Interim report
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Bumrungrad Hospital Public Company Limited and its subsidiaries Review report and consolidated and separate financial information For the three-month and six-month periods ended 30 June 2025
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Independent Auditor’s Report on Review of Interim Financial Information To the Shareholders of Bumrungrad Hospital Public Company Limited I have reviewed the accompanying consolidated financial information of Bumrungrad Hospital Public Company Limited and its subsidiaries (the Group), which comprises the consolidated statement of financial position as at 30 June 2025, the related consolidated statements of income and comprehensive income for the three-month and six-month periods then ended, and the related consolidated statements of changes in shareholders’ equity and cash flows for the six-month period then ended, as well as the condensed notes to the interim consolidated financial statements. I have also reviewed the separate financial information of Bumrungrad Hospital Public Company Limited for the same periods (collectively “the interim financial information”). Management is responsible for the preparation and presentation of this interim financial information in accordance with Thai Accounting Standard 34 Interim Financial Reporting. My responsibility is to express a conclusion on this interim financial information based on my review. Scope of review I conducted my review in accordance with Thai Standard on Review Engagements 2410, Review of Interim Financial Information Performed by the Independent Auditor of the Entity. A review of interim financial information consists of making inquiries, primarily of persons responsible for financial and accounting matters, and applying analytical and other review procedures. A review is substantially less in scope than an audit conducted in accordance with Thai Standards on Auditing and consequently does not enable me to obtain assurance that I would become aware of all significant matters that might be identified in an audit. Accordingly, I do not express an audit opinion. Conclusion Based on my review, nothing has come to my attention that causes me to believe that the accompanying interim financial information is not prepared, in all material respects, in accordance with Thai Accounting Standard 34 Interim Financial Reporting. Vorapoj Amnauypanit Certified Public Accountant (Thailand) No. 4640 EY Office Limited Bangkok: 30 July 2025
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Bumrungrad Hospital Public Company Limited and its subsidiaries Statement of financial position As at 30 June 2025 (Unit: Thousand Baht) Note 30 June 2025 31 December 2024 30 June 2025 31 December 2024 (Unaudited (Audited) (Unaudited (Audited) but reviewed) but reviewed) Assets Current assets Cash and cash equivalents 1,951,296 3,259,383 1,155,033 2,492,729 Trade and other current receivables 3 4,049,780 3,895,551 4,086,497 3,913,476 Inventories 299,887 355,939 235,521 281,752 Other current financial assets 4 10,437,528 8,854,042 10,193,428 8,688,267 Prepaid expenses 181,298 128,618 160,889 90,266 Other current assets 66,150 151,226 45,499 144,125 Total current assets 16,985,939 16,644,759 15,876,867 15,610,615 Non-current assets Other non-current financial assets 4 2,518,251 2,013,552 2,518,251 2,013,552 Long-term loans and interest receivables from the related parties 2 - - 114,558 115,273 Investments in subsidiaries 5 - - 2,610,810 2,360,810 Investment in joint venture 129,746 130,085 130,500 130,500 Investment in associate 163 179 - - Property, plant and equipment 12,892,385 12,631,948 11,076,624 10,879,550 Right-of-use assets 99,804 108,179 119,102 122,672 Intangible assets 605,685 587,959 522,452 531,252 Goodwill 55,468 60,092 - - Deferred tax assets 317,147 311,110 311,064 305,392 Other non-current assets 154,278 165,182 35,832 43,072 Total non-current assets 16,772,927 16,008,286 17,439,193 16,502,073 Total assets 33,758,866 32,653,045 33,316,060 32,112,688 The accompanying notes are an integral part of the financial statements. Separate financial statementsConsolidated financial statements
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Bumrungrad Hospital Public Company Limited and its subsidiaries Statement of financial position (continued) As at 30 June 2025 30 June 2025 31 December 2024 30 June 2025 31 December 2024 (Unaudited (Audited) (Unaudited (Audited) but reviewed) but reviewed) Liabilities and shareholders' equity Current liabilities Trade and other current payables 929,105 1,148,754 925,355 1,153,849 Accrued physicians' fees 913,405 919,655 891,649 895,147 Accrued expenses 851,851 979,934 809,023 940,974 Current portion of lease liabilities 36,983 37,089 43,626 42,947 Income tax payable 807,341 525,392 746,311 451,563 Other current liabilities 197,271 215,906 153,099 170,463 Total current liabilities 3,735,956 3,826,730 3,569,063 3,654,943 Non-current liabilities Long-term loan and interest payable to an unrelated party 23,455 24,281 - - Lease liabilities, net of current portion 70,965 78,074 83,719 86,601 Deferred tax liabilities 8,147 2,898 8,147 2,826 Non-current provision for employee benefits 962,692 920,131 916,686 876,487 Total non-current liabilities 1,065,259 1,025,384 1,008,552 965,914 Total liabilities 4,801,215 4,852,114 4,577,615 4,620,857 The accompanying notes are an integral part of the financial statements. Separate financial statements (Unit: Thousand Baht) Consolidated financial statements
