Aster DM Healthcare Limited

rs,

30, 2025 To The Secretary, Listing Department, BSE Limited, 1st Floor, Phiroze Jeejeebhoy Towers, Dalal Street, Mumbai 400001. To The Manager, Listing Department, The National Stock Exchange of

5%

r clusters supported by ARPOB growth and improvement in ALOS ▪ ▪ Kerala cluster revenue grew by 5% YoY as compared to 4% de-growth in Q4FY25 YoY, driven by 6% QoQ increase In-patient volumes. Karn

4%

y ARPOB growth and improvement in ALOS ▪ ▪ Kerala cluster revenue grew by 5% YoY as compared to 4% de-growth in Q4FY25 YoY, driven by 6% QoQ increase In-patient volumes. Karnataka & Maharashtra cl

6%

▪ ▪ Kerala cluster revenue grew by 5% YoY as compared to 4% de-growth in Q4FY25 YoY, driven by 6% QoQ increase In-patient volumes. Karnataka & Maharashtra cluster revenue grew by 13% YoY Robust

13%

oY, driven by 6% QoQ increase In-patient volumes. Karnataka & Maharashtra cluster revenue grew by 13% YoY Robust growth in Operating EBITDA by 21% in Q1 FY26 driven by disciplined resource management

21%

s. Karnataka & Maharashtra cluster revenue grew by 13% YoY Robust growth in Operating EBITDA by 21% in Q1 FY26 driven by disciplined resource management, rationalized overhead costs, improved perfor

20%

formance of lab business and EBITDA breakeven of the wholesale pharmacy. Operating EBITDA margin at 20% in Q1 FY26, up 230 bps YoY ▪ ▪ Kerala cluster operating EBITDA margin at 25.3% in Q1 FY26, impro

230 bps

iness and EBITDA breakeven of the wholesale pharmacy. Operating EBITDA margin at 20% in Q1 FY26, up 230 bps YoY ▪ ▪ Kerala cluster operating EBITDA margin at 25.3% in Q1 FY26, improved by 270+ bps YoY (22

25.3%

ng EBITDA margin at 20% in Q1 FY26, up 230 bps YoY ▪ ▪ Kerala cluster operating EBITDA margin at 25.3% in Q1 FY26, improved by 270+ bps YoY (22.7% in Q1 FY25) Karnataka & Maharashtra cluster operating

22.7%

ps YoY ▪ ▪ Kerala cluster operating EBITDA margin at 25.3% in Q1 FY26, improved by 270+ bps YoY (22.7% in Q1 FY25) Karnataka & Maharashtra cluster operating EBITDA margin at 23.2% in Q1 FY26, improved

23.2%

oved by 270+ bps YoY (22.7% in Q1 FY25) Karnataka & Maharashtra cluster operating EBITDA margin at 23.2% in Q1 FY26, improved by 200+ bps YoY (21.2% in Q1 FY25) Added 320+ beds during the last year takin

21.2%

nataka & Maharashtra cluster operating EBITDA margin at 23.2% in Q1 FY26, improved by 200+ bps YoY (21.2% in Q1 FY25) Added 320+ beds during the last year taking bed capacity to 5,197 beds as on June 30,

“Operating EBITDA for the period Q1 FY26 excludes the ESOP Cost of Rs.”

“0.8 Cr (Q1 FY25: 2.9 Cr), Movement in fair value of contingent consideration payable of Rs.”

“Nil Cr (Q1 FY25 : 2.7 Cr) , Variable O&M fee amounting to Rs.7.2 Cr (Q1 FY25 : 8.1 Cr).”

“Operating EBITDA for the period Q1 FY26 excludes the ESOP Cost of Rs.”

“0.8 Cr [Q1 FY25: 2.9 Cr], Movement in fair value of contingent consideration payable of Rs.”

“Nil Cr [Q1 FY25 : 2.7 Cr] , Variable O&M fee amounting to Rs.7.2 Cr [Q1 FY25 : 8.1 Cr].”

“Material Cost % (Ex.Wholesale pharmacy) for Q1 FY26 is 21.6% and Q1 FY25 is 21.0%.”

