Aster DM Healthcare Limited

rs,

19, 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

61%

5,199 Capacity beds 10 Clinics 283 Labs and PECs 203 Pharmacies3 Operational metrics (H1FY26) 61% Occupancy 3.1 days ALOS INR 50,400 ARPOB Financial metrics (H1FY26) Revenue INR 2,275 Cr 20% 5

INR 50,400

cs 283 Labs and PECs 203 Pharmacies3 Operational metrics (H1FY26) 61% Occupancy 3.1 days ALOS INR 50,400 ARPOB Financial metrics (H1FY26) Revenue INR 2,275 Cr 20% 5 Year CAGR5 Op. EBITDA Margin: 21%4

INR 2,275

trics (H1FY26) 61% Occupancy 3.1 days ALOS INR 50,400 ARPOB Financial metrics (H1FY26) Revenue INR 2,275 Cr 20% 5 Year CAGR5 Op. EBITDA Margin: 21%4 38% 5 Year CAGR5 Capex INR 302 Cr ~INR 1,230 Cr

20%

61% Occupancy 3.1 days ALOS INR 50,400 ARPOB Financial metrics (H1FY26) Revenue INR 2,275 Cr 20% 5 Year CAGR5 Op. EBITDA Margin: 21%4 38% 5 Year CAGR5 Capex INR 302 Cr ~INR 1,230 Cr 5 Year

21%

400 ARPOB Financial metrics (H1FY26) Revenue INR 2,275 Cr 20% 5 Year CAGR5 Op. EBITDA Margin: 21%4 38% 5 Year CAGR5 Capex INR 302 Cr ~INR 1,230 Cr 5 Year Capex5 3 Page title 24 pt 22 77 146

38%

OB Financial metrics (H1FY26) Revenue INR 2,275 Cr 20% 5 Year CAGR5 Op. EBITDA Margin: 21%4 38% 5 Year CAGR5 Capex INR 302 Cr ~INR 1,230 Cr 5 Year Capex5 3 Page title 24 pt 22 77 146 Page s

INR 302

1FY26) Revenue INR 2,275 Cr 20% 5 Year CAGR5 Op. EBITDA Margin: 21%4 38% 5 Year CAGR5 Capex INR 302 Cr ~INR 1,230 Cr 5 Year Capex5 3 Page title 24 pt 22 77 146 Page subtitle 20pt non bold 22 77

INR 1,230

ue INR 2,275 Cr 20% 5 Year CAGR5 Op. EBITDA Margin: 21%4 38% 5 Year CAGR5 Capex INR 302 Cr ~INR 1,230 Cr 5 Year Capex5 3 Page title 24 pt 22 77 146 Page subtitle 20pt non bold 22 77 146 Heading F

23.5%

rial & HR Cost as % of Revenue 1,086 1,197 4,138 3,699 263 233 2,983 2,384 1,631 1,654 23.5% 44.5% 20.9% 44.1% 806 620 477 353 183 144 Q2FY25 Q2FY26 FY20 FY21 FY22 FY23 F

44.5%

HR Cost as % of Revenue 1,086 1,197 4,138 3,699 263 233 2,983 2,384 1,631 1,654 23.5% 44.5% 20.9% 44.1% 806 620 477 353 183 144 Q2FY25 Q2FY26 FY20 FY21 FY22 FY23 FY24 FY

20.9%

as % of Revenue 1,086 1,197 4,138 3,699 263 233 2,983 2,384 1,631 1,654 23.5% 44.5% 20.9% 44.1% 806 620 477 353 183 144 Q2FY25 Q2FY26 FY20 FY21 FY22 FY23 FY24 FY25 Q2F

“Op erating EBITDA for the pe riod Q2 FY26 exclud es the ESOP Cost of Rs.”

“3.5 Cr [Q2 FY25: 2.2 Cr], Movement in fair value of con tingen t consideration payable of Rs.”

“Nil Cr [Q2 FY25 : 2.7 Cr ] , Va riable O&M fee amounting to Rs.9.7 Cr [Q2 FY25 : 6 .8 Cr].”

“Ma ter ial cost & Manpo wer cost as a % o f revenue for FY25 exclud es wholesale phar ma cy Material Cost as a % of revenue HR Cost as a % of revenue 6 Merger of Aster DM & Blackstone backed Quality Care Start with the company slides, then merger.”

