• Record quarterly and full-year performance: Net revenue increased 24.4% YoY to $406.9 million in Q4 2025 and rose 7.0% YoY to $1,538.5 million for FY 2025. EBITDA grew to $172.0 million in Q4 and increased 25.0% YoY to $416.5 million for the full year. Net profit reached $134.0 million in Q4 and $266.2 million for FY 2025. The EBITDA and net profit figures for both Q4 and FY 2025 include a $60.6 million one-off gain from the sale of land related to the Al Wadi Real Estate Fund.
  • Cash dividend: On March 4th 2026, the Board of Directors recommended a cash dividend of $80 million ($0.32 per share) for the financial year 2025, reflecting SMC’s strong financial position and commitment to sustainable shareholder returns.
  • Operational shift delivering results: The continued transition from long-term care (LTC) to acute inpatient services and outpatient clinics drove higher acute utilization, a stronger payer mix, and double-digit outpatient growth in Q4 2025.
  • Establishment of Al Wadi Real Estate Fund: SMC signed an agreement with BLME Capital (subsidiary of Bank of London and The Middle East) to establish Al Wadi Real Estate Fund.
  • Special one-time cash dividend approved: On November 3rd 2025, the Board of Directors recommended a special one-time cash dividend of $200 million ($0.8 per share). Dividend distribution commenced on January 15th, 2026.
  • Opening of SMC Clinics: Post-period, SMC officially opened and commenced operations at its new outpatient clinic center in Al Malqa.

Riyadh, Saudi Arabia – SMC Healthcare (the “Company”, or “SMC”, 4019 on the Saudi Exchange), one of the leading healthcare providers in the Kingdom of Saudi Arabia, today announced its financial results for the fourth quarter and full year ended 31 December 2025 (“Q4 2025” and FY 2025).

Sulaiman Abdulrahman Saad Al Rashed, Chairman of the Board of SMC Healthcare, said:

“2025 marks an important milestone for SMC Healthcare as we continue to deliver on the commitments we made to our shareholders at the time of our IPO. In recognition of our strong performance during the year, the Board has recommended a cash dividend of SAR 80 million for the financial year 2025, representing the first ordinary dividend since our listing. This reflects SMC’s robust financial position and our clear commitment to delivering sustainable shareholder returns.

As we look ahead, the Board remains focused on supporting management’s strategy to expand SMC’s healthcare platform while maintaining a balanced and disciplined approach to capital allocation. With a clear growth pipeline, including the development of three new hospitals and the continued expansion of our outpatient network, we remain confident in SMC’s ability to create long-term value for our shareholders while contributing meaningfully to the Kingdom’s healthcare transformation under Vision 2030.”

Bassam Chahine, Chief Executive Officer of SMC Healthcare, commented:

“2025 has been a landmark year for SMC Healthcare. Our successful IPO marked the beginning of a new chapter as a listed healthcare platform, enhancing our governance, strengthening our capital structure, and increasing our visibility among institutional investors. More importantly, we have delivered on the strategy we outlined at listing.

Our strategic shift away from long-term care toward high-performing acute inpatient services and a scaled outpatient network is now clearly translating into stronger margins and more predictable cash flows. The accelerated rollout and ramp-up of our outpatient clinics, coupled with disciplined cost optimization, enabled us to close the year with a record fourth quarter and meaningful improvement in profitability and leverage.

We look ahead to 2026 with confidence, supported by our expanded clinic footprint, driven by the strategic shift from LTC to acute inpatient services and outpatient care, including the opening of our first polyclinic, SMC Clinics – Al Malqa, alongside a progressing hospital pipeline and a more optimized operating model. We remain well positioned to deliver sustainable growth, enhance returns, and create long-term value for our patients and shareholders, in alignment with Saudi Vision 2030 .”

Operational Summary

Operational Highlights

Q4 2025

Q4 2024

Variance (YoY)

FY 2025

FY 2024

Variance (YoY)

Inpatient visits

42,409

40,408

+5.0%

159,537

181,031

-11.9%

Outpatient visits

386,678

344,168

+12.4%

1,407,081

1,258,496

+11.8%

Inpatient beds

581

581

0.0%

581

581

0.0%

Outpatient clinics

323

269*

+20.1%

323

269*

+20.1%

 

 

 

 

 

 

 

 

 

 

 

* As of year-end 2024 there were 266 operational clinics where 3 clinics were under renovation

SMC’s strategic repositioning toward higher-performing acute inpatient services and an expanded outpatient footprint continued to gain momentum in Q4 2025, translating into measurable improvements in volumes, utilization, and service mix.

