Bumrungrad Hospital (BH) Q1 2025 earnings summary

Executive summary

• Q1 2025 saw a 5.6% decline in total revenue, mainly due to a 9.7% drop in non-Thai patient revenue and lower revenue intensity, with significant impact from Ramadan and safety concerns among Mainland China nationals.

• Over 90% of Ramadan days fell in Q1, significantly impacting Middle Eastern and some Indochina patient volumes and revenue intensity.

• The hospital maintained its ranking as the best in Thailand for the fifth consecutive year and improved to 100th globally, with continued investment in advanced medical technology and partnerships.

• Introduced Thailand's first Siemens photon counting CT and advanced partnership with Massachusetts General Brigham Hospital for the new cancer institute.

• Interim financials for Q1 2025 were reviewed with no material misstatements found.

Financial highlights

• Total revenue for Q1 2025 was THB 6,208 million, down 5.6% year-over-year.

• EBITDA and net profit both declined by 12.6% year-over-year, with EBITDA at THB 2,338 million and net profit at THB 1,734 million; EBITDA margin was 37.7% and net profit margin was 27.9%.

• Basic EPS was THB 2.18, down from THB 2.50; diluted EPS was THB 2.00, down from THB 2.29.

• Cash and investments increased to THB 16,022 million, up from THB 12,920 million a year ago.

• Equity attributable to owners increased to THB 29,214 million from THB 27,488 million at year-end 2024.

Outlook and guidance

• Management will provide Q2 2025 revenue growth guidance during the upcoming analyst Q&A session.

• 1Q 2025 performance improved versus internal guidance, with ongoing focus on international patient growth, technology upgrades, and strategic partnerships.

• No changes in segment organization or reporting; no forward-looking guidance provided.