“Sunil Kumar (CFO, Aster) will be promoted to the position of MD & Group CEO and Group CFO of the Merged Entity respectively ▪ The above is subject to necessary approvals”

“One of the largest M&A in India for listed hospitals based on number of operational beds On post preferential allotment basis As of September 25 For the period FY25 5.”

“Operating EBITDA for the period FY25 excludes the ESOP Cost of Rs.”

“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.] PAT FY25 includes an amount of ₹ 108.3 Cr from the interest/gain earned on the investment of sale proceeds from the segregation of GCC vertical and excludes project unity transaction cost of Rs 50.1 Cr.”

“Operating EBITDA for the period Q2 FY26 excludes the ESOP Cost of Rs.”

“3.5 Cr [Q2 FY25: 2.2 Cr], Movement in fair value of contingent consideration payable of Rs.”

Notes

10

Note

8

Highlights

3

Aster Medcity

2

Aster CMI

2

Projects Current Status

1

Aster Medcity

1

Investor Relations

1

Note

1. FY 19 numbe rs are Pr e-Ind AS 116 2. Op erating EBITDA for the pe riod Q2 FY26 exclud es the ESOP Cost of Rs. 3.5 Cr [Q2 FY25: 2.2 Cr], Movement in fair value of con tingen t consideration payable of Rs. Nil Cr [Q2 FY25 : 2.7 Cr ] , Va riable O&M fee amounting to Rs.9.7 Cr [Q2 FY25 : 6 .8 Cr]. [Ou r Oper atin g & Mana gement (O &M) a greements, encompasses bo th fixe d a nd var iable co mp onent. While the fixed componen t of the O& M fee is delin eated into depreciation and finance co sts as per Ind AS 116, wher eas the variable componen t falls outside th e scope of IndAS 116 , leadin g to an incomplete reflection of the stand ard's impact in EB ITDA] 3. Ma ter ial cost & Manpo wer cost as a % o f revenue for FY25 exclud es wholesale phar ma cy Material Cost as a % of revenue HR Cost as a % of revenue 6 Merger of Aster DM & Blackstone backed Quality Care Start with the company slides, then merger. Need to check the previous flow. Page title 24 pt 22 77 146 Page subtitle 20pt non

Note

1. 2. 3. 4. One of the largest M&A in India for listed hospitals based on number of operational beds On post preferential allotment basis As of September 25 For the period FY25 5. 6. 7. Combined Operating EBITDA is Post INDAS EBITDA adjusted for one-time & non-cash expenses, ESOP cost, movement in fair value of contingent consideration and variable O&M fee Issue price in compliance with SEBI regulations for Scheme transaction and preferential allotment All numbers of QCIL are indicative and subject to statutory audit adjustments , if any 8 Page title 24 pt 22 77 146 Page subtitle 20pt non bold 22 77 146 Heading Font color – 22 77 146 Line: 22 77 146 Excel color scheme A1: A2: A3: A4: A5: A6: A7: A8: 22 77 146 129 129 129 0 180 141 0 72 57 74 144 228 148 176 200 206 231 254 218 219 221 For client A1: 22 77 146 For CS A3: 0 180 141 Highlight in tables H1: 218 219 221 H2: 188 208 222 Aster DM & Quality Care - Business snapshot ASTER DM QUALITY CARE ASTER DM QUALITY CARE ▪ One of the leadi

Note

1. 2. On po st preferential allotment b asis For every 1,000 share s of Q CIL, QCIL shareh olders will get 977 sh ares o f Aste r 3. Both step 1 and step 2 a re sub ject to re quisite app rovals 11 Page title 24 pt 22 77 146 Page subtitle 20pt non bold 22 77 146 Heading Font color – 22 77 146 Line: 22 77 146 Excel color scheme A1: A2: A3: A4: A5: A6: A7: A8: 22 77 146 129 129 129 0 180 141 0 72 57 74 144 228 148 176 200 206 231 254 218 219 221 For client A1: 22 77 146 For CS A3: 0 180 141 Highlight in tables H1: 218 219 221 H2: 188 208 222 Interse Valuation – Aster’s valuation reflects a 45% higher multiple relative to QCIL FY24 EV/EBITDA (Adj. Post INDAS1) Interse Shareholding 11.4x multiple difference 36.6x 25.2x QCIL Aster (In INR Cr) Aster QCIL Equity Value 22,7942 16,9832 Inter-se Shareholding 57.3% 42.7% Shareholding Pattern post merger Aster Promoters Blackstone Aster – Public QCIL – Others 24.0% 30.7% 33.3% 12.0% Aster is valued at 36.6x FY24 Adj. Post INDAS EV/ EBITDA1,2, whic