Total inpatient visits increased 5.0% YoY in Q4 2025 to 42,409, driven by high-performing acute inpatient services. Acute inpatient utilization improved, reflecting the continued conversion of capacity toward acute services. This strategic shift contributed to an 8.0% year-on-year increase in inpatient revenue in Q4, as higher acute volumes and improved pricing dynamics more than offset the decline in legacy LTC activity, reinforcing the earnings-accretive nature of the transition.

Outpatient performance strengthened further during the quarter. Total outpatient visits increased 12.4% YoY to 386,678 in Q4 2025, driven by the continued ramp-up of clinics opened earlier in the year and the addition of 16 new clinics during the quarter. Consequently, the added outpatient capacity supported a 10.7% YoY growth in revenue from outpatient clinics and a 14.0% YoY increase in emergency room revenues. Group outpatient utilization improved, reflecting strong ramp-up dynamics and growing patient demand.

During the year, 53 LTC beds were transitioned into acute services, further aligning capacity with high-performing segments as part of the Company’s strategic shift. Total inpatient visits declined 11.9% YoY in 2025 due to the planned phase-out of LTC beds. However, this reduction was more than offset by higher-performing acute admissions, resulting in an increase of 5.1% YoY in inpatient revenue. In parallel, total outpatient visits increased 11.8% YoY to 1.4 million, supported by the successful rollout and ramp-up of 57* clinics during 2025. As a result, outpatient revenue increased 13.4% YoY in 2025. The 3 remaining clinics as part of the 60-clinic rollout plan in 2025 will be opened in Q1 2026 due to an external delay in equipment delivery.

* Includes the renovation of 3 clinics

Summary of Financial Results

$ million

Q4 2025

Q4 2024

Variance (YoY)

FY 2025

FY 2024

Variance (YoY)

Revenue

406.9

327.1

+24.4%

1,538.5

1,437.8

+7.0%

Medical Services

326.7

260.7

+25.3%

1,254.7

1,180.2

+6.3%

Pharmacy

69.2

64.4

+7.4%

258.0

236.0

+9.3%

Food and Catering

11.1

2.0

+448.2%

25.7

21.6

+18.8%

EBITDA

172.0*

64.5

+166.8%

416.5*

333.3

+25.0%

EBITDA margin

42.3%

19.7%

+22.6pp

27.1%

23.2%

+3.9pp

Net Profit

134.0*

26.2

+412.2%

266.2*

185.2

+43.7%

Net Profit margin

32.9%

8.0%

+24.9pp

17.3%

12.9%

+4.4pp

Operating Cash Flow

140.0

236.0

-40.7%

322.7

383.8

-15.9%

Capital Expenditures

23.4

18.2

+28.2%

94.5

94.3

+0.2%

Free Cash Flow

116.6

217.7

-46.5%

228.3

289.5

-21.2%

Net Debt / EBITDA1

1.4x

2.3x

-0.9x

1.4x

2.3x

-0.9x

1: Annualized using TTM | Numbers presented may not add up precisely to the totals provided due to rounding

* Includes a $60.6 million one-off gain on sale of land contribution to the Al Wadi Real Estate Fund.

Fourth Quarter 2025

SMC generated net revenue of $406.9 million in Q4 2025, up 24.4% from $327.1 million in Q4 2024., reflecting broad-based growth across core segments.

Inpatient revenue increased 8.0% YoY to $210.9 million, supported by higher acute admissions, improved utilization, and continued optimization of the service mix away from LTC. Outpatient revenue rose 10.7% year-on-year to $174.8 million, driven by the sustained ramp-up of the 41 clinics opened during the first half of 2025, as well as the contribution from 16 newly opened clinics in Q4 2025. The expansion in outpatient capacity translated into higher visit volumes, stronger utilization, and improved revenues. Pharmacy revenue also increased 7.4% year-on-year to $69.2 million, benefiting from higher patient throughput across both inpatient and outpatient segments.

Q4 2025 EBITDA increased 166.8% YoY to $172.0 million from $64.5 million, with margin expanding to 42.3% from 19.7%. The improvement reflects revenue growth, stronger operating leverage from clinic ramp-up and high-performing acute services, in addition to a $60.6 million one-off gain associated with the land sale related to the Al Wadi Real Estate Fund. Excluding this non-recurring item, EBITDA rose 72.8% YoY to $111.4 million.

