Slides
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218 219 221 206 231 254 0 180 141 0 72 57 74 144 228 148 176 200 129 129 129 22 77 146 A8: A3: A4: A5: A6: A2: A1: A7: Excel color scheme Page title 24 pt 22 77 146 Page subtitle 20pt non bold 22 77 146 Heading Font color – 22 77 146 Line: 22 77 146 For CS 0 180 141A3: For client 22 77 146A1: Highlight in tables 218 219 221 188 208 222H2: H1: 1 For the quarter ending September 30, 2025 Earnings Presentation
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218 219 221 206 231 254 0 180 141 0 72 57 74 144 228 148 176 200 129 129 129 22 77 146 A8: A3: A4: A5: A6: A2: A1: A7: Excel color scheme Page title 24 pt 22 77 146 Page subtitle 20pt non bold 22 77 146 Heading Font color – 22 77 146 Line: 22 77 146 For CS 0 180 141A3: For client 22 77 146A1: Highlight in tables 218 219 221 188 208 222H2: H1: 2 Disclaimer • This presentation has been prepared by Aster DM Healthcare Limited (the "Company"), content of which was compiled from sources believed to be reliable for informational purposes only and are based on information regarding the Company and the economic, regulatory, market and other conditions as in effect on the date hereof. Subsequent developments may impact the information contained in this presentation, which neither the Company nor its advisors or representatives are under an obligation to update, revise or affirm. Contents in the Presentation do not constitute or form part of an offer or invitation for sale or subscription of or solicitation or invitation of any offer to buy or subscribe for any securities, nor shall it or any part of it form the basis of or be relied on in connection with any contract, commitment or investment decision in relation thereto in India, the United States or any other jurisdiction. • Prospective and existing investors should make their own evaluation of the Company as the information provided here does not purport to be all inclusive or to contain all of the information a prospective or existing investor may desire. Interested parties shall conduct their own due diligence and investigation on the information, before relying and acting thereon. Company makes no representation or warranty as to the accuracy or completeness of this information and shall not have any liability for any representations (expressed or implied) regarding information contained in, or for any omissions from, this information or any other written or oral communications transmitted to the recipient in the course of its evaluation of the Company. • This presentation may contain certain "forward looking statements", which are based on certain assumptions and expectations of future events. Actual future performance, outcomes and results may differ materially from those expressed in forward‐looking statements as a result of a number of risks, uncertainties and assumptions. Though such forward‐looking statements are based on reasonable assumptions, it can give no assurance that such expectations will be met. Neither the Company nor any of its advisors or representatives assumes any responsibility to update forward-looking statements or to adapt them to future events or developments. • Note- QCIL Numbers are Indicative and subject to statutory audit adjustments. Proforma numbers for merged entity are also subject to finalization and audit of the merged accounts. Actual amounts, losses or impact on net profit could materially differ from those that have been estimated. In addition, other factors that could cause actual results to differ materially from those estimated include harmonization of accounting policies and practices. 2
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218 219 221 206 231 254 0 180 141 0 72 57 74 144 228 148 176 200 129 129 129 22 77 146 A8: A3: A4: A5: A6: A2: A1: A7: Excel color scheme Page title 24 pt 22 77 146 Page subtitle 20pt non bold 22 77 146 Heading Font color – 22 77 146 Line: 22 77 146 For CS 0 180 141A3: For client 22 77 146A1: Highlight in tables 218 219 221 188 208 222H2: H1: Aster - Key Highlights for Q2FY26 3 Merger Update : Received No-Objection Letters from both stock exchanges – BSE and NSE Double-digit YoY growth in Revenue and Operating EBITDA led by substantial recovery in Kerala, strong growth in international revenue and better case mix Aster MIMS Kasargod commenced on 2nd Oct 2025, reinforcing presence in Northern Kerala; Aster Whitefield and Ramesh Ongole to commence in H2 FY26 Added 200+ beds during the last year taking bed capacity to 5,199 as on Sep 30, 2025, (largely driven by 160 beds added in Kerala) 13% YoY (22% QoQ) overall Op EBITDA growth in Q2FY26 driven by cost efficiencies and improved Lab business performance 10% YoY (11% QoQ) overall revenue growth despite lower incidence of seasonal illness unlike Q2FY25 (13% YoY growth adjusted for seasonality) ▪ ARPP IP rose 10% YoY to INR 1,18,552 in Q2FY26, driven by improved specialty mix. CONGO mix increased by 240 bps to 51% in Q2FY26 ▪ ALOS improved by 5% YoY to 3.1 days in Q2FY26 from 3.2 days in Q2FY25 aided by increased robotics surgeries and efficient hospital operations ▪ Total patient volume grew by 15% QoQ with IP volume growing by 12% QoQ (6% YoY adjusted for seasonality and discontinuation of scheme in one of our hospital) and OP volume growing by 15% QoQ in Q2FY26 ▪ Occupancy grew to 64% in Q2FY26 from 59% in Q1FY26; Kerala at 69% (64% in Q1FY26); K&M at 62% (56% in Q1FY26) and A&T at 55% (50% in Q1FY26) ▪ Kerala total patient volume increased by 17% QoQ (Inpatient by 13% QoQ and Outpatient by 17% QoQ) delivering 12% QoQ revenue growth ▪ Andhra & Telangana revenue grew 14% QoQ, supported by 16% QoQ increase in total patient volume (IP and OP volume each grew by 16% QoQ) ▪ Significant growth in MVT revenue by 26% YoY (60% QoQ), led by growth in Kerala MVT revenue of 49% YoY (67% QoQ) during the quarter ▪ Overall Operating EBITDA margins expanded to 22.0% in Q2FY26 as compared to 21.4% in Q2FY25 (20.0% in Q1FY26) ▪ Kerala Cluster Operating EBITDA grew by 19% YoY with margins expanding to 26.8% in Q2FY26 from 25.0% in Q2FY25 ▪ Andhra & Telangana cluster Operating EBITDA margin grew significantly to 13.2% in Q2FY26 from 7.9% in Q1FY26 ▪ Labs’ Operating margins significantly improved to 17.8% in Q2FY26 as compared to 11.0% in Q2FY25 (7.6% in Q1FY26) Healthy growth in Oncology revenue by 26% YoY; contribution increased to 11% in Q2FY26 from 9% in Q2FY25
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218 219 221 206 231 254 0 180 141 0 72 57 74 144 228 148 176 200 129 129 129 22 77 146 A8: A3: A4: A5: A6: A2: A1: A7: Excel color scheme Page title 24 pt 22 77 146 Page subtitle 20pt non bold 22 77 146 Heading Font color – 22 77 146 Line: 22 77 146 For CS 0 180 141A3: For client 22 77 146A1: Highlight in tables 218 219 221 188 208 222H2: H1: Normalised PAT2 (Post-NCI) Aster - Performance Financial Highlights for Q2FY26 Op EBITDA Margin Revenue Operating EBITDA1 4 Operating EBITDA1 (Pre-Tax) Operating EBITDA1 Op EBITDA Margin YoY Q2FY26 : INR 1,197 Cr Q2FY26 : INR 263 Cr Q2FY25 : INR 233 CrQ2FY25 : INR 1,086 Cr 10% Q2FY26 : 22.0% Q2FY25 : 21.4% 13% Q2FY26 : INR 181 Cr Q2FY25 : INR 161 Cr 12%53 bps Revenue PBT Q2FY26 : INR 110Cr Q2FY25 : INR 97 Cr 14% Q2FY26 : INR 1,197 Cr QoQ 11% 200 bps22% Q1FY26 : INR 1,078 Cr Q2FY26 : INR 263 Cr Q1FY26 : INR 215 Cr Q2FY26 : 22.0% Q1FY26 : 20.0% Revenue Operating EBITDA1 Op EBITDA Margin PBT 24% Q2FY26 : INR 181 Cr Q1FY26 : INR 151 Cr Normalised PAT2 23% (Post-NCI) Q2FY26 : INR 110Cr Q1FY26 : INR 90 Cr Notes: 1. Revenue, Operating EBITDA and EBITDA excludes other income 2. Operating EBITDA for the period Q2 FY26 excludes the ESOP Cost of Rs. 3.5 Cr [Q2 FY25: 2.2 Cr], [Q1FY26: 0.8 Cr ], Movement in fair value of contingent consideration payable of Rs. Nil Cr [Q2 FY25 : 2.7 Cr], [Q1FY26: Nil] , Variable O&M fee amounting to Rs.9.7 Cr [Q2 FY25 : 8.3 Cr], [Q1FY26: 7.2 Cr]. [Our Operating & Management (O&M) agreements, encompasses both fixed and variable component. While the fixed component of the O&M fee is delineated into depreciation and finance costs as per Ind AS 116, whereas the variable component falls outside the scope of IndAS 116, leading to an incomplete reflection of the standard's impact in EBITDA] 3. The PAT for Q2 FY26 includes an amount of ₹ 20.3 Cr [Q2 FY25 : 32.8 Cr] [Q1FY26: 21.8 Cr] from the interest/gain earned on the investment of sale proceeds from the segregation of GCC vertical and excludes transaction cost of Rs 0.4 Cr [Q1FY26: 4.4 Cr]