Note

1. 2. 3. Op erating EBITDA for Aster; Post INDAS EBITDA ad justed for one-time a nd non-cash e xpe nse s for QCIL Issue price in co mp liance with SEBI r egulations for Scheme transactio n a nd preferential allotment ( VWAP of 10 days a s of 2 8th Nov 20 24) Aster me trics FY24 : Net deb t incl. GCC cash INR ( 949) Cr, Minority Interest INR 158 Cr, a nd Lease liabilities INR 714 Cr; QCIL me trics FY24 : Net deb t INR 893 Cr , Minority Interest INR 1,518 Cr, and Le ase liab ilities INR 1 79 Cr 12 Page title 24 pt 22 77 146 Page subtitle 20pt non bold 22 77 146 Heading Font color – 22 77 146 Line: 22 77 146 Excel color scheme A1: A2: A3: A4: A5: A6: A7: A8: 22 77 146 129 129 129 0 180 141 0 72 57 74 144 228 148 176 200 206 231 254 218 219 221 For client A1: 22 77 146 For CS A3: 0 180 141 Highlight in tables H1: 218 219 221 H2: 188 208 222 Strategic rationale behind the merger ▪ 1. Scale Merged entity to be one of the top 3 hospital chains in India and with strong presence across South an

Notes

1. 2. 3. Includes WIMS Includes Nage rco il facility (Tamil Nadu) which was opera tion alize d in Se p’24 Refers to to tal capacity beds as of S ep ‘25 16 Page title 24 pt 22 77 146 Page subtitle 20pt non bold 22 77 146 Heading Font color – 22 77 146 Line: 22 77 146 Excel color scheme A1: A2: A3: A4: A5: A6: A7: A8: 22 77 146 129 129 129 0 180 141 0 72 57 74 144 228 148 176 200 206 231 254 218 219 221 For client A1: 22 77 146 For CS A3: 0 180 141 Highlight in tables H1: 218 219 221 H2: 188 208 222 Combined Proforma Numbers for Q2FY26 1 1 Scale Scale 2 2 Enhanced Metrics Enhanced Metrics 3 3 Synergies Synergies 4 4 Diversification Diversification (Figures for Q2FY26) Aster + QCIL 5 5 = Growth Potential Growth Potential Merged Entity* s c i r t e M l a i c n a n F i Revenue (INR Cr) Operating EBITDA2 (INR Cr) 1,197 263 1,1931 287 2,390 550 Op EBITDA Margin % 22.0% 24.1% 23.0% PBT Normalised PAT4 181 110 198 148 379 258 ROCE3 (%) 20.9% 24.1% 22.6% YoY Growth 13% 17% 21% 22% * P roforma fi

Note

1. 2. 3. Figures reflect QCIL’s consolidated proforma metrics, inclu ding CA RE Hospita ls, KIMSHEAL TH and Evercare. The acquisition of K IMSHEALTH was completed in Q4 FY24 QCIL Historical finan cials have been converted at a diffe rent e xchang e r ate vis-à-vis FY25 All number s of Q CIL are indicative and subject to statutory audit a djustments , if any P stands for Pro-forma 18 Page title 24 pt 22 77 146 Page subtitle 20pt non bold 22 77 146 Heading Font color – 22 77 146 Line: 22 77 146 Excel color scheme A1: A2: A3: A4: A5: A6: A7: A8: 22 77 146 129 129 129 0 180 141 0 72 57 74 144 228 148 176 200 206 231 254 218 219 221 For client A1: 22 77 146 For CS A3: 0 180 141 Highlight in tables H1: 218 219 221 H2: 188 208 222 Merged entity with diversified revenue mix and strong margin profile Aster QCIL4 Merged Entity +12%5 8,105 7,314 Revenue (INR Cr) 2,983 3,699 3,200 3,615 +12% 4,138 +12%5 3,967 6,183 FY23 FY24 FY25 FY23P FY24P FY25P FY23P FY24P FY25P Margin 16.0% 16.8% 19.5% 21.3% 2