Abu Dhabi, United Arab Emirates, 6 May 2025: Burjeel Holdings PLC (“Burjeel” or “the Group”), a leading super-specialty healthcare services provider in MENA listed on the Abu Dhabi Securities Exchange (SYMBOL: BURJEEL; ISIN: AEE01119B224), today announced its financial results in accordance with International Financial Reporting Standards (IFRS) for the three-month period ended 31 March 2025.

Jan–Feb’25 Highlights

Group revenue +14.5%

Group revenue posted strong growth to AED 909 million, supported by increased patient footfall and improved surgical conversion rates.
Group patient footfall +8.0%

Group patient volumes rose to 1.1 million, reflecting robust improvement of 14.6% and 7.9% respectively in inpatient and outpatient numbers.
BMC revenue +17.8%

BMC revenue increased to AED 226 million, driven by 20.4% growth in patient volumes and healthy complex care conversion rates.

Q1’25 Highlights

Group revenue +5.7%

Group revenue grew to AED 1.3 billion, despite the impact of Ramadan on patient footfall growth in March and lower patient yield mix.
Group patient footfall +5.3%

Group patient footfall increased to 1.6 million, fueled by 11.4% and 5.2% growth in inpatient and outpatient volumes respectively.
BMC Revenue +11.2%

BMC’s revenue grew to AED 315 million in Q1’25, fueled by a 14.7% rise in patient footfall and a 31.3% rise in revenue from medical oncology.

Expanding Leadership in Oncology & Complex Care

Burjeel Holdings continued to advance its leadership in high-acuity care through strategic investments and clinical milestones across oncology, transplants, and surgical innovation.

The Group acquired an 80% stake in Advanced Care Oncology Center (ACOC) for AED 92 million. ACOC specializes in radiation and chemotherapy and will serve as the foundation for a standalone oncology network integrated with the Burjeel Cancer Institute, enhancing cancer care delivery across the GCC.

Further strengthening its oncology footprint, Burjeel launched a new Cancer Care Center at Burjeel Royal Hospital, Al Ain, providing diagnostics and treatments including chemotherapy, immunotherapy, and targeted therapies. The Group also inaugurated the Burjeel Breast Center at Burjeel Medical City, a women-led, integrated facility offering comprehensive care for breast cancer and other breast health conditions.

In cellular therapy, Burjeel partnered with US-based Caring Cross to locally manufacture CAR-T cell therapies in the UAE, reducing treatment costs by up to 90%. Led by internationally recognized UAE clinician-scientist Dr. Ajlan Al Zaki, the program is expected to significantly expand access to cutting-edge immunotherapy in the region.

The Group also reached two major clinical milestones: over 50 successful multi-organ transplants, including the UAE’s first pediatric living donor liver transplant and an ABO-incompatible kidney transplant, and 500 robotic surgeries performed using the Da Vinci Xi system. These achievements underscore Burjeel’s strength in complex procedures and its growing focus on precision medicine and innovation-led care.

The first quarter of 2025 presented a number of operational challenges, with Group performance impacted by a sharper-than-anticipated slowdown in March and delays in the conversion of complex care programs. While these factors led to a shortfall against internal expectations, a strong start in January and February, along with encouraging early signs in April, underscore the resilience of our platform and the sound fundamentals of the business.

We are committed to maintaining strong financial discipline and enhancing cost control across the Group. In response to the market dynamics that affected performance this quarter, our team has taken decisive actions: realigning staffing levels, tightening procurement across high-cost categories, reprioritizing marketing expenditures, and enforcing stricter controls in maintenance and support functions. In parallel, we have increased operational oversight in underperforming units to drive more consistent delivery.

While it is too early to determine if adjustments to full-year guidance are necessary, we remain committed to transparency as we evaluate evolving trends. Our long-term strategic direction remains unchanged. We are confident in the potential of our high-growth asset base and our focused approach to margin recovery.

Our expanding presence in high-potential markets, together with the continued integration of complex care capabilities, including oncology, transplants, fertility, and advanced medical technologies, is broadening access to specialized care for a growing patient base. These investments are expected to deliver meaningful results over the coming quarters.

With a clear strategy, disciplined execution, and a focus on restoring near-term momentum, Burjeel Holdings is well-positioned to drive sustainable long-term value for patients, partners, and shareholders.

Analysis of Group Performance

Burjeel Holdings grew revenue by 5.7% to AED 1,274 million in Q1’25, driven by a 5.3% YoY increase in patient footfall. Patient yield in Q1’25 was diluted by case mix, with 65% of inpatient volume growth coming from lower-yield specialties, specialties such as medical oncology, pediatrics, obstetrics & gynecology, internal medicine, and neonatology.

Group revenue rose 14.5% YoY during Jan—Feb’25, to AED 909 million, in line with guidance. This growth was supported by an 8.0% YoY increase in patient footfall, as well as healthy surgical conversion rates and patient realization. Revenue in March declined due to the significant impact of Ramadan, as well as delays in complex care conversion rates and a slower ramp-up across growth facilities.

Revenue from medical oncology remains a key growth driver, increasing 24.5% YoY and accounting for more than 20% total incremental revenue growth during Q1’25.

Inpatient footfall growth remained strong in Q1’25, growing 11.4% YoY, with Jan—Feb’25 contributing 86% to incremental volume growth. Bed occupancy improved to 68% in Q1’25 from 64% in Q1’24, driven by growth at key hospitals including Burjeel Medical City, Lifecare Hospital Musaffah, Burjeel Specialty Hospital Sharjah, and Burjeel Day Surgery Centre Shahama.