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218 219 221 206 231 254 0 180 141 0 72 57 74 144 228 148 176 200 129 129 129 22 77 146 A8: A3: A4: A5: A6: A2: A1: A7: Excel color scheme Page title 24 pt 22 77 146 Page subtitle 20pt non bold 22 77 146 Heading Font color – 22 77 146 Line: 22 77 146 For CS 0 180 141A3: For client 22 77 146A1: Highlight in tables 218 219 221 188 208 222H2: H1: 5 Aster - Other Highlights for Q2FY26 Other Business Highlights ▪ Core hospitals & clinics business delivered an Operating EBITDA margin of 24.4% in Q2FY26 (24.0% in Q2FY25) ▪ Matured hospital Operating EBITDA margins stood at 26.5% in Q2FY26 (25.9% in Q2FY25) ▪ Aster Medcity revenue grew by 14% YoY and Op. EBITDA grew by 28% YoY in Q2FY26; Op EBITDA Margin at 32% ▪ Aster Whitefield revenue grew by 27% YoY and Op. EBITDA grew by 41% YoY in Q2FY26 ▪ Aster Labs revenue grew by 15% YoY in Q2 FY26 and Op. EBITDA grew by 86% YoY 1. Surgery counts are on TTM basis Capex ▪ Strengthening Aster’s position in Northern Kerala with the commencement of operations at Kasargod ▪ Adding 2,300+ beds to reach 7,800+ capacity — 234 beds in FY26, 1,054 beds in FY27, 1,080 beds beyond FY27 ▪ FY 26 Expansion – Aster Whitefield | Aster Ramesh Ongole FY 27 Expansion – Aster Capital, Trivandrum | Aster Sarjapur Phase-I | Aster W&C, Hyderabad 5 Clinical Highlights ▪ Aster CMI becomes Karnataka’s 1st to install the Philips Excimer Laser Atherectomy System ▪ MIMS Kottakkal’s cardiology team implanted Malappuram’s 1st dual-chamber leadless pacemaker (Micra2) ▪ First Valve in Valve at Aster Whitefield on a 77-year-old lady using the self-expanding Evolute valve with excellent results ▪ 1-year-old underwent Van Nes Rotationplasty, a rare limb-sparing procedure at CMI Bengaluru ▪ Recurrent Tracheal Stenosis Refractory to Standard Interventions Managed with Montgomery T-Tube at Medcity Kochi ▪ First Renal Transplant – MIMS Kannur: Hospital’s first successful renal transplant on a 51-year-old patient. ▪ Successful fetal preservation during 2nd-trimester surgery for borderline seromucinous ovarian carcinoma at Aster Aadhar, Kolhapur 1,420+ Cardio-vascular surgeries 3,660+ Joint Replacements 5,640+ Neuro surgeries 2,175+ Robotic surgeries 10,300+ Urology procedures 41,950+ CIG/PTCA (Angiogram & Angioplasty) 4,835+ Gastro-intestinal surgeries 540+ Transplants Transforming Lives Through Clinical Excellence1
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218 219 221 206 231 254 0 180 141 0 72 57 74 144 228 148 176 200 129 129 129 22 77 146 A8: A3: A4: A5: A6: A2: A1: A7: Excel color scheme Page title 24 pt 22 77 146 Page subtitle 20pt non bold 22 77 146 Heading Font color – 22 77 146 Line: 22 77 146 For CS 0 180 141A3: For client 22 77 146A1: Highlight in tables 218 219 221 188 208 222H2: H1: 6 Aster - Other Highlights for Q2FY26 ESG 1 Highlights ▪ 8.5 MW solar park commissioned in Kasargod, Kerala, reducing 11.5K tonnes of CO₂e annually ▪ 9 new Mobile Medical Units launched, expanding the fleet to 45 in India and 62 globally ▪ 3.19 lakh lives impacted in India, including 2.23 lakh through mobile medical services ▪ Received top honours including Gold (CSR Health Impact Award), Platinum andGold (Global ESG), and CSR Times Award 2025. 1. ESG highlights are for Q2FY26 6 Recognition ▪ Padmashree Dr. Azad Moopen, Founder Chairman and Managing Director • Honoured as “Healthcare Icon of the Year” at ET Healthcare Awards 2025 • Awarded “Legend in the Healthcare Industry” at FICCI Heal 2025 • Featured among Top 5 Healthcare Leaders 2025 by Forbes Middle East ▪ Ms. Alisha Moopen, Deputy Managing Director • Recognized as “Dynamic Entrepreneur of the Year” at Entrepreneur India Awards 2025 • Named “Healthcare Visionary Leader of the Year” at ET-Middle East Awards 2025 • Featured among Top 5 Healthcare Leaders 2025 by Forbes Middle East ▪ Aster Hospitals o ET Healthcare Awards 2025: • Aster CMI – Hospital of the Year; Oncology (South) • Aster Medcity – Organ Transplantation (National) • Aster Whitefield – Critical Care, Reconstructive Surgery (South) • Aster RV Hospital – Organ Transplantation (South) • Multiple Doctors of Aster MIMS Kannur recognized for excellence in their specialties in the South region ▪ FICCI Heal 2025 – Aster Whitefield awarded “Technology Transformation Initiative” of the Year ▪ Elets Technomedia Awards 2025 – Aster Digital Health won “Most Impactful Digital Transformation in Healthcare”
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218 219 221 206 231 254 0 180 141 0 72 57 74 144 228 148 176 200 129 129 129 22 77 146 A8: A3: A4: A5: A6: A2: A1: A7: Excel color scheme Page title 24 pt 22 77 146 Page subtitle 20pt non bold 22 77 146 Heading Font color – 22 77 146 Line: 22 77 146 For CS 0 180 141A3: For client 22 77 146A1: Highlight in tables 218 219 221 188 208 222H2: H1: 7 Kerala Cluster Recovery and Performance Momentum 39,580 43,278 39,580 36,890 39,172 44,127 29,599 31,255 0 10,000 20,000 30,000 40,000 50,000 60,000 Q1FY25 Q2FY25 Q3FY25 Q4FY25 Q1FY26 Q2FY26 Kerala - IP Volume +9% +6% -9% -7% +13% • Recovery in In-patient volume in Q1FY26 and Q2FY26 by 6% and 13% respectively surpassing its earlier peak levels • Achieved highest ever quarterly revenue in Q2FY26 at INR 620 Cr, registered an increase of 24% from INR 499 Cr in Q4FY25 • MVT business delivered a strong performance; revenue grew by 67% QoQ and 49% YoY in Q2FY26 • Significant expansion in EBITDA margins to 26.8% in Q2FY26 from 22.3% in Q4FY25 Significant Recovery in Q1FY26 and Peak Performance in Q2FY26 Kerala cluster has delivered strong sequential performance in Q2FY26, reached earlier levels of Inpatient volumes and achieved one of highest revenue and Operating EBITDA in any quarter along with margins expansion. • Strengthened the leadership team by onboarding experienced professionals bringing renewed focus and execution strength • On MVT front - Re-engaging with partners in key geographies and expanding our outreach into newer markets and enhancing referral partner network • Brought desired improvement in processes and controls with operational efficiencies Strategic Interventions and Strengthened Leadership Team • Noticed soft performances in Q3FY25 and Q4FY25 on account of leadership change, impact of Ramadan in March 2025, shorter days in February 2025 and lower international patient volumes Temporary Headwinds in Q3 and Q4FY25 528 559 523 499 552 620 120 140 123 111 140 166 0 100 200 300 400 500 600 200 300 400 500 600 700 800 Q1FY25 Q2FY25 Q3FY25 Q4FY25 Q1FY26 Q2FY26 Revenue Op EBITDA 22.7% 25.0% 23.5% 22.3% 25.3% 26.8% Kerala - Revenue, Op EBITDA and % Margins +6% +12% +11%-6% -5% 24% increase in revenue in Q2 FY26 from the bottom in Q4 FY25 % Margins 6% YoY IP volume growth, adjusted for lower seasonal illness impactTotal IP Volume Adj. IP Volume
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218 219 221 206 231 254 0 180 141 0 72 57 74 144 228 148 176 200 129 129 129 22 77 146 A8: A3: A4: A5: A6: A2: A1: A7: Excel color scheme Page title 24 pt 22 77 146 Page subtitle 20pt non bold 22 77 146 Heading Font color – 22 77 146 Line: 22 77 146 For CS 0 180 141A3: For client 22 77 146A1: Highlight in tables 218 219 221 188 208 222H2: H1: 8 7th Multispecialty hospital in Kerala : Aster MIMS Kasargod Aster MIMS Kasaragod, a 264 -bed multispecialty hospital, brings world -class and affordable healthcare to northern Kerala with advanced infrastructure (including 61 ICU beds for critical care) 8 Inaugurated on 2nd October 2025 by Hon’ble Chief Minister of Kerala, Shri Pinarayi Vijayan and Karnataka Minister for Health and Family Welfare, Shri Dinesh Gundu Rao reinforcing Aster’s presence in Northern Kerala Promising start with strong early traction, offering comprehensive multi-specialty services including Oncology from inception 264-bed multi-specialty hospital, built with a INR 190 Cr investment in a 2.1 lakh sq. ft. facility State-of-the-art infrastructure featuring advanced imaging and interventional systems, with planned additions of Neuro Navigation and CRRT technologies, reinforcing Aster’s tertiary care leadership. Kasaragod
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218 219 221 206 231 254 0 180 141 0 72 57 74 144 228 148 176 200 129 129 129 22 77 146 A8: A3: A4: A5: A6: A2: A1: A7: Excel color scheme Page title 24 pt 22 77 146 Page subtitle 20pt non bold 22 77 146 Heading Font color – 22 77 146 Line: 22 77 146 For CS 0 180 141A3: For client 22 77 146A1: Highlight in tables 218 219 221 188 208 222H2: H1: 9 9 Revenue from Operations 1 Operating EBITDA and Margin 1,2 EBITDA and Margin 1 (Post IndAS) Normalised PAT and Margin3 (Post NCI) Revenue and Profitability Snapshot – Q2FY26 9 233 263 Q2FY25 Q2FY26 1,086 1,197 Q2FY25 Q2FY26 22.0%21.4% 220 250 Q2FY25 Q2FY26 97 110 Q2FY25 Q2FY26 20.2% 20.9% 8.9% 9.2% QoQ YoY YoY Revenue and Op EBITDA grew by 10% and 13% respectively in Q2 FY26, despite a lower incidence of seasonal illness in Q2 FY25 (14% YoY revenue growth adjusted for seasonality) 215 263 Q1FY26 Q2FY26 1,078 1,197 Q1FY26 Q2FY26 22.0%20.0% 207 250 Q1FY26 Q2FY26 90 110 Q1FY26 Q2FY26 19.2% 20.9% 8.3% 9.2% Notes: 1. Revenue, Operating EBITDA and EBITDA excludes other income 2. Operating EBITDA for the period Q2 FY26 excludes the ESOP Cost of Rs. 3.5 Cr [Q2FY25: 2.2 Cr], [Q1FY26: 0.8 Cr ], Movement in fair value of contingent consideration payable of Rs. Nil Cr [Q2FY25 : 2.7 Cr], [Q1FY26: Nil] , Variable O&M fee amounting to Rs.9.7 Cr [Q2FY25 : 8.3 Cr], [Q1FY26: 7.2 Cr]. [Our Operating & Management (O&M) agreements, encompasses both fixed and variable component. While the fixed component of the O&M fee is delineated into depreciation and finance costs as per Ind AS 116, whereas the variable component falls outside the scope of IndAS 116, leading to an incomplete reflection of the standard's impact in EBITDA] 3. The PAT for Q2FY26 includes an amount of ₹ 20.3 Cr [Q2FY25 : 32.8 Cr] [Q1FY26: 21.8 Cr] from the interest/gain earned on the investment of sale proceeds from the segregation of GCC vertical and excludes transaction cost of Rs 0.4 Cr [Q1FY26: 4.4 Cr]
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QCIL Performance
