Bumrungrad Hospital (BH) Q4 2025 earnings summary

Executive summary

• Achieved double-digit Q4 revenue growth in Qatar, Myanmar, USA, and UAE, with Middle East revenue intensity up 16.4% year-over-year.

• Full-year 2025 revenue declined 2% year-over-year, mainly due to shortfalls in Cambodia, China, Kuwait, and Thailand.

• Strong recovery in the second half of 2025, with 2H25 EBITDA up 5.7% and net profit up 5.4% compared to 2H24.

• Consolidated financial statements for the year ended 31 December 2025 were audited and present fairly in accordance with Thai Financial Reporting Standards.

• The Group operates primarily in the hospital and healthcare center business, with Thailand as the main geographical area.

Financial highlights

• Q4 2025 total revenue increased 0.5% year-over-year to THB 6,559 million; full-year revenue decreased 1.6% to THB 25,449 million.

• Net profit attributable to equity holders was Baht 7,511.8 million, down from Baht 7,774.7 million year-over-year.

• Q4 EBITDA rose 5.9% to THB 2,543 million; full-year EBITDA declined 0.9% to THB 10,149 million.

• Basic earnings per share were Baht 9.45 (2024: Baht 9.78); diluted EPS was Baht 8.66 (2024: Baht 8.96).

• Total assets increased to Baht 36,458.5 million from Baht 32,653.0 million at year-end 2024.

Outlook and guidance

• Q1 2026 guidance provided, with continued focus on international patient growth and operational excellence.

• Strategic initiatives for 2026 include expanding AI in imaging, digitizing international patient services, and strengthening cyber protection.

• The Group expects to pay a total dividend of Baht 11 per share for 2025, including a special dividend, subject to AGM approval.

• The Group continues to invest in new hospital projects and technology, with significant capital commitments for construction and equipment.