Bangkok Dusit Medical Services (BDMS) Q2 2025 earnings summary

Executive summary

• Revenue grew 4% year-over-year in 2Q25 and 5% in 6M25, driven by both Thai and international patient segments, with strong contributions from upcountry hospitals and continued cost control initiatives.

• Net profit increased 5% year-over-year in 2Q25 and 6% in 6M25, with net profit margins improving slightly to 12.9% and 14.1% respectively.

• International patient revenue rose 9% year-over-year in 6M25, with notable growth from Qatar (+50%), Myanmar (+21%), and the USA (+17%).

• Interim financials for the three- and six-month periods ended 30 June 2025 were reviewed with no material misstatements found.

• Main business remains hospital operations, with over 90% of revenue and assets from this segment.

Financial highlights

• 2Q25 revenue: THB 27,134 million (+4% YoY); 6M25 revenue: THB 55,624 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%.

• Basic EPS for six months was THB 0.49, compared to THB 0.47 year-over-year.

Outlook and guidance

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

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

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

• No explicit forward-looking guidance provided, but continued focus on hospital operations and supporting businesses.