Bangkok Dusit Medical Services (BDMS) investor relations material

Executive summary

• Operating income grew 1% year-over-year to THB 27,514M in 2Q26 and THB 56,068M for 6M26, supported by higher revenue intensity and international patient growth, despite regional tensions.

• Interim financials for the three- and six-month periods ended 30 June 2026 were reviewed with no material misstatements found.

• Main business remains hospital operations, with supporting businesses contributing less than 10% of revenue.

• Net profit after tax (NPAT) declined 7% year-over-year in both 2Q26 and 6M26, mainly due to higher depreciation from network expansion.

• Revenue momentum accelerated in July 2026, with hospital revenue up 8% year-over-year, driven by increased inpatient admissions and international patient demand.

Financial highlights

• Consolidated revenue for Q2 2026 was THB 27,542 million, up 1.4% year-over-year.

• For H1 2026, consolidated revenue reached THB 56,106 million, up 0.9% year-over-year.

• EBITDA margin compressed to 22.0% in 2Q26 and 23.3% in 6M26, down from 22.6% and 24.1% respectively, due to higher depreciation.

• EBIT margin declined to 15.5% in 2Q26 and 17.0% in 6M26.

• Net profit for Q2 2026 was THB 3,370 million, down 6.9% year-over-year.

Outlook and guidance

• Revenue growth accelerated in July 2026, with occupancy rates improving to 65% and strong demand from both Thai and international patients.

• International patient bookings surpassed 40,000 as of August 2026, with continued rebound in Middle East revenue.

• Management is evaluating the impact of TFRS 18, effective 2028, on future financial statements.