Aster DM Healthcare Limited

rs,

06, 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

10%

led by substantial recovery in Kerala, strong growth in international re venue and better case mix 10% YoY (11% QoQ) overall revenue growth despite lower incidence of seasonal illness unlike Q2FY25 (13%

11%

bstantial recovery in Kerala, strong growth in international re venue and better case mix 10% YoY (11% QoQ) overall revenue growth despite lower incidence of seasonal illness unlike Q2FY25 (13% YoY grow

13%

10% YoY (11% QoQ) overall revenue growth despite lower incidence of seasonal illness unlike Q2FY25 (13% YoY growth adjusted f or seasonality) ▪ ARPP IP rose 10% YoY to INR 1,18,552 in Q2FY26, driven by

INR 1,18,552

easonal illness unlike Q2FY25 (13% YoY growth adjusted f or seasonality) ▪ ARPP IP rose 10% YoY to INR 1,18,552 in Q2FY26, driven by improved specialty mix. CONGO mix increased by 240 bps to 51% in Q2FY26 ▪ ALOS

240 bps

IP rose 10% YoY to INR 1,18,552 in Q2FY26, driven by improved specialty mix. CONGO mix increased by 240 bps to 51% in Q2FY26 ▪ ALOS improved by 5% YoY to 3.1 days in Q2FY26 from 3.2 days in Q2FY25 aided by

51%

YoY to INR 1,18,552 in Q2FY26, driven by improved specialty mix. CONGO mix increased by 240 bps to 51% in Q2FY26 ▪ ALOS improved by 5% YoY to 3.1 days in Q2FY26 from 3.2 days in Q2FY25 aided by increas

5%

iven by improved specialty mix. CONGO mix increased by 240 bps to 51% in Q2FY26 ▪ ALOS improved by 5% YoY to 3.1 days in Q2FY26 from 3.2 days in Q2FY25 aided by increased robotics surgeries and efficie

15%

d by increased robotics surgeries and efficient hospital operations ▪ Total patient volume grew by 15% QoQ with IP volume growing by 12% QoQ (6% YoY adjusted for seasonality and discontinuation of schem

12%

and efficient hospital operations ▪ Total patient volume grew by 15% QoQ with IP volume growing by 12% QoQ (6% YoY adjusted for seasonality and discontinuation of scheme in one of our hospital) and OP

6%

ient hospital operations ▪ Total patient volume grew by 15% QoQ with IP volume growing by 12% QoQ (6% YoY adjusted for seasonality and discontinuation of scheme in one of our hospital) and OP volume

64%

of scheme in one of our hospital) and OP volume growing by 15% QoQ in Q2FY26 ▪ Occupancy grew to 64% in Q2FY26 from 59% in Q1FY26; Kerala at 69% (64% in Q1FY26); K&M at 62% (56% in Q1FY26) and A&T at

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

“3.5 Cr [Q2 FY25: 2.2 Cr], [Q1FY26: 0.8 Cr ], Movement in fair value of contingent consideration payable of Rs.”

“Nil Cr [Q2 FY25 : 2.7 Cr], [Q1FY26: Nil] , Variable O&M fee amounting to Rs.9.7 Cr [Q2 FY25 : 8.3 Cr], [Q1FY26: 7.2 Cr].”

“EBITDA grew by 41% YoY in Q2FY26 Aster Labs revenue grew by 15% YoY in Q2 FY26 and Op.”

“EBITDA grew by 86% YoY Strengthening Aster’s position in Northern Kerala with the commencement of operations at Kasargod Adding 2,300+ beds to reach 7,800+ capacity — 234 beds in FY26, 1,054 beds in FY27, 1,080 beds beyond FY27 FY 26 Expansion – Aster Whitefield | Aster Ramesh Ongole FY 27 Expansion – Aster Capital, Trivandrum | Aster Sarjapur Phase-I | Aster W&C, Hyderabad Transforming Lives Through Clinical Excellence1 1.”

