Strong cash generation, accelerating patient demand and improved asset productivity underpin business momentum.
| AED millions | Q3’26 | Q3’25 | 9M’26 | 9M’25 |
| Revenue | 1,535 | 1,422 | 4,329 | 4,099 |
| OPEX2 | (1,161) | (1,098) | (3,432) | (3,366) |
| Share of profit from associates | 1 | (4) | (4) | 3 |
| EBITDA ex-one-offs3 | 375 | 320 | 892 | 735 |
| Finance costs | (62) | (37) | (132) | (121) |
| Depreciation & amortization | (102) | (89) | (297) | (284) |
| Taxes | (26) | (19) | (51) | (40) |
| Net profit ex-one-offs3 | 185 | 175 | 412 | 290 |
Abu Dhabi, November 2026: Burjeel Holdings PLC (“Burjeel” or “the Group”), a leading super-specialty healthcare services provider in the GCC listed on the Abu Dhabi Securities Exchange (SYMBOL: BURJEEL; ISIN: AEE01119B224), announced its financial results in accordance with International Financial Reporting Standards (IFRS) for the three-month and nine-month periods ended 30 September 2026.
9M’26 Key Highlights
- Revenue +5.6%: Top-line totaled AED 4.3 billion, with growth accelerating to 7.9% YoY in Q3’26, amid a strengthening clinical platform.
- EBITDA +21.3%: EBITDA ex-one-offs rose to AED 892 million, driven by operating leverage and disciplined cost management.
- Net Profit +42.1%: Net profit ex-one-offs reached AED 412 million, reflecting strong underlying operating performance.
- Operating Cash Flow +217.4%: OCF rose to AED 775 million, reflecting strong underlying profitability and reduced working capital outflows.
- Net Leverage 1.4x: Net leverage improved, driven by strong cash generation and disciplined balance sheet management.
9M’26 Results: Patient Growth Accelerates
The Group delivered robust top-line performance in Q3’26, with revenue growth accelerating to 7.9% YoY, reaching AED 1,535 million. The results reflect the strength of its healthcare network, disciplined operational execution, and expanding community reach, with patient footfall rising 19.3% YoY. Revenue also increased QoQ, underscoring continued business momentum.
Total revenue increased 5.6% YoY to AED 4,329 million in 9M’26, while total patient footfall reached 5.8 million, up 13.1% YoY. This performance was achieved despite a challenging operating environment earlier in the year and the residual impact of the Unified Procurement Program (UPP) on reported revenue during January–July 2026.
Outpatient footfall increased 19.3% YoY in Q3’26 and 13.2% YoY in 9M’26, driven by a strong recovery in patient demand, expanding community reach, and the ramp-up of newly opened facilities. In Q3’26, activity was particularly strong across internal medicine, pediatrics, orthopedics, dermatology, and IVF, especially within the Group’s primary and ambulatory care network. Key contributors included Burjeel Medical City, Burjeel Hospital Abu Dhabi, Burjeel Day Surgery Center Al Reem, and LLH Hospital Abu Dhabi. Outpatient utilization reached 72% in 9M’26, up 6.1 p.p. YoY, as patient volumes grew faster than the physician base.
Inpatient footfall grew 17.3% YoY in Q3’26 and 10.6% YoY in 9M’26, reflecting increased activity across oncology, orthopedics, pediatrics, and high-acuity elective procedures. Surgical volumes also strengthened, with the Group performing 25,840 surgeries in Q3’26, up 10.6% YoY. Key contributors included Burjeel Medical City, Burjeel Hospital Abu Dhabi, Burjeel Royal Hospital Asharej, and Lifecare Hospital Musaffah. Bed occupancy reached 73% in 9M’26, reflecting higher utilization across the Group’s 1,754-bed network.
EBITDA ex-one-offs rose 17.0% YoY in Q3’26 to AED 375 million and 21.3% YoY in 9M’26 to AED 892 million, with the margin improving to 24.4% in Q3’26 from 22.5% in Q3’25. The improvement reflects disciplined workforce cost management, procurement efficiencies, and stronger operating leverage across the Group’s maturing assets.
Net profit ex-one-offs increased 5.7% YoY to AED 185 million in Q3’26 and 42.1% YoY to AED 412 million in 9M’26, with the Q3’26 net profit margin reaching 12.1%. Strong operating profitability was partly offset by higher finance costs and depreciation and amortization charges.
Advancing Clinical Leadership & Innovation
Burjeel Holdings continued to advance its capabilities in specialized and complex medical care, achieving significant milestones in gene therapy, transplantation, precision oncology, and advanced medical technologies. Burjeel Medical City administered advanced gene therapy to an 11-year-old patient with Duchenne Muscular Dystrophy and performed 31 kidney and liver transplants during 9M’26, bringing the cumulative total to 98 since inception. Burjeel Cancer Institute became the world’s first institution to administer camizestrant (Etcamah) in a clinical care setting using ctDNA-guided testing and was designated a Centre of Excellence for Breast Cancer by the Department of Health – Abu Dhabi.
The Group further expanded access to advanced clinical services, introducing AI-powered cardiac catheterization laboratories in Abu Dhabi and Sharjah, Sharjah’s first PET/CT service, and Al Ain’s first integrated urgent care center. Additional milestones included the Middle East’s first day-case Aquablation procedure, the launch of a dedicated Sarcoma & Bone Center, and the expansion of specialized outpatient services.
Expanding Integrated Healthcare Platforms & Digital Capabilities
Burjeel Holdings advanced the development of its integrated healthcare ecosystem through the establishment of dedicated Affordable Healthcare and Day Surgery platforms. The initiatives brought Medeor, LLH, and Lifecare facilities under unified leadership and introduced a coordinated operating model for day surgery centers, supporting greater efficiency and scalability. The Group also opened seven medical centers and clinics across the UAE and Oman during 9M’26, expanding access to community-based healthcare.
