Sunway Healthcare (SUNMED) investor relations material

Executive summary

• Revenue grew 23.9%–24% YoY to RM587m, driven by higher patient volumes, expanded licensed bed capacity, and increased foreign patient inflows, especially from new hospitals.

• EBITDA rose 19.0% YoY to RM112m; normalised EBITDA increased 27.9%–28% YoY to RM121.8m–RM122m, reflecting operational efficiency and new hospital ramp-up.

• Profit after tax declined 14.0% YoY to RM33.3m, mainly due to IPO and non-recurring costs, higher depreciation, and finance costs from expansions.

• SMC Sunway City Kuala Lumpur ranked No.1 in Malaysia and among the top global hospitals for the second consecutive year.

• Net gearing improved significantly to 0.1x (11%) from 0.4x (42%) post-IPO.

Financial highlights

• Revenue increased 23.9%–24% YoY to RM587m in Q1 2026.

• EBITDA up 19.0% YoY to RM112m; normalised EBITDA margin improved to 20.7% (+0.6ppts YoY).

• Profit before tax: RM43.9m (-7% YoY); Net profit: RM33.3m (-14% YoY).

• Earnings per share: 0.29 sen (basic and diluted), down from 0.34 sen YoY.

• Cash and cash equivalents increased to RM1,220m post-IPO; borrowings steady at ~RM1,592m.

Outlook and guidance

• Bed capacity to reach 2,072 by end-2026 and ~2,400 by 2028, with further expansion from new beds and brownfield projects.

• Monitoring supply chain risks and cost escalation due to geopolitical tensions.

• Medical tourism remains a growth driver, though regional travel may be impacted by currency and fuel costs.

• Greenfield hospital construction to commence in Q3 and Q4 2026.

• Favourable demographics and Malaysia's medical tourism position underpin medium-term growth.