Najm Capital

Najm Fund I + Co-InvestGCC growth equity, infrastructure, and strategic buyouts · Q1 2026 reporting

K. Al Rashidi · Director

Pure Health

NYSE: ADX:PUREHEALTHGM drift

Healthcare Services·Specialty Consumer & Industrial·Growth Equity·Invested 2023·3% stake

Position

Mark0.94x

Gross IRR-3%

Invested$180M

LatestNo recent touchpoints recorded.

Next board:2026-05-22

Ownership + team

3% stake · 1 observer seatCommon equity

UAE healthcare conglomerate · 0.94x mark · ADX-listed · post-IPO settling below entry as integration of acquired networks slower than VCP plan

Ask about Pure Health · pulls from SharePoint memos + Snowflake fund DB + firm memory

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Financial profileLatest as of 2026-03-31

Revenue$5.4BLTM · +18% YoY · UAE 62% of mix

EBITDA margin14%Down from 17% at entry · integration drag

MOIC0.94x$12B entry → $11.3B mark · ADX-listed

Hospitals32UAE · UK · US · Saudi clinics 24

Three-way benchmark

Revenuemeasured in $B

Actual

Thesis target

VCP plan

Peer median

Performance update

Q1 2026 mark $11.3B · 0.94x · ADX share price soft on integration timing

Circle Health (UK) integration 2 quarters behind plan · synergies 58% of run-rate

Ardent (US) divestiture process initiated · expected close H2 2026 at ~$1.1B

UAE core network performing in line with thesis · DOH value-based-care contract renewed through 2028