Good afternoon, everyone. Thank you for joining us today. Today, we are pleased to present our first half results, supported by a strong second quarter. This confirms the recovery anticipated following the seasonal softness that we witnessed in previous quarters. The quarter's outperformance was primarily driven by a strong recovery in GOSI revenues, combined with a continued increase in overall patient volumes across our network. This gives us confidence that the underlying demand remains strong and that the slowdown experienced in previous quarters was seasonal and temporary in nature, rather than reflective of any structural shifts in our business. During today's call, Dr. Abdulaziz will begin with an overview of our operational performance. After that, Jas will take you through the financial results in detail. Lastly, Naseer will walk you through our strategy pillars. I will now hand over to Dr. Abdulaziz to start. Thank you, Alia. Good afternoon, everyone. I would like to thank you for joining us today for the conference call. Today, we are pleased with the strong recovery delivered during the second quarter. The improvement was visible across all aspects of the business. Patient activity accelerated, revenue reached a very strong level with margins recovery. Like Alia mentioned earlier, this confirms that the softness we saw at the beginning of the year was seasonal and temporary, not structural or sign of weakness or weaker underlying demand. For the first half of 2026, you can see at the left top hand side, the revenue increased 8% year-on-year to SAR 844 million, supported by a record second quarter when the revenue reached SAR 456 million. That is up 15% year-on-year and 18% quarter-on-quarter. GOSI was the main driver of this recovery, with referrals picking up strongly. Operationally, we saw both inpatient admissions and outpatient visits increase strongly, while the resumption of higher acuity elective procedures drove a significant rise in surgical activity. In the bottom left, you will see that the stronger activity and healthier case and payer mix supported the improvement in margins and profitability, with the gross margin recovering to 37.1% and the EBITDA margin expanding to 29.5% in the second quarter. This carried through to the bottom line, with a net profit reaching a quarterly record of SAR 94 million, marking our strongest quarter to date in terms of underlying operational performance. Turning on to the capacity utilization, our focus remains on generating further growth from our existing network while maintaining disciplined capital deployment. As of June 30th, 2026, the group had 1,189 operational beds, with bed capacity expanding 5% year-on-year following the additions at Al Rawabi and Rilla. Mind you that this does not take into consideration the 20 beds extra that are already added to Al Salam. However, we are waiting for the final MOH license for that. The occupancy averaged at 83% in half one of 2026 and improved to 84% in the second quarter from 82% in quarter one, supported by higher utilization at Al Rawabi as GOSI activity improved. The group utilized capacity mainly across Al Malaz, Al Rawabi, and Al Salam, provided sufficient headroom to accommodate further volume growth without significant near-term capital investment. We are also improving the throughput within our existing capacity. The average length of stay declined to 8.7 days in the second quarter. Keep in mind that we have a dedicated hospital in Jeddah that is fully dedicated for the long-term care patients, and they are taken into account when accounting these numbers. The average was 8.9 days during the first half. The shorter stays would increase the number of available bed days, allowing us to admit more patients within the existing capacity while maintaining appropriate standard of care. Together, higher utilization and improved throughput position us well to capture further demand efficiently. Alongside optimizing our existing capacity, we remain focused on several operational priorities that will support the group's growth and strengthen our platform. On capacity expansion, we continue to advance Narjis Hospital, where it's going as per the approved plan. We also continue to scale our recently integrated facilities. On the payer side, we continue to strengthen our relationship with GOSI while working with insurance providers to improve the pricing and further optimize our payer mix. Technology remains an important enabler across the business. We continue to integrate and digitize the clinical as well as the admin and financial workflows while leveraging data-driven and AI tools to improve patient treatment journeys and operational efficiency. We continue to invest in Care Academy and capitalize on our partnership with Imam University to build the clinical talent and capabilities needed to support our future growth plans. We have spoken about this before, we have signed a two year contract with Imam University that started in March of this year. With that, I will hand over to Jas to take you through the results and more details. Thank you, Dr. Abdulaziz. Good afternoon, everyone. I will now take you through our operational and financial performance for the first half of 2026. Starting with volumes, total patient count increased by 15% year-on-year to approximately 531,000 in the first half, with outpatient visits up 15% and inpatient admissions increased by 17% year-on-year. This growth accelerated during the second quarter as GOSI referral activity recovered following the seasonal slowdown at the start of the year, driving stronger patient flows across the network. As a result, total patients reached approximately 280,000 in the quarter, increasing by 