“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.”

“Revenue (In INR Cr) 1,087 1,172 2,007 2,108 1,690 1,318 875 935 701 H1FY25 H1FY26 FY19 FY20 FY21 FY22 FY23 FY24 FY25 Operating EBITDA1 (In INR Cr) 259 306 493 430 356 255 124 124 78 H1FY25 H1FY26 FY19 FY20 FY21 FY22 FY23 FY24 FY25 Operating EBITDA Margin 1 (In %) 23.9% 26.1% 21.0% 21.4% 19.4% 23.4% 14.2% 13.2% 11.2% H1FY25 H1FY26 FY19 FY20 FY21 FY22 FY23 FY24 FY25 1.”

“EBITDA Margin 24.5% 25.6% -110 bps 23.2% 130 bps H1FY25 H1FY26 FY19 FY20 FY21 FY22 FY23 FY24 FY25”

“Operating EBITDA1 (In INR Cr) 185 164 321 217 150 83 28 42 33 H1FY25 H1FY26 FY19 FY20 FY21 FY22 FY23 FY24 FY25 Operating EBITDA Margin2 23.5% 23.8% 22.8% 18.4% 19.7% 9.2% 9.5% 7.6% 12.6% From FY19 to FY22 is reported as EBITDA and FY23 onwards it is operating EBITDA 1.”

Notes

7

Highlights

3

Aster Medcity

2

Aster CMI

2

Projects Current Status

1

Note

1

Aster Medcity

1

Investor Relations

1

Notes

1. Revenue, Operating EBITDA and EBITDA excludes other income 2. Operating EBITDA for the period Q2 FY26 excludes the ESOP Cost of Rs. 3.5 Cr [Q2 FY25: 2.2 Cr], [Q1FY26: 0.8 Cr ], Movement in fair value of contingent consideration payable of Rs. Nil Cr [Q2 FY25 : 2.7 Cr], [Q1FY26: Nil] , Variable O&M fee amounting to Rs.9.7 Cr [Q2 FY25 : 8.3 Cr], [Q1FY26: 7.2 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 for Q2 FY26 includes an amount of ₹ 20.3 Cr [Q2 FY25 : 32.8 Cr] [Q1FY26: 21.8 Cr] from the interest/gain earned on the investment of sale proceeds from the segregation of GCC vertical and excludes transaction cost of Rs 0.4 Cr [Q1FY26: 4.4 Cr] 4 Page title 24 pt 22 77 146 Page

Notes

1. Revenue, Operating EBITDA and EBITDA excludes other income 2. Operating EBITDA for the period Q2 FY26 excludes the ESOP Cost of Rs. 3.5 Cr [Q2FY25: 2.2 Cr], [Q1FY26: 0.8 Cr ], Movement in fair value of contingent consideration payable of Rs. Nil Cr [Q2FY25 : 2.7 Cr], [Q1FY26: Nil] , Variable O&M fee amounting to Rs.9.7 Cr [Q2FY25 : 8.3 Cr], [Q1FY26: 7.2 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 for Q2FY26 includes an amount of ₹ 20.3 Cr [Q2FY25 : 32.8 Cr] [Q1FY26: 21.8 Cr] from the interest/gain earned on the investment of sale proceeds from the segregation of GCC vertical and excludes transaction cost of Rs 0.4 Cr [Q1FY26: 4.4 Cr] 9 9 QCIL Performance Page title 24 pt 2

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 15 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 Merger Implementation – Progress Update NOC highlight Transaction Announcement In Nov’24, Company announced:  Merger of Quality Care with the Company (“Merger”) and  Preferential allotment of ~3.6% stake to Blackstone and TPG in the Company in lieu of initial acquisition of 5.0% stake in Quality Care by the Company (“Share Swap”)  Company has received shareholders approval, CCI approval and stock exchange approval Share Swap  Post receipt of the statutory approvals, company has completed t

