Bangkok Dusit Medical Services (BDMS) Q3 2025 earnings summary

Executive summary

• Affirmed AA+ credit rating with stable outlook, reflecting strong market position, extensive hospital network, and sound operating performance.

• Revenue for the nine months ended 30 September 2025 was ฿84.24 billion, up from ฿81.58 billion year-over-year, with net profit attributable to owners at ฿12.16 billion, an increase from ฿11.65 billion.

• For the three months ended 30 September 2025, revenue was ฿28.62 billion, with net profit attributable to owners at ฿4.32 billion.

• Expansion to 60 hospitals nationwide, with new facilities opening in 2025 to enhance service coverage and access.

• The auditor reviewed the interim financials and found no material misstatements.

Financial highlights

• 3Q25 revenue THB 28,598m (+1% YoY), EBITDA THB 7,193m (+1% YoY), net profit THB 4,319m (+2% YoY).

• 9M25 revenue THB 84,184m (+4% YoY), EBITDA THB 20,563m (+5% YoY), net profit THB 12,155m (+4% YoY).

• Gross margin for the nine months was approximately 37.3%, with operating profit at ฿15.58 billion.

• Basic EPS for the nine months was ฿0.76, up from ฿0.73 year-over-year.

• Cash and cash equivalents as of 30 September 2025 stood at ฿5.70 billion, down from ฿7.37 billion at year-end 2024.

Outlook and guidance

• Continued focus on international patient revenue and price intensity as key growth drivers.

• Ongoing cost control and effective financial management expected to support margins.

• The Group continues to focus on hospital operations as its main business, with no major customer concentration risk.

• No material impact from OECD Pillar Two tax rules was noted for the reporting period.