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Bangkok Dusit Medical Services (BDMS) investor relations material

Bangkok Dusit Medical Services Q2 2025 earnings summary

Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
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Q2 2025 earnings summary13 Aug, 2025

Executive summary

  • Revenue grew 4% YoY in 2Q25 and 5% in 6M25, driven by both Thai and international patient segments, with strong upcountry and Center of Excellence contributions.

  • Net profit increased 5% YoY in 2Q25 and 6% in 6M25, with margins improving to 12.9% and 14.1% respectively, supported by cost control and lower interest expenses.

  • International patient revenue rose 9% YoY in 6M25, with notable growth from Qatar (+50%), Myanmar (+21%), and the USA (+17%), offsetting a 23% drop from Cambodia.

  • Expansion included new hospital facilities in Bangkok and Chiangmai, with a 220-bed hospital set to open in Chonburi in 3Q25.

  • Center of Excellence contributed 57% of hospital revenue in 6M25, with BHQ showing 5% YoY growth.

Financial highlights

  • 2Q25 revenue: THB 27,134 million (+4% YoY); 6M25 revenue: THB 55,586 million (+5% YoY).

  • 2Q25 EBITDA: THB 6,134 million (+7% YoY), margin 22.6%; 6M25 EBITDA: THB 13,370 million (+7% YoY), margin 24.1%.

  • 2Q25 EBIT: THB 4,550 million (+5% YoY), margin 16.8%; 6M25 EBIT: THB 10,223 million (+5% YoY), margin 18.4%.

  • 2Q25 net profit: THB 3,490 million (+5% YoY), margin 12.9%; 6M25 net profit: THB 7,836 million (+6% YoY), margin 14.1%.

  • Outpatient revenue grew 6% YoY, inpatient revenue 3% YoY; occupancy rate declined to 61% from 63% YoY.

Outlook and guidance

  • Focus on expanding outreach clinics, recruiting specialist doctors, and launching value-based care packages to drive growth.

  • Targeting sustainable growth through insurance payor expansion and cost-saving initiatives, with a THB 1,200 million CAPEX & OPEX savings target for 2025 (75% achieved in 6M25).

  • Marketing strategies are being implemented to offset the impact of the Thai-Cambodia border dispute on Cambodian patient revenue.

  • Expectation of further growth in upcountry hospitals and international patient segments, despite regional headwinds.

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Frequently asked questions

Bangkok Dusit Medical Services Pcl is a healthcare provider operating a network of hospitals and medical facilities across Thailand and other Southeast Asian countries. The company offers a comprehensive range of healthcare services, including general medical care, specialized treatments, emergency services, and preventive healthcare. BDMS also engages in healthcare-related businesses, such as laboratory services, pharmaceuticals, and medical equipment supply. With a focus on high-quality patient care, the company operates under several hospital brands catering to diverse patient needs and medical specializations. Bangkok Dusit Medical Services is headquartered in Bangkok, Thailand, and its shares are listed on the SET.

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