20% year-on-year and 11% from the first quarter. Outpatients visit rose by 20% year-on-year to approximately 271,000, with GOSI recovery particularly visible at AlMalaz and AlRawabi. Inpatient admissions increased by 17% year-on-year and 10% from the first quarter to 8,660, supported primarily by our legacy facilities. The recovery also extended to case mix as surgical procedures increased by 25% year-on-year and 24% from the first quarter to 7,570, supporting strong revenue performance and improved margins. Higher activity supported an improvement in occupancy to 84% in the second quarter from 82% in the first, despite the group's expanded bed capacity. At the same time, average length of stay declined to 8.7 days in the second quarter, reflecting improved throughput and enabling the group to accommodate more admission visit its existing capacity. Moving to the income statement. First half of 2026 revenue reached SAR 844 million, which is up 8% year-on-year, supported by a remarkable second quarter results in which revenue grew 15% year-on-year to SAR 456 million. The strong second quarter performance, driven by the recovery in GOSI referrals and revenues, continued patient volume growth, and an improved payer mix offset the seasonal softness witnessed at the start of the year. First half gross profit was broadly stable at SAR 292 million, with a gross margin of approximately 35%, supported by a strong second quarter recovery in which gross margin returned to 37%, fully in line with the second quarter 2025 and representing a significant rebound from the 32% recorded in the first quarter. The second quarter performance demonstrates that the case and payer mix pressures from the first quarter have normalized. EBITDA reached SAR 226 million with a margin of 26.8%, supported by a second quarter in which EBITDA grew 22% year-on-year to SAR 135 million and the EBITDA margin expanded to 29.5%. Net profit reached SAR 146 million with a margin of 17%, supported by a record second quarter net profit of SAR 94 million, up 18% year-on-year with a margin of 21%. Overall, the second quarter marked a strong operational performance to date, with higher revenue translating into improved margins and net profit. Looking at revenue in more detail, the main development during the period was the strong rebound in GOSI activity. GOSI revenue increased by 8% year-on-year to SAR 319 million during the first half, maintaining its position as the group's largest payer segment. After the seasonal declines recorded in the fourth quarter of 2025 and first quarter of 2026, referral activity recovered strongly in the second quarter. GOSI revenue reached SAR 188 million, up 28% year-on-year and 44% from the first quarter. This rebound confirmed the cyclical nature of the earlier slowdown and the normalization in referral activity that was anticipated at the start of the year. Insurance revenue also maintained a strong momentum, increasing 23% year-on-year and supporting our continued efforts to diversify and optimize the group's payer mix. MOH and government linked revenue declined by 3% in the first half, mainly due to sporadic referrals from the Ministry of Health. At the facility level, revenue growth was broad-based. AlMalaz led the increase, supported by the GOSI recovery and higher patient volumes, while Rawabi also delivered solid growth. Our newer facilities continue to scale with higher contribution from Al Salam, Haram, and ReLib branches. Together, the recovery in GOSI revenue, sustained insurance growth, and broad facility contributions drove the group's quarterly revenue in the second quarter. Moving on to costs. Total expenses increased by 12% year-on-year during the first half, reflecting higher activity levels and continued investment in our medical capabilities. Cost of revenue increased by 12% to SAR 553 million, mainly due to higher activity levels and increase in people cost. Alongside increased spending on medication consumables in line with the increased activity. Staff costs remained higher during the second quarter as stronger volumes resulted in additional overtime and higher doctor incentives. We also continue to recruit doctors and invest in new specialties to support the group's future growth. Operating expenses increased by 13% to SAR 122 million during the first half, primarily reflecting the expansion of the group's operations. Importantly, cost trends improved during the second quarter as the strong growth in revenue allowed the group to utilize its expanded cost base more effectively. The cost-to-revenue ratio declined to 63% compared to 68.4% in the first quarter, returning to similar levels of 2025 second quarter. Operating expenses also remained broadly stable year-on-year during the quarter, supported by lower ECL provisions. Overall, the stronger top-line performance more than absorbed the increase in operating costs, supporting the recovery in gross margin, EBITDA, and net profit margins. Moving to the balance sheet, total assets increased by 9% from year-end to approximately SAR 3 billion. The increase in non-current assets mainly reflect continued investments in Narjis Hospital and additional right of use assets. Trade receivables also increased as the recovery in GOSI activity and continued insurance growth generated higher billings during the period, with collections expected to materialize in the coming months. Total liabilities increased to SAR 1.2 billion, primarily due to higher long-term borrowings to support Al Narjis, alongside higher lease liabilities. As a result of these borrowings, the working capital build-up, and ongoing CapEx, the group moved from a net cash position at year-end to net debt of SAR 556 million. The cash conversion cycle increased