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Bumrungrad Hospital Public Company Limited and its subsidiaries Statement of financial position (continued) As at 30 June 2025 (Unit: Thousand Baht) Note 30 June 2025 31 December 2024 30 June 2025 31 December 2024 (Unaudited (Audited) (Unaudited (Audited) but reviewed) but reviewed) Shareholders' equity Share capital 6 Registered 921,900,470 ordinary shares of Baht 1 each (31 December 2024: 921,852,120 ordinary shares of Baht 1 each) 921,901 921,852 921,901 921,852 802,215 preference shares of Baht 1 each (31 December 2024: 850,565 preference shares of Baht 1 each) 802 851 802 851 922,703 922,703 922,703 922,703 Issued and paid-up 794,964,292 ordinary shares of Baht 1 each (31 December 2024: 794,915,942 ordinary shares of Baht 1 each) 794,964 794,915 794,964 794,915 802,215 preference shares of Baht 1 each (31 December 2024: 850,565 preference shares of Baht 1 each) 802 851 802 851 795,766 795,766 795,766 795,766 Premium on ordinary shares 449,854 449,854 449,854 449,854 Convertible bonds treated as equity securities 320,000 320,000 320,000 320,000 Retained earnings Appropriated - statutory reserve 92,275 92,275 92,275 92,275 Unappropriated 27,263,626 26,074,303 27,052,230 25,826,900 Other components of shareholders' equity (271,566) (244,518) 28,320 7,036 Equity attributable to owners of the Company 28,649,955 27,487,680 28,738,445 27,491,831 Non-controlling interests of the subsidiaries 307,696 313,251 - - Total shareholders' equity 28,957,651 27,800,931 28,738,445 27,491,831 Total liabilities and shareholders' equity 33,758,866 32,653,045 33,316,060 32,112,688 - - - - The accompanying notes are an integral part of the financial statements. Directors Separate financial statementsConsolidated financial statements
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(Unaudited but reviewed) Bumrungrad Hospital Public Company Limited and its subsidiaries Income statement For the three-month period ended 30 June 2025 (Unit: Thousand Baht) Consolidated financial statements Separate financial statements Note 2025 2024 2025 2024 Revenues Revenues from hospital operations 6,004,822 6,282,206 5,690,908 5,940,572 Rental income 19,240 20,445 30,198 28,946 Dividend income 5 - - 178,288 112,769 Exchange gains 3,010 - 859 - Other income 76,603 27,968 77,858 29,528 Total revenues 6,103,675 6,330,619 5,978,111 6,111,815 Expenses Cost of hospital operations 2,863,692 3,008,309 2,738,486 2,864,874 Selling expenses 140,142 180,741 128,705 168,593 Administrative expenses 821,314 825,832 836,435 875,834 Exchange losses - 4,890 - 3,995 Total expenses 3,825,148 4,019,772 3,703,626 3,913,296 Operating profit 2,278,527 2,310,847 2,274,485 2,198,519 Share of loss from investment in joint venture (328) (10) - - Share of loss from investments in associates (16) (3) - - Finance income 52,487 78,824 45,070 70,339 Finance cost (2,224) (2,055) (2,401) (1,978) Profit before income tax expenses 2,328,446 2,387,603 2,317,154 2,266,880 Income tax expenses (448,882) (431,546) (424,599) (411,145) Profit for the period 1,879,564 1,956,057 1,892,555 1,855,735 Profit attributable to: Equity holders of the Company 1,857,633 1,931,788 1,892,555 1,855,735 Non-controlling interests of the subsidiaries 21,931 24,269 1,879,564 1,956,057 (Unit: Baht) Earnings per share 7 Basic earnings per share Profit attributable to equity holders of the Company 2.34 2.43 2.38 2.33 Diluted earnings per share Profit attributable to equity holders of the Company 2.14 2.23 2.18 2.14 The accompanying notes are an integral part of the financial statements.
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(Unaudited but reviewed) Bumrungrad Hospital Public Company Limited and its subsidiaries Statement of comprehensive income For the three-month period ended 30 June 2025 (Unit: Thousand Baht) Consolidated financial statements Separate financial statements 2025 2024 2025 2024 Profit for the period 1,879,564 1,956,057 1,892,555 1,855,735 Other comprehensive income Other comprehensive income to be reclassified to income statement in subsequent periods: Exchange differences on translation of financial statements in foreign currencies (35,949) 11,004 - - Gain on changes in value of debt instruments at fair value through other comprehensive income 8,716 2,757 8,716 2,757 Other comprehensive income for the period (27,233) 13,761 8,716 2,757 Total comprehensive income for the period 1,852,331 1,969,818 1,901,271 1,858,492 Total comprehensive income attributable to: Equity holders of the Company 1,830,401 1,945,805 1,901,271 1,858,492 Non-controlling interests of the subsidiaries 21,930 24,013 1,852,331 1,969,818 The accompanying notes are an integral part of the financial statements.
