Bumrungrad Hospital (BH) Q4 2025 earnings summary

Executive summary

• Q4 2025 saw a strong recovery with double-digit revenue growth in Qatar, Myanmar, USA, and UAE, and record-high EBITDA margins, despite headwinds from Cambodia, China, Kuwait, and Thailand.

• Full-year 2025 revenue declined 1.6%–2% year-over-year, mainly due to reduced BOI tax benefits and lower patient volumes from key international markets.

• The company maintained robust financial health, distributed a record special dividend, and advanced strategic initiatives in technology, international expansion, and wellness.

• Non-Thai patient revenue grew 5% in Q4 and reached 67% of Q4 revenue, the highest ever, driven by Middle East, Myanmar, and U.S. growth.

• Strong recovery in the second half of 2025, with 2H25 EBITDA up 5.7% and net profit up 5.4% compared to 2H24.

Financial highlights

• Q4 2025 total revenue was THB 6,559 million, up 0.5% year-over-year; EBITDA rose 5.9% to THB 2,543 million, with a margin of 38.8%.

• Full-year 2025 revenue declined 1.6% to THB 25,449 million and EBITDA fell 0.9% to THB 10,149 million, but EBITDA margin reached a record 39.9%.

• Net profit for 2025 was THB 7,512 million, down 3.4% due to a sharp drop in BOI CSR tax incentives; excluding this, net profit declined 1.7%.

• Net profit margin for 2025 was 29.5%, maintaining a steady five-year trend.

• Non-Thai patient revenue was 67% of Q4 revenue, with inpatient and outpatient services each contributing 50%.

Outlook and guidance

• Management expects growth opportunities in 2026 from potential rebounds in Cambodia, China, and Kuwait, as well as new initiatives in Bangladesh and Saudi Arabia.

• Strategic focus includes expanding international patient business, insurance partnerships, and technology-driven service enhancements, including AI in imaging and digitized patient services.

• Q1 2026 guidance provided, with continued focus on international patient growth and operational excellence.