to 197 days, mainly reflecting the timing difference between the recovery in billings and the corresponding collections. Looking more closely at receivables, gross trade receivables increased by 23% from year-end to approximately SAR 1.5 billion. The increase was mainly concentrated across GOSI, Ministry of Health, and other government entities, and insurance, as the recovery in activity drove higher billing during the period. While these billings outpaced collections by the end of June, we continued to receive payment from our key payers. During the second quarter, in the month of July, we collected approximately SAR 120 million from GOSI and SAR 31 million from the Ministry of Health, bringing total receivables collected for the quarter to SAR 151 million. Collection activity continued in July, with a further SAR 106 million received from GOSI and SAR 12 million from Ministry of Health, totaling SAR 118 million. We remain focused on improving the receivable cycle and translating the recovery in operating performance into stronger cash generation. Turning to cash flows, the group recorded a net operating cash outflow during the first half, primarily reflecting higher working capital requirements following the buildup in receivables. This was largely a time-related movement as the recovery in activity generated higher billings that had not yet fully converted into collections by the end of June. As discussed earlier, the group subsequently received almost SAR 120 million from GOSI and MOH in July, which will be reflected in the third quarter cash flows. CapEx during the period, primarily related to the continued development of Al Narjis Hospital, which remains on track for opening in 2028, alongside investments across the existing network. We continue to maintain adequate liquidity to meet our operational requirements and fund our expansion plans while remaining focused on improving working capital conversion. This concludes the financial section. I will now hand over to Naseer to briefly revisit our growth strategy. Good afternoon. Building on Care Medical's strong operational foundation, it is important to highlight the group's broader growth strategy and the execution capabilities underpinning it. Our strategy combines organic capacity expansion, greenfield development, selective acquisitions, and capital-efficient clinic rollouts, supported by disciplined capital allocation and technology. First of all, Al Narjis remains the flagship development within our organic pipeline. Construction is progressing in line with plan, with phase 1 operations targeted to start in Q1 2028, with an initial capacity of 200 beds in the phase 1. In the Western Province in Jeddah, we plan to advance our Class B hospital. We have appointed a designer, and this is currently undergoing the design phase. The project itself will be developed in phases, beginning with 150 beds and adding another 100 beds as utilization and capacity ramps up. This will extend our geographical presence and strengthen our dual-hub strategy across Riyadh and the Western Province. We are also expanding our clinical network through capital-efficient clinic rollouts. For the first clinics, we have selected a site, and we are currently undergoing commercial negotiations, which are expected to conclude in a short period of time, and the clinic will be targeted to be opened in line with our timelines. The network is expected to reach four new clinics by 2032, broadening patient access and strengthening referral pathways across the group. The track record on our disciplined approach to our M&A strategy for future acquisitions, since 2022, we have completed four acquisitions and successfully integrated and scaled those facilities. We are highly selective, and while we do have opportunities within the pipeline, some of which have reached advanced stages, our focus remains on maximizing our shareholder value. If there is a mismatch at the end of the day in a transaction that we are pursuing versus that objective, we are not hesitant to pull out versus progressing for the sake of progressing. The strategy itself remains a key pillar of our organic growth. Finally, we are undergoing a digital transformation journey. We have added facilities to our group, we have undertaken a full-fledged IT strategy revamp and digital transformation of workflows, and this is backed up by rollout of a new ERP, HIS, and RCM modules. We are also leveraging AI technology for diagnostics and clinical support, just to focus on quality of outcomes, as well as looking at efficiencies in our systems and processes. That concludes the strategy part of the equation, and we will now move on to Q&A. Thank you, management, for the insights. I'll now open the line for questions. Again, for asking a question, either you can click the hand raise button or alternatively put your questions on the chat box. Please limit yourself to two questions so that we can accommodate as many participants as possible. We'll give a few moments for the questions to come in. The first question comes from the line of Mohammed Al Qahtani. Mohammed, please go ahead. Mohammed, please ask your question. Okay, we'll go to the second attendee. The next question comes from the line of Mashael Al-Tuwaijri. Mashael, please go ahead. As-salamu alaykum. Thank you for the presentation. Just one question on GOSI, if I may. I understand it recovered this quarter, I believe most of the number of patient recovery was from GOSI referral recovery. We saw what happened in Q1, right? We know seasonality is part of that. Can we elaborate more on GOSI, the structure itself? Is there any sort of confirmation that can ensure such dip in Q1 will not be recurring, in terms of assessing for the