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(Unaudited but reviewed) Bumrungrad Hospital Public Company Limited and its subsidiaries Income statement For the six-month period ended 30 June 2025 (Unit: Thousand Baht) Consolidated financial statements Separate financial statements Note 2025 2024 2025 2024 Revenues Revenues from hospital operations 12,125,003 12,798,258 11,493,513 12,149,362 Rental income 40,017 40,983 60,416 57,410 Dividend income 5 - - 323,287 274,001 Exchange gains 1,137 4,780 - - Other income 143,771 57,240 147,249 57,948 Total revenues 12,309,928 12,901,261 12,024,465 12,538,721 Expenses Cost of hospital operations 5,903,557 6,154,357 5,650,828 5,883,450 Selling expenses 303,916 354,387 278,381 331,350 Administrative expenses 1,741,355 1,672,214 1,764,321 1,732,840 Exchange losses - - 3,988 3,610 Total expenses 7,948,828 8,180,958 7,697,518 7,951,250 Operating profit 4,361,100 4,720,303 4,326,947 4,587,471 Share of loss from investment in joint venture (339) (21) - - Share of loss from investment in associate (16) (6) - - Finance income 115,878 140,305 103,580 125,237 Finance cost (4,250) (4,165) (4,614) (4,101) Profit before income tax expenses 4,472,373 4,856,416 4,425,913 4,708,607 Income tax expenses (848,977) (900,977) (798,443) (853,058) Profit for the period 3,623,396 3,955,439 3,627,470 3,855,549 Profit attributable to: Equity holders of the Company 3,591,463 3,916,624 3,627,470 3,855,549 Non-controlling interests of the subsidiaries 31,933 38,815 3,623,396 3,955,439 (Unit: Baht) Earnings per share 7 Basic earnings per share Profit attributable to equity holders of the Company 4.52 4.93 4.56 4.85 Diluted earnings per share Profit attributable to equity holders of the Company 4.14 4.52 4.18 4.44 The accompanying notes are an integral part of the financial statements.
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(Unaudited but reviewed) Bumrungrad Hospital Public Company Limited and its subsidiaries Statement of comprehensive income For the six-month period ended 30 June 2025 (Unit: Thousand Baht) Consolidated financial statements Separate financial statements 2025 2024 2025 2024 Profit for the period 3,623,396 3,955,439 3,627,470 3,855,549 Other comprehensive income Other comprehensive income to be reclassified to income statement in subsequent periods: Exchange differences on translation of financial statements in foreign currencies (48,540) 53,197 - - Gain on changes in value of debt instruments at fair value through other comprehensive income 21,284 2,757 21,284 2,757 Other comprehensive income for the period (27,256) 55,954 21,284 2,757 Total comprehensive income for the period 3,596,140 4,011,393 3,648,754 3,858,306 Total comprehensive income attributable to: Equity holders of the Company 3,564,415 3,973,024 3,648,754 3,858,306 Non-controlling interests of the subsidiaries 31,725 38,369 3,596,140 4,011,393 The accompanying notes are an integral part of the financial statements.
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(Unaudited but reviewed) Bumrungrad Hospital Public Company Limited and its subsidiaries Statement of cash flows For the six-month period ended 30 June 2025 (Unit: Thousand Baht) Consolidated financial statements Separate financial statements 2025 2024 2025 2024 Cash flows from operating activities Profit before tax 4,472,373 4,856,416 4,425,913 4,708,607 Adjustments to reconcile profit before tax to net cash provided by (paid from) operating activities: Depreciation and amortisation 514,594 533,441 491,715 511,159 Expected credit losses (reversal) 24,822 (4,966) 24,964 (3,813) Reduction of cost of inventories to net realisable value 840 507 - - Gain on sales and write-off of property, plant and equipment (5,435) (181) (5,482) (553) Employee benefits expenses 68,318 66,853 65,949 63,571 Loss on hedge accounting - 7,112 - 7,112 Gain on fair value adjustments of financial assets (83,294) - (83,294) - Share of loss from investment in joint venture 339 21 - - Share of loss from investment in associate 16 6 - - Dividend income - - (323,287) (274,001) Finance income (115,878) (140,305) (103,580) (125,237) Finance cost 4,250 4,165 4,614 4,101 Profit from operating activities before changes in operating assets and liabilities 4,880,945 5,323,069 4,497,512 4,890,946 Operating assets (increase) decrease Trade and other current receivables (209,571) 552,607 (197,985) 554,973 Inventories 55,212 49,566 46,231 47,468 Prepaid expenses (52,680) (51,051) (70,623) (42,143) Other current assets 11,484 (2,186) 26,197 (833) Other non-current assets 10,904 4,963 7,240 4,795 Operating liabilities increase (decrease) Trade and other current payables (147,646) (46,604) (156,491) (57,853) Accrued physicians' fees (6,250) (111,099) (3,498) (113,061) Accrued expenses (158,954) (386,073) (131,731) (377,279) Other current liabilities (18,635) 33,285 (17,364) 25,606 Paid for employee benefits (25,757) (8,212) (25,750) (7,904) Cash flows from operating activities 4,339,052 5,358,265 3,973,738 4,924,715 Cash paid for corporate income tax (573,112) (828,558) (509,368) (767,730) Net cash flows from operating activities 3,765,940 4,529,707 3,464,370 4,156,985 The accompanying notes are an integral part of the financial statements.
