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HEALTHCARE GLOBAL ENTERPRISES LIMITED Q2 &H1 FY26 Results Presentation November 12, 2025
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www.hcgoncology.com www.hcgoncology.com SAFE HARBOR This presentation and its contents are confidential and are not for release, publication or distribution, in whole or in part, directly or indirectly, in or into or from the United States of America, Canada, Australia, Japan or any jurisdiction where such distribution is unlawful . This presentation has been prepared by HealthCare Global Enterprises Limited (the "Company") . These materials are not for publication or distribution, directly or indirectly, in or into the United States (including its territories and possessions, any state of the United States and the District of Columbia) . These materials are not an offer of securities for sale into the United States, Canada or Japan or any other jurisdiction . Any securities of the Company have not been and will not be registered under the U.S. Securities Act of 1933 , as amended, and may not be offered or sold in the United States, except pursuant to an applicable exemption from registration . No public offering of any securities of the Company is being made in the United States . The information contained in this presentation is for information purposes only and does 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 . No person accepts any liability whatsoever for any loss howsoever arising from the use of this document or of its contents or otherwise arising in connection therewith . The information set out herein may be subject to updating, completion, revision, verification and amendment without notice and such information may change materially . Financial information contained in this presentation has been derived from the restated consolidated and standalone financial statements of the Company and have been rounded off to the next integer, except percentages which have been rounded off to one decimal point . This presentation contains certain "forward looking statements" . Forward ‐looking statements 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 . Although the Company believes that 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 . This presentation includes certain industry data and projections that have been obtained from industry publications and surveys . Industry publications and surveys and forecasts generally state that the information contained therein has been obtained from sources believed to be reliable, but there is no assurance that the information is accurate or complete . Neither the Company nor any of its advisors or representatives have independently verified any of the data from third -party sources or ascertained the underlying economic assumptions relied upon therein . No representation or claim is made that the results or projections contained in this presentation will actually be achieved . All industry data and projections contained in this presentation are based on data obtained from the sources cited and involve significant elements of subjective judgment and analysis, which may or may not be correct . For the reasons mentioned above, you should not rely in any way on any of the projections contained in this presentation for any purpose . No responsibility or liability whatsoever is undertaken for the contents hereof . This presentation is based on information regarding the Company and the economic, regulatory, market and other conditions as in effect on the date hereof . It should be understood that subsequent developments may affect the information contained in this presentation, which neither the Company nor its advisors or representatives are under an obligation to update, revise or affirm . 2
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www.hcgoncology.com www.hcgoncology.com 3 Company Overview