risk profile of GOSI patients? Thank you, Mashael. It's going to be very hard to give a confirmation from a quarter-to-quarter basis. However, if you look at the CAGR over the past five years, you will see that there is always growth. There is 19% growth in GOSI patients. That's why we said, you may get seasonality here and there. However, we maintain strong relationship with them. They acknowledge that we're a strong partner in terms of knowing their outcomes, that they're looking for having excellence in rehabilitation, getting all the accreditations. We're, in fact, the first hospital in Saudi to get JCI accreditation for rehab and occupational health. That just gives an insight on how much we focus on delivering the best care. We saw the decline in Q1. We don't have the numbers of injuries, I cannot really comment on whether there's a drop or not in terms of number of injuries. I can tell you that there's a lot of more activities happening in the country. Keep in mind that there is also a growth in other sectors. Insurance patients revenue grew by more than 20% in half one. We've seen growth across all sectors, GOSI, definitely, there's a very strong growth. It's not only in terms of number of patients, but the case mix as well. More complex cases. We've seen in quarter two more than 20% growth in the number of surgeries overall. That will add as well. I hope this answers your question. Noted. If I may follow up, Dr. Abdulaziz. I think, or I was under the impression that GOSI patients usually are not affected by seasonality, right? Given that injuries in GOSI happens all the time. Yes, it's true, but it's not 100% true. In Ramadan, almost 10 days, there's time off. In Eid and the last two, three days of Ramadan. The working hours are less by at least 20%. If we just take the math that if you work six hours instead of eight hours, you have 25% less chance of having injuries. That's why we say a seasonality in quarter one, because of Ramadan and Eid. There is less activity and construction. Again, I cannot give a definitive answer in terms of why specifically quarter two is so significant in terms of growth compared to quarter one. I can comment that look at the five years CAGR, and you can see that there is 19% growth. Inshallah, we're confident because of our, not only relationship with GOSI being a partner, but also, I think they're very satisfied with the outcome. We had a visit from senior members of GOSI, checking on the patients, making sure that everything is as per their expectations in terms of the quality, outcome, satisfaction, and they were very satisfied. Thank you. Next on the line is Ahmed Moataz. Ahmed, please go ahead with your question. Thank you very much. Congrats on the results, first of all. The first question is actually a follow-up to Mashael's question. At the time when we started to see pressure trends in GOSI during the fourth quarter and then the first, you weren't able to exactly pinpoint the cause. We're, I think, nine months after this all started. Are you able to guide us to exactly what started to happen? Was it patients being transferred to other hospitals? Was it an overall decline in number of surgeries, et cetera? That's the first question. The second, I think you already said it on the call, but I'm not sure if I understood it properly. The price increases with insurance companies have already been all implemented or not, and if not, when should we start to see them in the financials? Thank you. Thank you, Ahmed. In regard to your first question, we don't have the number of injuries reported on GOSI website for quarter one and two. I cannot really comment on the percentage of leakages, if there is any, and if it is significant. I can tell you that as a management, we're confident that because of our legacy in knowing how to deal with these patients, being the preferred partner, focusing on the KPIs and outcomes that GOSI are looking for, we will maintain an excellent relationship. We will maintain delivering the best we can to their patients, and I think that they understand this very well. In terms of what exactly happened in quarter one, the only thing is that I can say is that there's a decline in the whole market across all sectors, whether it's insurance, cash, or injuries overall. I cannot separate GOSI completely from that formula and give a specific reason because there was leakage or less construction or whatever. I can tell you that the quarter results indicate that whatever happened was not structural. There's no price adjustments because it was a concern that was mentioned. If there is leakage, probably, some minor injuries may go here and there. I think when it comes to serious injury, we continue to be the preferred partner. In terms for the insurance prices, we haven't finalized it yet with some of the big companies. We have progressed with some companies, and we adjusted the prices. Keep in mind that any adjustment, usually they do not impact the existing policy, so they will be reflected most probably on 2027, depending on the timing. I wouldn't expect a major impact for this year, given that we're in the middle of the year. The negotiations are ongoing. It's the nature of negotiations. We get pushbacks from them, and we push back ourself. Everybody's trying to justify their request and make sure that at the end, you get what you think is a fair pricing for your services. Does this answer your question, Ahmed? Yes, very clear. Thank you, doctor. Thank you, management. I just want to club one question from the chat box regarding GOSI. Sylvia asking, GOSI patients revenue didn't just recover, but they reached quarterly level of around SAR 188 million. She's asking, what is driving this, and was it any deferred