Bumrungrad Hospital (BH) Q2 2025 earnings summary

Executive summary

• Q2 2025 revenue was THB 6,104 million, down 3.6% year-over-year, with net profit at THB 1,858–1,880 million, down 3.8–3.9%.

• EBITDA margin reached a record 41.6% in Q2 2025, reflecting strong cost control despite revenue softness.

• Interim dividend payout increased to 44% of EPS (2 baht/share), with a total dividend of THB 3.00 per share paid in H1 2025.

• Share price surged 16% post-Q2 results, with trading volume spiking to 52 million shares.

• Recognized by Newsweek as a top specialized hospital in nine specialties, ranking #1 in Thailand for six.

Financial highlights

• Q2 2025 revenue: THB 6,104 million, down 3.6% year-over-year; H1 2025: THB 12,310 million, down 4.6%.

• EBITDA for Q2 2025: THB 2,537 million, down 1.6%; H1 2025: THB 4,876 million, down 7.2%.

• Net profit for Q2 2025: THB 1,858–1,880 million, down 3.8–3.9%; H1 2025: THB 3,591–3,623 million, down 8.3–8.4%.

• Cash and investments at H1 2025: THB 14,907 million, up from THB 12,300 million a year ago.

• Basic EPS for Q2 2025 was THB 2.34, down from THB 2.43 in Q2 2024.

Outlook and guidance

• Q3 2025 revenue is guided to grow 3%-5% year-over-year, with 2H 2025 expected to outperform 1H.

• Middle East business started Q3 strong; further recovery expected in Indochina and Bangladesh as geopolitical issues stabilize.

• Kuwait revenue overhang ends after Q2; future business depends on ongoing negotiations and payment settlements.

• Interim dividend of THB 2 per share (THB 1,592 million) approved for payment in August 2025.