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(Unaudited but reviewed) Bumrungrad Hospital Public Company Limited and its subsidiaries Statement of cash flows (continued) For the six-month period ended 30 June 2025 (Unit: Thousand Baht) Consolidated financial statements Separate financial statements 2025 2024 2025 2024 Cash flows from investing activities Decrease in fixed deposits at banks 1,680,332 1,253,187 1,634,000 1,254,666 Cash paid for investments in debt instruments (10,418,503) (7,568,110) (9,958,247) (7,282,673) Cash receipt from investments in debt instruments 6,759,884 5,019,887 6,424,285 4,839,887 Net cash paid for investments in subsidiaries - - (250,000) (93,000) Net cash paid for investment in joint venture - (10,000) - (10,000) Cash paid for acquisition and payment of account payable - purchase of property, plant and equipment (805,227) (640,329) (692,463) (571,847) Cash paid for acquisition and payment of account payable - purchase of computer software (64,014) (41,536) (40,466) (28,117) Proceeds from sales and receipt of account receivable - sale of property, plant and equipment 36,362 34,736 5,842 4,216 Dividend received - - 323,287 274,001 Interest received 189,260 112,061 176,725 98,275 Net cash flows used in investing activities (2,621,906) (1,840,104) (2,377,037) (1,514,592) Cash flows from financing activities Interest paid for convertible bonds treated as equity securities (15,194) (15,212) (15,194) (15,212) Payment of principal portion of lease liabilities (21,731) (17,615) (25,070) (20,955) Dividend paid (2,384,765) (2,503,030) (2,384,765) (2,503,030) Dividend paid by subsidiary to non-controlling interest (10,347) - - - Net cash flows used in financing activities (2,432,037) (2,535,857) (2,425,029) (2,539,197) Decrease in translation adjustment (20,084) (5,511) - - Net increase (decrease) in cash and cash equivalents(1,308,087) 148,235 (1,337,696) 103,196 Cash and cash equivalents at beginning of period 3,259,383 3,774,054 2,492,729 3,013,677 Cash and cash equivalents at end of period 1,951,296 3,922,289 1,155,033 3,116,873 - - Supplemental cash flow information Non-cash transactions Acquisition of property, plant and equipment for which no cash has been paid 33,449 124,981 33,449 124,981 Disposal of property, plant and equipment for which no cash has been received 30,520 61,040 - - Additions to right-of-use assets and lease liabilities 10,358 58,979 18,253 54,851 Acquisition of computer software which no cash has been paid - 1,004 - 1,004 Dividend payable by subsidiary to non-controlling interest 26,933 48,144 - - Receivable from sale of investment 83,116 94,077 - - Gain on changes in value of debt instruments at fair value through other comprehensive income 21,284 2,757 21,284 2,757 The accompanying notes are an integral part of the financial statements.
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(Unaudited but reviewed) Bumrungrad Hospital Public Company Limited and its subsidiaries Statement of changes in shareholders' equity For the six-month period ended 30 June 2025 (Unit: Thousand Baht) Exchange differences on translation Total other Total equity Equity attributable Convertible of financial components of attributable to to non-controlling Total Ordinary Preference Premium on bonds treated as statements in Fair value shareholders' owners of interests of shareholders' shares shares ordinary shares equity securities Appropriated Unappropriated foreign currencies reserve equity the Company the subsidiaries equity Balance as at 1 January 2024 794,885 881 449,854 320,000 92,275 22,396,369 (248,867) (4,269) (253,136) 23,801,128 296,660 24,097,788 Profit for the period - - - - - 3,916,624 - - - 3,916,624 38,815 3,955,439 Other comprehensive income for the period - - - - - - 53,643 2,757 56,400 56,400 (446) 55,954 Total comprehensive income for the period - - - - - 3,916,624 53,643 2,757 56,400 3,973,024 38,369 4,011,393 Conversion of preference shares to ordinary shares (Note 6) 30 (30) - - - - - - - - - - Interest paid for convertible bonds treated as equity securities - - - - - (15,017) - - - (15,017) - (15,017) Dividend paid (Note 9) - - - - - (2,505,623) - - - (2,505,623) - (2,505,623) Dividend paid by subsidiary (Note 5) - - - - - - - - - - (32,096) (32,096) Balance as at 30 June 2024 794,915 851 449,854 320,000 92,275 23,792,353 (195,224) (1,512) (196,736) 25,253,512 302,933 25,556,445 Balance as at 1 January 2025 794,915 851 449,854 320,000 92,275 26,074,303 (251,554) 7,036 (244,518) 27,487,680 313,251 27,800,931 Profit for the period - - - - - 3,591,463 - - - 3,591,463 31,933 3,623,396 Other comprehensive income for the period - - - - - - (48,332) 21,284 (27,048) (27,048) (208) (27,256) Total comprehensive income for the period - - - - - 3,591,463 (48,332) 21,284 (27,048) 3,564,415 31,725 3,596,140 Conversion of preference shares to ordinary shares (Note 6) 49 (49) - - - - - - - - - - Interest paid for convertible bonds treated as equity securities - - - - - (14,976) - - - (14,976) - (14,976) Dividend paid (Note 9) - - - - - (2,387,164) - - - (2,387,164) - (2,387,164) Dividend paid by subsidiaries (Note 5) - - - - - - - - - - (37,280) (37,280) Balance as at 30 June 2025 794,964 802 449,854 320,000 92,275 27,263,626 (299,886) 28,320 (271,566) 28,649,955 307,696 28,957,651 The accompanying notes are an integral part of the financial statements. Retained earnings share capital Issued and paid-up Consolidated financial statements Equity attributable to owners of the Company Other components of shareholders' equity Other comprehensive income
