MLP Saglik Hizmetleri (MPARK) Q1 2025 earnings summary

Executive summary

• Revenue for Q1 2025 reached TL 11,754 million, up 6.9% year-over-year, with net profit up 23–24% to TL 1,276 million.

• EBITDA increased 5% year-over-year to TL 2,944 million, with adjusted EBITDA at TL 2,650 million.

• Growth driven by domestic private medical insurance, hospital network expansion, and medical tourism.

• Cash and cash equivalents rose to TL 3,610 million from TL 3,000 million at year-end 2024.

• EBITDA margin remained robust despite salary increases and new hospital openings.

Financial highlights

• Gross profit increased to TL 3,230 million from TL 2,870 million year-over-year.

• Operating profit rose to TL 2,260 million, up from TL 1,990 million in Q1 2024.

• Free cash flow declined to TL 143 million due to higher capex.

• Net debt/EBITDA increased to 0.6x from 0.5x sequentially, remaining within covenant limits.

• Total assets grew to TL 56,170 million from TL 52,050 million at year-end 2024.

Outlook and guidance

• Continued expansion in Türkiye and abroad with several new hospitals opening in 2024.

• Focus on growing market share in private medical insurance and medical tourism.

• Evaluating impact of new Turkish Financial Reporting Standards, including TFRS 17, effective from 2026.

• No significant post-balance sheet events after the reporting period.