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%).

• Operates a large hospital network in Thailand and overseas, with diversified healthcare and supporting businesses.

• Financial statements prepared under Thai Financial Reporting Standards, aligned with IFRS.

Financial highlights

• Total revenue for 2025: THB 113,272 million, up from THB 109,413 million in 2024.

• 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).

• Net profit for 2025: THB 15,848 million (EPS: THB 1.00), compared to THB 15,987 million (EPS: THB 1.01) in 2024.

• Dividend paid in 2025: THB 11,918 million (THB 0.75/share), up from THB 11,122 million (THB 0.70/share) in 2024.

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.

• Board proposes a final dividend of THB 1/share for 2025, totaling THB 15,892 million, with THB 0.65/share to be paid after interim dividend.

• Management expects no significant impact from new accounting standards effective in 2026.