported by improved liquidity and continued FX market reforms.

Speaker #2: Nigeria's headline inflation stabilized around the 16% level during the second quarter, before easing to 15.4% in July, supporting a more constructive operating environment for Ecolab.

Mirette Ahmed: Nigeria's headline inflation stabilized around the 16% level during the second quarter before easing to 15.4% in July, supporting a more constructive operating environment for Echo-Lab. Over in Jordan and Saudi Arabia, the healthcare demand remains structurally supported, and both markets continue to provide IDH with exposure to relatively stable regional economies. In Jordan, inflation remained contained, with CPI rising to 2.03% during H1 2026 and reaching 2.7% year on year in July. The main drivers were rent and transportation costs. Jordan's economy also continued to expand, with GDP growth of 2.7% in 2025 and 2.9% in Q1 2026, reflecting resilient activity despite regional headwinds. Saudi Arabia continued to benefit from long-term healthcare sector transformation, rising private sector participation, and growing demand for high-quality diagnostics.

Speaker #2: Over in Jordan and Saudi Arabia, the healthcare demand remains structurally supportive, and both markets continue to provide IDH with exposure to relatively stable regional economies.

Speaker #2: In Jordan, inflation remained contained, with CPI rising to 2.03% during the first half of 2026 and reaching 2.7% year-on-year in July. The main drivers were rents and transportation costs.

Speaker #2: Jordan's economy, while also continuing to expand, saw GDP growth of 2.7% in 2025 and 2.9% in the first quarter of 2026, reflecting resilient activity despite regional headwinds.

Speaker #2: Saudi Arabia continued to benefit from long-term healthcare sector transformation, rising private sector participation, and growing demand for high-quality diagnostics. Saudi inflation remained low at 1.8% in both June and July 2026.

Mirette Ahmed: Saudi inflation remained low at 1.8% both in June and July 2026, while real GDP growth reached 4.5% in 2025, supported by expansion across oil and non-oil activities. That said, given broader geopolitical developments in the region, management continued to monitor potential implications for economic activity, patient volume, and consumer sentiment across these markets. Turning quickly to our latest H1 results, we are pleased to have the highest generated half year volume since 2021, keeping on our successful volume focus strategy that was driven by the Egyptian subsidiary. While Jordan continued to deliver revenue growth in both local currency and EGP terms, test volumes increased 10% year on year, while patients served remained broadly stable, reflecting higher tests per patient and the continued impact of Biolab's promotional cross-selling and loyalty initiatives.

Speaker #2: While real GDP growth reached 4.5% in 2025, supported by expansion across oil and non-oil activities, that said, given broader geopolitical developments in the region, management continued to monitor potential implications for economic activity, patient volume, and consumer sentiment across these markets.

Speaker #2: Turning quickly to our latest first-half results, we are pleased to have the highest generated half-year volume since 2021, stemming from our successful volume-focused strategy that was driven by the Egyptian subsidiary.

Speaker #2: While Jordan continued to deliver revenue growth in both local currency and Egyptian pound terms, volume increased 10% year-on-year, while patients served remained broadly stable.

Speaker #2: Reflecting higher tests per patient and the continued impact of Biolab's promotional cost-selling and loyalty initiatives. In Nigeria, Ecolab continued to build on the turnaround achieved last year.

Mirette Ahmed: In Nigeria, Echo-Lab continued to build on the turnaround achieved last year, with revenue increased 12% in local currency terms and EBITDA margin improved to 7% from 2% last year. In Saudi Arabia, the ramp-up continued at a strong pace, with revenue increasing 191% year on year in SAR terms, supported by a sharp increase in patients, test volumes, and the expansion of the country network to five branches. Finally, in Sudan, operations remain significantly constrained by an ongoing conflict, with only one branch partially operational and no material change to report at this stage. I will now hand the call over to Sherif, who will provide a more detailed overview of our costs, profitability, and balance sheet position for the half year. Sherif?

Speaker #2: Revenue increased 12% in local currency terms, and EBITDA margin improved to 7% from 2% last year. In Saudi Arabia, the ramp-up continued at a strong pace, with revenue increasing 191% year-on-year in Saudi Riyal terms.

Speaker #2: Supported by a sharp increase in patients and test volumes, and the expansion of the country network to five branches. Finally, in Sudan, operations remained significantly constrained by an ongoing conflict, with only one branch partially operational and no material change to report at this stage.

Speaker #2: I will now hand the call over to Mr. Sherif, who will provide a more detailed overview of our costs, profitability, and balance sheet position for the half year.

