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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.
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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