demand in the GOSI revenue at all? It was numbers of patients, higher inpatients, higher number of surgeries, the case mix, the complexity, over 20% growth in number of surgeries only. Even if we don't talk about the increase in number of patients, but number of surgeries, and usually they are complex surgeries that require, sometimes unfortunately, more than one procedure, and sometimes, unfortunately, again, they may require multi-specialties getting involved. The growth was primarily from the number of patients and procedures required. Thank you. I just want to club one question from my side on GOSI. I remember that you were very reluctant to increase prices for GOSI. I just want to ask, what could be the catalyst to you going to increase prices for GOSI? We're not reluctant. We wish we can increase all the prices tomorrow, but it's a matter of negotiation. It's a matter of discussion with GOSI. Don't get me wrong, we're not negotiating the repricing of GOSI patients. We still think that so far it's fair prices, but we continuously engage with GOSI. Thank you. Our next question comes from the line of Mr. Alex Estefanos. Alex, please go ahead with your question. [Foreign language] guys. [Foreign language] all results. Thank you. Just a couple from me, if that's okay. The first question is really around your average length of stay. I know that that was, when I spoke to IR Eastern, that was a key theme that you wanted to shorten it to increase the throughput. With this reduction in average length of stay, can we expect that to be maintained, or is this something that's a one-off in this quarter? That's the first one. Maybe I'll answer it, and then we can go to your next question. Yes. Yes. We always aim to reduce the number of the ALOS, because that will increase your turnaround time of the beds and the higher turnaround time, the better results you get. Not only that, patients do now prefer to be managed within a reasonable time. They don't like longer hospital stays, and it's a goal, so we will continue pushing on that trend. Keep in mind that we have a contract with the military hospital, so 250 patients of long-term. The contract will conclude next year, mid-year, probably June or July, and the question whether we're going to continue or not, I think we have to revisit the subject at the beginning of the year. It will depend on the utilization of the beds. Shukran. Next question is really around the rejection rates that you're finding from the insurers. We saw that the days have gone up. Insurance is now making up 31.9% of total receivables balance. What can we expect for the year-end rejection rate? Is this something to be similar to last year, or are we expecting some sort of reduction here? Regarding rejection rates, we are always maintaining our rejection rates. That's what our goal is. If we're not improving, we are maintaining. We definitely do not expect rejection rates to go up. However, because we're in the middle of the price negotiations, definitely the insurance companies are trying to use rejection rates as a bargaining chip and no one should be surprised that they are. Our goal is to keep the rejection rates at the same level or reduce them. There is no indication for us to say that, "Okay, the rejection rates may increase. Okay, perfect. Do I have time to ask one more question? Is that okay? Yeah, sure. Of course. This is coming from my associate. Does Q2 represent a new earnings run rate, or whether some strength was temporary due to the rebound in GOSI referrals post-Ramadan activity? Can we expect this run rate to continue into H2? The indicators are positive. We haven't closed July as yet, but the July numbers are encouraging so that they indicate towards the momentum carrying on. Definitely, Q2 may have an element of spillover from Q1 as well, because a lot of patients deferred their elective procedures in the month of Ramadan and Eid, and they do them in Q2. There is this element of spillover as well, but the momentum is there, and we're encouraged for H2. Okay, perfect. Thank you so much, guys. Alf mabruk again. It's our pleasure. Thank you. Thank you. Next on the line is Hekmat Al-Zahrani. As-salamu alaykum. Am I audible? Yes, you are. Yes, you are. Okay. Thank you, gentlemen. Thank you, Jas and the management of Care. Congratulations on a very strong set of results. A couple of questions from my side. The first one is regarding the margin profile of the company. So basically, based on my understanding, if I get the same case from GOSI or from insurance, do I get the same pricing, or is it mainly-- I want to understand, is it the case mix that's playing a role, or is it the payer mix that's playing a role? If you get the same case from GOSI as from insurance, would you get better pricing from GOSI, and this is the reason for the strong margin profile that we saw in this quarter? So that's my first question. Okay, Hekmat, let me take this question, and then we'll go to the next one. The answer is no. The pricing is different between the GOSI, MOH, and the insurance companies. Definitely, GOSI pricing has better margins. MOH as well. We're at the highest tier, so we get better margins with the MOH compared to the insurance companies. It's the nature of business. If you deal with the government, the payment is delayed. They go through a certain cycle, you don't get your payment like insurance companies, but that's the- Okay. Clear. There isn't much, let's say, room to increase prices with GOSI, given that it's already at a higher margin, despite the higher working capital requirement. I didn't say this. Inshallah. I'm not saying that we're negotiating currently, so far, the margins are very good. Yes. Very clear. Just the second one