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218 219 221 206 231 254 0 180 141 0 72 57 74 144 228 148 176 200 129 129 129 22 77 146 A8: A3: A4: A5: A6: A2: A1: A7: Excel color scheme Page title 24 pt 22 77 146 Page subtitle 20pt non bold 22 77 146 Heading Font color – 22 77 146 Line: 22 77 146 For CS 0 180 141A3: For client 22 77 146A1: Highlight in tables 218 219 221 188 208 222H2: H1: 11 QCIL Key Highlights – Q2FY26 Strong double-digit growth for the business driven by robust performance across clusters ▪ Growth driven by higher IP volumes, favorable payor mix shift toward cash and insurance, increased share of complex procedures, and ALOS reduction ▪ Kerala cluster delivered 11% YoY driven by Trivandrum performance and Tamil Nadu saw strong ramp of Nagercoil unit launched in Oct’24 ▪ Of the other units, Hyderabad units delivered 9% YoY and Bangladesh units delivered 30% YoY growth Overall operating EBITDA grew by 22% YoY largely driven by operational excellence and better leverage ▪ Initiatives around procurement centralization, F&B in-sourcing, and clinical talent are showing continued success ▪ Procurement synergies across QCIL entities delivered ~INR 20 crore+ of EBITDA uplift during the quarter ▪ Nagercoil unit launched in Oct’24 achieved EBITDA breakeven within 3 quarters Strengthened clinical teams by onboarding 100+ doctors across the QCIL hospital network Augmented management team by further adding 1 senior leader (11 professionals added in last 18 months) CARE and KIMSHealth recognized for clinical leadership, nursing excellence, and research focus by The Economic Times, NABH, and Medical Dialogues ALOS has improved by 6% YoY to 3.9 days in Q2 FY26, reflecting better clinical protocols Deeper clinical mix and better payor mix drove 10% YoY growth in IP ARPP , reaching ~INR 125k in Q2 FY26 (~INR 114k in Q2 FY25) ▪ Payor mix shift led by 270 bps reductions in scheme mix and 240 bps increase in share of cash and TPA business on a YoY basis ▪ ARPP growth supported by improved specialty mix – CONGO-T share increased by 80 bps to 58.5% in Q2FY26
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218 219 221 206 231 254 0 180 141 0 72 57 74 144 228 148 176 200 129 129 129 22 77 146 A8: A3: A4: A5: A6: A2: A1: A7: Excel color scheme Page title 24 pt 22 77 146 Page subtitle 20pt non bold 22 77 146 Heading Font color – 22 77 146 Line: 22 77 146 For CS 0 180 141A3: For client 22 77 146A1: Highlight in tables 218 219 221 188 208 222H2: H1: 12 Performance Highlights – Quality Care YoY Notes: 1. Operating EBITDA is post-Ind AS EBITDA adjusted for one-off expenses; 2. QCIL numbers are unaudited and subject to audit adjustments QoQ Revenue Q2FY26 : INR 1,193 cr Q1FY26 : INR 1,078 cr 11% OP Volumes Q2FY26 : 932,933 Q1FY26 : 833,126 Q2FY26 : INR 287 cr Q1FY26 : INR 227 cr 27% Operating EBITDA1 IP Volumes Q2FY26 : 66,558 Q1FY26 : 59,459 12% Op. EBITDA Margin Q2FY26 : 24.1% Q1FY26 : 21.1% 300 bps Revenue Q2FY26 : INR 1,193 cr Q2FY25 : INR 1,036 cr 15% OP Volumes Q2FY26 : 932,933 Q2FY25 : 841,896 11% Q2FY26 : INR 287 cr Q2FY25 : INR 236 cr 22% Operating EBITDA1 IP Volumes Q2FY26 : 66,558 Q2FY25 : 64,027 4% Op. EBITDA Margin Q2FY26 : 24.1% Q2FY25 : 22.8% 130 bps 12%
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Merger - Proforma Combined Financials and Updates
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218 219 221 206 231 254 0 180 141 0 72 57 74 144 228 148 176 200 129 129 129 22 77 146 A8: A3: A4: A5: A6: A2: A1: A7: Excel color scheme Page title 24 pt 22 77 146 Page subtitle 20pt non bold 22 77 146 Heading Font color – 22 77 146 Line: 22 77 146 For CS 0 180 141A3: For client 22 77 146A1: Highlight in tables 218 219 221 188 208 222H2: H1: 14 Combined Proforma Numbers for Q2FY26 Financial Metrics Aster QCIL Merged Entity* = + (Figures for Q2FY26) Note 1. QCIL numbers are indicative and subject to statutory audit adjustments, if any 2. Combined Operating EBITDA is Post INDAS EBITDA adjusted for one-time & non-cash expenses, ESOP cost, movement in fair value of contingent consideration and variable O&M fee 3. RoCE is computed on average capital employed excl. revaluation reserves and CWIP and Intangibles 4. The PAT for Q2FY26 includes an amount of ₹ 20.3 Cr [Q2FY25 : 32.8 Cr] from the interest/gain earned on the investment of sale proceeds from the segregation of GCC vertical and excludes Rs 0.4 Cr relating to merger cost * Proforma financials for merged entity are subject to finalization and audit of the merged accounts. Actual amounts, losses or impact on net profit could materially differ from those that have been estimated. In addition, other factors that could cause actual results to differ materially from those estimated include harmonization of accounting policies and practices. Revenue (INR Cr) Operating EBITDA2 (INR Cr) Op EBITDA Margin % PBT Normalised PAT4 ROCE3 (%) 1,197 263 22.0% 181 110 20.9% 1,1931 287 24.1% 198 148 24.1% 2,390 550 23.0% 379 258 22.6% YoY Growth 13% 17% 21% 22%
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218 219 221 206 231 254 0 180 141 0 72 57 74 144 228 148 176 200 129 129 129 22 77 146 A8: A3: A4: A5: A6: A2: A1: A7: Excel color scheme Page title 24 pt 22 77 146 Page subtitle 20pt non bold 22 77 146 Heading Font color – 22 77 146 Line: 22 77 146 For CS 0 180 141A3: For client 22 77 146A1: Highlight in tables 218 219 221 188 208 222H2: H1: 15 Combined Proforma Numbers for Q2FY26 Notes: 1. Includes WIMS 2. Includes Nagercoil facility (Tamil Nadu) which was operationalized in Sep’24 3. Refers to total capacity beds as of Sep‘25 Operational Metrics (Figures for Q2 FY26) Aster QCIL Merged Entity* = + No. of Hospitals (Nos) 191 192 38 City Presence (Nos) 15 14 27 Beds Capacity3 (Nos) 5,195+ 5,165+ 10,360+ Occupancy (%) 64% 65% 64% ARPP IP (INR) 118,552 121,734 Total Patient Volume (Mn) 1.03 2.02 * Proforma numbers for merged entity are subject to finalization and audit of the merged accounts. Actual amounts, losses or impact on net profit could materially differ from those that have been estimated. In addition, other factors that could cause ac tual results to differ materially from those estimated include harmonization of accounting policies and practices. 125,243 1.00 4% 10% 8% YoY Growth
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218 219 221 206 231 254 0 180 141 0 72 57 74 144 228 148 176 200 129 129 129 22 77 146 A8: A3: A4: A5: A6: A2: A1: A7: Excel color scheme Page title 24 pt 22 77 146 Page subtitle 20pt non bold 22 77 146 Heading Font color – 22 77 146 Line: 22 77 146 For CS 0 180 141A3: For client 22 77 146A1: Highlight in tables 218 219 221 188 208 222H2: H1: Merger Implementation – Progress Update Expected timeline for the completion of the Merger: Q1FY27 Transaction Announcement In Nov’24, Company announced: Merger of Quality Care with the Company (“Merger”) and Preferential allotment of ~3.6% stake to Blackstone and TPG in the Company in lieu of initial acquisition of 5.0% stake in Quality Care by the Company (“Share Swap”) Share Swap Company has received shareholders approval, CCI approval and stock exchange approval Post receipt of the statutory approvals, company has completed the Share Swap, thereby owing 5.0% stake in Quality Care and the shares issued by Aster to Blackstone and TPG are now listed on the stock exchanges Company has received no-objection letter with no adverse observations from the Stock Exchanges/ SEBI, and now the Company will approach NCLT NCLT Approval and Listing Post application to NCLT, shareholders’ meeting will be scheduled to consider and approve the Merger NCLT to review the application post receipt of shareholders’ approval and once approved, Merger will be made effective and new shares of the company will be issued CCI Approval Company has received the CCI approval for the Share Swap and the Merger 17 NOC highlight Stock Exchanges/ SEBI NOC (Merger) Latest in Q2
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Aster DM - Performance Details
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218 219 221 206 231 254 0 180 141 0 72 57 74 144 228 148 176 200 129 129 129 22 77 146 A8: A3: A4: A5: A6: A2: A1: A7: Excel color scheme Page title 24 pt 22 77 146 Page subtitle 20pt non bold 22 77 146 Heading Font color – 22 77 146 Line: 22 77 146 For CS 0 180 141A3: For client 22 77 146A1: Highlight in tables 218 219 221 188 208 222H2: H1: 18 Financial Summary – Profitability Statement Particulars Q2FY26 Q2FY25 YoY % Q1FY26 QoQ% Revenue from Operations 1,197 1,086 10% 1,078 11% Material Cost2 271 237 247 Doctors Cost 257 236 240 Employee Cost 212 193 195 Other Cost 194 187 181 Operating EBITDA 263 233 13% 215 22% Employee Stock Option Expenses 4 2 1 Movement in FV of contingent consideration payable 0 3 0 Variable operation and management fees 10 8 7 EBITDA Post INDAS 250 220 14% 207 20% Depreciation 66 62 63 Finance Cost 31 31 31 Other Income 28 35 33 Profit Before Tax 181 161 12% 147 24% Tax 46 53 43 Profit After Tax (Before exceptional item) 136 108 25% 104 31% Exceptional Item 0 0 -4 Profit After Tax3 135 108 25% 99 36% Share of Profit/(Loss) of Associates -14 -3 -6 NCI 11 9 8 Profit After Tax (Post Non-Controlling Interest) 110 97 14% 86 29% Normalised PAT3 110 97 14% 90 23% 1. Above numbers are in INR crore. 2. Operating EBITDA Margin excluding Whitefield is 25.9% in Q2FY26 as compared to 27.9% in Q2FY25, 25.0% in H1 FY26 as compared to 25.8% in H1FY25. 3. Normalised PAT for Q2 and H1FY26 excludes an amount of ₹ Rs 0.4 Cr and Rs. 4.8 Cr for project unity transaction cost, respect ively. EBITDA Pre INDAS 224 196 14% 181 24% 19 H1FY26 H1FY25 YoY % 2,275 2,088 9% 518 466 497 462 407 384 375 366 478 410 17% 4 5 0 5 17 16 457 383 19% 129 123 62 61 61 84 328 284 15% 88 92 239 192 25% -5 0 235 192 22% -20 -5 19 16 196 171 14% 200 171 17% 405 340 19%
