Raffles Medical Group (BSL) H1 2026 earnings summary

Executive summary

• H1 2026 revenue fell 6.7% YoY to S$353.2m and PATMI declined 9.6% to S$29.0m; higher Hospital Services profit and improved insurance results partly offset weaker Healthcare Services performance.

• Hospital Services remained the largest revenue contributor, with efficiency and claims experience supporting improved segment profitability.

Financial highlights

• EBITDA declined 5.6% to S$60.1m; operating profit fell 8.4% to S$38.1m, profit before tax fell 10.8% to S$39.2m and profit for the period fell 9.8% to S$29.3m.

• Other operating income rose to S$5.7m from S$0.7m, reflecting foreign-exchange gains and non-recurring income in H1 2026.

• Lower staff costs, insurance service expenses and reinsurance costs partly offset higher purchased clinical services; finance costs fell as interest expenses declined.

• Total comprehensive income was S$38.2m versus S$21.4m, including foreign-currency translation gains of S$8.9m compared with losses of S$11.1m in H1 2025.

Outlook and guidance

• Directors expect FY2026 profitability, barring unforeseen circumstances; results were in line with expectations set out in the FY2025 results announcement.

• Priorities include deepening capabilities in Asian markets, broadening clinical and specialist services, evaluating complementary growth opportunities, and adopting suitable technology, including AI.

• No interim dividend was declared; the dividend policy consolidates interim and final distributions into an annual core dividend.