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www.hcgoncology.com www.hcgoncology.com Largest Pan -India Oncology Hospital Chain 4 Jaipur Bhavnagar Nagpur Ranchi Kolkata Cuttack Vizag Ongole Vijaywada Bangalore Hubli Mumbai (2) Nashik Gulbarga Ahmedabad Baroda Shimoga Indore Kenya Sources: Company information Note: 1 Includes Kenya; 2 HCG in top 3 based on management estimates; 3 Refers to the proportionate population of the states in which HCG has presence; 4 Includes multispecialty; 5 Includes Chennai and MSR; 6 Excluding Chennai. *including bhavnagar Center of Excellence (CoE)2 Cancer Care Centers1 22 19 Number of cities covered5 16/18 Leading positions2,6 ~55% Addressable market3 (population) 25 No. of centers incl. 4 multi-specialty1,5 400+ Oncologists network 2.6k+ Capacity beds4 8 Number of Robots 3.7L+ New registrations in last 5 years 98 Operation theatres4 38 Number of LINACs5 19 Number of PET CTs 10 Number of states covered5 Multi-specialty hospitals 4* Rajkot Day care centers6 Suchirayu LARGEST GEOGRAPHICAL REACH… …WITH LEADING TREATMENT INFRASTRUCTURE
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www.hcgoncology.com www.hcgoncology.com 5 Q2 &H1 FY26 FINANCIAL & OPERATIONAL HIGHLIGHTSSUBASENI LENKA, CANCER WINNER I am eternally thankful to Dr. Panda and other specialists at HCG Panda Cancer Hospital, as the specialists were able to treat my condition the right way, the first time
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www.hcgoncology.com www.hcgoncology.com Financial Highlights Q2FY26 6 R E V E N U E 5,535 6,470 Q2FY25 Q2FY26 R E V E N U E - H C G C e n t e r s( 1 ) 5,378 6,322 Q2FY25 Q2FY26 158 148 Q2FY25 Q2FY26 R E V E N U E - M i l a n n C e n t e r s 1. Excluding Fertility Business A d j u s t e d E B I T D A * A d j u s t e d E B I T D A M A R G I N * 18.8% 19.1% Q2FY25 Q2FY26 P R O F I T A F T E R T A X ( P r e- I N D A S ) P R O F I T A F T E R T A X ( P o s t- I N D A S ) 217 199 Q2FY25 Q2FY26 180 163 Q2FY25 Q2FY26 Rs in Mn 1,042 1,233 Q2FY25 Q2FY26 +16.9% +17.6% -6.2% +18.4% -8.2% -9.6%24 bps *Normalized for ESOP cost in Q2’25 19mn, and no ESOP in Q2’26 Lower PAT on account of higher depreciation and interest expense from growth investments and acquisitions undertaken in the last year
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www.hcgoncology.com www.hcgoncology.com Financial Highlights H1FY26 7 R E V E N U E 10,791 12,601 H1FY25 H1FY26 R E V E N U E - H C G C e n t e r s( 1 ) 10,490 12,304 H1FY25 H1FY26 301 297 H1FY25 H1FY26 R E V E N U E - M i l a n n C e n t e r s 1. Excluding Fertility Business A d j u s t e d E B I T D A * A d j u s t e d E B I T D A M A R G I N * 18.3% 18.7% H1FY25 H1FY26 P R O F I T A F T E R T A X ( P r e- I N D A S ) P R O F I T A F T E R T A X ( P o s t- I N D A S ) 392 275 H1FY25 H1FY26 301 210 H1FY25 H1FY26 Rs in Mn 1,970 2,352 H1FY25 H1FY26 +16.8% +17.3% -1.5% *Adjusted for ESOP H1’25: INR 38.5 Mn; H1’26: INR 14.5 Mn and one-off Q1 FY26 cost INR 25.6 Mn +19.3% -30% -30%40 bps Lower PAT on account of higher depreciation and interest expense from growth investments and acquisitions undertaken in the last year
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www.hcgoncology.com www.hcgoncology.com Improved Performance Leading to Profitability 8 Revenue (INR mn) Adjusted EBITDA (INR mn)* 1.7x 4,079 4,200 4,247 4,422 4,607 4,870 4,699 4,946 5,256 5,535 5,586 5,852 6,132 6,470 Q1'23 Q2'23 Q3'23 Q4'23 Q1'24 Q2'24 Q3'24 Q4'24 Q1'25 Q2'25 Q3'25 Q4'25 Q1'26 Q2'26 1.6x 740 760 773 778 765 864 804 941 929 1,042 923 1,070 1,118 1,233 Q1'23 Q2'23 Q3'23 Q4'23 Q1'24 Q2'24 Q3'24 Q4'24 Q1'25 Q2'25 Q3'25 Q4'25 Q1'26 Q2'26 *EBITDA adjusted for ESOP and one time cost for the respective periods
