Johannesburg, 27 November 2025: Life Healthcare Group today announced its audited results for the year ended 30 September 2025, reflecting resilient performance across its operations and continued progress on its Grow, Drive and Optimise strategy.

Key highlights for the year include:

• Group revenue up 6.0%
• Paid patient day (PPD) growth of 1.1%
• Occupancy of 69.7%
• Normalised earnings per share (NEPS) up 10.1%
• Cash generated from operations up 23.8%
• Life Molecular Imaging (LMI) sale concluded with upfront proceeds of US $355 million (R 6.3 billion)
• Healthy gearing of below 1.0 times
• Total dividend up 12.9% to 35 cents per share
• Total distributions to shareholders including special dividends totalling R4.3 billion during FY2025

Life Healthcare’s acute hospitals delivered a solid operational performance, with acute PPDs increasing by 0.9% resulting in an occupancy of 69.2%. Acute revenue increased by 6.4% on a like-for-like basis and excluding assets sold in FY2025 to R21.3 billion, supported by a 5.8% increase in revenue per paid patient day. Normalised EBITDA grew by 6.2% on a like-for-like basis to R3.3 billion. EBITDA margins for the acute business remained stable.

Complementary services recorded another robust year of growth, with revenue up 24.7% to R2.6 billion. This was supported by the full-year consolidation of Life Renal Dialysis, strong mental health occupancy of 76.6%, PPD growth of 3.1% and imaging volumes increasing by 9%. Renal dialysis volumes increased by 41.5%, including underlying organic growth of 9.8%. Operational improvements in the second half shifted the renal business into positive EBITDA territory; however, its lower margin continued to dilute the Group’s overall EBITDA margin.

Healthcare services revenue declined by 7.5% following the loss of two government contracts during H2 FY2024.

Life Healthcare concluded the disposal of Life Molecular Imaging during the year, generating upfront proceeds of US$355 million (R6.3 billion) with potential future earnouts of up to US$400 million linked to future commercial and regulatory milestones. The Group retains rights to RM2 milestone and regulatory payments, as well as the rights to manufacture, commercialise and distribute LMI products in Africa. Following the completion of the transaction, a special dividend of R2.35 per share was paid in September 2025. The disposal resulted in a profit recognised within discontinued operations.

Group normalised EBITDA increased 4.7% to R3.8 billion. The Group’s EBITDA margin remained stable.

Normalised EPS (NEPS) which reflects the underlying performance of the business increased by 10.1%. EPS and HEPS were materially affected by the R2.9 billion fair value adjustment to the Piramal liability, which reduced earnings from continuing operations but did not affect NEPS.

Cash generated from operations increased by 23.8% to R4.6 billion. The Group has a strong balance sheet with a healthy gearing of below 1.0 times. Special distributions totalling R4.3 billion were paid to shareholders during FY2025.

Return on capital employed was 17.8% with capital expenditure, excluding acquisitions, totalling R2.2 billion.

Life Healthcare Chief Executive, Peter Wharton-Hood said, “The fundamentals of our business remain resilient, and the substantial returns to shareholders this year reflect our disciplined capital management. With our focus now firmly on continuing operations, investors have clearer visibility into a stable, well-positioned organisation. The targeted interventions within our asset optimisation programme, together with our strategic growth initiatives such as Life Paarl Valley Hospital, position us for stronger performance in FY2026 and beyond."