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218 219 221 206 231 254 0 180 141 0 72 57 74 144 228 148 176 200 129 129 129 22 77 146 A8: A3: A4: A5: A6: A2: A1: A7: Excel color scheme Page title 24 pt 22 77 146 Page subtitle 20pt non bold 22 77 146 Heading Font color – 22 77 146 Line: 22 77 146 For CS 0 180 141A3: For client 22 77 146A1: Highlight in tables 218 219 221 188 208 222H2: H1: 19 Financial Summary- Balance Sheet Particulars (INR Cr) As at Sep 30, 2025 As at Mar 31, 2025 As at Mar 31, 2024 LIABILITIES Shareholders’ Equity 518 500 500 Minority Interest 239 224 158 Other Reserves 3,555 2,469 2,353 Land Revaluation Reserve 460 460 460 Gross Debt 639 642 669 Lease Liabilities - INDAS116 1,450 1,376 714 Other non-current liabilities 245 246 429 Other current liabilities 701 690 581 Total Liabilities 7,809 6,607 5,865 ASSETS Property, Plant and Equipment (including CWIP) 2,863 2,694 2,474 Investments (including Goodwill) 1,447 508 278 Right to Use Assets - INDAS116 1,297 1,255 608 Inventories 93 93 111 Cash, Bank Balance and Current Investments 1,276 1,381 1,570 Other non-current assets 323 247 285 Other current assets 510 429 541 Total Assets 7,809 6,607 5,865 Key financial ratios As at Sep 30, 2025 As at Mar 31, 2025 As at Mar 31, 2024 Net Debt and Lease Liabilities/Equity ratio (x times) (Ex. Affinity) 0.2 0.2 0.6 Net Debt and Lease Liabilities/EBITDA ratio (x times) 1.0 0.8 2.2 Net Debt /EBITDA (Pre INDAS) ratio (x times) -0.9 -1.1 1.1 ROCE - Pre-Tax (%) (EBIT / Average Capital Employed) 20.9% 19.5% 16.4% 20
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218 219 221 206 231 254 0 180 141 0 72 57 74 144 228 148 176 200 129 129 129 22 77 146 A8: A3: A4: A5: A6: A2: A1: A7: Excel color scheme Page title 24 pt 22 77 146 Page subtitle 20pt non bold 22 77 146 Heading Font color – 22 77 146 Line: 22 77 146 For CS 0 180 141A3: For client 22 77 146A1: Highlight in tables 218 219 221 188 208 222H2: H1: 20 Kerala 53% [53%] Karnataka & Maharashtra 35% [35%] Andhra & Telangana 12% [12%] Contribution from Oncology increased to 11% in Q2FY26 from 9% in Q2FY25 1. Geographical Revenue Mix refers to the revenue from hospitals only 2. MVT: Medical Value Travel; TPA: Third Party Administrator; ESI: Employee State Insurance 3. ECHS: Ex -Servicemen Contributory Health Scheme; CGHS: Central Government Health Scheme 4. Numbers in brackets are for corresponding quarter prior year Geographical Revenue Mix1 Q2FY26 Specialty-wise Revenue Mix Q2FY26 Payor Revenue Mix Q2FY26 Multi Speciality, 17% [19%] OP Pharmacy, Anaestheolgy, 14% [14%] Cardiac Sciences , 14% [14%] Neuro Sciences, 11% [11%] Oncology, 11% [9%] Gastroenterology and Integrated Liver Care, 8% [8%] Orthopaedics, 7% [6%] Nephrology And Urology, 7% [7%] Women's Health, 5% [5%] Child and Adolscent Health, 6% [7%] Hospitals & Clinics Revenue Mix No single specialty accounts for more than 15% of total revenue. 21 Walk In 55% [58%] TPA/Insurance 31% [30%] ESI/ECHS/C GHS3 5% [3%] MVT2 5% [4%] Corporate 3% [3%] State/Central Schemes 1% [2%] Others 1% [1%]
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218 219 221 206 231 254 0 180 141 0 72 57 74 144 228 148 176 200 129 129 129 22 77 146 A8: A3: A4: A5: A6: A2: A1: A7: Excel color scheme Page title 24 pt 22 77 146 Page subtitle 20pt non bold 22 77 146 Heading Font color – 22 77 146 Line: 22 77 146 For CS 0 180 141A3: For client 22 77 146A1: Highlight in tables 218 219 221 188 208 222H2: H1: 21 21 Maturity Wise Hospital Performance – Q2FY26 Maturity Hospitals3 Revenue4 (INR in Cr) Operational Beds5 (Census) Key Performance indicators ARPOB Operating EBITDA 4 (INR Cr) Operating EBITDA %4 ROCE Over 7 Years ₹ 52,300 3-7 Years2 ₹ 45,400 0-3 Years1 ₹ 49,100 10 ₹214 3 ₹40 71% ₹807 69% 2,638 15% ₹178 16% 622 18 1,143 3,824 50,600 283 24.7% 26% 1. 0-3 Years Hospitals include: Aster Whitefield Hospital, Aster Narayanadri , Ramesh (IB), Aster G Madegowda , Aster PMF 2. 3-7 Years Hospital include : Aster RV, Aster MIMS Kannur & Aster Mother Hospital Areekode 3. Wayanad Institute of Medical Sciences (WIMS) details are not included above. Considering WIMS, count of hospitals in India is 19 4. Revenue and Operating EBITDA shown above excludes other income 5. Operational Beds (Census) are beds as on 30th Sep, 2025. 5 ₹29 14% ₹159 15% 564 26.5% 22.5% 18.2% 34% 24% 5% 22
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218 219 221 206 231 254 0 180 141 0 72 57 74 144 228 148 176 200 129 129 129 22 77 146 A8: A3: A4: A5: A6: A2: A1: A7: Excel color scheme Page title 24 pt 22 77 146 Page subtitle 20pt non bold 22 77 146 Heading Font color – 22 77 146 Line: 22 77 146 For CS 0 180 141A3: For client 22 77 146A1: Highlight in tables 218 219 221 188 208 222H2: H1: 22 Hospital and other New Business Performance – Q2FY26 Labs Margins 1. Wholesale Pharmacy Revenue 2. Aster India overall numbers are after eliminations of INR 34 Cr (Q2FY25: 33 Cr.) of intercompany revenue and INR 28 Cr. (Q2FY25: INR 23 Cr.) of unallocated expenses. 3. Operating EBITDA for the period Q2FY26 excludes the ESOP Cost of Rs. 3.5 Cr [Q2 FY25: 2.2 Cr], Movement in fair value of contingent consideration payable of Rs. Nil Cr [Q2FY25 : 2.7 Cr] , Variable O&M fee amounting to Rs.9.7 Cr [Q2FY25 : 8.3 Cr]. [Our Operating & Management (O&M) agreements, encompasses both fixed and variable component. While the fixed component of the O&M fee is delineated into depreciation and finance costs as per Ind AS 116, whereas the variable component falls outside the scope of IndAS 116, leading to an incomplete reflection of the standard's impact in EBITDA] * Strategic exit from certain loss-making unit in the wholesale Pharmacy business led to the change in Pharmacy Revenue impact and EBITDA improvement 23 Hospitals and Clinics Revenue Operating EBITDA 3 INR 7 Cr INR 1,160 Cr INR 283 Cr INR 41 Cr YoY Revenue Growth 10% 15% 24% 18% YoY Revenue Growth INR 1,197 Cr INR 263 Cr 22% Margins Margins Margins 94% 3% YoY Revenue Growth 10%100% % of Revenue India Overall 2 *Pharmacies 1 YoY Revenue Growth -7% INR 31 Cr INR 0.4 Cr 1.4% Margins 3% Labs
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218 219 221 206 231 254 0 180 141 0 72 57 74 144 228 148 176 200 129 129 129 22 77 146 A8: A3: A4: A5: A6: A2: A1: A7: Excel color scheme Page title 24 pt 22 77 146 Page subtitle 20pt non bold 22 77 146 Heading Font color – 22 77 146 Line: 22 77 146 For CS 0 180 141A3: For client 22 77 146A1: Highlight in tables 218 219 221 188 208 222H2: H1: 23 Revenue Contribution1 2,661 Total Capacity Beds 695 359 425 164 140 878 Kerala Cluster: Hospitals and Bed Capacity 24 MIMS Calicut Kozhikode, Kerala 2013, Owned MIMS Kottakkal Kottakkal, Kerala 2013, Owned Aster Medcity Kochi, Kerala 2014, Owned MIMS Kannur Kannur, Kerala 2019, Owned Aster Mother Hospital Areekode, Kerala 2022, O&M Asset Light Aster PMF Kollam, Kerala 2023, O&M Asset Light Planned Expansion 554 Beds Planned for Expansion post commissioning of 264 beds at MIMS Kasargod 454 Greenfield Beds 100 Brownfield Beds • Kerala to have nearly ~3,500 beds • Aster Medcity on its way to become a 950+ bedded hospital Aster Capital Trivandrum 454 beds Aster MIMS Kasargod 264 beds Aster Medcity Kerala 100 beds (Expansion) Commissioned on October 2nd, 2025 53% 1. Hospital Revenue Contribution Capacity Beds
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218 219 221 206 231 254 0 180 141 0 72 57 74 144 228 148 176 200 129 129 129 22 77 146 A8: A3: A4: A5: A6: A2: A1: A7: Excel color scheme Page title 24 pt 22 77 146 Page subtitle 20pt non bold 22 77 146 Heading Font color – 22 77 146 Line: 22 77 146 For CS 0 180 141A3: For client 22 77 146A1: Highlight in tables 218 219 221 188 208 222H2: H1: 24 23.9% 26.1% H1FY25 H1FY26 259 306 H1FY25 H1FY26 1,087 1,172 H1FY25 H1FY26 11.2% 14.2% 13.2% 19.4% 21.0% 21.4% 23.4% FY19 FY20 FY21 FY22 FY23 FY24 FY25 701 875 935 1,318 1,690 2,007 2,108 FY19 FY20 FY21 FY22 FY23 FY24 FY25 78 124 124 255 356 430 493 FY19 FY20 FY21 FY22 FY23 FY24 FY25 Revenue (In INR Cr) Operating EBITDA 1 (In INR Cr) Operating EBITDA Margin 1 (In %) 1. From FY19 to FY22 is reported as EBITDA and FY23 onwards it is operating EBITDA Financial Metrics Q2FY26 Q2FY25 YoY Q1FY26 QoQ Revenue 620 559 11% 552 12% Op. EBITDA 166 140 19% 140 19% Op. EBITDA Margin 26.8% 25.0% 180 bps 25.3% 150 bps Kerala Cluster - Performance Highlights: • Regaining growth momentum, Kerala cluster achieved its highest ever quarterly revenue up 11% YoY (12% QoQ) in Q2FY26 driven by growth in MVT and increase in Oncology revenue. o 6% YoY IP volume growth adjusted for seasonality; 13% QoQ increase in IP volumes, driving occupancy to 69% in Q2FY26 from 64% in Q1FY26 o MVT business revenue jumped by 49% YoY o ARPP (IP) grew 5% YoY, supported by higher MVT revenue, and an improved case mix led by Oncology. o Aster Medcity, our flagship hospital, revenue grew by 14% YoY supported by 7% growth in IP volume. • Operating EBITDA grew significantly by 19% YoY with margin expanding to 26.8% in Q2FY26, led by cost efficiencies and operating leverage in manpower and overhead costs.