regarding your employee cost. I also noticed that again, this quarter, it went up by around 12% year-over-year. Is this yearly, the double-digit growth in employee cost expected? In the last quarter, I think it was expected to normalize. As it just to do some color on that and whether it's part of retention of the staff, or is it part of a new expanded service offerings across the group's facilities? As we expand our service lines, we're adding more specialties, we're adding more services, we're investing more in talent, especially physicians. All of this led to an improved revenue. It was an investment that we have decided to take. That's why we're trying to be competitive in terms of the service offerings to satisfy our patients and clients. Okay, you expect the same level of employee cost in the coming quarters, going forward, let's say H2 2026? Yeah. For the medical staff, a certain portion of their salaries and benefits is variable, depends on if they are clinicians, the number of patients they see. If they are surgeons, they get a certain percentage of their surgical packages. There is variability. If business grows, their incentives will grow as well. Okay. Very clear. Thank you very much. Yeah. Congratulations on the results again. Thank you, Mohammed. Similar question I see in the chat box. Mr. Hussain Al-Suhaibani is asking, there is a 7.8% sales growth in the first half, but the bottom line declined by 11%. What caused the pressure on margins during the first half of 2026? Quarter one was softer. Despite the fact that quarter two was a very strong quarter, the pressure from quarter one affected the whole period of the first half. Okay. We'll go back to the live questions. The next on the line is Mr. Mohammed Al Qahtani. Mohammed, please go ahead. Hi. Hello. Can you hear me? Yes. Yes, you are. Okay. Thanks very much for the call and good numbers, at least year-over-year. I have two questions. You mentioned multiple times that you are the preferred GOSI partner. Can I understand the drivers of why you are the preferred partner? The second question is. Maybe I'll let you answer the first one, and then we can go to the second. Maybe I shouldn't say partner, but provider rather than partner. The reason is GOSI created the hospitals as an investment 30 years ago to cater for their patients. They invested a lot in the rehabilitation, occupational therapy, vocal therapy, et cetera. They have a certain mandate in terms of rehabilitation, going back to work, and minimizing disability. They focus on these outcomes. When we say we're the preferred provider, because we have the experience for many decades catering to these patients, and we know exactly what these patients ultimately are looking for. With due respect to everyone else, everybody's providing excellent services. If you have, God forbid, a broken leg, everybody can put a cast and make sure that they will take care of that leg. However, going further, the rehabilitation, making sure that there is no disability, the patient can go back to work, being able to maintain his normal activities. All of this, I think we have developed the experience, that's why we consider ourselves as experts in this field. Like I mentioned, we have the CARF accreditation, the Commission on Accreditation of Rehabilitation Facilities. This is an American accreditation that, in the private sector, only us and Sultan Bin Abdulaziz Humanitarian City has. The JCI accreditation for occupational health. We're the only provider in the country that got it, which we got it about a month ago. We're conducting an international symposium in few months for occupational health. We have a journal that is published about occupational health. It is an area of expertise for us, and that's why I think because focusing on the outcomes of their patients, we maintain an edge because of our expertise. Thank you, Doctor. I'm sorry I didn't introduce myself, but I'm Mohammed from Merzam Investment. My second question is about, we've heard from other providers that there was an element of pent-up demand from Q1 because of the war, et cetera. To what extent did you see that in your trends? Definitely. Listen, I'm a physician, and I still practice. In my clinic in Ramadan, I see patients, and if they have an elective surgery, something that can wait, it's not an emergency, let's say tonsillectomy, taking out the tonsils, they prefer to fast, stay at home, enjoy Eid, and then come after Ramadan and Eid. That's why there's an accumulation of cases, a decline in number of surgeries during Q1, and most of them are scheduled to be done after Eid. That's, I think, what everybody else in the sector is experiencing. Doctor, you think third quarter is not going to look like second quarter because of the pent-up demand that occurred in second quarter? I didn't say this. If you look at historic quarters in the past, quarter three does have a summer holiday. I'm talking about the years in the past for all the providers. There might be some decline in the summer. Quarter four usually is very strong. Again, this is historic figures. So far, I can tell you what we've seen in July. We haven't closed the month yet, so I don't have the revenue. I cannot give you the details, but I can tell you that a number of patients that we've seen in terms of visits, surgeries, activities, et cetera, we're maintaining the momentum. Okay. Thank you, Doctor. Shukran. Thank you, management. Next on the line is Racha Adel. Racha, please go ahead with your question. Thank you very much. This is Racha Adel from Jefferies. Thank you very much, and congratulations on a very robust set of numbers. I think my first question was partly answered. I wanted a little bit more indication on July trends