“11 Combined Proforma Numbers for Q1 FY26 (Figures for Q1 FY26) Aster + QCIL = Merged Entity* Revenue (INR Cr) 1,078 1,0791 s c i r t e M l a i c n a n F i YoY (%) Revenue Growth Operating EBITDA2 (INR Cr) Op EBITDA Growth YoY (%) Op EBITDA Margin % ROCE3 (%) 8% 215 21% 20.0% 20.7% 16% 227 19% 21.1% 20.4% 2,157 12% 442 20% 20.5% 20.5% * Proforma financials for merged entity are subject to finalization and audit of the merged accounts.”

“revaluation reserves and CWIP and Intangibles 12 Combined Proforma Numbers for Q1 FY26 (Figures for Q1 FY26) No.”

“Operating EBITDA for the period Q1 FY26 excludes the ESOP Cost of Rs.”

Notes

5

Highlights

3

Note

1

Projects Current Status

1

Aster Medcity

1

Aster Medcity

1

Aster CMI

1

Investor Relations

1

Notes

1. Revenue, Operating EBITDA and EBITDA excludes other income 2. Operating EBITDA for the period Q1 FY26 excludes the ESOP Cost of Rs. 0.8 Cr (Q1 FY25: 2.9 Cr), Movement in fair value of contingent consideration payable of Rs. Nil Cr (Q1 FY25 : 2.7 Cr) , Variable O&M fee amounting to Rs.7.2 Cr (Q1 FY25 : 8.1 Cr). Our Operating & Management (O&M) agreements, encompasses both fixed and variable component. While the fixed component of the O&M fee is delineated into depreciation and finance costs as per Ind AS 116, whereas the variable component falls outside the scope of IndAS 116, leading to an incomplete reflection of the standard's impact in EBITDA 3. The PAT includes an amount of ₹ 21.8 Cr (Q1 FY25 : 32.8 Cr) from the interest/gain earned on the investment of sale proceeds from the segregation of GCC vertical and transaction cost of Rs 4.4 Cr 6 Hospital and other New Business Performance – Q1 FY26 % of Revenue Revenue Operating EBITDA3 Hospitals and Clinics Labs *Pharmacies1 India Ove

Notes

1. 2. 3. Includes WIMS Includes Nagercoil facility (Tamil Nadu) which was operationalized in Sep’24 Refers to total capacity beds as of Jun ‘25 13 Aster – Core Businesses Hospitals and Clinics Hospital Financial Trends Hospital Revenue Hospital Operating EBITDA and Margin1 Hospital EBITDA and Margin (In INR Cr) 1,042 968 2,851 2,343 1,631 1,647 3,990 3,519 (In INR Cr) 21% 201 23% 235 13% 12% 17% 19% 20% 22% Margin 875 688 538 407 212 201 Q1FY25 Q1FY26 FY20 FY21 FY22 FY23 FY24 FY25 Q1FY25 Q1FY26 FY20 FY21 FY22 FY23 FY24 FY25 Hospital PAT Hospital RoCE Hospital ROCE (In INR Cr) 146 112 274 176 21 -9 513 (In %) 366 23% 26% 25% 23% 20% 15% 3% 2% Q1FY25 Q1FY26 FY20 FY21 FY22 FY23 FY24 FY25 Q1FY25 Q1FY26 FY20 FY21 FY22 FY23 FY24 FY25

Note

1. Operating EBITDA for the period Q1 FY26 excludes the ESOP Cost of Rs. 0.8 Cr [Q1 FY25: 2.9 Cr], Movement in fair value of contingent consideration payable of Rs. Nil Cr [Q1 FY25 : 2.7 Cr] , Variable O&M fee amounting to Rs.7.2 Cr [Q1 FY25 : 8.1 Cr]. Our Operating & Management (O&M) agreements, encompasses both fixed and variable component. While the fixed component of the O&M fee is delineated into depreciation and finance costs as per Ind AS 116, whereas the variable component falls outside the scope of IndAS 116, leading to an incomplete reflection of the standard's impact in EBITDA 15 Hospital Operational Trends No. of Hospitals No. of capacity beds Total patient volumes 19 19 4,869 5,197 19 19 17 3,693 3,757 3,905 14 14 13 5,159 4,867 4,317 (In Mn) 0.9 0.8 3.6 3.3 2.9 2.2 2.2 1.5 Q1FY25 Q1FY26 FY20 FY21 FY22 FY23 FY24 FY25 Q1FY25 Q1FY26 FY20 FY21 FY22 FY23 FY24 FY25 Q1FY25 Q1FY26 FY20 FY21* FY22 FY23 FY24 FY25 Occupancy1 ARPOB ALOS (In %) 67% 59% 68% 68% 66% 65% (In INR ‘000) 50

