Netcare (NTC) 1H26 – Results Snapshot

Diluted HEPS increased to 71.4cps (+21.2% y-y).
Revenue grew by 4.8% y-y to R13.3bn.
Group GPM decreased by 40bps to 49.5% (1H25: 49.9%).
Expenses grew by 3.5% y-y to R5 091m, with expenses-to-sales decreasing by 50bps to 38.3% (1H25: 38.8%).
OPM increased by 40bps to 13.4% (1H25: 13.1%).
Dividend of 44.0cps (1H25: 36.0cps).
Net cash increased from R1 298m to R1 985m. Gross debt up from R6 924m to R8 092m, due to ongoing capital expenditure, the payment of ordinary and preference dividends and share buybacks, partially offset by higher operating profit.
Total paid patient days (PPD) increased by 0.7% y-y compared to the prior period, comprising a 0.4% y-y increase in acute PPD and a 3.4% y-y increase in mental health PPD.