PT Medikaloka Hermina (HEAL) Q2 2025 earnings summary

Executive summary

• Operates 51 hospitals across 36 cities, focusing on women and children care and a differentiated model aligned with Indonesia's JKN universal health coverage scheme.

• Net revenues for 6M25 reached IDR 3,389 billion, a slight year-over-year increase.

• Net income for 6M25 was IDR 225–284.3 billion, a significant decline from the previous year.

• Total assets grew to IDR 11,922.5 billion and equity to IDR 7,013.6 billion as of June 30, 2025.

• Operational volumes softened, with inpatient days and outpatient visits both declining year-over-year.

Financial highlights

• EBITDA for 6M25 was IDR 939 billion (27.6% margin), down from IDR 991 billion (29.6% margin) in 6M24.

• Gross profit for the period was IDR 1,125.7 billion, down from IDR 1,285.3 billion year-over-year.

• Operating income was IDR 473.9 billion, a decrease from IDR 615.9 billion in the prior year.

• Earnings per share attributable to equity holders was IDR 15.11, compared to IDR 23.20 in the previous year.

• Bed occupancy ratio declined from 74% in FY24 to 68.2% in 6M25; average length of stay increased from 2.9 to 3.0 days.

Outlook and guidance

• Two new hospitals (Badung and Salatiga) are under development, with openings planned for 4Q25.

• Management is focused on capital expenditure for hospital expansion and equipment, with construction in progress at multiple sites.

• The company plans to increase share capital to support future liquidity needs.