Bumrungrad Hospital (BH) Q1 2026 Pre recorded earnings summary

Executive summary

• Q1 2026 revenue reached THB 6,254 million, up 0.7% year-over-year, with strong non-Thai patient growth, especially from the Middle East, Qatar, Bangladesh, and UAE, offsetting a decline in Thai patient revenue.

• EBITDA grew 5% to THB 2,455 million, with a record margin of 39.3%, and net profit increased 3.2% to THB 1,790 million, with a net profit margin of 28.6%.

• Centers of Excellence saw robust growth, notably Neuroscience (+20.6%), Cancer (+15.7%), and Spine Pain Management (+10.6%).

• Total assets grew to THB 38,710 million as of March 31, 2026, and shareholders’ equity increased to THB 32,974 million.

• Non-Thai patient revenue accounted for 66% of total, with 9.9% growth excluding Cambodia.

Financial highlights

• Inpatient revenue rose 7.4%, while outpatient revenue declined 3.9%; inpatient and outpatient services contributed 49% and 51% of revenues, respectively.

• Self-pay patients made up 64% of revenue, insurance 22%, and government/third-party payors 14%.

• Basic EPS was THB 2.25, up from THB 2.18; diluted EPS was THB 2.06, up from THB 2.00.

• Gross margin remained strong, with cost of hospital operations at THB 3,022 million versus revenue of THB 6,204 million.

• Operating margin improved to 34.8% of total revenues.

Outlook and guidance

• Early Q2 2026 shows increasing admissions from Middle Eastern patients as regional tensions ease.

• Management will provide further Q2 guidance in an upcoming live Q&A session.

• Long-term outlook for Middle Eastern and Bangladesh markets remains positive.

• No changes in segment organization or reporting structure for 2026.