Speaker #2: Mr. Sherif?

Speaker #3: Good afternoon, ladies and gentlemen, and thank you for your time today. As Mireille mentioned, during my presentation I will focus on costs, margins, profitability, and our working capital and liquidity position before we open the floor to your questions.

Sherif El Zeiny: Hi. Good afternoon, ladies and gentlemen, and thank you for your time today. As Nourett mentioned, during my presentation, I will focus on costs, margins, profitability, and our working capital and liquidity position before we open the floor to your questions. During H1 2026, profitability remains strong, supported by higher volumes, improved cost absorption, and continued procurement optimization. Revenue increased 37% year on year, supported by broad-based growth across the group, while gross profit increased 41% to EGP 2.1 billion. Gross profit improved to 43.3% compared with 42% in the prior year period. This improvement reflected a stronger operating leverage as volumes grew, procurement optimization improved inventory planning, and better cost optimization across the expanding network. Raw materials, including specialized analysis costs, improved as a share of revenue declining to 18.1% from 19.6% last year.

Speaker #3: During the half-year of 2026, profitability remains strong, supported by higher volumes, improved cost absorption, and continued procurement optimization. Revenue increased 37% year-on-year, supported by broad-based growth across the group, while gross profit increased 41% to EGP 2.1 billion.

Speaker #3: Gross profit improved to 43.3%, compared with 42% in the prior year period. This improvement reflected stronger operating leverage as volume grew, procurement optimization, improved inventory planning, and better cost optimization across the expanding network.

Speaker #3: Raw materials, including specialized analysis costs, improved as a share of revenue, declining to 18.1% from 19.6% last year. Direct wages and salaries, including employee profit sharing, remained broadly stable at 19.1% of revenue in both periods, reflecting your ability to support branch expansion and a higher activity level while maintaining operating efficiency.

Sherif El Zeiny: Direct wages and salaries, including employee profit sharing, remained broadly stable at 19.1% of revenue in both periods, reflecting our ability to support branch expansion and higher activity level while maintaining operating efficiency. Depreciation and amortization declined to 6.2% of revenue from 7%, supported by stronger revenue generation and improved utilization across the network. SG&A expenses amounted to EGP 708 million in H1 2026, up 37% year on year. As a percentage of consolidated revenue, SG&A remained broadly stable at 16.1% compared with 16% in H1 2025. The increase in SG&A was mainly driven by wages and salaries, which rose 18% year on year to EGP 312 million, reflecting annual salaries adjustments, selective headcount additions, and FX translation effects on Jordanian and Saudi payroll costs.

Speaker #3: Depreciation and amortization declined to 6.2% of revenue from 7%, supported by stronger revenue generation and improved utilization across the network. SG&A expenses amounted to EGP 780 million in H1 2026, up 37% year-on-year.

Speaker #3: As a percentage of consolidated revenue, SG&A remained broadly stable at 16.1% compared with 16% in H1 25. The increase in SG&A was mainly driven by wages and salaries, which rose 18% year-on-year to £312 million.

Speaker #3: Reflecting annual salary adjustments, selective headcount additions, and foreign translation effects on Jordanian and Saudi payroll costs. Advertising and marketing expenses also increased 56% year-on-year to £151 million as we continued investing in brand visibility, patient acquisition campaigns, and promotional initiatives.

Sherif El Zeiny: Advertising and marketing expenses also increased 56% year on year to EGP 151 million as we continued investing in brand visibility, patient acquisition campaigns, and promotional initiatives. These investments were particularly important in supporting the continued ramp-up of Biolab KSA while also reinforcing patient acquisitions and service awareness across Egypt and Jordan. Despite these investments, SG&A as a share of revenue remained broadly stable, reflecting continued discipline and the scalability of the group platform. Turning now to EBITDA and overall margin performance. Looking at the EBITDA bridge, the main driver was the 37% increase in revenues, which added approximately EGP 1.3 billion to the top line year on year. This was partially offset by higher cost of goods sold, which increased in line with the continued expansion of the branch network, higher test volumes, and ongoing investments in operational activity, the capacity.

Speaker #3: These investments were particularly important in supporting the continued ramp-up of Biolab KSA, while also reinforcing patient acquisitions and service awareness across Egypt and Jordan.

Speaker #3: Despite these investments, SG&A as a share of revenue remained broadly stable, reflecting continued discipline and the scalability of the Group platform. Turning now to EBITDA and overall margin performance, looking at the EBITDA bridge, the main driver was the 37% increase in revenues, which added approximately £1.3 billion to the top line year-on-year.