Outpatient footfall growth in Q1’25 increased 5.2% YoY, fueled by a 7.9% YoY increase during Jan—Feb’25, and driven by the continued ramp-up of key specialties, including obstetrics & gynecology, orthopedics, dermatology, and ENT, as well as contributions from recently launched facilities, especially Burjeel Day Surgery Center Barari and LLH Medical Center Al Quoz.

Reported EBITDA came in at AED 181 million in Q1’25, primarily due to the impact of Ramadan in March on incremental revenue growth for the quarter. Higher operational costs (+14.0%), coupled with a large fixed cost base (~75%), also pressured incremental EBITDA growth during Q1’25.

Doctors’ and other employees’ salaries rose 11.1% YoY, reflecting the addition of 188 doctors during 2024 and a further 33 in the first quarter. The increase in salaries as a percentage of revenue was amplified by a sharp decline in March revenue, reducing the Group’s ability to absorb these fixed costs. A limited 1.5% QoQ increase further underscores the fixed nature of these expenses and their disproportionate impact on EBITDA during periods of revenue pressure.

Inventory costs showed marginal improvement, declining to 24.8% of revenue in Q1’25 from 25.2% in Q4’24 and 25.0% in Q1’24. This reflects continued success in formulary optimization and procurement efficiency initiatives across the Group’s operations.

Provisioning for expected credit losses remained elevated, in line with the Group’s conservative policy informed by prior-year collections. However, with collections improving in Q1’25, the Group anticipates potential easing in provisioning levels in the coming quarters should the trend continue.

Other overhead expenses rose 40.8% YoY due to higher marketing spend, repair and maintenance, and costs associated with expansion, O&M projects, equipment servicing, and IT upgrades. A 6.6% QoQ decline in these costs signals initial signs of normalization.

Losses from recently launched facilities in the ramp-up phase totaled AED 17 million, attributed to the ramp-up of 29 physiotherapy centers and the Alkalma primary care platform in KSA, along with two newly opened day surgery centers and 14 medical centers in the UAE, either recently launched or in development.

Net profit for Q1’25 stood at AED 39 million, impacted by the shortfall in revenue and EBITDA during the reporting period.

Breakdown of Segment Results

The Hospitals segment remains a primary growth driver for revenue and contributed 88% to total Group revenue in Q1’25. Revenue from this segment rose 3.6% YoY to AED 1,126 million, supported by higher inpatient and outpatient footfall across the network. Key contributors to revenue growth included Burjeel Medical City, Burjeel Specialty Hospital Sharjah, LLH Hospital Salalah, and Burjeel Royal Hospital Al Ain. The Hospitals EBITDA was impacted by the March revenue shortfall and the segment’s largely fixed cost structure, which limited cost absorption.

The Medical Centers segment achieved strong top line growth of 16.9% YoY to AED 108 million in Q1’25 supported by the launch of new medical centers across the network and a 19.5% YoY increase in patient volumes. Medical Centers’ EBITDA declined, primarily due to losses from recently launched facilities in the ramp-up phase in both KSA and the UAE, as well as the muted performance in March.

Burjeel Medical City Performance

Burjeel Medical City (BMC) is a key driver of growth and is central to our strategy to deliver high-quality healthcare services across a comprehensive range of specialties. BMC revenue grew 11.2% YoY in Q1’25, supported by a 14.7% increase in total patient volumes. Medical oncology remained a key revenue driver, delivering 31.3% YoY growth and accounting for over 50% of total incremental revenue.

BMC revenue grew by 17.8% YoY in Jan—Feb’25, in line with expectations, and driven by strong patient volumes (+20.4% YoY), higher surgical conversion, and healthy patient realization across core specialties. Revenue declined in March due volatility in patient footfall and complex care conversion rates during Ramadan.

BMC EBITDA rose 20.3% YoY in Q1’25, despite the March slowdown, with EBITDA margin improving to 17.0% from 15.7%, reflecting solid operational performance in Jan—Feb’25 and improved cost efficiency across the quarter.

Capital Structure & Leverage Overview

The Group’s net debt / pre-IFRS 16 LTM EBITDA¹ came in at 1.5x as 31 March 2025. The strength of the Group’s balance sheet provides adequate financial flexibility to pursue growth opportunities going forward. The Group intends to pay down and optimize maturing debt to reduce financing costs and extend tenures through various instruments.

Dividends

Burjeel Holdings’ AGM approved a full-year dividend distribution of AED 170 million (~AED 0.03 per ordinary share) for 2024, representing 47% of the reported net profit for the year. This decision reflects the Group’s commitment to delivering value to stakeholders while ensuring alignment with its strategic growth plans and market-driven corporate governance principles, despite ongoing investments in high-yield growth projects.

Financial Summary

AED millions	Q1’25	Q1’24
Revenue	1,274	1,205
OPEX ²	(1,098)	(963)
Share of profit from associates	5	4
Change in financial assets carried at fair value through profit and loss	-	(12)
EBITDA³	181	234
Finance costs	(41)	(33)
Depreciation & amortization	(95)	(86)
Taxes	(5)	(11)
Net profit	39	104

(1)Net debt / pre-IFRS 16 EBITDA is calculated as reported EBITDA less annual lease rental payments, and net debt is calculated as bank debt less cash and bank balances.
(2)OPEX refers to total operating expenses excluding all depreciation & amortization expenses.
(3)EBITDA is calculated as profit for the period before income tax expense, finance costs, depreciation & amortization and interest income from related parties.

Contacts

Investor Relations
Sergei Levitskii
Director of Investor Relations

ir@burjeelholdings.com

M: +971 50 380 2383

Media
M. Unnikrishnan
Corporate Communications Officer

krish@burjeelholdings.com

M: +971 50 427 5895

Burjeel Holdings' Complex Care Agenda Remains on Track in Q1’25 Amid March Volatility