Slides
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13 November 2025 3Q25 & 9M25 Analyst Presentation
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2 3Q25 & 9M25 Summary Company Update Operational Statistics Financial Highlights N Health Agenda
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3 3Q25 & 9M25 SUMMARY
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Tris Rating Affirmation ▪ Tris Rating affirmed the Company and senior unsecured debenture rating at “AA+” with STABLE OUTLOOK ▪ The rating reflect the following factors:- ▪ BDMS’s strong market position as the largest private hospital in Thailand, its extensive network of hospital and strong franchise of hospital brands ▪ BDMS’s sound operating performance ▪ Growing revenue from international patients driven by a rising demand for specialized treatment and chronic care services ▪ Low-debt balance sheet and strong liquidity 4 Affirmed Rating at “AA+” | Stable Outlook AA+ STABLE Company & Senior Unsecured Debenture Rating 11 November 2025
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3Q25 Operational and Financial Summary 3Q25 % Chg % to Revenue Operating income Flat THB 28,598 mm Hospital revenue 1% THB 27,356 mm Breakdown by nationality ▪ Thai 1% 74% ▪ International 1% 26% Inter excld. Cambodia 10% Breakdown by location ▪ Bangkok & Vicinity 2% 55% ▪ Outside Bangkok Flat 45% Breakdown by type of patients ▪ Outpatients 3% 49% ▪ Inpatients -1% 51% 3Q25 Highlights Remark: - Operating income is calculated from hospital revenue + revenue from sales of goods + other income - All operational statistics are from BDMS management report Profitability and Ratio (THB mm) 3Q25 3Q24 Chg. (yoy) EBITDA 7,193 7,136 1% EBITDA margin 25.2% 25.0% EBIT 5,506 5,672 (3)% EBIT margin 19.3% 19.9% Net profit 4,319 4,246 2% Net profit margin 15.1% 14.9% 5 Remark: Margin was calculated as a percentage of operating income “Hospital Revenue +1% Slow growth mainly due to ▪ High base of epidemic during Jul-Aug 2024 ▪ Decline in Cambodian patients ▪ Continued cost control ▪ Effective financial management ▪ Tax privileges from various investment promotion measures NPAT +2% ”
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9M25 Operational and Financial Summary 9M25 % Chg % to Revenue Operating income 3% THB 84,184 mm Hospital revenue 4% THB 80,092 mm Breakdown by nationality ▪ Thai 3% 72% ▪ International 6% 28% Inter excld. Cambodia 11% Breakdown by location ▪ Bangkok & Vicinity 3% 54% ▪ Outside Bangkok 4% 46% Breakdown by type of patients ▪ Outpatients 5% 49% ▪ Inpatients 3% 51% 9M25 Highlights Profitability and Ratio (THB mm) 9M25 9M24 Chg. (yoy) EBITDA 20,563 19,664 5% EBITDA margin 24.4% 24.1% EBIT 15,729 15,376 2% EBIT margin 18.7% 18.9% Net profit 12,155 11,654 4% Net profit margin 14.4% 14.3% 6 Remark: Margin was calculated as a percentage of operating income Hospital Revenue +4% NPAT +5% ” Key growth drivers are ▪ Inter patient revenues ▪ Price intensity ▪ Growth of hospital patient revenues ▪ Continued cost control ▪ Effective financial management “ Remark: - Operating income is calculated from hospital revenue + revenue from sales of goods + other income - All operational statistics are from BDMS management report
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7 Inter Patient Revenue Growth by Region (YoY) Europe CLMV 9M25 International Patients +6% Middle East -25% +9% +11% 3Q25 Oct 25 Remark: Preliminary data in Oct 25 +6% -15% ▪ CLMV revenue dropped mainly from Cambodian revenue from Thai-Cambodia border dispute. However, Myanmar revenue increase >50% YoY in Oct 25 9M25 Top 10 Nationality by Revenue % Growth YoY 1 China +3% 2 USA +18% 3 Cambodia -32% 4 Myanmar +26% 5 UK +16% 6 Japan -4% 7 Qatar +41% 8 Germany +14% 9 UAE -4% 10 France +12% Total International +6% If excluding Cambodia revenue, international patient revenue +11% YoY in 9M25 Total Inter +1% +3% +10%+11% Total Inter Excld. Cambodia