Speaker #3: This was partially offset by higher cost of goods sold, which increased in line with the continued expansion of the branch network, higher test volumes, and ongoing investments in operational activity.

Speaker #3: The capacity. However, as a percentage of revenue, COGS improved to 56.7% from 58% last year, supported by procurement optimization, stronger supplier negotiations, improved inventory planning, and better cost absorption across the network.

Sherif El Zeiny: However, as a percentage of revenue, COGS improved to 56.7% from 58% last year, supported by procurement optimization, stronger supplier negotiations, improved inventory planning, and better cost absorption across the network. Overall, EBITDA increased 38% year on year to EGP 1.6 billion, while EBITDA margins remained broadly stable at 33.9%. The stability of EBITDA margin is particularly important given that we continued to invest in long-term growth initiatives during the period, including the ramp-up of Biolab KSA and the ongoing expansion of our radiology and radiotherapy platform. This performance reflects the strength and scalability of the group's operating models, with higher volumes and improved pricing helping to absorb cost pressure across the platform. Overall, the H1 results demonstrate our ability to balance growth and investment with margin resilience, supported by operating leverage, disciplined cost management, and continued efficiency gains across the group.

Speaker #3: Overall, EBITDA increased 38% year-on-year to EGP 1.6 billion, while EBITDA margins remained broadly stable at 33.9%. The stability of EBITDA margin is particularly important given that we continued to invest in long-term growth initiatives during the period, including the ramp-up of Biolab KSA and the ongoing expansion of our radiology and radiotherapy platform.

Speaker #3: These performances reflect the strengths and scalability of the group's operating models, with higher volumes and improved pricing helping to absorb cost pressures across the platform.

Speaker #3: Overall, the first half result demonstrates our ability to balance growth and investment with margin resilience, supported by operating leverage, disciplined cost management, and continued efficiency gains across the group.

Speaker #3: At the bottom line, net profit increased 47% year-on-year to £839 million, with net profit margin expanding to 17.3% from 16.1% last year. The strong bottom-line performance was supported by higher operating profitability, with operating profit increasing 44% year-on-year to £1.3 billion.

Sherif El Zeiny: At the bottom line, net profit increased 47% year on year to EGP 839 million, with net profit margin expanding to 17.3% from 16.1% last year. The strong bottom line performance was supported by higher operating profitability, with operating profit increasing 44% year on year to EGP 1.3 billion. During the H1, the group recorded foreign exchange gain of EGP 36.9 million, compared with foreign exchange loss of EGP 3.5 million in H1 2025. These gains and losses primarily relate to the revaluation of foreign currency denominated intercompany balances. Excluding foreign exchange gains and loss in both periods, adjusted net profit increased 40% year on year to EGP 802 million, with adjusted net profit margins improving to 16.5% from 16.2%. Tax expenses including current and deferred tax, stood at EGP 483 million, up 41% year on year, while the effective tax rate remained broadly stable at 37%.

Speaker #3: During the first half, the group recorded a foreign exchange gain of £39.4 million, compared with a foreign exchange loss of £3.5 million in H1 2025.

Speaker #3: These gains and losses primarily relate to the revaluation of foreign currency-denominated intercompany balances. Excluding foreign exchange gains and losses in both periods, adjusted net profit increased 40% year-on-year to £802 million, with adjusted net profit margins improving to 16.5% from 16.2%.

Speaker #3: Tax expenses, including current and deferred tax, stood at £483 million, up 41% year-on-year, while the effective tax rate remained broadly stable at 37%.

Speaker #3: As a reminder, there is no tax payable at the level of IDH to holding companies. As always, we maintain a disciplined approach to liquidity and working capital management, while supporting growth across the business.

Sherif El Zeiny: As a reminder, there is no tax payable at the level of IDH holding companies. As always, we maintain disciplined approach to liquidity and working capital management while supporting growth across the business. Net trade receivables stood at EGP 1.4 billion as at 30 June 2026, compared with EGP 996 million at year-end 2025. While days on hand stood at 131 days, compared with 122 days at the end of 2025. Inventory stood at EGP 686 million as at 30 June 2026, compared with EGP 424 million at year-end 2025. Days inventory outstanding reached 119 days versus 94 days at 31 December 2025. This increase reflects a deliberate inventory build-up strategy implemented by management to secure the availability of critical medical supplies and test kits amid heightened regional tension and ongoing uncertainty surrounding global supply chains and logistics routes.