Projects Current Status

*Aster Whitefield block D, Aster Ramesh Ongole, Aster Kasargod, Aster W&C Hyderabad and Aster Capital are in Construction phase ** Aster CMI, Aster Medcity (PMR block), Aster Sarjapur and Yeshwanthpur are in design phase. Brownfield:- 684 beds; Greenfield:- 1,948 beds. 20 20 5th Multispecialty hospital in Bengaluru : Yeshwanthpur Aster DM Healthcare Yeshwanthpur marks a step towards strengthening our leadership in Bengaluru with 2,500+ beds and a city-wide presence Bed Capacity • Total Bed capacity : 500 beds • To be operational by H2 FY29 Project Details • Lease agreement duration: 30 years (long-term) • Total investment: INR 580 crores • Built-up area: 5 lakh square feet • Project type: Hospital development Proposed Location Yeshwanthpur, 5th Multispecialty Aster Whitefield Location Advantage Located in Yeshwanthpur, with: • Excellent connectivity via Tumkur Road (NH4), • Outer Ring Road, Bellary Road, Namma Metro (Green Line), • Proximity to Yeshwanthpur Railway Station. Rationale •

Notes

1. As % of FY24 Pro-forma EBITDA of the merged entity 26 Appendix Aster at a Glance Karnataka & Maharashtra Karnataka Hospital: 4, Beds: 1,241 Maharashtra Hospital: 1, Beds: 256 Kerala Hospital6: 6, Beds: 2,653 Andhra & Telangana Andhra Pradesh Hospital: 6, Beds: 889 Telangana Hospital: 1, Beds: 158 1. Presence and Operational metrics are as on June 30, 2025 2. Count includes 4 O&M Asset Light hospital beds with a capacity of 554 beds 3. Pharmacies in India operated by ARPPL under brand license from Aster 4. Operating EBITDA Margin has been rounded off 5. Five Year Revenue & Operating EBITDA CAGR and 5 Year Capex are till the year ending FY25 6. Kerala hospital and bed count excludes WIMS. PECs: Patient Experience Centers ; ALOS: Average Length of Stay; ARPOB: Average revenue per occupied bed; Our Presence/Strength1 15 Cities and 5 States 192 Hospitals 5,197 Capacity beds 10 Clinics 259 Labs and PECs 203 Pharmacies3 Operational metrics (Q1 FY26) 59% Occupancy 3.1 days ALOS INR 50,200 A

Highlights

~0.53 ~0.51 4% ~0.50 2% 4% 4% 6% 6% ▪ Healthy ramp-up with a 6% QoQ increase In-patient volumes and 200 bps QoQ increase in occupancy from Q4 FY25, reflects early signs of recovery. ▪ Regaining its growth momentum, revenue grew by 5% YoY in Q1 FY26, Vs. 4% de-growth in Q4FY25 YoY, driven by 6% QoQ increase In-patient volumes. ▪ Operating EBITDA margin improved by ~270 bps YoY to 25.3% in Q1 FY26 led by cost efficiencies and operating leverage in Manpower cost and Overheads. Operating EBITDA1 (In INR Cr) 120 140 493 430 356 255 124 124 78 Q1FY25 Q1FY26 FY19 FY20 FY21 FY22 FY23 FY24 FY25 Operating EBITDA Margin1 (In %) 22.7% 25.3% 14.2% 13.2% 11.2% 21.0% 21.4% 19.4% 23.4% 1. From FY19 to FY22 is reported as EBITDA and FY23 onwards it is operating EBITDA Q1FY25 Q1FY26 FY19 FY20 FY21 FY22 FY23 FY24 FY25 33 Karnataka & Maharashtra Cluster : Hospitals and Bed Capacity Revenue Contribution1 36% Aster CMI Bengaluru, Karnataka 2014, O&M Aster Whitefield Bengaluru, Karnataka 2021, Leased Aster R