Bumrungrad Hospital (BH) Q3 2025 earnings summary

Executive summary

• Q3 2025 delivered strong results, with earnings up 5.5% year-over-year, driven by robust international patient growth, especially from the Middle East and South Asia, offsetting declines in Thai and Indochina segments.

• Non-Thai business reached a record 67% of total revenue in Q3 2025, with notable growth from Qatar, UAE, Myanmar, and Bangladesh, despite significant declines from China and Cambodia.

• Specialty centers such as Heart (+16.1%), Neuroscience (+13.7%), Cancer (+9.5%), and Gastroenterology posted double-digit growth, reflecting leadership in high-acuity, technology-driven care.

• Major campus and hospital expansion projects, including BIH Phuket and a new oncology institute, are on target.

• Interim financials for the three- and nine-month periods ended 30 September 2025 were reviewed with no material misstatements found.

Financial highlights

• Q3 2025 total revenue rose 2.1% year-over-year to THB 6,582 million; EBITDA increased 5.5% to THB 2,731 million, and net profit grew 4.1% to THB 2,035 million.

• For the nine months, total revenue declined 2.3% year-over-year to THB 18,890 million, with EBITDA down 3% to THB 7,607 million and net profit down 4.2% to THB 5,626 million.

• EBITDA margin reached a record 41.5%, and net profit margin improved to 30.9% for the quarter.

• Cash and investments increased to THB 15,242 million, supported by strong operating cash flow and collections, especially from Middle East accounts.

• Cash and cash equivalents at period end: THB 4,105 million, up from THB 3,259 million at year-end 2024.

Outlook and guidance

• Q4 2025 is tracking equal to or better than Q3, with cautious optimism for continued positive momentum and a focus on international patient growth and campus development.

• New technologies and clinical innovations are planned for next year, supporting specialty care expansion.

• No changes in segment organization or reporting; no forward-looking guidance provided in the interim report.