Speaker #3: Net trade receivables stood at EGP 1.4 billion as of 30 June 2026, compared with EGP 996 million at year-end 2025. Meanwhile, days-on-hand stood at 131 days, compared with 122 days at the end of 2025.

Speaker #3: Inventory stood at 686 million pounds as at 30 June 2026, compared with 424 million pounds at year-end 2025. Days inventory outstanding reached 119 days versus 94 days at 31 December 2025.

Speaker #3: These increases reflect a deliberate inventory buildup strategy implemented by management to secure the availability of critical medical supplies and test kits amid heightened regional tension and ongoing uncertainty surrounding global supply chains and logistics routes.

Speaker #3: Cash balances and financial assets at amortized cost reached £1.9 billion as at 30 June 2026, compared with £2.1 billion at year-end 2025.

Sherif El Zeiny: Cash balances and financial assets at amortized cost reached EGP 1.9 billion as at 30 June 2026, compared with EGP 2.1 billion at year-end 2025. IDH net cash balance stood at EGP 239 million as at 30 June 2026, compared with EGP 472 million year-end 2025. Finally, interest-bearing debt including accrued interest, stood at EGP 378 million at the end of June, compared with EGP 432 million at year-end 2025, reflecting repayments of short-term borrowing during that period. Thank you for your attention. We now welcome any questions you might have. Thank you very much.

Speaker #3: IDH net cash balance stood at £239 million as at 30 June 2026, compared with £472 million at year-end 2025. Finally, interest-bearing debt, including accrued interest, stood at £378 million at the end of June.

Speaker #3: Compared with £432 million at year-end '25, reflecting repayments of short-term borrowing during the period. Thank you for your attention. We now welcome any questions you might have.

Speaker #3: Thank you very much.

Speaker #1: Thank you very much to all participants on the call. If you wish to ask questions, you can either send them through the chat, or you can use the raise hand function.

Operator: Thank you very much to all participants on the call. If you wish to ask questions, you can either send them through the chat or you can use the raise hand function. We will take questions from the line of Darren Smith. Please unmute yourself and go ahead.

Speaker #1: We'll take questions from the line of Darren Smith. Please unmute yourself and go ahead.

Speaker #2: Good afternoon, everyone. Congratulations on a very strong set of results. Two questions: Given the very strong cash flow, what is the outlook for an interim dividend?

Darren Smith: Good afternoon, everyone. Congrats on a very strong set of results. Two questions. Given the very strong cash flow, what is the outlook for an interim dividend? The dividend was quite low at the end of the year. You continue to build cash. It would be great to see that return to shareholders. The second question is, margins seem quite a bit higher in the second quarter versus Q1. Do you expect that to continue for the rest of the year, or should we be looking at H1 margins on a holistic view to think about the second half of the year? Thanks.

Speaker #2: The dividend was quite low at the end of the year. You continue to build cash. It would be great to see that return to shareholders.

Speaker #2: And the second question is, margins seem quite a bit higher in the second quarter. Versus Q1, do you expect that to continue for the rest of the year, or should we be looking at H1 margins on a more on a holistic view to think about the second half of the year?

Speaker #2: Thanks.

Speaker #1: You guys are muted, so I'm just reminding you that you have to unmute. Yes, go ahead.

Operator: You guys are muted, so just reminding you have to unmute. Yes, go ahead.

Speaker #4: Yes. So, regarding the first question about the dividends distribution, as indicated at the time of the first full year of 2025 ordinary dividends, the Board has continued to evaluate the scope of an additional distribution as market conditions and the Group's capital requirements have evolved.

Mirette Ahmed: Regarding the first question about the dividend distribution, as indicated at the time of the first full year of 2025 ordinary dividend, the board has continued to evaluate the scope of an additional distribution as market conditions and the group's capital requirements have evolved. Following this review, the board considers it prudent to preserve cash and maintain balance sheet flexibility. This reflects both a number of well-defined expansion opportunities that we have on hand currently and the continued, of course, geopolitical uncertainty that is going in the region. We have seen that we need the cash for financial resilience and to back with you as the liquidity and the expansions as well. That is why we thought that for this quarter, there will be no dividend distribution. Thank you.

Speaker #4: Following this review, the board considers it prudent to preserve cash and maintain balance sheet flexibility. This reflects both a number of well-defined expansion opportunities that we have on hand currently, and the continued, of course, geopolitical uncertainty that's ongoing in the region.