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218 219 221 206 231 254 0 180 141 0 72 57 74 144 228 148 176 200 129 129 129 22 77 146 A8: A3: A4: A5: A6: A2: A1: A7: Excel color scheme Page title 24 pt 22 77 146 Page subtitle 20pt non bold 22 77 146 Heading Font color – 22 77 146 Line: 22 77 146 For CS 0 180 141A3: For client 22 77 146A1: Highlight in tables 218 219 221 188 208 222H2: H1: 25 Revenue Contribution1 1,491 Total Capacity Beds 380 252 250 100 Karnataka & Maharashtra Cluster: Hospitals and Bed Capacity 26 Planned Expansion 35% 1,430+ Beds Planned for Expansion 930 Greenfield Beds 500+ Brownfield Beds • Strengthening leadership position in Bangalore by adding 430 beds at Sarjapur and 500 beds at Yeshwanthpur taking bed capacity to 2500+ beds 509 1. Hospital Revenue Contribution Capacity Beds Aster Sarjapur Bengaluru 430 beds Aster Yeshwanthpur Bengaluru 500 beds Aster CMI Bengaluru 350 beds (Expansion) Aster Whitefield Bengaluru 159 beds (Expansion) Aster CMI Bengaluru, Karnataka 2014, O&M Aster Whitefield Bengaluru, Karnataka 2021, Leased Aster RV Bengaluru, Karnataka 2019, O&M Aster Aadhar Kolhapur, Maharashtra 2008, Owned Aster G Madegowda Mandya, Karnataka 2023, O&M Asset Light
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218 219 221 206 231 254 0 180 141 0 72 57 74 144 228 148 176 200 129 129 129 22 77 146 A8: A3: A4: A5: A6: A2: A1: A7: Excel color scheme Page title 24 pt 22 77 146 Page subtitle 20pt non bold 22 77 146 Heading Font color – 22 77 146 Line: 22 77 146 For CS 0 180 141A3: For client 22 77 146A1: Highlight in tables 218 219 221 188 208 222H2: H1: 26 9.2% 9.5% 7.6% 12.6% 18.4% 19.7% 22.8% FY19 FY20 FY21 FY22 FY23 FY24 FY25 696 776 H1FY25 H1FY26 164 185 H1FY25 H1FY26 23.5% 23.8% H1FY25 H1FY26 310 442 433 655 817 1100 1408 FY19 FY20 FY21 FY22 FY23 FY24 FY25 28 42 33 83 150 217 321 FY19 FY20 FY21 FY22 FY23 FY24 FY25 Karnataka & Maharashtra Cluster - Performance Revenue (In INR Cr) Operating EBITDA 1 (In INR Cr) Operating EBITDA Margin 2 1. From FY19 to FY22 is reported as EBITDA and FY23 onwards it is operating EBITDA 2. Operating EBITDA Margin excluding Whitefield is 25.0% in H1FY26 as compared to 25.8% in H1FY25 Financial Metrics Q2FY26 Q2FY25 YoY Q1FY26 QoQ Revenue 405 367 10% 372 9% Op. EBITDA 99 94 6% 86 15% Op. EBITDA Margin 24.5% 25.6% -110 bps 23.2% 130 bps Highlights: ▪ Revenue grew 10% YoY supported by healthy growth in Aster Whitefield and strong ARPP (IP) improvement o 6% YoY growth in IP volume (adjusted for seasonality and exit from scheme business in Aster Aadhar) reflects higher contribution from CONGO mix. o Excluding scheme and seasonality, ARPP IP grew by 11% YoY driven by higher contributions from high-value procedures, mainly in Oncology and Neurosciences o Aster Whitefield revenue grew by 27% YoY in Q2FY26. ▪ Operating EBITDA grew by 6% YoY (15% QoQ) despite higher material costs on account of growth in medical oncology services. 27
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218 219 221 206 231 254 0 180 141 0 72 57 74 144 228 148 176 200 129 129 129 22 77 146 A8: A3: A4: A5: A6: A2: A1: A7: Excel color scheme Page title 24 pt 22 77 146 Page subtitle 20pt non bold 22 77 146 Heading Font color – 22 77 146 Line: 22 77 146 For CS 0 180 141A3: For client 22 77 146A1: Highlight in tables 218 219 221 188 208 222H2: H1: 27 Revenue Contribution1 1,047 Total Capacity Beds 150 150 135 54 50 350 Andhra & Telangana Cluster: Hospitals and Bed Capacity 28 Planned Expansion 12% Aster Ramesh Ongole 75 Beds (Expansion) Aster W&C Hyderabad 300 Beds 375+ Beds Planned for Expansion 300 Greenfield Beds 75 Brownfield Beds • Andhra & Telangana cluster to reach 1422 beds • Aster W&C hospital at Hyderabad is expected to be commissioned in H1FY27 with 300 bed capacity 158 Ramesh Guntur Guntur, AP 2016, Leased Prime Hospitals – Ameerpet Hyderabad, Telangana 2014, Leased Ramesh Sanghamitra Ongole, AP 2018, Owned Aster Narayanadri Tirupati, AP 2023, O&M Asset Light Ramesh Main Centre Vijayawada, AP 2016, Leased Ramesh Labbipet Vijayawada, AP 2016, Leased Ramesh Adiran (IB) Vijayawada, AP 2023, Leased 1. Hospital Revenue Contribution Capacity Beds
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218 219 221 206 231 254 0 180 141 0 72 57 74 144 228 148 176 200 129 129 129 22 77 146 A8: A3: A4: A5: A6: A2: A1: A7: Excel color scheme Page title 24 pt 22 77 146 Page subtitle 20pt non bold 22 77 146 Heading Font color – 22 77 146 Line: 22 77 146 For CS 0 180 141A3: For client 22 77 146A1: Highlight in tables 218 219 221 188 208 222H2: H1: 28 236 253 H1FY25 H1FY26 30 27 H1FY25 H1FY26 11.9% 14.8% 16.2% 18.7% 9.3% 10.0% 12.7% FY19 FY20 FY21 FY22 FY23 FY24 FY25 Andhra & Telangana - Performance Revenue (In INR Cr) Operating EBITDA 1 (In INR Cr) Operating EBITDA Margin (In %) 303 314 279 370 344 412 473 FY19 FY20 FY21 FY22 FY23 FY24 FY25 36 47 45 69 32 41 60 FY19 FY20 FY21 FY22 FY23 FY24 FY25 1. From FY19 to FY22 is reported as EBITDA and FY23 onwards it is operating EBITDA 12.8% 10.7% H1FY25 H1FY26 Highlights: ▪ Aster increased its stake in Aster Ramesh Hospitals by 13% taking the total stake to over 70% ▪ Revenue grew 8% YoY (14% QoQ) led by growth in IP volume and ARPP (IP) o IP volume increased by 4% YoY (16% QoQ) o ALOS improved by 7% YoY to 3.6 days in Q2FY26 from 3.9 days in Q2FY25 o ARPP IP remained healthy with 4% YoY growth, indicating better case mix ▪ YoY Operating EBITDA decreased marginally by 5% on account of higher manpower cost. However, on QoQ basis it almost doubled. 29 Financial Metrics Q2FY26 Q2FY25 YoY Q1FY26 QoQ Revenue 135 125 8% 118 14% Op. EBITDA 18 19 -5% 9 91% Op. EBITDA Margin 13.2% 15.0% -180 bps 7.9% 530 bps
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Capex
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218 219 221 206 231 254 0 180 141 0 72 57 74 144 228 148 176 200 129 129 129 22 77 146 A8: A3: A4: A5: A6: A2: A1: A7: Excel color scheme Page title 24 pt 22 77 146 Page subtitle 20pt non bold 22 77 146 Heading Font color – 22 77 146 Line: 22 77 146 For CS 0 180 141A3: For client 22 77 146A1: Highlight in tables 218 219 221 188 208 222H2: H1: 30 30 264 75 159 300 454 300 350 100 130 500 7,831 5,199 Leased Leased Leased Leased Owned Leased O&M Owned Leased Leased Current Projected FY26 : 498 beds FY27 : 1,054 beds Following the commissioning of the 264 -bed Aster MIMS Kasaragod, further addition of 2,300+ beds is planned, taking the total bed capacity to over 7,800 beds. Beyond FY27 : 1,080 beds Hospitals: Pipeline Projects Projects Current Status : *Aster Whitefield block D, Aster Ramesh Ongole, Aster W&C Hyderabad and Aster Capital are in Construction phase ** Aster CMI, Aster Medcity (PMR block), Aster Sarjapur and Yeshwanthpur are in design phase. Brownfield: - 684 beds; Greenfield: - 1,948 beds. Aster MIMS Kasargod Aster Ramesh Ongole* Aster Whitefield Block D* Aster W&C Hyderabad* Aster Capital* Trivandrum Aster Sarjapur** Phase I Aster CMI** (Expansion) Aster Medcity** Aster** Sarjapur Phase II Aster** Yeshwanthpur 6,8307,831 31 Operationalized in October 2025
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218 219 221 206 231 254 0 180 141 0 72 57 74 144 228 148 176 200 129 129 129 22 77 146 A8: A3: A4: A5: A6: A2: A1: A7: Excel color scheme Page title 24 pt 22 77 146 Page subtitle 20pt non bold 22 77 146 Heading Font color – 22 77 146 Line: 22 77 146 For CS 0 180 141A3: For client 22 77 146A1: Highlight in tables 218 219 221 188 208 222H2: H1: 31 31 Greenfield Expansion Aster Capital, Trivandrum Multispecialty | 454 Beds (Phase 1) Construction start date : July 2024 Floors : G+7 Floors 6.5 Acre Land – Owned 6.2 lakh sq.ft Built up Area incl. MLCP area Expected Timeline : H2FY27 Civil works completed. MEP work in progress on site. Aster W&C, Hyderabad Mother and Child Care | 300 Beds Construction start date : June 2025 Floors : A block G+11 Floors and B block G+5 Floors, 3B common 2 Acre Land – Leased 3.23 lakhs sq.ft Built up Area Expected Timeline : H1FY27 Construction started. Civil work in progress Aster Yeshwanthpur , Bangaluru Multispecialty | 500 Beds 30 year long term Lease 5 lakhs sq.ft Built up Area Total Investment: INR 580 Cr To be operational by H2FY29 Architectural and design phase. Aster Sarjapur, Bengaluru Multispecialty | 430 Beds in two phases Design Phase 30 year long term Lease 4.2 lakhs sq.ft Built up Area Expected Timeline: 300 beds by H2FY27 | 130 beds by FY29 Architectural and design phase. 32Note: Image used for representation purposes only; actual appearance may vary.
