Bumrungrad Hospital (BH) Q2 2026 earnings summary

Executive summary

• Q2 2026 revenue grew 3.8% year-over-year to THB 6,278 million, led by strong international patient demand, especially from the Middle East, Myanmar, U.S., and U.K., offsetting softness in the Thai market and Cambodia.

• Non-Thai patient revenue accounted for 66% of total, with Middle East patients contributing 23%.

• Net profit for Q2 2026 was THB 1,910 million, with a net profit margin of about 30.4%.

• Interim dividend doubled to THB 4 per share, payout scheduled for September 2026.

Financial highlights

• Q2 2026 total revenue: THB 6,278 million (+2.9% YoY); 1H 2026: THB 12,532 million (+1.8% YoY).

• Q2 EBITDA: THB 2,599 million (+2.4% YoY), margin 41.4%; 1H EBITDA: THB 5,054 million (+3.7% YoY), margin 40.3%.

• Q2 net profit: THB 1,910 million (+1.7% YoY), margin 30.4%; 1H net profit: THB 3,710 million (+2.4% YoY), margin 29.4%.

• Basic EPS for Q2 2026 was THB 2.38; for six months, THB 4.63.

• Net debt to EBITDA: -0.4x; liability to asset ratio: 16.4%.

Outlook and guidance

• Q3 2026 revenue growth guidance: +/-3% top-line, with continued focus on international patient growth and service excellence.

• Optimistic about future earnings growth, with potential upside from Kuwait, Cambodia, Iraq, and Bangladesh as geopolitical and visa issues resolve.

• No major growth from Cambodia factored into Q3 guidance.

• Management is evaluating the impact of new accounting standards effective in 2028.