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Selfpay, 48%Insurance, 38% Contract, 8% Others, 3% Social Security, 3% 8 9M25 Revenue Breakdown Trend of Hospital Revenue Growth by Location and by Payor 54% 46% OUTSIDE BKK BKK 9M25 Revenue BKK +2% Flat OUTSIDE BKK Hospital Revenue Growth (YoY) +4% +10% 9M25 Revenue By Location 3Q25 Oct 25 9M25 Revenue By Payor 9M25 Revenue +5% YoY INSURANCE 38% Remark: Preliminary data in Oct 25 HOSPITAL REVENUE +1% +7% +4% YoY +3% YoY Flat 3Q25 Oct 25 +11% INSURANCE Insurance Revenue Growth (YoY) Thai +8% Inter +3%
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9 COMPANY UPDATE
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Comprehensive Healthcare Coverage With 60 Hospitals Nationwide 10 Expanding our footprint to 60 hospitals with over 9,300+ beds marks a key milestone in strengthening service coverage, enhancing patient access, and driving long-term value creation Adding two more hospitals Phyathai Bowin Hospital Bangkok Hospital Khao Yai
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11 Phyathai Bowin Hospital Located on Highway 331 Bo Win, Sriracha District, Chon Buri Secondary care hospital targeting ▪ Social security ▪ Self-pay & Insurance Serve residents and workers in EEC area 220 Structured Beds (1st Phase: 59 Beds) Synergy with Phyathai Sriracha A Premium Social Security Hospital Open in July 2025 Phyathai Sriracha - 295 beds - Phyathai Sriracha 2 - 113 beds - Phyathai Bowin - 220 beds - Chon Buri Province
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12 Phyathai Bowin Hospital
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13 Trusted Trauma & Emergency Hospital Bangkok Hospital Khao Yai Located on Mittraphap road, Pak Chong, Nakhon Ratchasima Target Customer ▪ Self-pay & Insurance ▪ Second home residents and visitor from Bangkok Tertiary care hospital with the following Services ▪ ER & Trauma ▪ Orthopedics ▪ Mother & Child ▪ Patient referral network 71 Structured Beds (1st Phase: 28 Beds) Bangkok Ratchasima 285 beds – Tertiary Hub Support Bangkok Pakchong and Bangkok Khao YaiBangkok Khao Yai 71 beds Trauma Center & Referral Network Bangkok Pakchong 63 beds – Basic Tertiary Target cash, insurance and social security patients Open in Nov 2025 Nakhon Ratchasima Province
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14 Trusted Trauma & Emergency Hospital Bangkok Hospital Khao Yai
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15 ▪ Human Rights Due Diligence & Human Rights Risk Assessment Conducted a comprehensive Human Rights Risk Assessment across all operations and stakeholders, issuing mitigation guidelines to prevent high-risk issues and promote human rights throughout the organization and supply chain. ▪ Diversity Management and Acceptance of Differences BDMS promotes diversity, equity, and inclusion through its DEI Policy and initiatives such as the Skylight PRIDE Clinic, fostering sustainable well- being for all. ▪ Sustainable Health and Community Impact Social impact initiatives enhanced healthcare access through mobile check-ups, health education, CPR training, and community support, benefiting 77,150 people nationwide. ▪ Corporate Governance BDMS prioritizes corporate governance at all levels, promoting risk awareness through the “Strengthening the Board’s Risk Intelligence” program to enhance directors’ roles in overseeing all risk areas. ▪ Risk and Crisis Management: Enterprise Risk Management conducted company-wide risk assessments and workshops to identify, prioritize, and forecast strategic and high-impact risks, strengthening organizational resilience toward Plan 2026. ▪ Innovative Sustainability Healthcare: Conducted Innovation Group Contest and BDMS Awards 2025 to drive innovation under the theme “Data-Empowered Transformation,” featuring over 600 projects from all eight BDMS business units. Advancing innovation and governance through integrated risk management. ▪ BDMS Green Healthcare: Aimed to evaluate the sustainable operations within the organization –36 environmental projects were initiated, which reduced greenhouse gases by 1,583 tonCO2eq. ▪ Net Zero Award: Launched the "Waste in Operation" program, over 30 projects to improve waste segregation, focusing on infectious and hazardous waste. This initiative has enhanced waste management, promoted circular economy practices, and reduced total and infectious waste by over 200 tons annually. Advancing equitable access to health and enhancing well-being for all stakeholders Integrating eco-efficient practices into healthcare operations for a sustainable environment Sustainability Development in 3Q25 : Sustainable Care for All Environment Social Governance
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16 OPERATIONAL STATISTICS
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Selfpay, 48% Contract, 8% Others, 3% Social Security, 3% Operating Income and Hospital Revenue Operating Income Trend (THB mm) Commentary Growth YoY 17 Patient Revenue by Payor in 9M25 INSURANCE 38% Local 32% Foreign 6% Insurance in 9M25 +5% YoY 9M25 % to hospital revenue INSURANCE 31% 2019 9M25 Operating income increased by 3% YoY mainly from ▪ Growth of International patient revenue ▪ Growth of price intensity
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Thai and International Patients Commentary % to hospital revenue Top 5 Nationality Contribution in 9M25 % to hospital revenue 18 Thai and Inter Patient Revenues Contribution Breakdown of International Patients % to international patient revenue 9M25 Revenue from Thai patient +3% YoY while revenue from inter patient +6% YoY mainly from ▪ Qatar (+41%) ▪ Myanmar (+26%) ▪ USA (+18%)
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Patient Volume and Occupancy Rate Number of OPD Visits per Day Average Daily Census ( ADC ) Occupancy Rate Based on Available Beds Average Length of Stay (days) Remarks:- Including social security patients while excluding new born patients 19 +2% YoY -6% YoY +1% YoY +4% YoY -14% YoY -1% YoY -8% YoY -5% YoY • Thai patient volume declined from high base of epidemic in 3Q24 • Inter patient volume declined from decrease in Cambodian patients “ ”
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20 FINANCIAL HIGHLIGHTS
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21 Center of Excellence Revenue and EBITDA Contribution Revenue Contribution in 9M25 EBITDA Contribution in 9M25 9M25 Hospital Revenue 16% 13% 6% 4% 4% 8% 49% 17% 15% 6% 4% 4% 8% 46% 9M25 Hospital EBITDA ▪ Growth of key Center of Excellence Hospitals YoY 3Q25 9M25 BHQ +11% +8% BCM +13% +16% Thai +4% / Inter +13% Thai +11% / Inter +25% Remark:- SVNH is Samitivej Sukhumvit and Samitivej Srinakarin BHQ SVNH BPH PT2 BPK Other CoE Non CoE COE 51% BHQ SVNH BPH BPK PT2 Other CoE Non CoE COE 54%
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Profitability Trend 22 Operating Income (THB mm) EBITDA and EBITDA Margin (THB mm) EBIT and EBIT Margin (THB mm) NPAT and NPAT Margin (THB mm) Growth YoY +5% YoY +1% YoY +2% YoY-3% YoY +4% YoY +2% YoY
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Capital Management Capital Structure as of September 2025 Dividend Payment & Payout Ratio Gearing Ratios: Well Within Covenants Interest Coverage 23 Net Debt/EBITDA covenant < 3.25x Net Debt/Equity covenant < 1.75x * * Interim dividend
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By Mr. Narongrid Galaputh CEO, BDMS Non-Hospital Business
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Health Packages Tele-pharmacy Tele-consultation Home Lab Services Health Mall Home Care Hospital Network Health Content Disease Management Patient Health Records 25 BDMS Healthcare Ecosystem – Digitally Enabled with Patient at the Centre