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(Unaudited but reviewed) Bumrungrad Hospital Public Company Limited and its subsidiaries Statement of changes in shareholders' equity (continued) For the six-month period ended 30 June 2025 (Unit: Thousand Baht) Other components of shareholders' equity Other Convertible comprehensive Total Premium on bonds treated as income shareholders' Ordinary shares Preference shares ordinary shares equity securities Appropriated Unappropriated Fair value reserve equity Balance as at 1 January 2024 794,885 881 449,854 320,000 92,275 22,239,459 (4,269) 23,893,085 Profit for the period - - - - - 3,855,549 - 3,855,549 Other comprehensive income for the period - - - - - - 2,757 2,757 Total comprehensive income for the period - - - - - 3,855,549 2,757 3,858,306 Conversion of preference shares to ordinary shares (Note 6) 30 (30) - - - - - - Interest paid for convertible bonds treated as equity securities - - - - - (15,017) - (15,017) Dividend paid (Note 9) - - - - - (2,505,623) - (2,505,623) Balance as at 30 June 2024 794,915 851 449,854 320,000 92,275 23,574,368 (1,512) 25,230,751 Balance as at 1 January 2025 794,915 851 449,854 320,000 92,275 25,826,900 7,036 27,491,831 Profit for the period - - - - - 3,627,470 - 3,627,470 Other comprehensive income for the period - - - - - - 21,284 21,284 Total comprehensive income for the period - - - - - 3,627,470 21,284 3,648,754 Conversion of preference shares to ordinary shares (Note 6) 49 (49) - - - - - - Interest paid for convertible bonds treated as equity securities - - - - - (14,976) - (14,976) Dividend paid (Note 9) - - - - - (2,387,164) - (2,387,164) Balance as at 30 June 2025 794,964 802 449,854 320,000 92,275 27,052,230 28,320 28,738,445 The accompanying notes are an integral part of the financial statements. Separate financial statements Issued and paid-up share capital Retained earnings
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(Unaudited but reviewed) 1 Bumrungrad Hospital Public Company Limited and its subsidiaries Condensed notes to interim financial statements For the three-month and six-month periods ended 30 June 2025 1. General information 1.1 Basis of the preparation of interim financial statements These interim financial statements are prepared in accordance with Thai Accounting Standard No. 34 Interim Financial Reporting, with the Company presenting condensed interim financial statements. The Company has presented the statements of financial position, comprehensive income, changes in shareholders' equity, and cash flows in the same format as that used for the annual financial statements and has presented notes to the interim financial statements on a condensed basis. The interim financial statements are intended to provide information additional to that included in the latest annual financial statements. Accordingly, they focus on new activities, events and circumstances so as not to duplicate information previously reported. These interim financial statements should therefore be read in conjunction with the latest annual financial statements. The interim financial statements in Thai language are the official statutory financial statements of the Company. The interim financial statements in English language have been translated from the Thai language interim financial statements. 1.2 Basis of consolidation The interim consolidated financial statements include the financial statements of Bumrungrad Hospital Public Company Limited (“the Company”) and its subsidiary companies (“the subsidiaries”) (collectively as “the Group”) and have been prepared on the same basis as that applied for the consolidated financial statements for the year ended 31 December 2024, with no change in shareholding structure of subsidiaries during the current period. 1.3 Accounting policies The interim financial statements are prepared using the same accounting policies and methods of computation as were used for the financial statements for the year ended 31 December 2024. The revised financial reporting standards which are effective for fiscal years beginning on or after 1 January 2025, do not have any significant impact on the Group’s financial statements.
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(Unaudited but reviewed) 2 2. Related party transactions During the periods, the Group had significant business transactions with related parties. Such transactions, which are summarised below, arose in the ordinary course of business and were concluded on commercial terms and bases agreed upon between the Group and those related parties. There were no significant changes in the transfer pricing policy of transactions with related parties during the current period. Summaries significant business transactions with related parties as follows. (Unit: Million Baht) Consolidated financial statements Separate financial statements For the three-month period ended 30 June For the three-month period ended 30 June 2025 2024 2025 2024 Transactions with subsidiaries (eliminated from the consolidated financial statements) Medical service income - - 30.4 26.5 Professional service income - - 4.5 3.4 Rental income - - 10.2 8.5 Sales of medicine and medical supplies - - 6.7 8.4 Dividend income - - 178.3 112.8 Interest income on loans - - 0.3 0.5 Disposals of equipment - - - 0.1 Lab service expenses - - 4.7 6.0 Pharmacy expenses - - 20.9 20.2 Training expenses - - 77.2 109.0 Service expenses - - 9.4 11.8 Rental expenses - - 2.9 2.7 Transactions with related parties Medical service income 18.5 20.8 18.5 20.8 Rental income 1.8 1.8 1.8 1.8 Interest income on other current financial assets 0.1 - - - Other income 0.1 0.1 0.1 0.1 Donation expenses 5.2 5.7 5.2 5.7 Insurance expenses 11.3 12.5 10.8 12.0 Credit card commission fees 31.6 33.4 28.4 30.4 Interest expense on convertible bonds 7.6 7.5 7.6 7.5
