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IHH Healthcare Berhad (IHH) investor relations material

IHH Healthcare Berhad Q3 2025 earnings summary

Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
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Q3 2025 earnings summary27 Nov, 2025

Executive summary

  • Q3 2025 delivered resilient financial performance, with revenue and EBITDA up 16%-18% year-over-year on a constant currency basis, despite macroeconomic challenges and significant FX volatility.

  • Growth was driven by increased inpatient admissions, higher revenue intensity, strategic shift towards daycare and ambulatory services, and contributions from recent acquisitions including Fortis and Bayindir.

  • PATMI rose 15% to RM616 million in Q3, but PATMI excluding exceptional items declined 13% due to higher costs, depreciation, and FX impacts.

  • Robust balance sheet supported by RM2.35 billion AAA-rated sukuk issuance in October 2025, refinancing debt and reducing interest costs by 30bps.

  • Inpatient admissions rose 5% to 243,350 and lab tests increased 6% to 28 million in Q3 2025.

Financial highlights

  • Q3 2025 revenue reached RM6.6 billion (+16% reported, +18% constant currency); EBITDA was RM1.5 billion (+16% reported, +18% constant currency).

  • Year-to-date, revenue was RM19.2 billion (+8% reported, +18% constant currency); EBITDA RM4.2 billion (+5% reported, +13% constant currency).

  • Q3 EBITDA margin at 23% (guidance: 22%-24%); core PATMI margin at 9%.

  • Net debt as of September 2025 at INR 14 billion (INR 11.1 billion excluding P-Life REIT); net debt/EBITDA at 2x, net debt/equity at 0.3x.

  • Free cash flow for YTD 2025 was RM1.8 billion; cash balance at RM1.4 billion as of 30 September 2025.

Outlook and guidance

  • Cautiously optimistic for the remainder of 2025, with continued growth expected in daycare, medical tourism, and digital health.

  • Margins expected to remain within the 22%-24% range.

  • CapEx guidance for 2026-2027 revised to low RM2 billion, reflecting a shift towards daycare and ambulatory care centers.

  • Ongoing integration of recent acquisitions and expansion of hospital capacity to drive future growth.

  • Group remains agile to adapt to evolving healthcare trends and payor dynamics.

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Frequently asked questions

IHH Healthcare Berhad is a multinational healthcare provider headquartered in Malaysia, offering a range of medical services through hospitals, clinics, and specialty centers. The company operates several well-known healthcare brands, including Pantai, Gleneagles, Acibadem, and Parkway, across Asia, Central and Eastern Europe, and the Middle East. IHH Healthcare provides services in areas such as primary care, specialty treatments, diagnostics, and preventive healthcare, aiming to deliver quality and accessible healthcare solutions to a diverse patient base. The company is headquartered in Kuala Lumpur, Malaysia, and its shares are listed on both the Bursa Malaysia and the Singapore Exchange.

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