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Healthcare Supports Ecosystem – Innovative Product & Services with Digital Technology Solutions Infection Control • Sterile Processing • Linen Service Medical Equipment & Medical Supplies Government, Private, University Hospitals and Clinics Hospital Network Diagnostic Services • Clinical laboratory • Bio Molecular laboratory • Surgical pathology • Wellness laboratory • Genetics laboratory • Chromosome laboratory Engineering Services • Medical equipment management • Calibration, Indoor Air Quality Inspection, Audiology and Radiology testing Supply Chain Management • Logistics • Warehouse/Inventory Mobile Wellness 26
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GOALVISION & MISSION “To be the leader in healthcare services and products offering to ASEAN” Mission Invest in people to grow and take on new business opportunities Promote synergies by networking across the industry, sharing innovation and increasing efficiency 2028F Revenue (MB) Customer Type Market Coverage 6,779 10,000 Thailand, Cambodia, Myanmar ASEAN N Health’s Vision - Mission and Goal 2025E 2020A 4,077 27 Vision Ensure high quality products and services driven by advanced technology Maximize strategic investments in business automation using AI to improve customer satisfaction and back-end automation (Finance & HR) CAGR 13.8%
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Diagnostic Service 8.3 Billion THB Infectious Control Service 3.5 Billion THB Clinical Engineering Service 2.4 Billion THB 28 N Health’s Current Core Business and Market Share in Thailand (9M25)
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Hospitals Laboratories Clinics N-Health Total Entities N Health’s Non-Network Customer Profile in Thailand (9M25) 29 454 731 26,38613% 34% 36% 45% 38% 26% 9% PRIVATE: N Health Customer 3,820 Entities or 14% of Total PUBLIC: N Health Customer 1,275 Entities or 11% of Total Medical Centers Provincial Hospitals University Hospital & Other Ministry Hospitals District Hospitals Subdistrict Health Promotion Hospitals N-Health Total Entities 99 206 10,295 3650% 43% 38% 26% 9% 770
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2023 : BCRA & Lab anywhere Non-network Private Government DTC 2023 2024 2025E 2024 : HPV DNA Self sampling 2025 : NIPT 2021 - 2022: COVID Building customer intimacy through partnership 9M25 N Health’s Non-Network Revenue (9M25) 1,637 835 713 30 89 ~1,500 ~ 1,800 ~ 800 ~ 1,000 ~ 1,100 ~ 2,200 ~ 580 ~ 750 ~ 990 ~ 50 ~ 80 ~ 120 +20% +9% +32% +54% N Health sites in ASEAN as of 2025 = 107 sites ▪ 58 Network Labs ▪ 12 LMS Commercial ▪ 33 N Space centers in Thailand ▪ 4 branches in Myanmar & Cambodia
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N Space | Locations Near You 31
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N Space | Mobile Wellness 32
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N Space | Digital Connectivity 33
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N Health’s Key Strategies | Product Leadership 34 Integrated Diagnostic Business ▪ Oncology ▪ Cardio-metabolic & other NCDs ▪ Wellness & Preventive care ▪ PGx ▪ AI check up report ▪ AI pathology
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35 N Health’s Key Strategies | Product Leadership Integrated Healthcare Business ▪ Improve turnaround time of service by regional Sterile processing centers ▪ Expand State-of-the-art Robogistic service ▪ N Smart Plus to connect customer seamlessly ▪ Utilize N Space for IHB business
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N Health’s Key Strategies | Integrated Digital Platform for Business Automation 36
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1. Empowered People that Drive Growth We invest in people and empower them to act with ownership, innovate with courage, and lead with empathy. By nurturing next-generation leadership and aligning multi-generational talent, we turn capability into sustained business performance and future readiness. 2. Culture and Structure that Enable Excellence Through a culture of collaboration, inclusion, and continuous improvement — supported by an agile, accountable structure — our people deliver faster, smarter, and more customer-focused outcomes. Culture becomes our engine; structure becomes our accelerator. 3. Business Process Transformation and Data-Driven Growth We equip our people with future-ready capabilities, data literacy, and AI fluency to reimagine how work creates value. By combining human insight with intelligent technology, they optimize processes, predict opportunities, and drive innovation. Continuous learning and digital upskilling turn transformation into measurable growth and long-term competitiveness. N Health’s Key Strategies | People Excellence 37