Net profit reached $134.0 million in Q4 2025, compared to $26.2 million in Q4 2024, representing a 412.2% YoY increase, with net margin improving to 32.9% from 8.0%. Excluding the one-off gain, net profit increased 180.4% YoY to $73.4 million, reflecting the underlying operating momentum and margin expansion during the quarter.

Full Year 2025

For the full year, SMC generated net revenue of $1,538.5 million, up 7.0% from $1,437.8 million in FY 2024. Growth was delivered during a strategic transition year marked by the accelerated shift away from LTC toward high-performing acute inpatient services and outpatient clinics. The rollout and subsequent ramp-up of 57 clinics during the year (41 in H1 and 16 in Q4) drove sustained outpatient growth, while high margin acute admissions and improved utilization more than offset the expected decline from the LTC phase-out.

FY 2025 EBITDA increased 25.0% YoY to $416.5 million, with margin expanding to 27.1% from 23.2%, underscoring the structural benefits of scaling acute and outpatient operations, in addition to the $60.6 million gain on sale of the land related to the Al Wadi Real Estate Fund. Excluding the one-off gain, EBITDA grew 6.8% YoY to reach $355.9 million.

Net profit in FY 2025 rose 43.7% YoY to $266.2 million from $185.2 million in
FY 2024, with net margin improving to 17.3% from 12.9% following a record fourth quarter that offset earlier restructuring costs, IPO-related expenses, and one-off items incurred during the year. Excluding the one-off gain, net income grew 11.0% YoY to $205.6 million.

The Company’s leverage profile improved materially, with Net Debt / EBITDA* declining to 1.4x at year-end 2025 from 2.3x at year-end 2024, reflecting enhanced cash generation and disciplined capital allocation during a year of strategic repositioning and growth.

* LTM EBITDA

Strategic Developments

During Q4 2025, SMC advanced key strategic initiatives, signing an agreement with BLME Capital (a subsidiary of Bank of London and The Middle East) to establish the Al Wadi Real Estate Fund, with SMC contributing a 4,210 sqm land plot fair valued at ~$100 million as an in-kind equity stake.

SMC also secured a new long-term Islamic financing facility of $800 million for the construction of SMC 4 (Prince Faisal Bin Bandar Road – Khuzam Suburb). During the period, the Company completed approximately 80% of the design phase and finalized site hoarding.

With respect to SMC 3 (Northern Ring Road), project timelines have been revised following delays in regulatory approvals from the Royal Commission for Riyadh City (RCRC), which were outside the Company’s control. The project is now expected to be completed by 2028.

Post-period, SMC officially launched its standalone outpatient clinic center in Al Malqa in January 2026, as previously communicated, marking a key milestone in expanding access to integrated, multidisciplinary outpatient care in northern Riyadh.

Outlook

SMC remains firmly committed to executing its multi-year growth strategy, focused on expanding its integrated healthcare platform and capturing rising demand for high-quality, value-based care across Riyadh and the wider Kingdom. Building on the operational momentum achieved in 2025, the Company will continue optimizing its service mix toward higher-margin acute inpatient and outpatient services, supported by the ramp-up of recently opened clinics and sustained improvements in payer dynamics and operating efficiency.

The newly launched outpatient clinic center, SMC Clinics in Al Malqa, was fully operational in January 2026 and marks a key milestone in SMC’s strategy to expand its outpatient footprint. Featuring 35 multidisciplinary clinics alongside emergency and pharmacy services, the center strengthens SMC’s ability to deliver accessible, specialized care in northern Riyadh and complements its hospital-based services. As of March 10th 2026, 16 clinics were operational with the rest expected to be operational by year end. Additionally, SMC continues to advance its 150-bed mental health facility under the Ministry of Health’s Public-Private Partnership (PPP) program, with operations expected to commence by Q4 of 2026.

Beyond 2026, the Company’s northern Riyadh expansion plan remains a central pillar of its long-term strategy. This includes the development of three state-of-the-art hospitals, SMC 3, SMC 4, and SMC 5, which together are expected to nearly triple SMC’s total inpatient and outpatient capacity.

Through disciplined execution, network expansion, and continued focus on service mix optimization, SMC is well positioned to sustain operational momentum and deliver long-term value for patients, partners, and shareholders.

