Raffles Medical Group (BSL) H2 2025 earnings summary

Executive summary

• FY2025 PATMI rose 13.4% to S$70.6 million; revenue increased 1.8% to S$765.3 million, supported by higher patient volumes, bill sizes and operational efficiencies.

• 2H2025 PATMI grew 21.7% to S$38.5 million, with stronger Hospital Services and Insurance performance and fair value gains on investment properties contributing to FY2025 earnings.

Financial highlights

• FY2025 EBITDA was S$135.0 million, up 7.4%; operating profit was S$90.4 million, up 9.5%; profit after tax was S$71.1 million, up 14.1%.

• 2H2025 revenue was S$386.9 million, up 0.3%; EBITDA was S$71.3 million, up 10.7%; operating profit was S$48.7 million, up 18.3%.

• FY2025 operating cash flow was S$101.3 million; cash and cash equivalents were S$310.8 million at 31 December 2025.

Outlook and guidance

• The Board expects FY2026 to remain profitable under current conditions and barring unforeseen circumstances.

• Raffles HealthyLongevity Centre is scheduled to open in Q1 2026, offering physician-led preventive care, advanced diagnostics and evidence-based therapies.

• Plans include growing services in Singapore and China to respond to ageing populations and declining birth rates, expanding across 14 operating cities, and evaluating earnings-accretive opportunities in Asia Pacific.

• Appropriate AI applications are being evaluated to improve efficiency and transform care and service delivery.