Highlights

• Regaining growth momentum, Kerala cluster achieved its highest ever quarterly revenue up 11% YoY (12% QoQ) in Q2FY26 driven by growth in MVT and increase in Oncology revenue. o 6% YoY IP volume growth adjusted for seasonality; 13% QoQ increase in IP volumes, driving occupancy to 69% in Q2FY26 from 64% in Q1FY26 o MVT business revenue jumped by 49% YoY o ARPP (IP) grew 5% YoY, supported by higher MVT revenue, and an improved case mix led by Oncology. o Aster Medcity, our flagship hospital, revenue grew by 14% YoY supported by 7% growth in IP volume. • Operating EBITDA grew significantly by 19% YoY with margin expanding to 26.8% in Q2FY26, led by cost efficiencies and operating leverage in manpower and overhead costs. Revenue (In INR Cr) 1,087 1,172 2,007 2,108 1,690 1,318 875 935 701 H1FY25 H1FY26 FY19 FY20 FY21 FY22 FY23 FY24 FY25 Operating EBITDA1 (In INR Cr) 259 306 493 430 356 255 124 124 78 H1FY25 H1FY26 FY19 FY20 FY21 FY22 FY23 FY24 FY25 Operating EBITDA Margin 1 (In %) 23.9% 26

Highlights

▪ Revenue grew 10% YoY supported by healthy growth in Aster Whitefield and strong ARPP (IP) improvement o 6% YoY growth in IP volume (adjusted for seasonality and exit from scheme business in Aster Aadhar) reflects higher contribution from CONGO mix. o Excluding scheme and seasonality, ARPP IP grew by 11% YoY driven by higher contributions from high-value procedures, mainly in Oncology and Neurosciences o Aster Whitefield revenue grew by 27% YoY in Q2FY26. ▪ Operating EBITDA grew by 6% YoY (15% QoQ) despite higher material costs on account of growth in medical oncology services. Operating EBITDA1 (In INR Cr) 185 164 321 217 150 83 28 42 33 H1FY25 H1FY26 FY19 FY20 FY21 FY22 FY23 FY24 FY25 Operating EBITDA Margin2 23.5% 23.8% 22.8% 18.4% 19.7% 9.2% 9.5% 7.6% 12.6% From FY19 to FY22 is reported as EBITDA and FY23 onwards it is operating EBITDA 1. 2. Operating EBITDA Margin excluding Whitefield is 25.0% in H1FY26 as compared to 25.8% in H1FY25 H1FY25 H1FY26 FY19 FY20 FY21 FY22 FY23 FY24 FY

Highlights

▪ Aster increased its stake in Aster Ramesh Hospitals by 13% taking the total stake to over 70% ▪ Revenue grew 8% YoY (14% QoQ) led by growth in IP volume and ARPP (IP) o IP volume increased by 4% YoY (16% QoQ) o ALOS improved by 7% YoY to 3.6 days in Q2FY26 from 3.9 days in Q2FY25 o ARPP IP remained healthy with 4% YoY growth, indicating better case mix ▪ YoY Operating EBITDA decreased marginally by 5% on account of higher manpower cost. However, on QoQ basis it almost doubled. Revenue (In INR Cr) 236 253 303 314 279 370 344 473 412 H1FY25 H1FY26 FY19 FY20 FY21 FY22 FY23 FY24 FY25 Operating EBITDA1 (In INR Cr) 30 27 69 60 47 45 36 41 32 H1FY25 H1FY26 FY19 FY20 FY21 FY22 FY23 FY24 FY25 Operating EBITDA Margin (In %) 12.8% 10.7% 11.9% 18.7% 16.2% 14.8% 12.7% 9.3% 10.0% 1. From FY19 to FY22 is reported as EBITDA and FY23 onwards it is operating EBITDA H1FY25 H1FY26 FY19 FY20 FY21 FY22 FY23 FY24 FY25 29 28 Capex Page title 24 pt 22 77 146 Page subtitle 20pt non bold 22 77 146 Heading Font