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www.hcgoncology.com www.hcgoncology.com Growth Across HCG Centers 9 4,290 4,117 4,330 4,637 4,848 4,931 5,264 5,396 5,695 Q2FY24 Q3FY24 Q4FY24 Q1FY25 Q2FY25 Q3FY25 Q4FY25 Q1FY26 Q2FY26 +17.5% E s t a b l i s h e d C e n t e r s E m e r g i n g C e n t e r s 403 417 446 475 530 519 587 587 627 Q2FY24 Q3FY24 Q4FY24 Q1FY25 Q2FY25 Q3FY25 Q4FY25 Q1FY26 Q2FY26 +18.3% 960 923 1,000 1,021 1,131 1,057 1,154 1,212 1,327 Q2FY24 Q3FY24 Q4FY24 Q1FY25 Q2FY25 Q3FY25 Q4FY25 Q1FY26 Q2FY26 +17.3% E s t a b l i s h e d C e n t e r s E m e r g i n g C e n t e r s 14 20 49 42 30 33 70 78 79 Q2FY24 Q3FY24 Q4FY24 Q1FY25 Q2FY25 Q3FY25 Q4FY25 Q1FY26 Q2FY26 +163.3% R E V E N UEE B I T DA* * ~1.3x g r o w t h i n l a s t 9 q u a r t e r s ~1.6x g r o w t h i n l a s t 9 q u a r t e r s ~1.4x g r o w t h i n l a s t 9 q u a r t e r s ~5.6x g r o w t h i n l a s t 8 q u a r t e r s **Excl. Corporate Expenses Emerging centers consist of 3 centers – South Mumbai, Borivali & Kolkata. All other centers are classified as Established center s
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www.hcgoncology.com www.hcgoncology.com Strong Operating Metrics with Significant Capacity Headroom Key Driver Metric Indicator Lead indicator of Volume Growth; key operating metric tracked by HCG; has correlation to OPD Footfalls OPD Footfall (‘000) *Revenue % for out -patient and others only 1 1 machine under transfer and another under replacement hence not counted for utilization. Total LINAC machine count 38 Q2’25 70% Chemo Sessions Administered (‘000) Key indicator for Medical Oncology; procedures are primarily day care oriented LINAC - Capacity Utilization Key indicator for Radiation Oncology; Introducing Tomo-therapy at Vizag (first in micro-market) Indicator for Surgical Oncology; with decreasing ALOS and flexibility to add balance non-operational capacity beds 71% 61% 66% 109 134 18%* 43% 16% 23% % Revenue In Patient Bed Occupancy 36 Linacs 36 Linacs1 1,486 Operational Beds 67% 36 Linacs1 10 H1’26 65% 1,509 Operational Beds 1,509 Operational Beds Q2’26 H1’25 215 263 43 54 84 103 +23% +22% +24% +22% 67% 36 Linacs 62% 1,486 Operational Beds
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www.hcgoncology.com www.hcgoncology.com ESTABLISHED CENTERS ROCE (%)# 18.4.% 2 0 . 3 % i n Q 2 F Y 2 5 1 9 0 b p s TOTAL AOR (%) 70.3% 6 7 . 2 % i n Q 2 F Y 2 5 3 1 2 b p s HCG – Q2FY26 Operational Metrics # 11 ^Emerging Center represents center in Kolkata and 2 centers in Mumbai – Borivali and South Bombay *88% of the capacity beds are operational; AOR 59% on capacity beds Established Centers Operational beds: 2,017 + Emerging Centers Operational Beds: 172 = Total 2,189 Operational Beds Higher mix of chemotherapy admissions reflected in ARPOB of emerging centers Shift of Ahmedabad cancer center to a larger facility including addition of 100 beds resulted in moderation of established centers ROCE Operational beds increased from 1,932 in Q2FY25 to 2,189 in Q2FY26. On a like to like basis, total AOR stands at 76% ESTABLISHED CENTERS AOR (%) 71.4% 6 8 . 8 % i n Q 2 F Y 2 5 2 6 0 b p s EMERGING CENTERS AOR^* (%) 56.7% 4 8 . 6 % i n Q 2 F Y 2 5 8 0 5 b p s TOTAL ARPOB (Rs.) 44,355 4 4 , 1 3 0 i n Q 2 F Y 2 5 0 . 5 % ESTABLISHED CENTERS ARPOB (Rs.) 42,639 4 2 , 3 1 4 i n Q 2 F Y 2 5 0 . 8 % EMERGING CENTERS ARPOB^ (Rs.) 69,904 7 2 , 6 5 3 i n Q 2 F Y 2 5 - 3 . 8 % EMERGING CENTERS ROCE (%)# -13.6% - 2 0 . 8 % i n Q 2 F Y 2 5 7 2 0 b p s OVERALL ROCE# 14.5% 1 5 . 1 % L a s t y e a r s a m e y e a r 0 . 6 % Yo Y d r o p o f # ROCE: H1 Annualized
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www.hcgoncology.com www.hcgoncology.com C LUSTE R Q 2F Y 26 Q 2F Y 25 Y-O-Y H 1F Y 26 H 1 F Y 2 5 Y-O-Y K A R NATA KA 1,725 1,639 5. 3% 3 , 3 6 7 3,206 5. 0% G UJA R AT 1,746 1,577 10. 7% 3 , 4 4 2 3,125 1 0 . 2 % M A H A RASH TRA 1,126 942 19. 5% 2 , 1 8 2 1,799 2 1 . 3 % EA ST IN D IA 753 644 16. 9% 1 , 4 0 9 1,260 1 1 . 8 % A N D HR A PR A D ESH 691 397 74. 0% 1 , 3 5 2 769 7 5 . 8 % TA M IL N A D U 84 81 4. 0% 165 149 1 0 . 3 % A F R ICA 196 97 1 0 2 . 8 % 387 182 113. 0% TOTA L 6, 322 5, 378 17.6% 12,304 10, 490 1 7 . 