Aster DM Healthcare Limited

rs,

ASTERDM To The Secretary, Listing Department, BSE Limited, 1st Floor, Phiroze Jeejeebhoy Towers, Dalal Street, Mumbai 400001. Scrip Code: 540975 Dear Sir/Madam, Subject: Investor Presentation

61%

s 5,449 Capacity beds 10 Clinics 304 Labs and PECs 203 Pharmacies3 Operational metrics (FY26) 61% Occupancy 3.1 days ALOS INR 51,800 ARPOB Financial metrics (FY26) 1. Presence and Operational m

INR 51,800

nics 304 Labs and PECs 203 Pharmacies3 Operational metrics (FY26) 61% Occupancy 3.1 days ALOS INR 51,800 ARPOB Financial metrics (FY26) 1. Presence and Operational metrics are as on March 31, 2026 2. Cou

INR 4,643

Experience Centers ; ALOS: Average Length of Stay; ARPOB: Average revenue per occupied bed Revenue INR 4,643 Cr 16% 3 Year CAGR5 Op. EBITDA Margin: 20.4%4 Capex INR 546 Cr 26% 3 Year CAGR5 ~INR 1,280 Cr

16%

ters ; ALOS: Average Length of Stay; ARPOB: Average revenue per occupied bed Revenue INR 4,643 Cr 16% 3 Year CAGR5 Op. EBITDA Margin: 20.4%4 Capex INR 546 Cr 26% 3 Year CAGR5 ~INR 1,280 Cr 3 Year

20.4%

RPOB: Average revenue per occupied bed Revenue INR 4,643 Cr 16% 3 Year CAGR5 Op. EBITDA Margin: 20.4%4 Capex INR 546 Cr 26% 3 Year CAGR5 ~INR 1,280 Cr 3 Year Capex5 3 Page title 24 pt 22 77 146

INR 546

evenue per occupied bed Revenue INR 4,643 Cr 16% 3 Year CAGR5 Op. EBITDA Margin: 20.4%4 Capex INR 546 Cr 26% 3 Year CAGR5 ~INR 1,280 Cr 3 Year Capex5 3 Page title 24 pt 22 77 146 Page subtitle 20p

26%

ccupied bed Revenue INR 4,643 Cr 16% 3 Year CAGR5 Op. EBITDA Margin: 20.4%4 Capex INR 546 Cr 26% 3 Year CAGR5 ~INR 1,280 Cr 3 Year Capex5 3 Page title 24 pt 22 77 146 Page subtitle 20pt non b

INR 1,280

e INR 4,643 Cr 16% 3 Year CAGR5 Op. EBITDA Margin: 20.4%4 Capex INR 546 Cr 26% 3 Year CAGR5 ~INR 1,280 Cr 3 Year Capex5 3 Page title 24 pt 22 77 146 Page subtitle 20pt non bold 22 77 146 Heading F

20.9%

rial & HR Cost as % of Revenue 1,182 1,000 2,994 2,384 1,654 4,643 4,138 3,699 244 193 20.9% 44.1% 21.4% 43.7% 947 806 620 477 353 144 Q4FY25 Q4FY26 FY21 FY22 FY23 FY24 F

44.1%

HR Cost as % of Revenue 1,182 1,000 2,994 2,384 1,654 4,643 4,138 3,699 244 193 20.9% 44.1% 21.4% 43.7% 947 806 620 477 353 144 Q4FY25 Q4FY26 FY21 FY22 FY23 FY24 FY25 FY

21.4%

as % of Revenue 1,182 1,000 2,994 2,384 1,654 4,643 4,138 3,699 244 193 20.9% 44.1% 21.4% 43.7% 947 806 620 477 353 144 Q4FY25 Q4FY26 FY21 FY22 FY23 FY24 FY25 FY26 Q4F

“O perating EBITDA for the period FY26 exclu des the ESO P Cost of Rs.”

“8 .3 Cr [FY25: 8.4 Cr], Movement in fair value of conting ent consideration payable of Rs.”

“Nil Cr [FY25 : 0.8 Cr ] , Va riable O&M fee amounting to Rs.37 .3 Cr [FY25 : 3 1.8 Cr].”

“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 March 26 For the period FY26 5.”

“Kasargod in Q4FY26 YoY Operating EBITDA Growth3 (%) YoY Operating EBITDA Margin3 (%) 20% 17% 22% 25% 20.5% 23.0% 21.3% 21.9% Robust Operating EBITDA3 Growth Reflecting Operational leverage and Effective Cost Management ▪ The combined entity1 exhibited robust Operating EBITDA3 growth across the quarters in FY26 demonstrating continued cost efficiencies.”

“▪ Margins remain resilient and healthy above 20%, despite capacity expansions and business seasonality Expansion Momentum – Building One of India’s Largest Hospital Networks ▪ 4,445 beds to be added in coming years taking the total bed capacity to 15,068 beds ▪ Out of planned expansion across 18 cities2, majority will be brownfield Q1FY26 Q2FY26 Q3FY26 Q4FY26 Q1FY26 Q2FY26 Q3FY26 Q4FY26 expansion 27% YoY EBITDA Growth Ex.”

“Operating EBITDA for the period Q4 FY26 excludes the ESOP Cost of Rs.”

“1.7 Cr [Q4 FY25: 0.7 Cr], Movement in fair value of con tingent consideration payable of Rs.”

“Nil Cr [Q4 FY25 :- -7.4 Cr] , Variable O&M fee amounting to Rs.10.1 Cr [Q4 FY25 : 7.6 Cr].”

Note

8

Notes

4

Highlights

3

Beyond

1

Projects Current Status

1

Ex-Kasarg od Revenu e

1

Ex-Kasarg od Op. E BITDA

1

Aster CMI

1

Aster Whitefield

1

Investor Relations

1

Note

1. 2. 1. O perating EBITDA for the period FY26 exclu des the ESO P Cost of Rs. 8 .3 Cr [FY25: 8.4 Cr], Movement in fair value of conting ent consideration payable of Rs. Nil Cr [FY25 : 0.8 Cr ] , Va riable O&M fee amounting to Rs.37 .3 Cr [FY25 : 3 1.8 Cr]. [Our Op erating & Manage me nt (O &M) agr eements, encompasse s both fixed and variab le compon ent. While th e fixed co mp onent of the O&M fe e is delinea ted into depr eciation and finance costs a s per Ind AS 116, whe reas the variable compone nt falls ou tside the scope of IndAS 2. Material cost & Manpower cost as a % of revenue for FY2 5 e xcludes wh olesale pharmacy 6 Material Cost as a % of revenue HR Cost as a % of revenue 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 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

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 March 26 For the period FY26 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 OVERVIEW ASTER DM QUALITY CARE ASTER DM QUALITY CARE ▪ One of the

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

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 17 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 1 Scale 2 Enhanced Metrics 3 Synergies 4 Diversification 5 Growth Potential Aster QCIL4 Merged Entity +12% 4,643 +17%5 4,630 3,699 4,138 3,615 3,967 Revenue (INR Cr) +14%5 9,273 7,251 8,105 FY24 FY

Note

1. 2. 3. 4. 5. Financials r efle ct QCIL’s co nso lidated proforma metr ics, includin g CARE Ho spitals, KIMSHEALTH an d E ver car e. The acquisition o f KIMSHE ALTH was completed in Q4 FY 24 Combined Op erating EBITDA is Po st INDAS EBITDA adjusted for on e-time & no n-cash e xpe nse s, ESOP cost, mo vemen t in fa ir value of continge nt consideration and variab le O &M fee 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 Gr owth assu min g constant curr ency 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 Multiple avenues of syne