Speaker #4: So we have we've seen that we need the cash for financial resilience and adequate USD liquidity and the expansions as well. That's why we we thought that for this quarter there will no there will be no dividend distribution.

Mirette Ahmed: We have seen that we need the cash for financial resilience and to back with you as the liquidity and the expansions as well. That is why we thought that for this quarter, there will be no dividend distribution. Thank you. Regarding the next question about the margins, we expect actually to have the same margins till the full year of 2026, with an expected Q3 and Q4 to be resilient. Same for the H1. Actually, we have a seasonality in Q3 and Q4, which we do not have in Q1. So we expect a good H2 of 2026 with high margins.

Speaker #4: Thank you. Regarding the next question about the margins, we actually expect to have the same margins through the full year of 2026, with Q3 and Q4 expected to be as resilient as the first half.

Mirette Ahmed: Regarding the next question about the margins, we expect actually to have the same margins till the full year of 2026, with an expected Q3 and Q4 to be resilient. Same for the H1. Actually, we have a seasonality in Q3 and Q4, which we do not have in Q1. So we expect a good H2 of 2026 with high margins.

Speaker #4: Actually, we have a seasonality in Q3 and Q4, which we do not have in Q1. So we expect a good second half of 2026 with high margins.

Speaker #1: Darren, if you have follow-ups, I've sent you a request to unmute.

Operator: Darren, if you have follow-ups, I have sent you a request to unmute.

Speaker #2: No, that’s fine. Thank you.

Darren Smith: No, that's fine. Thank you.

Speaker #1: All right, we'll move on to questions from the line of Roman. Please unmute yourself and go ahead.

Operator: All right. We'll move on to questions from the line of Roman. Please unmute yourself and go ahead.

Speaker #5: Hi, guys. Can you hear me?

Operator: Hi, guys. Can you hear me?

[Analyst]: Hi, guys. Can you hear me?

Speaker #1: Yes.

Operator: Yes.

Speaker #4: Yes. Go ahead.

Mirette Ahmed: Yes. Go ahead.

Speaker #5: Great, thank you for the presentation, and congrats on the very solid results. My question was around the pace of expansion of the business in Egypt, to begin with.

Operator: Great. Thank you for the presentation and congrats on the very solid results. My question was around the pace of expansion of the business in Egypt to begin with. I am surprised to see how many new branches have been opened over the past 12 months. It seems like a faster pace of expansion than I remember in recent years. I was wondering if you could just talk about what the outlook is for future branch expansion going forward, whether this kind of pace that we saw in the last 12 months, I think you mentioned 157 new branches opened, whether that same kind of openings number is what we can expect going forward per year, or whether that number will start to come down as the branch network is now more maybe saturated across the country. That is the first question.

[Analyst]: Great. Thank you for the presentation and congrats on the very solid results. My question was around the pace of expansion of the business in Egypt to begin with. I am surprised to see how many new branches have been opened over the past 12 months. It seems like a faster pace of expansion than I remember in recent years. I was wondering if you could just talk about what the outlook is for future branch expansion going forward, whether this kind of pace that we saw in the last 12 months, I think you mentioned 157 new branches opened, whether that same kind of openings number is what we can expect going forward per year, or whether that number will start to come down as the branch network is now more maybe saturated across the country. That is the first question.

Speaker #5: I'm surprised to see how many new branches have been opened over the past 12 months. It seems like a faster pace of expansion than I remember in recent years.

Speaker #5: I was wondering if you could just talk about what the outlook is for future branch expansion going forward, whether this kind of pace that we saw in the in the last 12 months, I think you mentioned 150 seven new branches opened, whether that that same kind of openings number is what we can expect going forward per year, or whether that number will start to come down as the as the branch network is now.

Speaker #5: More, maybe, saturated across the country. That's the first question. And the second question is, I wonder if you can comment on the progress in Nigeria.

Operator: The second question is, I wonder if you can comment on the progress in Nigeria. You talked about the performance in the first half of the year. It looks like you are not opening branches yet. I am curious what it would take for you to see in the country maybe a certain level of EBITDA margin for the model to be where you are hoping it is to justify opening additional branches. Thank you.

[Analyst]: The second question is, I wonder if you can comment on the progress in Nigeria. You talked about the performance in the H1 of the year. It looks like you are not opening branches yet. I am curious what it would take for you to see in the country maybe a certain level of EBITDA margin for the model to be where you are hoping it is to justify opening additional branches. Thank you.