just to get some comfort on 2Q sustainability. You did just now mention that number of patients and surgeries maintained the momentum. Were you referring both to GOSI and insurance, or just to GOSI when you said that? Also, if you could give us any sense of the case mix so far seen in July for GOSI, that would be very helpful. My second question is on DRG. We are hearing from other hospitals that shadow billing has been delayed. Have you experienced the same, and do you see a risk of a delayed implementation? I also wanted to get a sense of whether you have any indication if GOSI complex cases will be taken into account in your multiplier or not. Thank you. Thank you, Racha. Yes, in terms of July, the momentum is kept for across all sectors. As I mentioned, I don't have the revenue breakdown yet, so I don't have the full details, but I can tell you that from the number of patients in terms of visit, outpatient, inpatient surgeries, this has been maintained, GOSI and insurance. For the DRG- Regarding your question on DRG, we're not aware that the shadow billing has been delayed. We haven't received anything official. Yeah, the promised guidelines that were supposed to be shared, by the end of Q1, beginning of Q2, that has not happened. Having a cascading effect, we do believe that the shadow billing may be delayed. Let's see if something official comes from them. Regarding the GOSI cases being considered or not as part of a historical case mix, again, there's nothing official. If they go with the shadow billing and they continue shadow billing for two years, and GOSI is not part of DRG, so it will not be included there, and if they use the data from the shadow billing as a base for your historical complexity factor, they would automatically remove GOSI in that scenario. Following the spirit of DRG regarding paying the hospital for the infrastructure investment that it has made and the services that are on offer, it would be fair for us to ask the Insurance Authority to consider GOSI cases as well. That is something that we will be strongly arguing for. It's nothing official as yet. If you invest in your infrastructure, you don't invest for patient A versus B. It's the whole hospital. If you add services, if you add special operating rooms, special procedures, special talents, it's an investment in your infrastructure. To us, it doesn't make sense. Again, we didn't have the guidelines, but I think we have a strong case. Thank you very much. If I may just a final question on your conviction of the pricing increase or confidence you have on the room for pricing increase with insurers. Looking at the size of your operations, relatively small versus a very concentrated medical insurance pool between the two largest, do you have any sense? The conversations have been going on now for quite a few months, but you have, I would say, a certain level of confidence that the outcome is going to be positive, or any light you can shed on the potential pricing increase you could achieve? As the negotiations are ongoing, we are not able to comment right now because they're still being negotiated now. We do appreciate that insurance is not the only or the largest payer for us, but it is a significant part of our portfolio. Any increase, which is in our view, since the prices have not been increased since 2017, apart from newer services that were added in this period, we do believe that it's a very fair ask from our side, especially considering that majority of our insurance patients who come to us have access to premium insurance, so they are eligible for higher network hospitals. It doesn't make sense for the insurance companies to not give us a fair share, because if they don't come to us, they go to a higher network hospital, which increases the cost for the insurance company, and nothing changes for the patient. Well understood. Thank you very much for your time. Thanks. You're welcome. Thank you, management. Just one follow-up question on the mix from my side. I just see that in second quarter, MOH and government sales decreased around 7% year-on-year. I just want to ask that whether this decrease is in line with your strategy that you previously mentioned, that you want to decrease MOH mix and increase insurance mix. The second question is, the decrease in MOH sales is because of the volume or case mix or maybe price? It's not a strategy to reduce Ministry of Health. Ministry of Health is a very good payer. We've been partnering with them for a long time, and we do appreciate them as a customer for us. However, Ministry of Health case referrals remain sporadic. They have changed their internal workings. They've taken some of the control from the TPA to themselves when it comes to approvals. It's been sporadic. It's not a strategic decline. Yeah, the referrals have been lower from the Ministry during this period, and we've experienced that in both quarters. Thank you, management. That is very clear. Next on the line, I would like to go to Madhu Appissa. Madhu, please go ahead with your question. Thank you, Saikat, for the opportunity. First of all, congratulations on the great set of numbers. Two questions from my side. One is a follow-up on GOSI. Well, all of us are trying to figure out how much is sustainable. For that, if you can share monthly insight, that will be really helpful. Like in April, how much was the run rate? By the end of the quarter, what was the run rate? I believe that would be really helpful. That is question one. Second, on Jeddah hospital, could you share more insights, the CapEx and the timeline for Jeddah and also CapEx for digital transformation? These are my two questions. Thank you. Thank you, Madhu. In terms of the monthly, we do follow it on regular