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218 219 221 206 231 254 0 180 141 0 72 57 74 144 228 148 176 200 129 129 129 22 77 146 A8: A3: A4: A5: A6: A2: A1: A7: Excel color scheme Page title 24 pt 22 77 146 Page subtitle 20pt non bold 22 77 146 Heading Font color – 22 77 146 Line: 22 77 146 For CS 0 180 141A3: For client 22 77 146A1: Highlight in tables 218 219 221 188 208 222H2: H1: 32 32 Brownfield Expansion Multispecialty | Current : 150 Beds Bed Expansion : 75 Beds Ownership: Leased Expected Timeline : H2FY26 Significant construction work is completed. Certification from external Chartered Engineer is pending. Multispecialty | Current : 878 Beds Bed Expansion :100 Beds Ownership: Owned Expected Timeline : H1FY28 Waiting for statutory approvals. All design and other pre-construction activities completed Aster CMI Multispecialty | Current : 509 Beds Bed Expansion : 350 Beds Ownership: Leased (O&M) Expected Timeline : H1FY28 Architectural and design phase. Ongoing expansions at key hospitals to result in large-format facilities: Medcity – 950+ beds, CMI – 850+ beds, and Whitefield – 530+ beds, strengthening our ability to meet growing regional demand Aster Whitefield Multispecialty | Current : 380 Beds Bed Expansion : 159 Beds Ownership : Leased Expected Timeline : H2FY26 Interior works are in progress. Aster Medcity Aster Ramesh Ongole 33
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218 219 221 206 231 254 0 180 141 0 72 57 74 144 228 148 176 200 129 129 129 22 77 146 A8: A3: A4: A5: A6: A2: A1: A7: Excel color scheme Page title 24 pt 22 77 146 Page subtitle 20pt non bold 22 77 146 Heading Font color – 22 77 146 Line: 22 77 146 For CS 0 180 141A3: For client 22 77 146A1: Highlight in tables 218 219 221 188 208 222H2: H1: 33 ✓ Leveraging technology & digital medium for superior patient outcomes and reach Growth Strategy ✓ Focusing more on niche specialties to drive better ARPOB ✓ Optimizing existing facilities – Payor mix & high-end procedures ✓ Enhancing efficiency and lower operational expenses, thereby improving EBITDA margins ✓ Creating 360-degree ecosystem by gradually establishing labs and pharmacies ✓ Investing prudently in both brownfield (expanding existing units) and greenfield projects across clusters and opportunistically exploring inorganic opportunities Focus Areas Our Strategic Priorities E D C A B 34 ✓ Obtained multiple key approvals and seeking remaining regulatory approvals to complete the merger transaction F Capital Investment Operational Efficiency Cost Optimisation Initiatives Continuity of Care Technology & Digital ✓ Commenced making progress across multiple key areas of Integration Planning G Merger Implementation Merger Integration
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Appendix
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218 219 221 206 231 254 0 180 141 0 72 57 74 144 228 148 176 200 129 129 129 22 77 146 A8: A3: A4: A5: A6: A2: A1: A7: Excel color scheme Page title 24 pt 22 77 146 Page subtitle 20pt non bold 22 77 146 Heading Font color – 22 77 146 Line: 22 77 146 For CS 0 180 141A3: For client 22 77 146A1: Highlight in tables 218 219 221 188 208 222H2: H1: 35 Aster at a Glance 1. Presence and Operational metrics are as on September 30, 2025 2. Count includes 4 O&M Asset Light hospital beds with a capacity of 554 beds 3. Pharmacies in India operated by ARPPL under brand license from Aster 4. Operating EBITDA Margin has been rounded off 5. Five Year Revenue & Operating EBITDA CAGR and 5 Year Capex are till the year ending FY25 6. Kerala hospital and bed count excludes WIMS. PECs: Patient Experience Centers ; ALOS: Average Length of Stay; ARPOB: Average revenue per occupied bed; Andhra & Telangana Andhra Pradesh Hospital: 6, Beds: 889 Telangana Hospital: 1, Beds: 158 Kerala Hospital6: 6, Beds: 2,661 Karnataka & Maharashtra Maharashtra Hospital: 1, Beds: 250 Karnataka Hospital: 4, Beds: 1,241 Financial metrics (H1FY26) Our Presence/Strength1 Operational metrics (H1FY26) 192 Hospitals 15 Cities and 5 States 5,199 Capacity beds Op. EBITDA Margin: 21%4 38% 5 Year CAGR5 Revenue INR 2,275 Cr 20% 5 Year CAGR5 Capex INR 302 Cr ~INR 1,230 Cr 5 Year Capex5 61% Occupancy INR 50,400 ARPOB 3.1 days ALOS 203 Pharmacies3 283 Labs and PECsClinics 10 36
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218 219 221 206 231 254 0 180 141 0 72 57 74 144 228 148 176 200 129 129 129 22 77 146 A8: A3: A4: A5: A6: A2: A1: A7: Excel color scheme Page title 24 pt 22 77 146 Page subtitle 20pt non bold 22 77 146 Heading Font color – 22 77 146 Line: 22 77 146 For CS 0 180 141A3: For client 22 77 146A1: Highlight in tables 218 219 221 188 208 222H2: H1: 36 “We’ll treat you well” Our Promise Our Vision and Core Values “Surpassing current benchmarks constantly by continually challenging its ability and skills to take the organisation to greater heights” - Albert Einstein Excellence “Going the extra mile willingly, with a complete sense of belongingness and purpose while adding value to the stakeholders” - Steve Jobs Passion “Treating people with utmost dignity, valuing their culture contributions and fostering a culture that allows each individual to rise to their fullest potential” - Mahatma Gandhi Respect “Going beyond boundaries with empathy and care” - Mother Teresa Compassion “Harnessing the power of synergy and engaging people for exponential performance and results” - H.H. Sheikh Zayed Bin Sultan Al Nahyan Unity “Doing the right thing without any compromises and embracing a higher standard of conduct” - Nelson Mandela IntegrityA caring Mission with a global vision to serve the world with accessible and affordable quality healthcare Our Vision Our Values Dr. Azad Moopen Founder Chairman & Managing Director 37
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218 219 221 206 231 254 0 180 141 0 72 57 74 144 228 148 176 200 129 129 129 22 77 146 A8: A3: A4: A5: A6: A2: A1: A7: Excel color scheme Page title 24 pt 22 77 146 Page subtitle 20pt non bold 22 77 146 Heading Font color – 22 77 146 Line: 22 77 146 For CS 0 180 141A3: For client 22 77 146A1: Highlight in tables 218 219 221 188 208 222H2: H1: 37 212 201 407 538 688 875 FY20 FY21 FY22 FY23 FY24 FY25 1,631 1,647 2,343 2,851 3,519 3,990 FY20 FY21 FY22 FY23 FY24 FY25 21 -9 176 274 366 513 FY20 FY21 FY22 FY23 FY24 FY25 (In INR Cr) (In INR Cr) Hospital ROCE (In %) Hospital EBITDA and Margin (In INR Cr) Note: 1. Operating EBITDA for the period H1FY26 excludes the ESOP Cost of Rs. 4.4 Cr [H1FY25: 5.1 Cr], Movement in fair value of contingent consideration payable of Rs. Nil Cr [H1FY25 : 5.4 Cr] , Variable O&M fee amounting to Rs.16.9 Cr [H1FY25 : 16.5 Cr]. [Our Operating & Management (O&M) agreements, encompasses both fixed and variable component. While the fixed component of the O&M fee is delineated into depreciation and finance costs as per Ind AS 116, whereas the variable component falls outside the scope of IndAS 116, leading to an incomplete reflection of the standard's impact in EBITDA] Hospital Revenue Hospital Operating EBITDA and Margin1 Hospital PAT Hospital RoCE 22.4% 23.5% 20% Margin17% 19% 2,019 2,202 H1FY25 H1FY26 453 518 H1FY25 H1FY26 3% 2% 15% 20% 23% 25% FY20 FY21 FY22 FY23 FY24 FY25 24% 26% H1FY25 H1FY26 267 331 H1FY25 H1FY26 22%13% 12% Hospital Financial Trends 38
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218 219 221 206 231 254 0 180 141 0 72 57 74 144 228 148 176 200 129 129 129 22 77 146 A8: A3: A4: A5: A6: A2: A1: A7: Excel color scheme Page title 24 pt 22 77 146 Page subtitle 20pt non bold 22 77 146 Heading Font color – 22 77 146 Line: 22 77 146 For CS 0 180 141A3: For client 22 77 146A1: Highlight in tables 218 219 221 188 208 222H2: H1: 38 Hospital Operational Trends 61% 56% 66% 68% 68% 65% FY20* FY21* FY22 FY23 FY24 FY25 2.2 1.5 2.2 2.9 3.3 3.6 FY20 FY21* FY22 FY23 FY24 FY25 No. of capacity beds 3,693 3,757 3,905 4,317 4,867 5,159 FY20 FY21 FY22 FY23 FY24 FY25 Total patient volumes 27.7 30.1 33.5 36.5 40.1 45.0 FY20 FY21 FY22 FY23 FY24 FY25 No. of Hospitals 3.5 3.9 3.7 3.4 3.4 3.2 FY20 FY21 FY22 FY23 FY24 FY25 ARPOBOccupancy1 ALOS (In %) (In INR ‘000) (Number of Days) (In Mn) 13 14 14 17 19 19 FY20 FY21 FY22 FY23 FY24 FY25 *Drop in Patient Volumes and Occupancy during FY20 and FY21 due to COVID | 1. Occupancy as per operational census bed 1.8 1.9 H1FY25 H1FY26 19 19 H1FY25 H1FY26 4,994 5,199 H1FY25 H1FY26 43.6 50.4 H1FY25 H1FY26 3.2 3.1 H1FY25 H1FY26 69% 61% H1FY25 H1FY26 Change in Occupancy reflects the addition of new beds as well as improvements in ALOS ARPOB growth is driven by improving case mix, optimized payor mix and seasonal impact ALOS improvement is aided by increased robotics procedures and efficient hospital operations 39
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218 219 221 206 231 254 0 180 141 0 72 57 74 144 228 148 176 200 129 129 129 22 77 146 A8: A3: A4: A5: A6: A2: A1: A7: Excel color scheme Page title 24 pt 22 77 146 Page subtitle 20pt non bold 22 77 146 Heading Font color – 22 77 146 Line: 22 77 146 For CS 0 180 141A3: For client 22 77 146A1: Highlight in tables 218 219 221 188 208 222H2: H1: 39 39 Geography wise Business – Snapshot – Q2FY26 KERALA KARNATAKA & MAHARASHTRA ANDHRA & TELANGANA TOTAL Q2FY26 Q2FY25 Q1FY26 Q2FY26 Q2FY25 Q1FY26 Q2FY26 Q2FY25 Q1FY26 Q2FY26 Q2FY25 Q1FY26 2,661 2,501 2,653 1,491 1,446 1,497 1,047 1,047 1,047 5,199 4,994 5,197 2,006 1,898 2,014 1,015 1,010 1,027 803 781 791 3,824 3,689 3,832 655 573 639 372 359 366 170 192 182 1,197 1,124 1,187 - 30 - 104 77 104 74 74 74 178 181 178 2.9 3.1 3.0 3.2 3.1 3.1 3.6 3.9 3.7 3.1 3.2 3.1 69% 79% 64% 62% 68% 56% 55% 59% 50% 64% 72% 59% 0.63 0.58 0.53 0.22 0.20 0.20 0.11 0.10 0.09 0.95 0.89 0.82 44,127 43,278 39,172 18,011 20,174 16,958 11,246 10,766 9,673 73,384 74,218 65,803 48,000 40,600 46,800 69,100 57,600 70,100 32,400 29,000 32,200 50,600 43,000 50,200 1,02,068 97,032 1,02,384 1,79,846 1,43,754 1,71,861 85,065 81,594 86,888 1,18,552 1,07,492 1,18,011 Total Capacity Beds Operational Beds (Census) Operational Beds (Non-Census) Available Capacity Beds ALOS (Days) Occupancy1 Outpatient Visits (mn) In-patient visits ARPOB (INR) ARPP IP (INR) Notes: 1. Occupancy is calculated based on Operational Beds (Census). 2. Above details are for hospitals and does not relate to clinics 3. Data excludes Aster Wayanad 4. Operating EBITDA Margin excluding Whitefield is 25.9% in Q2FY26 as compared to 27.9% in Q2FY25, 23.9% in Q1FY26 5. Hospital only numbers 620 559 552 405 367 372 135 125 118 1,160 1,051 1,042 166 140 140 99 94 86 18 19 9 283 252 235 26.8% 25.0% 25.3% 24.5% 25.6% 23.2% 13.2% 15.0% 7.9% 24.4% 24.0% 22.6% Revenue Operating EBITDA Operating EBITDA Margin OperationalFinancial5 40