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(Unaudited but reviewed) 3 (Unit: Million Baht) Consolidated financial statements Separate financial statements For the six-month period ended 30 June For the six-month period ended 30 June 2025 2024 2025 2024 Transactions with subsidiaries (eliminated from the consolidated financial statements) Medical service income - - 57.5 49.0 Professional service income - - 8.5 8.2 Rental income - - 20.4 16.7 Sales of medicine and medical supplies - - 14.2 15.5 Dividend income - - 323.3 274.0 Interest income on loans - - 0.7 1.0 Disposals of equipment - - 0.2 0.1 Lab service expenses - - 10.3 11.6 Pharmacy expenses - - 41.4 38.2 Training expenses - - 150.2 172.8 Service expenses - - 24.8 25.3 Rental expenses - - 5.8 5.7 Transactions with related parties Medical service income 53.0 39.6 53.0 39.6 Rental income 3.6 3.6 3.6 3.6 Interest income on other current financial assets 0.1 0.1 - - Other income 0.1 0.1 0.1 0.1 Donation expenses 9.8 11.4 9.8 11.4 Insurance expenses 23.7 21.2 22.7 20.2 Credit card commission fees 65.5 68.1 58.7 62.4 Service fee - 0.2 - 0.2 Interest expense on convertible bonds 15.0 15.0 15.0 15.0
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(Unaudited but reviewed) 4 The balances of the accounts between the Group and those related parties are as follows. (Unit: Thousand Baht) Consolidated financial statements Separate financial statements 30 June 2025 31 December 2024 30 June 2025 31 December 2024 Trade and other current receivables - related parties Subsidiaries - - 95,977 92,291 Related companies (common directors) 4,825 24,313 4,173 23,468 Total 4,825 24,313 100,150 115,759 Other current financial assets - related parties Related companies (common executives) 513,614 10,200 509,114 - Long-term loans and interest receivables from the related parties Subsidiaries - - 114,558 115,273 Other non-current asset - related party Related company (common director) 83,116 86,771 - - Other current payables - related parties Subsidiaries - - 70,496 77,826 Convertible bonds treated as equity securities Related company (common executive) 320,000 320,000 320,000 320,000 Long-term loans and interest receivables from the related parties During the six-month period ended 30 June 2025, movements of long-term loans and interest receivables from the related companies were as follows. (Unit: Thousand Baht) Separate financial statements Balance as at 1 January During the period Balance as at 30 June 2025 Increase Decrease 2025 Bumrungrad Services Co., Ltd. Principal 72,500 - - 72,500 Interest receivable 775 449 (904) 320 Total 73,275 449 (904) 72,820 Vitallife Allianz Co., Ltd. Principal 41,500 - - 41,500 Interest receivable 498 257 (517) 238 Total 41,998 257 (517) 41,738 Total long-term loans and interest receivables from the related parties 115,273 706 (1,421) 114,558
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(Unaudited but reviewed) 5 The above long-term loans represent loans to the subsidiaries denominated in Baht which are repayable on demand. Since the Company’s management does not plan to call the loans in the near future, they are classified as long-term loans. Directors and management’s benefits During the three-month and six-month periods ended 30 June 2025 and 2024, the Group had employee benefit expenses payable to their directors and management as follows. (Unit: Thousand Baht) Consolidated financial statements Separate financial statements For the three-month periods ended 30 June For the three-month periods ended 30 June 2025 2024 2025 2024 Short-term employee benefits 29,735 29,388 25,983 23,991 Post-employment benefits 1,137 1,186 914 933 Other long-term benefits 1 1 1 - Total 30,873 30,575 26,898 24,924 (Unit: Thousand Baht) Consolidated financial statements Separate financial statements For the six-month periods ended 30 June For the six-month periods ended 30 June 2025 2024 2025 2024 Short-term employee benefits 68,436 63,079 56,489 52,320 Post-employment benefits 2,351 2,372 1,828 1,865 Other long-term benefits 3 2 1 - Total 70,790 65,453 58,318 54,185
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(Unaudited but reviewed) 6 3. Trade and other current receivables (Unit: Thousand Baht) Consolidated financial statements Separate financial statements 30 June 2025 31 December 2024 30 June 2025 31 December 2024 Trade receivables - related parties Aged on the basis of due dates Not yet due 3,942 24,268 5,575 25,515 Total trade receivables - related parties 3,942 24,268 5,575 25,515 Trade receivables - unrelated parties Aged on the basis of due dates Not yet due 1,488,488 1,644,314 1,478,072 1,616,538 Past due 1 - 30 days 372,840 519,903 369,485 513,270 31 - 60 days 297,914 404,805 292,856 400,230 61 - 90 days 334,994 351,335 302,558 350,048 91 - 180 days 1,079,716 434,475 1,076,472 433,630 181 - 365 days 107,838 451,134 107,466 450,793 More than 365 days 520,860 189,943 518,370 187,492 Total 4,202,650 3,995,909 4,145,279 3,952,001 Less: Allowance for expected credit losses (193,766) (192,968) (190,689) (189,685) Total trade receivables - unrelated parties, net 4,008,884 3,802,941 3,954,590 3,762,316 Total trade receivables - net 4,012,826 3,827,209 3,960,165 3,787,831 Other current receivables Other current receivables - related parties 883 45 94,575 90,244 Other current receivables - unrelated parties 36,071 68,297 31,757 35,401 Total other current receivables 36,954 68,342 126,332 125,645 Total trade and other current receivables - net 4,049,780 3,895,551 4,086,497 3,913,476