The Group continued to strengthen its clinical and digital capabilities, launching the BEACON integrated emergency and acute care network and becoming the first healthcare group in the Middle East to deploy Oracle Health’s AI-powered clinical documentation technology. International clinical and academic collaborations with Roswell Park Comprehensive Cancer Center and Loyola University Chicago further supported advances in oncology, research, and medical education, alongside the expansion of the Group’s strategic healthcare partnership with ADNOC.
Dr. Shamsheer Vayalil, Chairman & CEO of Burjeel Holdings, said:
“Our nine-month performance demonstrates the progress of Burjeel Holdings’ operating transformation. Patient demand and revenue growth accelerated in the third quarter. This reflects greater productivity across our healthcare network, disciplined cost management, and more effective utilization of the capacity we have built.
We are entering the next phase of growth by developing more integrated, specialized, and scalable healthcare delivery platforms. Bringing our affordable healthcare businesses under unified leadership and establishing a dedicated day surgery platform will sharpen operational accountability, support consistent patient pathways and create further opportunities for efficient growth.
At the same time, our ambitions extend beyond capacity expansion. Through pioneering therapies, complex clinical care, artificial intelligence, research, and international partnerships, we are strengthening our ability to bring advanced medicine closer to patients. Our priority is to combine clinical excellence with sustainable financial performance and long-term value creation for patients, shareholders and the communities we serve.”
Strong Momentum Across Core Segments:
The Hospitals segment delivered strong performance in Q3’26, with revenue increasing 9.6% YoY to AED 1,366 million, driven by higher patient volumes, increased surgical activity, and growing demand for general and specialized care. The segment continued to benefit from the recovery in elective and high-acuity procedures across its hospital network.
9M’26 Hospitals revenue increased 6.9% YoY to AED 3,867 million, accounting for 89% of Group revenue. Growth reflected sustained patient demand, improving asset utilization, and strong contribution from advanced medical services across gastroenterology, pediatrics, and orthopedics.
Q3’26 Hospitals EBITDA ex-one-offs rose 13.6% YoY to AED 365 million, with the EBITDA margin improving to 26.7% from 25.8% in Q3’25, supported by disciplined cost management and operating leverage from higher patient throughput.
9M’26 Hospitals EBITDA ex-one-offs increased 18.1% YoY to AED 927 million, with the margin expanding to 24.0% from 21.7% in 9M’25, underpinned by procurement efficiencies, workforce productivity, and improved utilization across the network.
Burjeel Medical City (BMC) revenue growth accelerated to 13.4% YoY in Q3’26, as patient demand recovered across general and elective care services, alongside increased activity in complex specialties, including oncology, fetal medicine, advanced orthopedic surgeries, and multi-organ and bone marrow transplantation. Patient volumes rose 20.4% YoY, while bed occupancy improved to 67% from 58% in Q3’25, demonstrating stronger utilization of existing capacity.
BMC’s EBITDA increased 17.6% YoY to AED 85 million in Q3’26, with the margin improving to 22.8% from 22.0% in Q3’25. For 9M’26, EBITDA rose 24.9% YoY to AED 230 million, with the margin expanding to 22.3% from 18.9%, underpinned by stronger operating leverage and disciplined cost management.
The Medical Centers segment delivered strong revenue growth of 19.5% YoY to AED 133 million in Q3’26, reflecting increasing patient demand and the continued ramp-up of recently launched facilities. For 9M’26, revenue increased 12.0% YoY to AED 381 million, benefiting from the growing contribution of the Group’s community-based healthcare network.
Medical Centers EBITDA ex-one-offs more than doubled to AED 24 million in Q3’26, up 126.9% YoY, driven by improving utilization and operating leverage across the network. For 9M’26, EBITDA increased 82.4% YoY to AED 53 million, demonstrating significant profitability gains as newly opened facilities mature.
Strong Cash Flow Generation:
Net cash from operating activities increased 217.4% YoY to AED 775 million in 9M’26, driven by higher operating profitability and favorable working capital movements, including improved receivables collections during the period, partly offset by higher corporate tax payments.
Free cash flow (FCF) conversion improved to 87% in 9M’26, with free cash flow increasing 154.1% YoY to AED 750 million. Return on invested capital (ROIC) improved to 13.3% from 11.8% in 9M’25, demonstrating higher profitability and capital efficiency.
Successful Debt Refinancing:
Net leverage1 improved to 1.4x as of 30 September 2026, from 1.8x at the end of 2025, driven by stronger operating profitability and cash generation alongside continued investment in network expansion.
The Group’s inaugural USD 500 million senior unsecured Sukuk, issued in July 2026 under its USD 1.5 billion Sukuk Programme, strengthened its long-term funding profile and financial flexibility. The Sukuk carries a 7.000% profit rate and matures in July 2031, with proceeds primarily used to refinance bank term-loan facilities.
As of 30 September 2026, the Group’s outstanding borrowings comprised AED 1,828 million under its Sukuk due July 2031 and AED 58 million drawn under the First Abu Dhabi Bank (FAB) revolving credit facility (RCF). The outstanding RCF drawing is expected to be repaid through internally generated cash flows.
The Group maintained AED 692 million of undrawn committed capacity under its AED 750 million RCF, providing additional liquidity and financial flexibility to support ongoing operations and future growth initiatives.
(1) Net debt / pre-IFRS 16 LTM EBITDA is calculated as reported EBITDA less annual lease rental payments, and net debt is calculated as interest-bearing loans and borrowings less cash and bank balances. Net debt includes Sukuk, revolving credit facility and vehicle loans.