Status of Upcoming Projects

Project

Location

Capacity

Status

Completion

SMC 3

Northern Ring Road

Clinics: 200

Beds: 296

Under construction

2028

SMC 4

Khuzam Suburb

Clinics: 120

Beds: 201

Design in final stages and hoarding complete

2028

SMC 5

Al Malqa District

Clinics: 120

Beds: 201

Land acquisition expected in 2026

2029

About SMC Healthcare

​​​​​​​​​​​​​​in 1999, SMC Healthcare is a Riyadh-based healthcare group renowned for delivering high-quality inpatient and outpatient care. SMC currently operates two major hospitals in Riyadh (SMC King Fahad Road and SMC King Abdullah Road) providing comprehensive healthcare services across the entire value chain. The company operates centers of excellence in nephrology, cardiology, IVF and fertility medicine, oncology, ophthalmology, general and specialized surgery, laboratory services, and urology. SMC manages 581 inpatient beds and 323 outpatient clinics, supported by a strong medical workforce of 502 doctors and 1,077 nurses. With its expanding footprint, focus on clinical outcomes, and dedication to patient satisfaction, SMC Healthcare continues to be a key contributor to the Kingdom’s healthcare transformation under Vision 2030.

Contact
Investor Relations
ir@smc.com.sa

Glossary of Terms

Term

Definition

Outpatients

Individuals who receive medical care, diagnosis, or treatment at the Outpatient Clinics without being admitted.

Outpatient visits

The number of distinct chargeable visits for outpatient related services including consultations, diagnostics, treatment, or other services. Each appearance by a patient to the outpatient clinics is counted individually as an outpatient visit, regardless of the number of diagnostic and/or therapeutic treatments received. The number of outpatient visits excludes follow up or return visits. 

Clinics

Designated outpatient consultation rooms located within the hospital, where medical assessments, follow-ups, and diagnostic reviews are provided for patients not requiring admission. This definition excludes vital signs stations and procedure rooms, which are considered support services rather than standalone clinic visits.

Inpatients

Patients who are admitted to a hospital and utilize an inpatient bed to receive medical care, monitoring, or treatment.

Inpatient beds

The total number of beds available in the hospital for admitting inpatients, typically excluding emergency, observation, and outpatient beds. This reflects the hospital's capacity for overnight stays.

Long Term Care

Long-term care (LTC) patients are individuals with chronic illnesses, disabilities, or cognitive impairments (like dementia) who require extended assistance with daily activities, such as bathing, dressing, and eating, or ongoing nursing care. They often experience reduced functional capacity, requiring support.

Acute Patient care

A level of health care in which a patient is treated for a brief but severe episode of illness, for conditions that are the result of disease or trauma, and during recovery from surgery. Acute care often requires immediate attention and a high level of medical expertise and is generally provided in a hospital by a variety of clinical personnel using technical equipment, pharmaceuticals, and medical supplies.

Other in-patient services

Medical services provided to admitted patients beyond standard room and board, core medical treatments, or specialized care already itemized. This might include rehabilitation services, palliative care, or specific diagnostic procedures performed during an inpatient stay that are not classified under primary specialty revenue.

SMC 1 Hospital

The first operational facility in the SMC network, was strategically located and established in the heart of Riyadh on King Fahad Road. It consists of three interconnected towers and 3 outpatient clinics buildings.  Renowned for its commitment to clinical excellence, patient-centred care and innovation, SMC 1 provides comprehensive range of specialized medical services. The centre brings together top tier medical professionals, advanced technologies, modern Infrastructure and a holistic approach to healthcare to ensure exceptional outcomes.

SMC 2 Hospital

The second hospital in the SMC network, located on King Abdullah Branch Road, designed to complement and extend the services provided by SMC 1. SMC 2 features specialized units and differentiated capabilities, focusing on advanced diagnostics, select acute specialties, and integrated support services to meet growing demand and enhance system-wide capacity.

EBITDA

Calculated by adding back depreciation of property and equipment, depreciation of right of use assets and amortization of intangible assets as shown in the Statement of Cash Flows, and other income as shown in the Statement of Profit or Loss to the sum of operating profit as shown in the Statement of Profit or Loss. Includes Interest on lease liabilities.

Net Debt

The sum of current and non-current loans and lease liabilities less cash and cash equivalents, as shown in the Statement of Financial Position.