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218 219 221 206 231 254 0 180 141 0 72 57 74 144 228 148 176 200 129 129 129 22 77 146 A8: A3: A4: A5: A6: A2: A1: A7: Excel color scheme Page title 24 pt 22 77 146 Page subtitle 20pt non bold 22 77 146 Heading Font color – 22 77 146 Line: 22 77 146 For CS 0 180 141A3: For client 22 77 146A1: Highlight in tables 218 219 221 188 208 222H2: H1: 40 40 Geography wise Business – Snapshot – H1FY26 KERALA KARNATAKA & MAHARASHTRA ANDHRA & TELANGANA TOTAL H1FY26 H1FY25 H1FY26 H1FY25 H1FY26 H1FY25 H1FY26 H1FY25 2,661 2,501 1,491 1,446 1,047 1,047 5,199 4,994 2,006 1,898 1,015 1,010 803 781 3,824 3,689 655 573 372 359 170 192 1,197 1,124 - 30 104 77 74 74 178 181 2.9 3.1 3.2 3.1 3.7 3.9 3.1 3,2 66% 77% 59% 65% 52% 56% 61% 69% 1.16 1.10 0.41 0.39 0.20 0.19 1.78 1.67 83,299 82,858 34,969 37,975 20,919 20,132 1,39,187 1,40,965 47,400 41,200 69,600 58,600 32,300 29,100 50,400 43,600 1,02,217 98,390 1,75,974 1,44,267 85,908 82,766 1,18,296 1,08,517 Total Capacity Beds Operational Beds (Census) Operational Beds (Non-Census) Available Capacity Beds ALOS (Days) Occupancy1 Outpatient Visits (mn) In-patient visits ARPOB (INR) ARPP IP (INR) Notes: 1. Occupancy is calculated based on Operational Beds (Census). 2. Above details are for hospitals and does not relate to clinics 3. Data excludes Aster Wayanad 4. Operating EBITDA Margin excluding Whitefield is 25.0% in H1FY26 as compared to 25.8% in H1FY25 5. Hospital only numbers 1,172 1,087 776 696 253 236 2,202 2,019 306 259 185 164 27 30 518 453 26.1% 23.9% 23.8% 23.5% 10.7% 12.8% 23.5% 22.4% Revenue Operating EBITDA Operating EBITDA Margin OperationalFinancial5 41
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218 219 221 206 231 254 0 180 141 0 72 57 74 144 228 148 176 200 129 129 129 22 77 146 A8: A3: A4: A5: A6: A2: A1: A7: Excel color scheme Page title 24 pt 22 77 146 Page subtitle 20pt non bold 22 77 146 Heading Font color – 22 77 146 Line: 22 77 146 For CS 0 180 141A3: For client 22 77 146A1: Highlight in tables 218 219 221 188 208 222H2: H1: 41 Combined Proforma Numbers for H1FY26 Financial Metrics Aster QCIL Merged Entity* = + (Figures for Q2 FY26) Note 1. QCIL numbers are indicative and subject to statutory audit adjustments, if any 2. Combined Operating EBITDA is Post INDAS EBITDA adjusted for one-time & non-cash expenses, ESOP cost, movement in fair value of contingent consideration and variable O&M fee 3. RoCE is computed on average capital employed excl. revaluation reserves and CWIP and Intangibles 4. The PAT H1FY26 includes an amount of ₹ 42.1 Cr [H1FY25 : 59.4 Cr] from the interest/gain earned on the investment of sale proceeds from the segregation of GCC vertical and excludes Rs 4.8 Cr relating to merger cost * Proforma financials for merged entity are subject to finalization and audit of the merged accounts. Actual amounts, losses or impact on net profit could materially differ from those that have been estimated. In addition, other factors that could cause actual results to differ materially from those estimated include harmonization of accounting policies and practices. Revenue (INR Cr) Operating EBITDA2 (INR Cr) Op EBITDA Margin % PBT Normalised PAT4 ROCE3 (%) 2,275 478 21.0% 328 200 20.9% 2,2711 514 22.6% 336 252 24.1% 4,546 993 21.8% 664 452 22.6% YoY Growth 12% 19% 22% 24%
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218 219 221 206 231 254 0 180 141 0 72 57 74 144 228 148 176 200 129 129 129 22 77 146 A8: A3: A4: A5: A6: A2: A1: A7: Excel color scheme Page title 24 pt 22 77 146 Page subtitle 20pt non bold 22 77 146 Heading Font color – 22 77 146 Line: 22 77 146 For CS 0 180 141A3: For client 22 77 146A1: Highlight in tables 218 219 221 188 208 222H2: H1: 42 Combined Proforma Numbers for H1FY26 Financial Metrics Aster QCIL Merged Entity* = + (Figures for H1 FY26) Operational Metrics No. of Hospitals (Nos) 191 15 5,195+ 118,296 1.92 38 27 10,360+ 124,142 3.81 YoY Growth 4% 10% 8% City Presence (Nos) Beds Capacity3 (Nos) ARPP IP (INR) Total Patient Volume (Mn) Notes: 1. Includes WIMS 2. Includes Nagercoil facility (Tamil Nadu) which was operationalized in Sep’24 3. Refers to total capacity beds as of Sep ‘25 * Proforma numbers for merged entity are subject to finalization and audit of the merged accounts. Actual amounts, losses or impact on net profit could materially differ from those that have been estimated. In addition, other factors that could cause ac tual results to differ materially from those estimated include harmonization of accounting policies and practices. Occupancy (%) 61% 192 14 5,165+ 130,600 1.89 62% 62%
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218 219 221 206 231 254 0 180 141 0 72 57 74 144 228 148 176 200 129 129 129 22 77 146 A8: A3: A4: A5: A6: A2: A1: A7: Excel color scheme Page title 24 pt 22 77 146 Page subtitle 20pt non bold 22 77 146 Heading Font color – 22 77 146 Line: 22 77 146 For CS 0 180 141A3: For client 22 77 146A1: Highlight in tables 218 219 221 188 208 222H2: H1: 43 Revenue Synergies Supply Chain Integrated Doctor Model Lower Overheads Identified synergies to have a near-term EBITDA upside potential of 10-15%1 ✓ Adopt best marketing practices across Aster and QCIL to maximize patient outreach and conversion ✓ Strengthened initiatives to attract international patients ✓ Expanded coverage by insurance companies with integrated operations ✓ Rationalization of spends on procurement of drugs, consumables & other expenses through centralization ✓ Leveraging scale to negotiate, streamline vendors and enhance formulary compliance ✓ Broader base of star senior specialists and exchange of learnings ✓ Greater ability to attract and retain medical talent with state-of-the-art medical facilities ✓ Optimization of corporate functions ✓ Leverage best practices, technology and channel mix optimization Additional Synergies within QCIL ✓ Increased revenue potential from international patients, optimized RCM, and better realization ✓ Cost savings including improvement in material margin, manpower optimization, corporate overheads, and other indirect expenses Expected Synergies Post-Merger Notes: 1. As % of FY24 Pro -forma EBITDA of the merged entity
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218 219 221 206 231 254 0 180 141 0 72 57 74 144 228 148 176 200 129 129 129 22 77 146 A8: A3: A4: A5: A6: A2: A1: A7: Excel color scheme Page title 24 pt 22 77 146 Page subtitle 20pt non bold 22 77 146 Heading Font color – 22 77 146 Line: 22 77 146 For CS 0 180 141A3: For client 22 77 146A1: Highlight in tables 218 219 221 188 208 222H2: H1: 44 44 Board of Directors Non-Executive Director T. J. Wilson Non-Executive Director Shamsudheen Bin Mohideen Mammu Haji Independent Director Emmanuel David Gootam Maniedath Madhavan Nambiar Founder Chairman and Managing Director Dr. Azad Moopen Independent Director Purana Housdurgamvijaya Deepti Independent Director Deputy Managing Director Alisha Moopen Chenayappillil John George Independent Director Sunil Theckath Vasudevan Independent Director Non-Executive Director Dr. Zeba Azad Moopen Non-Executive Director Anoop Moopen Independent Director James Mathew 45
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218 219 221 206 231 254 0 180 141 0 72 57 74 144 228 148 176 200 129 129 129 22 77 146 A8: A3: A4: A5: A6: A2: A1: A7: Excel color scheme Page title 24 pt 22 77 146 Page subtitle 20pt non bold 22 77 146 Heading Font color – 22 77 146 Line: 22 77 146 For CS 0 180 141A3: For client 22 77 146A1: Highlight in tables 218 219 221 188 208 222H2: H1: 45 45 46 Leadership Team Dr. Azad Moopen Founder Chairman and Managing Director T. J. Wilson Group Head - Governance & Corporate Affairs Dr Somashekhar S P Chairman-Medical Advisory Board & Director – Aster International Institute of Oncology Sunil Kumar M R Chief Financial Officer Vineesh Kumar Ghei Country Head – Sales, Marketing & RCM Durga Prasanna Head – HR Ramesh Kumar S Chief Operating Officer Hitesh Dhaddha Chief Investor Relations & M&A officer Kannan Srinivas Director – Aster Health Academy . Hemish Purushottam Company Secretary Dr. Anup Warrier Chief – Medical Affairs & Quality Hari Prasad V K Head – Internal Audit, Risk & Compliance Hemakumar Nemmali Country Head – SCM & Central Procurement Dr. Prashanth N Chief Executive Officer – Karnataka Cluster 46 Sudeep Dey Chief – Information Officer & Information Security Officer Alisha Moopen Deputy Managing Director
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218 219 221 206 231 254 0 180 141 0 72 57 74 144 228 148 176 200 129 129 129 22 77 146 A8: A3: A4: A5: A6: A2: A1: A7: Excel color scheme Page title 24 pt 22 77 146 Page subtitle 20pt non bold 22 77 146 Heading Font color – 22 77 146 Line: 22 77 146 For CS 0 180 141A3: For client 22 77 146A1: Highlight in tables 218 219 221 188 208 222H2: H1: 46 Awards and Recognition Padmashree Dr. Azad Moopen and Pravasi Bharatiya Samman awardee Founder, Chairman and MD Ms. Alisha Moopen Deputy Managing Director • Recognised as • ‘Legend in the Healthcare Industry’ at the 19th Edition of FICCI Heal 2025 • Awarded the • ‘Healthcare Icon of the Year’ at the Economic Times Healthcare Awards 2025 • Honoured with • ‘Lifetime Achievement Award’ by Entrepreneur India 2025 • Honoured with the • ‘Healthcare Leader of the Year’ • award by Financial Express Healthcare Awards 2025 • Received ‘Lifetime Achievement Award’ in April 2025, by Association of Kerala Medical Graduates (AKMG) MARAAYA 2025 Convention • Named among Top 5 in Forbes Middle East’s Top Healthcare Leaders 2025 (Founders and Shareholders) • Dr. Azad Moopen honoured among • Forbes Middle East Sustainability Leaders 2025 for leading Aster’s journey towards a greener, more equitable healthcare future. • Received the ‘Dynamic Entrepreneur of the Year’ award at the Entrepreneur India Awards 2025 • Featured in the ‘Fortune India 100 Most Powerful Women’ in Business 2025 • Awarded ‘Women Entrepreneur of the year’ at Financial Express Awards 2025 • Named among Top 5 in Forbes Middle East’s Top Healthcare Leaders 2025 (Founders and Shareholders) • Honoured as ‘Healthcare Visionary Leader of the Year’ at the Economic Times Healthcare Leaders Awards 2025 (Middle East).