3 % HCG – Cluster Wise Revenue Break Up 12 A h m e d a b a d 19% Y - o - Y F o r Q 2 F Y 2 6 N a g p u r 23% Y - o - Y F o r Q 2 F Y 2 6 K o l k a t a 17% Y - o - Y F o r Q 2 F Y 2 6 Rs in Mn M u m b a i 19% Y - o - Y F o r Q 2 F Y 2 6 • Karnataka : 5% growth on account of fall in International patient flow due to geopolitical headwinds and under- performance in multi-specialty business; Growth excluding multi-specialty business stood at 9% • Maharashtra: Strong growth from Nagpur and Mumbai centers led by clinician addition and improved sales and marketing efficiency • Gujarat: Growth led by strong performance in cancer centers of 12.5% YoY . HCC and Baroda delivered strong performance driven by expanded capacity and higher patient volumes • East India: Kolkata center continues to register strong growth, led by onboarding of additional visiting consultants
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www.hcgoncology.com www.hcgoncology.com Milann – Operational & Business Update 13 B E N G A L U R U ( 5 C e n t e r s ) N O R T H I N D I A Chandigarh Indiranagar Whitefield JP Nagar Shivananda Emerging Centers Established Centers (1) 1. Centers in operation prior to April 1, 2016, i.e., Shivananda , JP Nagar and Indiranagar. Particulars Q2FY26 Q2FY25 Growth Y-o-Y H1FY26 H1FY25 Growth Y-o-Y New Registrations 1,382 1,437 -3.8% 2,901 2,797 3.7% IVF Cycles 249 348 -28.4% 549 703 -21.9% Revenues (Rs. Mn.) 148 158 6.2% 297 302 -1.5% HSR
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www.hcgoncology.com www.hcgoncology.com Capital Expenditure & Net Debt 14 C A P I T A L E X P E N D I T U R E ( R s . M n . ) N E T D E B T ( R s . M n . ) HCG CENTERS H1FY25 H1FY26 Established Centers 1,267 1,240 Emerging Centers 56 324 TOTAL CAPEX 1,324 1,564 NET DEBT 30 th Sept 2025 30 th June 2025 Bank Debt (1) 7,732 9,352 Vendor Finance (2) 187 180 Other Debt 114 114 Less: Cash & Cash Equivalents (3) -1212 -2,415 NET DEBT 6,820 7,231 Capital Leases: Ind AS116 8,639 8,466 Net Debt (Incl. Leases) 15,460 15,697 Sr. No Particulars Capex incurred till 30 th September 2025 Total Planned Capex Expected Operational period 1 North Bangalore 452 1,290 Q4 FY26 2 Whitefield (Extension of Bangalore - COE) 137 290 FY27 O N G O I N G C A P E X ( R s . M n . ) 1. Bank debt: Net of Bank balance held as margin money of INR 189.57 Mn and investment in fixed deposits of INR 406.33 Mn (Margi n m oney value reclassed to other deposit) as of 30th Sep -25, margin money of INR 210.13 Mn and investment in fixed deposits of INR 1836.17 Mn as of 30th Jun -25. The unamortized portion of processing fees amounting to INR 55.62 Mn as of 30th Sep 2025 and INR 48.31 Mn as of 30th Jun 2025 netted off against Bank Debt. 2. Vendor Finance; Includes Forex reinstatement of INR 7.71 Mn as of 30th Sep 2025 and INR 1.11 Mn as of 30th Jun 2025 3. Cash and cash equivalents: Includes investment in mutual funds of INR 21.47 Mn as of 30th Sep 2025 and INR 21.38 Mn as of 30t h J un 2025 * North Bangalore and Whitefield capex included in emerging centers
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www.hcgoncology.com www.hcgoncology.com Q2 & H1 FY26 Consolidated Profit & Loss Account 15 Profit and Loss (in Rs. Mn.) Q2 FY26 Q2 FY25 Y-o-Y H1 FY26 H1 FY25 Y-o-Y Revenues from Operations 6,453 5,525 12,571 10,772 Income from Govt. Grant 17 11 31 20 Total Revenuefrom Operations 6,470 5,535 16.9% 12,601 10,791 16.8% Cost of Goods Sold 1,773 1,442 3,391 2,775 Employee Cost 942 834 1,905 1,666 Medical Consultancy Charges 1,366 1,179 2,696 2,299 Other Expenses 1,156 1,039 2,258 2,081 Adjusted EBITDA 1,233 1,042 18.4% 2,351 1,970 19.3% Adjusted EBITDA Margin (%) 19.1% 18.8% 24 bps 18.7% 18.3% 40 bps One time value creation cost 0 0 26 0 ESOP’s 0 19 15 39 Reported EBIDTA 1,233 1,023 20.6% 2,311 1,932 19.6% Reported EBITDA Margin (%) 19.1% 18.5% 58 bps 18.3% 17.9% 44 bps Depreciation 628 497 1,207 968 Other Income 26 111 95 199 EBIT 631 637 1,198 1,164 Finance Cost 436 360 891 697 Extraordinary Items 0 0 0 0 Share in Profit/(loss) in JV and Associates 3 (0) 10 (0) Profit before Tax 198 276 -28.3% 317 466 -31.9% Taxes & Minority Interest 36 97 107 166 Profit After Tax 163 180 -9.6% 210 301 -30.1% PAT Margin (%) 2.5% 3.2% -74 bps 1.7% 2.8% -112 bps EPS 1.2 1.3 1.5 2.1