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(Unaudited but reviewed) 7 4. Other financial assets (Unit: Thousand Baht) Consolidated financial statements Separate financial statements 30 June 2025 31 December 2024 30 June 2025 31 December 2024 Debt instruments at amortised cost Fixed deposits at banks 2,607,235 4,287,567 2,600,000 4,234,000 Government and state-owned enterprise bonds 3,285,364 2,654,665 3,048,499 2,542,457 Corporate bond 176,025 - 176,025 - 6,068,624 6,942,232 5,824,524 6,776,457 Equity instrument designated at FVOCI Non-listed equity instrument 4,500 4,500 4,500 4,500 Less: Fair value reserve (4,269) (4,269) (4,269) (4,269) 231 231 231 231 Debt instruments at FVOCI Corporate bonds 2,406,074 1,927,979 2,406,074 1,927,979 Add: Fair value adjustment 40,736 14,132 40,736 14,132 2,446,810 1,942,111 2,446,810 1,942,111 Financial assets measured at FVTPL Convertible debt instruments 71,210 71,210 71,210 71,210 Investment in debt instruments - unit trust in open-end mutual funds 4,368,904 1,911,810 4,368,904 1,911,810 4,440,114 1,983,020 4,440,114 1,983,020 Total other financial assets 12,955,779 10,867,594 12,711,679 10,701,819 Current 10,437,528 8,854,042 10,193,428 8,688,267 Non-current 2,518,251 2,013,552 2,518,251 2,013,552 12,955,779 10,867,594 12,711,679 10,701,819
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(Unaudited but reviewed) 8 5. Investments in subsidiaries 5.1 Capital increase of subsidiaries Bumrungrad International Hospital Phuket Co., Ltd. On 30 December 2024, the Extraordinary Meeting of the shareholders of Bumrungrad International Hospital Phuket Co., Ltd., the Company’s wholly-owned subsidiary, passed a resolution to increase its registered share capital from Baht 1,000 million (1 million ordinary shares with a par value of Baht 1,000 each) to Baht 2,000 million (2 million ordinary shares with a par value of Baht 1,000 each), by issuing additional 1 million ordinary shares with a par value of Baht 1,000 each. The Company invested in the additional share capital of Baht 1,000 million and still had a 100 percent shareholding in such company. The Company had already paid for the investment amounting to Baht 250 million, or representing 25% of its registered share capital. The company registered the increase of its share capital with the Ministry of Commerce on 9 January 2025. 5.2 Dividend income a) During the periods, the Company received dividend income from the subsidiaries in the separate financial statements as follows. (Unit: Thousand Baht) Separate financial statements For the three-month periods ended 30 June For the six-month periods ended 30 June Company’s name 2025 2024 2025 2024 Bumrungrad Health Network Co., Ltd. - - - 44,233 Bumrungrad Personnel Development and Training Center Co., Ltd. - - 144,999 116,999 Vitallife Corporation Ltd. 178,288 112,769 178,288 112,769 Total 178,288 112,769 323,287 274,001 b) In the first quarter of 2025, Bumrungrad Mongolia LLC, which is a subsidiary of Bumrungrad Health Network Co., Ltd., approved the payment of an interim dividend of MNT 1,317 per share (or equivalent to Baht 12.37) , a total of MNT 5,506 million (or equivalent to Baht 51.74 million). In April 2025, a dividend of MNT 4,405 million (or equivalent to Baht 41.39 million) and MNT 1,101 million (or equivalent to Baht 10.35 million) were paid to Bumrungrad Health Network Co., Ltd. and non-controlling interests, respectively.
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(Unaudited but reviewed) 9 c) In the second quarter of 2024, Seoul Seniors Tower LLC, which is a subsidiary of Bumrungrad Mongolia LLC, approved the payment of an interim dividend of MNT 750 per share, a total of MNT 6,000 million, which will be paid in August 2024. In the second quarter of 2025, Seoul Seniors Tower LLC approved the payment of a dividend of MNT 187.50 per share (or equivalent to Baht 1.72), a total of MNT 1,500 million (or equivalent to Baht 13.74 million) to the shareholders in respect of the 2024 profit. In July 2025, a dividend of MNT 765 million (or equivalent to Baht 7.01 million) and MNT 735 million (or equivalent to Baht 6.73 million) were paid to Bumrungrad Mongolia LLC and non-controlling interests, respectively. Additionally, in the second quarter of 2025, Seoul Seniors Tower LLC approved the payment of an interim dividend of MNT 562.50 per share (or equivalent to Baht 5.15), a total of MNT 4,500 million (or equivalent to Baht 41.22 million). In July 2025, a dividend of MNT 2,295 million (or equivalent to Baht 21.02 million) and MNT 2,205 million (or equivalent to Baht 20.20 million) were paid to Bumrungrad Mongolia LLC and non-controlling interests, respectively. 6. Share capital During the first quarter of 2024, 30,000 preference shares were converted into ordinary shares at ratio of 1 preference share to 1 ordinary share, as a result, the Company’s ordinary shares increased from 794,885,942 shares with a par value of Baht 1 each to 794,915,942 shares with a par value of Baht 1 each. The Company registered this conversion with the Ministry of Commerce on 7 March 2024. During the first quarter of 2025, 48,350 preference shares were converted into ordinary shares at ratio of 1 preference share to 1 ordinary share, as a result, the Company’s ordinary shares increased from 794,915,942 shares with a par value of Baht 1 each to 794,964,292 shares with a par value of Baht 1 each. The Company registered this conversion with the Ministry of Commerce on 11 March 2025. 7. Earnings per share Basic earnings per share is calculated by dividing profit for the period attributable to equity holders of the Company (excluding other comprehensive income) by the weighted average number of ordinary shares in issue during the period. Diluted earnings per share is calculated by dividing profit for the period attributable to equity holders of the Company (excluding other comprehensive income) by the weighted average number of ordinary shares in issue during the period plus the weighted average number of ordinary shares which would need to be issued to convert all dilutive potential ordinary shares into ordinary shares. The calculation assumes that the conversion took place either at the beginning of the period or on the date the potential ordinary shares were issued.