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218 219 221 206 231 254 0 180 141 0 72 57 74 144 228 148 176 200 129 129 129 22 77 146 A8: A3: A4: A5: A6: A2: A1: A7: Excel color scheme Page title 24 pt 22 77 146 Page subtitle 20pt non bold 22 77 146 Heading Font color – 22 77 146 Line: 22 77 146 For CS 0 180 141A3: For client 22 77 146A1: Highlight in tables 218 219 221 188 208 222H2: H1: 47 Hospital of the Year Best Hospital Chain & Healthcare Brand of the Year 2024 Best Hospital Chain of the Year 2024 AHPI Excellence in Healthcare Aster Medcity, Kochi – Excellence in Emergency services Aster DM Healthcare has been awarded Excellence in Mergers & Acquisitions by Business World Awards, Recognition and Rankings Aster MIMS Calicut & Kottakkal – Employees Centric Hospital Aster Medcity | Aster CMI |Aster MIMS Calicut Most Credible Hospitals 2025 Aster Medcity: All India Aster CMI : All India Best Multispecialty Hospital IndiaAster Medcity : All India Best Multispeciality Hospital Aster CMI : All India Best Multispecialty Hospital Aster Medcity : South Best Multispeciality Hospital Aster CMI : South Best Multispecialty Hospital Best Multispecialty Hospital Ranking 2025 Aster CMI, Bengaluru Aster Medcity, Kochi Comprehensive stroke centre certification Aster MIMS Calicut Global Hospital Rating 2 1 5 13 28 Aster Medcity, Kochi 3 Golds (Emergency & Critical Care, Neurosciences, Robotic Surgery) 1 Silver (Organ Transplant) Aster Whitefield Silver (Oncology, Neurosciences) Bronze (Multi-Specialty Care) Aster CMI Bronze in Multi-Specialty Care. Aster Digital Health won ‘Most Impactful Digital Transformation in Healthcare’ at the Elets Technomedia Healthcare Innovation Awards 2025. Times All India Critical Care Rankings 2025The Worlds Best Hospitals 2025 The COEs of Aster Medcity, Aster CMI and Aster MIMS are ranked under Top 10 Aster MIMS Calicut First hospital in India to receive certification & accreditation as a “Comprehensive Chest Pain Center by the American Heart Association” 48 ET Healthcare Awards Aster Medcity National for Organ Transplantation Aster CMI Oncology (South) Aster Whitefield Critical Care, Reconstructive Surgery Aster RV Organ Transplantation 2 1 6 Hospital of the Year Aster CMI (South) Technology Transformation Initiative of the Year Aster Whitefield Hospital won Technology Transformation Initiative of the Year award at FICCI Heal 2025
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218 219 221 206 231 254 0 180 141 0 72 57 74 144 228 148 176 200 129 129 129 22 77 146 A8: A3: A4: A5: A6: A2: A1: A7: Excel color scheme Page title 24 pt 22 77 146 Page subtitle 20pt non bold 22 77 146 Heading Font color – 22 77 146 Line: 22 77 146 For CS 0 180 141A3: For client 22 77 146A1: Highlight in tables 218 219 221 188 208 222H2: H1: 48 Best-in-class Medical Technology 31 Cathlabs 7 LINACs 17 MRI Machine 10 Robots Digital PET - CT The uMi 550 is an 80-slice digital PET/CT system delivering combined functional and anatomical imaging. Cuvis Joint is a robotic system for orthopaedic surgeries, specializing in knee and hip replacements A cost-effective robotic surgical system by Intuitive Surgical, designed to help hospitals adopt or expand robotic surgery programs Surgical Robot, SSI Mantra 3.0 Ortho Robot, ROSA Recon Surgical Robot, Da Vinci XI Philips Excimer Laser India’s first indigenous surgical robot. Cost effective with advanced features including telesurgery and tele- proctoring capabilities A robotic surgical system, specifically a stereotaxic instrumentation system, designed to assist surgeons in performing total/partial knee arthroplasty & THA Aster CMI becomes the first in Karnataka to install the advanced Philips Excimer Laser Atherectomy System for coronary and peripheral vascular procedures. Brain Lab, Loop X A surgical imaging system that provides intraoperative 2D and 3D imaging during spine, orthopaedic, and trauma surgeries. It acts as an intraoperative CT scanner O-arm Ortho Robot, Cuvis Mobile intraoperative imaging robot allowing neurosurgeons to obtain large, real-time field view of the patient during surgery 49
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49 Digital Initiatives Building Blocks for Future GrowthStrengthening Footprints Through a Robust Phygital Ecosystem Building the Digital Front Door to an Integrated Healthcare Experience Enabling Future Growth in Patient Funnel, Lifetime Value, and Clinical Outcomes Aggregating Hospitals, Labs, and Pharmacy services Enables anytime, anywhere patient access to healthcare services Data-Driven Patient Engagement Harnessing Online Behaviour, impacting patient care & Drive Enterprise Growth Digitizing Relationships, Personalizing Experiences, Powering Growth Radiology Reports and Images are now visible on the "Aster Health" App; enabled reduction of paper, films and CDs. Updates The "Aster Health" App has clocked over 2,00,000 downloads since its launch in November 2024, marking a milestone in digital convenience. Updates Live at 10 Hospitals Live at 2 Hospitals Live at 8 Hospitals Significant Expansion of Patient Base through Aster Health App Higher Patient Retention and Lifetime Value through Personalized Engagement via Aster Care Better Clinical Outcomes through Data- Driven Precision Care Operational Efficiency & Cost Optimization through integration of Hospital, Labs and Pharmacy Systems
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218 219 221 206 231 254 0 180 141 0 72 57 74 144 228 148 176 200 129 129 129 22 77 146 A8: A3: A4: A5: A6: A2: A1: A7: Excel color scheme Page title 24 pt 22 77 146 Page subtitle 20pt non bold 22 77 146 Heading Font color – 22 77 146 Line: 22 77 146 For CS 0 180 141A3: For client 22 77 146A1: Highlight in tables 218 219 221 188 208 222H2: H1: 50 50 ESG Milestones* E S G Waste reduction is achieved in FY25,, i.e. 18% from the previous year Reduction in Water consumption in FY25 i.e.~ 0.6% from previous year Energy Consumption sourced from renewable (solar & wind) energy at Aster CMI and RV, Bangalore INR 3.3 Mn~8,681 tCO2e 16,100+ Worth of reduction in Annual Paper Usage across all Aster facilities, i.e. 2.4% from the previous year Trees Planted in FY25 51 No. of People of determination in workforce in India 6,022 Free Medical camps conducted through the network of Aster Volunteers Mobile Medical Services (AVMMS) 7,047 Patients from economical poor background benefitted through Free/discounted surgeries worth of INR 5.74 crore 7,23,642 Beneficiaries of the Aster Volunteers Community engagement initiatives during FY25 25% 15 Women representation in Board of Directors Policies supporting Governance framework including ESG Policy, CSR policy, Business Responsibility policy, etc Employees participated for cyber security awareness program through a game - based learning methodology 3,200+ Mobile Medical services in India offering free health screening services in the regions where healthcare is least accessible 34 5 ~577 ton 97%+~7,414 KL Reduction in Carbon emission in FY25 through renewable energy resources 100% Resolution of reported whistleblowing cases Standalone Tele Medicine Centers (AVCMS) in Rajastha n, J&K, Karnataka and Gujarat 50% of the Board of Directors comprises Independent Directors 2,732 Employees participated in a week-long training program under a new initiative for adhering to our code of conduct *All numbers are based on FY25 Gold Award – Terrestrial Biodiversity Conservation & Afforestation Initiatives Aster India Platinum Award – Water Conservation Initiatives Global ESG Awards and Gulf Sustainability Awards 2025 Aster DM Healthcare won the Gold Award for the CSR Health System Strengthening Project at the 9th CSR Health Impact Awards Aster Volunteers team won the CSR Times Award 2025 for their continuous outreach programmes in the underserving communities
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Thank You Investor Relations: investors@asterdmhealthcare.in