Speaker #5: You talked about the performance in the first half of the year. It looks like you're not opening branches yet. I'm curious what it would take for you to see in the country—maybe a certain level of EBITDA margin for the model to be where you're hoping it is to justify opening additional branches.

Speaker #5: Thank you.

Speaker #6: So, regarding the branch opening, we've been focusing on hospital management and clinic management. This is why you're seeing the increase in the number of branches this year compared to previous years.

Mirette Ahmed: Regarding the branch opening, we have been focusing on hospital management and clinic management. This is why you are seeing the increase in number of branches this year, compared to previous years. We have managed this year 20 new hospitals and 49 new clinics, as well as opening our own branches. This is the reason behind the increased number of branches that you see in our earning release this year, this half of the year.

Speaker #6: So we've we we have managed this year 20 new hospitals and 49 new clinics. As well as opening our own branches. And this is the reason behind the the increased number of branches that you see in the in the in in our you know, earning release this year.

Speaker #6: This half of the year.

Speaker #3: Regarding Nigeria, this is for the first half. We made progress, with a 12% increase in revenue, and a 20% increase in gross profit, while achieving a positive EBITDA of ₦142 million.

Sherif El Zeiny: Regarding Nigeria, for the H1, we made progress, 12% increase in revenue, while having 20% gross profit increase with EBITDA positive was 142 million naira, which is 7% from last year from revenue, comparing to 5% last year with amount of 142 million naira versus 87 million. It is about increase in the amount 63%. Also, the net profit showed the first time positive net income, 35 million naira, which is about 210 extra profit, or this is the first time. Regarding your question about did we open any new branches, actually, no. What I did in the last period, we were having some branches in a very bad condition, so we refurbished six out of 12 we have. We refurbished a big part of them, and also we replaced one place, it was in a very bad area.

Speaker #3: Which is 7% from last year, from revenue, comparing to 5% last year, with amount of 142 million naira versus 87 million. So it's about increase in the amount 63%.

Speaker #3: Also, the net profit showed the first time positive net income of 35 million naira, which is about 210 extra profit, or this is the first time.

Speaker #3: Regarding your question about whether we opened any new branches, actually, no. What I did in the last period was focus on some branches that were in very bad condition.

Sherif El Zeiny: What I did in the last period, we were having some branches in a very bad condition, so we refurbished six out of 12 we have. We refurbished a big part of them, and also we replaced one place, it was in a very bad area. When we tried to renew the rent contract, we moved to a very much better place in Lagos. I believe this is the main thing, with, of course, increasing the efficiency, working in lots of ways to increase our contracts, to increase the revenue with optimizing the cost. Thank you.

Speaker #3: So, we referred six out of the 12 we have. We refurbished a big part of them, and also we replaced one place that was in a very bad area.

Speaker #3: When we tried to renew the contract, the rent contract, so we moved to a very much better place in Lagos. So I believe things will be this is the main thing with, of course, increasing the efficiency working in lots of ways to increase and contracts to increase the revenue, with optimizing the cost.

Sherif El Zeiny: When we tried to renew the rent contract, we moved to a very much better place in Lagos. I believe this is the main thing, with, of course, increasing the efficiency, working in lots of ways to increase our contracts, to increase the revenue with optimizing the cost. Thank you.

Speaker #3: Thank you.

Speaker #5: Maybe I can follow up—how many branches do we expect to open in Egypt over the next 12 months? And is there a level of EBITDA margin you'd like to see in Nigeria before committing to new branch openings?

Operator: Maybe I can follow. How many branches do we expect to open in Egypt over the next 12 months? Is there a level of EBITDA margin you would like to see in Nigeria before committing to new branch openings?

[Analyst]: Maybe I can follow. How many branches do we expect to open in Egypt over the next 12 months? Is there a level of EBITDA margin you would like to see in Nigeria before committing to new branch openings?

Speaker #6: We're looking at around 50 branches, and 50 more branches in H2, in Egypt. And regarding Nigeria, it's not about opening more branches.

Hend El Sherbini: We are looking at around 50 branches, 50 more branches in H2 in Egypt. Regarding Nigeria, it is not about opening more branches, it is more about increasing profitability and increasing the revenue from the existing branches. We are already present in all the big cities in Nigeria. We are looking at increasing revenue, patient footprint, tests, and profitability in these branches.

Speaker #6: It's more about increasing profitability and increasing revenue from the existing branches. So, we are already present in all the big cities in Nigeria.

Speaker #6: We're looking at increasing revenue, patient footprint, tests, and profitability in these branches.

