Integrated Diagnostics Holdings’ FY 2025: big growth, fatter margins, and a new top shareholder
Integrated Diagnostics Holdings (IDH) has posted a very strong set of FY 2025 numbers. Revenue rose 37% to EGP 7,855 million, driven by 11% more tests and a 24% step-up in average revenue per test as the mix shifted toward higher-value services. Operational leverage did its job: EBITDA jumped 61% to EGP 2,738 million and the EBITDA margin widened to 34.9%.
On the bottom line, reported net profit increased 29% to EGP 1,302 million. Strip out last year’s FX tailwinds and this year’s one-offs, and adjusted net profit surged 79% to EGP 1,262 million with a 16.1% margin – a useful read on the underlying engine. The Board has declared a dividend of USD 0.0085 per share (USD 4.9 million total).
There’s also a notable governance development after year-end: the 21.67% Actis shareholding has transferred to a vehicle majority controlled by funds managed by Elliott Investment Management, completed on 9 April 2026 following regulatory clearance on 31 March 2026.
Key numbers investors should know
| Metric (IFRS) | FY 2025 | YoY |
|---|---|---|
| Revenue | EGP 7,855 million | +37% |
| Gross profit / margin | EGP 3,353 million / 42.7% | +54% / +4.6 pts |
| EBITDA / margin | EGP 2,738 million / 34.9% | +61% / +5.2 pts |
| Adjusted EBITDA / margin | EGP 2,698 million / 34.3% | +56% / +4.1 pts |
| Net profit / margin | EGP 1,302 million / 16.6% | +29% / -1.0 pt |
| Adjusted net profit / margin | EGP 1,262 million / 16.1% | +79% / +3.8 pts |
| Cash balance | EGP 2,090 million | +22% |
| Net cash | EGP 472 million | Up from EGP 226 million |
| Branches | 767 | +139 |
| Tests performed | 43.5 million | +11% |
| Average revenue per test | EGP 181 | +24% |
Q4 2025 kept the momentum going: revenue EGP 2,074 million (+29%), EBITDA EGP 709 million (+58%) at a 34.2% margin, and net profit EGP 338 million.
How IDH delivered: volume, pricing, and a richer service mix
Two levers did the heavy lifting in 2025. First, throughput improved: 9.4 million patients (+5%) and 43.5 million tests (+11%). Second, value per activity rose as the test mix shifted toward higher-value diagnostics – average revenue per test increased 24% to EGP 181 and revenue per patient rose 31% to EGP 835.
Egypt remains the engine at 84.6% of Group revenue, delivering EGP 6,642 million (+41%) on 10% more tests and a 28% uplift in revenue per test. Radiology and the newly added radiotherapy offering brought in EGP 310 million (up from EGP 224 million), helped by the June 2025 acquisition of Cairo Ray for Radiotherapy. House-calls stayed sticky at roughly 20% of Egypt’s revenues, and Wayak (e‑pharmacy/digital) grew 53% to EGP 34 million.
Country performance highlights
- Egypt: EGP 6,642 million (+41%). Broad-based growth across contract and walk-in channels, deeper network density with 137 new branches, and continued mix enhancement.
- Jordan (Biolab): JOD 15.0 million (+7%) or EGP 1,026 million (+14%). Volume-led strategy worked – tests up 21% and patients up 4% amid regulated pricing.
- Nigeria (Echo-Lab): NGN 3,712 million (+37%) or EGP 121 million (+47%). Pricing to offset inflation plus 6% volume growth. Crucially, a full year of positive EBITDA after the turnaround.
- Saudi Arabia (Biolab KSA): SAR 5.0 million (+252%) or EGP 65 million. Footprint expanded to three branches with sharp patient and test growth; losses narrowed materially.
- Sudan: Operations remained highly constrained; EGP 2.3 million revenue (0.03% of Group).
Margins and cash: the operating model is scaling
Cost discipline was visible in the P&L. Cost of goods sold fell to 57.3% of revenue (from 61.9%), with raw materials at 19.3% (from 22.0%) and direct wages steady at 18.4%. SG&A dropped to 15.0% of revenue (from 16.9%) even as IDH invested in growth, particularly in Saudi Arabia. The result: gross margin up 4.6 pts to 42.7% and EBITDA margin up 5.2 pts to 34.9%.
