MLP Saglik Hizmetleri (MPARK) Q4 2025 earnings summary

Executive summary

• Revenue grew by 6% year-over-year to TL 55,093m in 2025, supported by private medical insurance and improved pricing.

• EBITDA increased by 14.8% to TL 15,328m, driven by favorable revenue mix and efficiency initiatives.

• Net profit attributable to equity holders declined by 18.8% to TL 5,537m due to lower income from investing activities, higher depreciation, and increased tax expenses.

• Significant capital expenditures were made for new hospital projects, impacting net debt and free cash flow.

Financial highlights

• Revenue: TL 55,093m in 2025, up 6% year-over-year; Q4 2025 revenue up 4% from Q4 2024.

• EBITDA: TL 15,328m, up 14.8% year-over-year; Q4 2025 EBITDA up 26.4% from Q4 2024.

• Net profit: TL 5,537m, down 18.8% year-over-year; Q4 2025 net profit up 7.3% from Q4 2024.

• Gross profit margin improved to 28.1% in 2025 from 27.4% in 2024.

• Net debt increased to TL 11,958m, with net debt/EBITDA rising to 0.8x from 0.5x.

Outlook and guidance

• Expansion of hospital network in Türkiye with several new hospitals opening in Istanbul in 2025.

• Continued focus on efficiency and cost management to support margins.