Speaker #5: Okay. Thank you.

Operator: Okay. Thank you.

[Analyst]: Okay. Thank you.

Speaker #1: All right. We have two questions in the chat. One is congrats on the good set of results. Why is the interest expense so high if you have a net cash position?

Operator: All right. We have two questions in the chat. One is, congrats on the good set of results. Why is the interest expense so high if you have a net cash position?

Speaker #1: I'll take them one by one, but...

Speaker #3: This is because this is because of the loan. Of of the debt of Cairo Ray, which we acquired register. Branch. Yeah. 400 million.

Sherif El Zeiny: This is because of the loan of the debt of CAIRO RAY, which we acquired the radiology branch. EGP 400 million. Yeah, EGP 400 million.

Speaker #1: Understood.

Speaker #3: Yeah.

Operator: Understood.

Speaker #1: Understood. The second question, if you can just state the guidance you have for 2026. So how much of revenue or revenue growth, gross margin, and an EBITDA margin?

Sherif El Zeiny: Yeah.

Operator: Understood. The second question, if you can just state the guidance you have for 2026. How much of revenue or revenue growth, gross margin, and an EBITDA margin?

Speaker #6: It's so we we are forecasting a revenue of 11 billion. Gross profit of 46%. EBITDA margin of 37%. And net profit margin of 20%.

Hend El Sherbini: We are forecasting a revenue of EGP 11 billion, gross profit of 46%, EBITDA margin of 37%, and net profit margin of 20%.

Speaker #1: Understood. Sorry. Karam is asking again, congrats on the strong results. It seems like revenue per test accelerated in the second quarter. Can you unpack this release so it's is it mostly pricing or a mix effect or both of them?

Operator: Understood. Karam is asking, again, congrats on the strong results. It seems like revenue per test accelerated in Q2. Can you unpack this release? Is it mostly pricing, a mix effect, or both of them? What should we expect in H2 2026?

Speaker #1: And what should we expect in the second half of 2026?

Speaker #6: And if you get it in in the second half, your revenue per test—so, during the second quarter, we increased the prices by 4%.

Hend El Sherbini: In H2

Sherif El Zeiny: Can you know-

Hend El Sherbini: During Q2, we increased the prices by 4%, and this will continue for the rest of the year.

Speaker #6: And this will continue for the rest of the year.

Speaker #1: Understood. Farah, please to everyone because we haven't received questions for the time being. If you have any final questions, please either send them through the chat or use the raise hand function.

Operator: Understood. Follow-up, please, to everyone, because we haven't received questions for the time being. If you have any final questions, please either send them through the chat or use the Raise Hand function. Darren Smith is asking, what is the outlook for further price increases?

Speaker #1: Darren is asking, what is the outlook for further price increases?

Speaker #4: We're not planning to do any price increase for the rest of the year.

Hend El Sherbini: We're not planning to do any price increase for the rest of the year.

Speaker #1: Understood. I think Roman has a follow-up. I've sent you an unmute request.

Operator: Understood. I think Roman has a follow-up. I've sent you an unmute request.

Speaker #5: Thank you, Ahmed. I'm curious if you if you can talk about the plan going forward in Saudi Arabia. You're you're five branches today. It seems like the business is is scaling up and the branches you're opening are are seeing traction.

Operator: Thank you, Ahmed.

[Analyst]: Thank you, Ahmed.

Operator: Yes, sir.

Operator: I'm curious if you can talk about the plan going forward in Saudi Arabia. You're at five branches today. It seems like the business is scaling up, and the branches you're opening are seeing traction. How many more branches do you expect to open over the rest of the year? Maybe if you can talk about the outlook more broadly, maybe over the next three years, how big do you expect that business to become and what the competitive position is of the company as it grows in the Kingdom?

[Analyst]: I'm curious if you can talk about the plan going forward in Saudi Arabia. You're at five branches today. It seems like the business is scaling up, and the branches you're opening are seeing traction. How many more branches do you expect to open over the rest of the year? Maybe if you can talk about the outlook more broadly, maybe over the next three years, how big do you expect that business to become and what the competitive position is of the company as it grows in the Kingdom?

Speaker #5: How many more branches do you expect to open over the rest of the year? And maybe, if you can talk about the outlook more broadly, maybe over the next three years, how big do you expect that business to become?

Speaker #5: And what what the competitive position is of of the of the company and the growth in the kingdom.