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www.hcgoncology.com www.hcgoncology.com Consolidated Balance Sheet 16 Balance Sheet - Equity & Liabilities (in Rs. Mn.) Sep.25 Mar.25 Equity Share Capital 1,410 1,394 Other Equity 7,796 7,830 Equity Attributable To Equity Holders Of The Company 9,206 9,224 Non-Controlling Interests 731 676 Total Equity 9,937 9,900 Non-Current Liabilities Financial Liabilities Borrowings 6,151 6,046 Lease Liabilities 8,041 7,751 Other Financial Liabilities 660 634 Provisions 223 214 Other Non-Current Liabilities 415 387 Deferred Tax Liabilities (Net) 30 35 Total Non-Current Liabilities 15,521 15,068 Current Liabilities Financial Liabilities Borrowings 2,888 3,976 Lease Liabilities 599 599 Trade Payables Total Outstanding Dues Of Micro Enterprises And Small Enterprises 43 41 Total Outstanding Dues Of Creditors Other Than Micro Enterprises And Small Enterprises 3,787 3,301 Other Financial Liabilities 1,962 1,959 Other Current Liabilities 747 367 Provisions 183 194 Income Tax Liabilities (Net) 190 26 Total Current Liabilities 10,398 10,464 Total Equity And Liabilities 35,856 35,432 Balance Sheet - Assets (Rs. Mn.) Sep.25 Mar.25 Non-Current Assets Property, Plant And Equipment 12,494 12,689 Capital Work in Progress 959 248 Rights-of-use Assets 7,062 6,941 Goodwill 4,300 4,300 Other Intangible Assets 409 489 Intangible Assets Under Development Financial Assets Investments 126 113 Loans Receivable 0 0 Other Financial Assets 661 705 Deferred Tax Assets (Net) 366 250 Income Tax Assets (Net) 1,115 855 Other Non-Current Assets 727 405 Total Non-Current Assets 28,218 26,994 Current Assets Inventories 615 530 Financial Assets Trade Receivables 4,319 4,009 Cash And Cash Equivalents 1,826 2,359 Bank Balances Other Than Cash And Cash Equivalents 191 1,118 Loans 37 27 Other Financial Assets 101 50 Other Current Assets 548 345 Total Current Assets 7,638 8,438 Total Assets 35,856 35,432
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www.hcgoncology.com www.hcgoncology.com Consolidated Cash Flow Statement 17 Cash Flow Statement (in Rs. Mn) H1FY26 FY25 Net Profit Before Tax 317 570 Adjustments For: Non - Cash Items / Other Investment Or Financial Items 1,473 3,685 Operating Profit Before Working Capital Changes 1,791 4,254 Changes In Working Capital 252 (765) Cash Generated From Operations 2,043 3,490 Direct Taxes Paid (Net Of Refund) (121) (319) Net Cash From Operating Activities 1,923 3,171 Net Cash From Investing Activities (580) (4,878) Sub-total: Cash from operating & Investing Activities 1,343 (1,707) Net Cash From Financing Activities (1,875) 2,405 Net Increase/Decrease In Cash And Cash Equivalents (533) 698 Add: Cash & Cash Equivalents At The Beginning Of The Period 2,359 1,660 Cash & Cash Equivalents At The End Of The Period 1,826 2,359
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www.hcgoncology.com www.hcgoncology.com For updates and specific queries, please visit www.hcgoncology.com or contact: HealthCare Global Enterprises Limited investors@hcgoncology.com Mr. Anoop Poojari / Mr. Suraj Digawalekar CDR India anoop@cdr -india.com / suraj@cdr -india.com Tel: +91 98330 90434 / +91 98211 94418 About Us: HealthCare Global Enterprises Ltd. (HCG), headquartered in Bengaluru, is the largest provider of cancer care in India. Through its network of 22 comprehensive cancer centers across India and Africa, HCG has brought advanced cancer care to the doorstep of millions of people. HCG’s comprehensive cancer centers provide expertise and advanced technologies for the effective diagnosis and treatment of cancer under one roof. Under the “Milann” brand, HCG operates 7 fertility centers. CIN: L15200KA1998PLC023489
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www.hcgoncology.com www.hcgoncology.com THANK YOU