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38 N Health’s Key Strategies | Innovation
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39 N Health’s Key Strategies | Market expansion & Synergy
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“Leading the market by great people within the organization” Reflect • Connect • Inspire
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Group 3 (East) 28. Bangkok Trat (BTH) 99.8% 100 29. Koh Chang International 99.8% 3 30. Jomtien (JTH) 97.3% 232 Ownership No. of Beds Remark:- Number of beds is structured beds 1/ Not included all BDMS investments For More Information:- www.bangkokhospital.com Group 7: Non-Hospital 1. National Healthcare System 99.3% 2. Bio Molecular Laboratories 95.0% 3. N Health Pathology 95.0% 4. N Health Novogene Genomic 74.0% 5. The Medicpharma 89.1% 6. A.N.B Laboratories 100% 7. Save Drug Center (SDC) 100% 8. General Hospital Products 47.2% Appendix 1/ BDMS Wellness 1. BDMS Wellness Clinic 100% 2. BDMS Wellness Resort 100% (Mövenpick BDMS Wellness Resort) 3. BDMS Silver 100% Group 1 (Bangkok,West &Cambodia) 1. Bangkok Hospital 100% 329 2. Bangkok Heart Hospital 100% 54 3. Wattanosoth Hospital 100% 47 4. Wattanosoth International 100% 30 5. Chiva Transitional Care 100% 52 6. Bangkok International 100% 172 7. Bangkok Huahin (BHN) 100% 64 8. Bangkok Sanamchan (BSN) 100% 191 9. Tepakorn (TPK) 50.0% 100 10. Bangkok Phetchaburi (BPR) 100% 200 11. Bangkok Muangraj (BMR) 100% 140 12. Royal Phnom Penh (RPH) 100% 100 13. Royal Angkor International (RAH) 80.0% 33 Ownership No. of Beds (BHQ) Ownership No. of Beds BDMS IR Tel: +662-310-3185, +662-310-3293, +662-755-1793 Email: investor@bdms.co.th 41 Group 2 14. Samitivej Sukhumvit (SVH) 98.9% 275 15. Japanese by Samitivej 98.9% 30 16. Samitivej Srinakarin (SNH) 98.9% 300 Samitivej International Children’s 103 17. Samitivej Sriracha (SSH) 70.2% 260 18. Samitivej Thonburi (STH) 64.0% 150 19. Samitivej Chonburi (SCH) 100% 250 20. Samitivej Chinatown (SCT) 100% 50 21. BNH Hospital (BNH) 91.5% 115 Group 4 (North&Northeast) 31. Bangkok Chiangmai (BCM) 100% 281 32. Bangkok Ratchasima (BKH) 91.5% 285 33. Bangkok Pakchong (BHP) 91.5% 63 34. Bangkok Udon (BUD) 100% 243 35. Bangkok Phitsanulok (BPL) 100% 195 36. Bangkok Khon Kaen (BKN) 100% 158 37. Bangkok Chiangrai (BCR) 100% 85 38. Bangkok Khao Yai (BHK) 100% 71 Center of Excellence JCI Accreditation Group 6 (South) 54. Bangkok Phuket (BPK) 99.7% 234 55. Bangkok Siriroj (BSI) 100% 181 56. Dibuk (DBK) 99.7% 75 57. Bangkok Hat Yai (BHH) 98.8% 193 58. Bangkok Samui (BSH) 100% 57 59. Phangan International 100% 10 60. Bangkok Surat (BSR) 100% 88 Group 3 (East) 22. Bangkok Pattaya (BPH) 97.3% 400 23. Bangkok Rayong (BRH) 100% 256 24. Bangkok Rayong Cancer (BRC) 100% 4 25. Sri Rayong (SRH) 100% 195 26. Bangkok Pluak Daeng (BRD) 100% 180 27. Bangkok Chanthaburi (BCH) 99.7% 250 Group 5 39. Phyathai 1 (PT1) 98.6% 174 40. Phyathai 2 (PT2) 97.8% 262 41. Phyathai 3 (PT3) 97.6% 230 42. Phyathai Sriracha (PTS) 78.1% 295 43. Phyathai Sriracha 2 (PTS2) 78.1% 113 44. Phyathai Bowin (PTW) 78.1% 259 45. Phyathai Nawamin (PTN) 99.8% 140 46. Phyathai Phaholyothin (PTP) 100% 220 47. Paolo Samutprakarn(PLS) 93.7% 200 48. Paolo Chokchai 4 (PLC) 85.7% 169 49. Paolo Chokchai 4 Building 3 (PLC) 85.7% 29 50. Paolo Chokchai 4 Building 5 (PLC) 85.7% 59 51. Paolo Rangsit (PLR) 100% 128 52. Paolo Kaset (PLK) 100% 162 53. Paolo Phrapradaeng (PLD) 84.0% 60