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Summary of Mediclinic Holdings Limited results for the year ended 31 March 2026
Remgro Limited
(Incorporated in the Republic of South Africa)
(Registration number 1968/006415/06)
ISIN: ZAE000026480
JSE and A2X share code: REM
("Remgro")
SUMMARY OF MEDICLINIC HOLDINGS LIMITED RESULTS FOR THE YEAR ENDED 31 MARCH 2026
INTRODUCTION
Following the acquisition by Mediclinic Holdings Limited ("Mediclinic" or "Group") (a consortium comprising Remgro
and MSC Mediterranean Shipping Company Holding SA (MSC)) and subsequent delisting of Mediclinic Group Limited
("Mediclinic Group"), there is no regulatory requirement for Mediclinic to release financial results. However, considering
the significant contribution by Mediclinic, the holding company of Mediclinic Group, to Remgro's results and intrinsic net
asset value, Remgro is releasing a voluntary statement containing a summary of Mediclinic's financial results for the year
ended 31 March 2026. Mediclinic's financial results, including divisional results and reconciliations ("Mediclinic Abridged
Results"), can be accessed at the following link to Remgro's website https://www.remgro.com/investor-centre/mediclinic-
results/.
SALIENT FEATURES
- The Group delivered a robust operating performance in a persistently challenging market environment
- Group adjusted revenue increased by 11%, driven by volume growth and favourable mix changes
- Adjusted EBITDA increased by 14%, delivering an EBITDA margin of 15.7% (FY25: 15.3%)
- Increasingly challenging market conditions necessitated further impairment charges to the Swiss division
- Adjusted earnings increased by 45%, reflecting the strong operating performance
- Leverage ratio reduced to 2.7x (FY25: 3.1x)
GROUP RESULTS
FY26 FY25 % variance(1)
$'m $'m
Revenue 5 395 4 818 12
Adjusted revenue(2) 5 356 4 818 11
Adjusted EBITDA(2) 842 737 14
Adjusted operating profit(2) 538 415 30
Earnings(3) (733) (4) nm
Adjusted earnings(2)(3) 345 239 45
Net debt(4) 2 269 2 272
Cash conversion(5) 106% 104%
nm = not meaningful
1. The percentage variances are calculated in unrounded US dollar values and not in millions.
2. The Group uses adjusted income statement reporting as non-IFRS measures in evaluating performance and to provide
consistent and comparable reporting. Refer to the policy and 'Reconciliations' section on pages 5 to 8 of the Mediclinic
Abridged Results.
3. Earnings refers to earnings attributable to equity holders.
4. Net debt reflects bank borrowings and lease liabilities, net of cash and cash equivalents.
5. Cash conversion, calculated as cash generated from operations as a percentage of adjusted EBITDA, is used by
management to measure cash generation by the Group.
PROPOSED RESTRUCTURING
On 30 March 2026, Remgro and Investment Holding Limited SARL (IHL) (a wholly owned subsidiary of MSC) entered
into an implementation agreement regarding a proposed restructuring of their respective interests in Mediclinic. Under the
agreement, Remgro will acquire full ownership of Mediclinic Southern Africa (MCSA) for a purchase consideration of
$950m and IHL will acquire full ownership of Hirslanden for a purchase consideration of $950m. As a result, the MCSA
and Hirslanden divisions have been classified as disposal groups held for sale and presented as discontinued operations in
terms of IFRS 5. This reclassification resulted in impairment charges of $555m on the Hirslanden division, arising from the
remeasurement of the division's carrying value to fair value less costs to sell.
RESULTS COMMENTARY
For the year ended 31 March 2026, the Group delivered a robust operating performance, navigating a fluid geopolitical
landscape and a persistently challenging market environment. The operating performance was underpinned by underlying
volume growth, favourable mix changes, and continued execution of the operating model review, which drove efficiency
gains and overall improvement.
Adjusted revenue increased by 11% to $5 356m (FY25: $4 818m), up 5% in constant currency terms. The increase reflects
strong patient activity across all three divisions and most client settings, coupled with a positive shift in mix that enhanced
average revenue per case.
Adjusted EBITDA increased by 14% to $842m (FY25: $737m) and 8% in constant currency terms. The Group's adjusted
EBITDA margin was 15.7% (FY25: 15.3%), supported by a combination of revenue growth and cost efficiencies.
Included in earnings are the impairment charges of $555m referred to above, as well as impairment charges of $689m
(2025: $279m) (before tax) relating to property, equipment and vehicles, and intangible assets in Switzerland, reflecting
increasingly challenging market conditions. These impairment charges are non-cash in nature and are excluded from the
adjusted earnings metrics.
Enquiries:
Remgro Investor Relations investor.relations@remgro.com
The information contained in this voluntary announcement has not been reviewed or reported on by Remgro's independent
external auditors.
Stellenbosch
29 May 2026
Sponsor
RAND MERCHANT BANK (a division of FirstRand Bank Limited)
Date: 29-05-2026 12:45:00
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