Bangkok Dusit Medical Services (BDMS) Q4 2025 earnings summary

Executive summary

• Operating income for 4Q25 reached THB 29,022 million, up 4% year-over-year, with hospital revenue at THB 27,421 million, also up 4% YoY.

• For 2025, operating income was THB 113,206 million (+4% YoY), and hospital revenue was THB 107,514 million (+4% YoY).

• International patient revenue grew 5% YoY in 2025, with notable growth from Myanmar (+31%), Qatar (+36%), and the USA (+19%).

• Excluding Cambodia, international patient revenue increased 11% YoY in 2025.

Financial highlights

• Adjusted EBITDA margin for 2025 was 24.1%, and adjusted NPAT margin was 14.5%.

• Adjusted EBITDA for 2025 was THB 27,426 million (+4% YoY), and adjusted NPAT was THB 16,187 million (+2% YoY).

• Special items in 2025 totaled THB 416 million (before tax) due to flooding in Hat Yai and accounting adjustments.

• Center of Excellence contributed 54% of hospital EBITDA in 2025.

Outlook and guidance

• Strategic direction for 2026 focuses on improving outcomes, enhancing efficiency, and delivering integrated care.

• Expansion projects include new hospitals and facilities, targeting ~9,600 beds by 2027.

• Emphasis on smart healthcare, AI adoption, and digital transformation to drive efficiency and care quality.