Speaker #6: So, the business plan in Saudi Arabia was to open nine branches this year. We opened five; we still have four to go. I mean, there is a big demand.

Hend El Sherbini: The business plan in Saudi Arabia was to open nine branches this year. We opened five. We still have four to go. There is a big demand. The market is very fragmented, and we're seeing from the results that we shared with you that there is a demand and there is an awareness of the brand in Saudi Arabia. There is a progress in our operation there. We're very optimistic about the Biolab KSA.

Speaker #6: The the the market is very fragmented, and we're seeing from the results that we shared with you that there is a demand and there is enough awareness of the brand in Saudi Arabia.

Speaker #6: And there is a progress in in our I mean, in in in our operation there. So we have you know, we're very optimistic about Bayrak KFC.

Speaker #3: And we'll expand outside all the five branches we are having now is in Riyadh. So we are expecting the new force at least two will be outside in Jeddah and Khobar or Dammam.

Sherif El Zeiny: We'll expand outside. All the five branches we are having now is in Riyadh. We are expecting the new force, at least two, will be outside in Jeddah and Khobar or Dammam, west and east area.

Speaker #3: West and East area.

Operator: Okay. Is there an opportunity for M&A in Saudi Arabia, given the fragmented nature of the market?

Speaker #5: Is there an opportunity for M&A in Saudi Arabia given the fragmented nature of the market?

Speaker #6: I mean, so far there is no concrete acquisition opportunity. But we're we're looking for all the opportunities that are there.

Hend El Sherbini: So far, there is no concrete acquisition opportunity, but we are looking for all the opportunities that are there.

Speaker #5: And how if if we look three years out, how many branches do you expect you'll have in the kingdom?

Operator: And if we look 3 years out, how many branches do you expect you will have in the kingdom?

[Analyst]: And if we look 3 years out, how many branches do you expect you will have in the kingdom?

Sherif El Zeiny: Zero.

Speaker #6: We put a plan to have a fifth 50 branches in three years.

Hend El Sherbini: We put a plan to have 50 branches in 3 years.

Speaker #3: Five zero. 50 branches.

Speaker #5: Wow.

Sherif El Zeiny: 50 branches.

Operator: Wow.

[Analyst]: Wow.

Speaker #3: Yes.

Sherif El Zeiny: Yes.

Speaker #5: And is it the case that each Saudi branch is still generating, like, I think, three times the revenue of an average Egyptian branch?

Operator: And is it the case that each Saudi branch is generating still, I think, three times the revenue of an average Egyptian branch? Is that right?

[Analyst]: And is it the case that each Saudi branch is generating still, I think, three times the revenue of an average Egyptian branch? Is that right?

Speaker #5: Is that right?

Speaker #6: We don't have the number right away, but we can definitely calculate it and get back to you.

Hend El Sherbini: We don't have the number right away, but we can definitely calculate it and get back to you.

Speaker #5: Okay. All right. And is Saudi break-even?

Operator: Okay. All right. Is Saudi breakeven?

[Analyst]: Okay. All right. Is Saudi breakeven?

Sherif El Zeiny: Expected to.

Speaker #6: Expected. We it's not breaking even yet.

Hend El Sherbini: It's not breaking even yet.

Speaker #5: Okay. Okay. All right. Thanks again. Thank you very much.

Operator: Okay. All right. Thanks again. Thank you very much.

[Analyst]: Okay. All right. Thanks again. Thank you very much.

Speaker #6: Thank you.

Hend El Sherbini: Thank you.

Speaker #1: We haven't received any further questions, so I'm not sure if you have any concluding remarks. Otherwise, we can end the call.

Operator: We haven't received any further questions. I'm not sure if you have any concluding remarks. Otherwise, we can end the call.

Speaker #6: Thank you very much, everyone. Thank you.

Hend El Sherbini: Thank you very much, everyone. Thank you.

Speaker #1: All right. Thank you very much to IDH's management and to all participants. This concludes today's earnings call. Have a good rest of the day, everyone.

Operator: All right. Thank you very much to IDH's management and all participants. This concludes today's earnings call. Have a good rest of the day, everyone.

Speaker #3: Thank you. Thank you very much.

Sherif El Zeiny: Thank you. Thank you very much.

Speaker #6: Thank you so much.

Hend El Sherbini: Thank you so much.

Speaker #3: Bye-bye.

Sherif El Zeiny: Bye bye.

Hend El Sherbini: Thank you, everyone. Bye bye.

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Q2 2026 Integrated Diagnostics Holdings PLC Earnings Call

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