The balance sheet strengthened too. Cash and financial assets at amortised cost rose to EGP 2,090 million and the Group ended the year with EGP 472 million net cash. Working capital efficiency improved: receivables days moved to 122 (from 140) and inventory days to 94 (from 105). Borrowings increased to EGP 427 million, largely to fund the Cairo Ray acquisition, while interest expense rose 20% to EGP 236 million; interest income was EGP 223 million.
Tax was a headwind: tax expense climbed to EGP 817 million and the effective rate to 39% (from 30%), mainly due to normalisation of FX gains versus last year.
Dividend and capital allocation
The Board declared a dividend of USD 0.0085 per share (USD 4.9 million total). It’s a modest payout that keeps powder dry for expansion – sensible given the growth opportunities in radiology/radiotherapy and Saudi Arabia, and ongoing regional uncertainty. Management reiterates a prudent stance, with scope to reassess as conditions evolve.
Shareholder shift: Actis out, Elliott-managed funds in
Post balance sheet, the Actis 21.67% stake was sold to a special purpose vehicle majority controlled by funds managed by Elliott Investment Management. Regulatory clearance arrived on 31 March 2026 and completion on 9 April 2026. A change of this size at the top of the register matters: it can influence capital allocation, governance, and strategic pace. The RNS does not signal any change in strategy at this stage.
What looks positive
- Scale-led margin expansion: revenue +37% converted to EBITDA +61% and a 34.9% margin.
- Under-the-bonnet strength: adjusted net profit up 79% to EGP 1,262 million, with a 16.1% margin.
- Egypt’s resilience and depth: EGP 6,642 million revenue, continued house-call adoption, and richer mix.
- Proof points outside Egypt: Jordan’s volume-led growth, Nigeria’s EBITDA turnaround, Saudi losses narrowing as branches ramp.
- Balance sheet optionality: net cash of EGP 472 million and cash balances of EGP 2,090 million.
What to watch (and the risks)
- Concentration: Egypt is 84.6% of revenue and 91% of adjusted EBITDA – great when things are stable, but it concentrates macro and FX exposure.
- Tax and finance costs: effective tax rate rose to 39% and net finance swung to a cost of EGP 49.8 million; both can nibble at net margins.
- Geopolitics: management flags potential regional uncertainty in early 2026, notably for Jordan and Saudi Arabia.
- Put options and liabilities: current put option liability of EGP 628.6 million – worth tracking given size and potential timing.
- Saudi scale-up path: momentum is good, but the near-term objective remains narrowing losses toward breakeven as new sites open.
Operational colour that matters
- Cairo Ray for Radiotherapy added strategic capability and contributed to mix upgrade; a bargain purchase gain of EGP 40.1 million was excluded from adjusted EBITDA.
- Contract business remains the bedrock at 67% of Group revenue (EGP 5,257 million, +42%) with tests per patient up to 4.8.
- Walk-in revenue grew 30% to EGP 2,599 million, supported by a 16% rise in revenue per test and greater radiology uptake.
My take
FY 2025 shows IDH hitting that attractive combo: volume growth, better mix, and tight cost control. The model is scaling, and the jump in adjusted profitability backs that up. The dividend is conservative, which fits the opportunity set and the macro context.
Risks aren’t trivial – Egypt concentration, a higher tax burden, and regional tensions could all temper sentiment – but the operational momentum, cash generation, and early wins in Nigeria and Saudi Arabia provide useful offsets. The new 21.67% shareholder could add an extra layer of scrutiny and pace. For now, the story is one of execution delivering improving economics.
Near-term catalysts
- Further branch openings in Saudi Arabia (targeting six sites in the coming months) and continued ramp.
- Integration and monetisation of radiotherapy alongside radiology to deepen mix and margin.
- Any updates on dividend policy as visibility improves.
- Analyst and investor call at 14:00 (UK) | 15:00 (Egypt) on Tuesday, 21 April 2026.