basis. However, when it comes to reporting, I think you will have bigger variabilities. Quarterly is better, if you look at the CAGR, I think that is more meaningful because looking forward, you can project, Inshallah, that it will continue to grow. In terms of Jeddah hospital- In terms of Jeddah, as I mentioned, we have appointed a designer and we are going through the design phase. Once we conclude that phase, we will obviously move to the next phase of our plans, accordingly, we will announce the CapEx requirements to the markets. In terms of timelines, we are targeting around the mark of 2029, 2030 for the hospital first phase to be operational. Again, we will reinforce, reiterate, or adjust the timeline after the design phase. The IT strategy. Sorry, the IT strategy, basically, we have been working on our IT strategy for a while now. We are looking at a complete transformation of our back-end systems, and that includes our ERP, our HIS, and our RCM systems. This again is proceeding on track, and by the end of 2027, all three systems should be fully live. Okay, what is the CapEx anticipated for IT? I don't think we have announced this, Madhu. Probably we'll consider it. When we sign when we sign the contracts. I can tell you that we do believe that they will improve the businesses a lot. Whatever we spend, we think we will get a good return on it. Okay. Just another follow-up on GOSI on monthly. By any chance, April saw a huge jump in revenues in GOSI? Considering most of the hospital, especially insurance, April was really great. Was that the case with GOSI as well? Yeah, it was. April was very good, but it was maintained as well in May, June. Okay, great. Thank you. Thank you. Thank you. Just a couple of questions from the chat box we have. Majid is asking, "What is the CapEx guidance for FY 2026?" His second question is, "What is the revenue potential the management is looking from the Al Narjis Hospital? The CapEx, the guidance is generally, we have disclosed for the Narjis project how much we will be spending for it. The first phase of the project is SAR 900 million. We have already given the to-date spend as part of our earnings release, which is attached to the announcement. By end of 2027, we expect to spend around SAR 900 million. As far as maintenance CapEx goes, it is generally in line with a percentage of revenue, which can be easily estimated at, make an estimate of 3%-4% of net revenue. Okay. Your second question was management's expectation about revenue from Al Narjis Hospital. We haven't disclosed that as of now. As practice, as policy, we don't give guidance. Till that policy changes, we will start disclosing. Thank you. Just a last question from the chat box. Someone is asking that the cash conversion cycle increased 47% year to date, and the trend of elevated working capital continues quarter-on-quarter. Could you please shed some light on that, and should we expect the trend to continue for the coming periods? We are focusing on reducing that, the level of our receivables. We're already discussing with GOSI our settlement for 2025. Although they have paid around more than 75% of their claim value, but the final payment will not be done till the settlement is done. As far as insurance companies goes, Bupa and Tawuniya both are our biggest customer in the insurance segment. As we are discussing our price negotiation, the settlement process has taken a back seat as well. Our aim is to close these discussions during the second half and get the money. Our aim is to reduce this cash conversion cycle by the end of the year. Thank you, management. There is one more question in the chat box, but I am just afraid of the time. Do you want to take one more question or- Yeah. Yes, yes. Okay. Someone is asking, as per the GOSI injuries report, first quarter 2026 was flat year-on-year, while your GOSI revenue declined in first quarter 2026. He was asking what's the reason for that. The injury data is reported, so any injury is considered an injury. If someone gets a sprained ankle and a person gets injured at a manufacturing or a construction site, both will be considered similar injuries, right? The case mix would be different. What we're disclosing is the revenue that we generated from GOSI. There could be a flat year-on-year growth in quarter one. However, the case mix could be relatively significantly different. Number of injuries aren't, you can say, the right metric to look at on a quarterly basis. Yeah, on an annual basis, they should average out. Thank you, management. I don't see any further questions in the chat box or don't see any hand raised. If there are no further questions, I want to hand over the call back to Care management team for any closing remark. Thank you, Saikat and Madawi. We've been getting questions on the timing of the call and the announcement. We have mentioned this, I think, in the quarter one, that the plan is to have the earnings call the same day we announce the results, so that we can have a discussion and more elaboration on the results with our investors. That's why we kept it as we have promised the last time. I know some people were skeptical, probably, because of the timing, but we wanted to continue on what we have promised last time. Going forward, most probably, it's going to continue to be the same. Thanks to the entire management team of Care Medical, and thanks to everyone for joining today's call. Thank you, Saikat. I just wanted to thank everyone who attended with us this afternoon and thank the team that I'm proud to be part of in Care across all segments. Inshallah, we will continue to deliver as per the expectations of our investors. Thank you all. Thank you, everyone. You may disconnect the call.