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(Unaudited but reviewed) 10 The following tables set forth the computation of basic and diluted earnings per share. Consolidated financial statements For the three-month periods ended 30 June Weighted average Profit for the period number of ordinary shares Earnings per share 2025 2024 2025 2024 2025 2024 (Thousand Baht) (Thousand Baht) (Thousand shares) (Thousand shares) (Baht) (Baht) Basic earnings per share Profit attributable to equity holders of the Company 1,857,633 1,931,788 794,964 794,915 2.34 2.43 Effect of dilutive potential ordinary shares Convertible preference shares - - 802 851 Convertible bonds - - 71,649 71,649 Diluted earnings per share Profit of ordinary shareholders assuming the conversion of dilutive potential ordinary shares 1,857,633 1,931,788 867,415 867,415 2.14 2.23 Separate financial statements For the three-month periods ended 30 June Weighted average Profit for the period number of ordinary shares Earnings per share 2025 2024 2025 2024 2025 2024 (Thousand Baht) (Thousand Baht) (Thousand shares) (Thousand shares) (Baht) (Baht) Basic earnings per share Profit attributable to equity holders of the Company 1,892,555 1,855,735 794,964 794,915 2.38 2.33 Effect of dilutive potential ordinary shares Convertible preference shares - - 802 851 Convertible bonds - - 71,649 71,649 Diluted earnings per share Profit of ordinary shareholders assuming the conversion of dilutive potential ordinary shares 1,892,555 1,855,735 867,415 867,415 2.18 2.14
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(Unaudited but reviewed) 11 Consolidated financial statements For the six-month periods ended 30 June Weighted average Profit for the period number of ordinary shares Earnings per share 2025 2024 2025 2024 2025 2024 (Thousand Baht) (Thousand Baht) (Thousand shares) (Thousand shares) (Baht) (Baht) Basic earnings per share Profit attributable to equity holders of the Company 3,591,463 3,916,624 794,949 794,906 4.52 4.93 Effect of dilutive potential ordinary shares Convertible preference shares - - 817 860 Convertible bonds - - 71,649 71,649 Diluted earnings per share Profit of ordinary shareholders assuming the conversion of dilutive potential ordinary shares 3,591,463 3,916,624 867,415 867,415 4.14 4.52 Separate financial statements For the six-month periods ended 30 June Weighted average Profit for the period number of ordinary shares Earnings per share 2025 2024 2025 2024 2025 2024 (Thousand Baht) (Thousand Baht) (Thousand shares) (Thousand shares) (Baht) (Baht) Basic earnings per share Profit attributable to equity holders of the Company 3,627,470 3,855,549 794,949 794,906 4.56 4.85 Effect of dilutive potential ordinary shares Convertible preference shares - - 817 860 Convertible bonds - - 71,649 71,649 Diluted earnings per share Profit of ordinary shareholders assuming the conversion of dilutive potential ordinary shares 3,627,470 3,855,549 867,415 867,415 4.18 4.44 8. Segment information The Group is organised into business units based on their services. During the current period, the Group has not changed the organisation of their reportable segments from the last annual financial statements.
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(Unaudited but reviewed) 12 9. Dividend paid The Company declared dividend during the six-month periods ended 30 June 2025 and 2024 as follows. Dividend Approved by Dividend paid Dividend per share (Thousand Baht) (Baht) Final dividend for 2024 Annual General Meeting of the shareholder on 23 April 2025 2,387,164 3.00 Final dividend for 2023 Annual General Meeting of the shareholder on 24 April 2024 2,505,623 3.15 10. Commitments and contingent liabilities 10.1 Capital commitments (Unit: Million Baht) Consolidated financial statements Separate financial statements Details of Commitments 30 June 2025 31 December 2024 30 June 2025 31 December 2024 1) Design and renovation of buildings agreements 1,091 865 990 827 2) Purchase of medical instruments and hospital equipment 489 471 457 431 3) Purchase of computer software agreements 85 92 83 91 10.2 Long-term service commitments (Unit: Million Baht) Consolidated/Separate financial statements Details of Commitments 30 June 2025 31 December 2024 1) Medical instruments and hospital equipment maintenance 82 103 2) Computer system maintenance 94 76 10.3 Uncalled portion of the investments in subsidiaries As at 30 June 2025, the Company has commitment in respect of the uncalled portion of investments in the subsidiaries below. a) Investment in an overseas subsidiary (Asia Global Health Ltd.) of HKD 2.4 million (31 December 2024: HKD 2.4 million). b) Investment in a subsidiary in Thailand (Bumrungrad International Hospital Phuket Co., Ltd.) of Baht 1,350 million (31 December 2024: Baht 600 million).
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(Unaudited but reviewed) 13 10.4 Guarantees As at 30 June 2025, there were outstanding bank guarantees of Baht 35 million (31 December 2024: Baht 34 million) issued by banks on behalf of the Company. All were required in the normal course of business e.g. payment of utility expenses and space rental. 11. Financial instrument 11.1 Fair value of financial instrument Since the majority of the Group’s financial instruments are short-term in nature or carrying interest at rates close to the market interest rates, their fair value is not expected to be materially different from the amounts presented in the statement of financial position. 11.2 Fair value hierarchy During the current period, there were no changes in the methods and the assumptions used to estimate the fair value of financial instruments and there were no transfers between the levels of the fair value hierarchy. 12. Event after the reporting period On 30 July 2025, the Company’s Board of Directors Meeting approved the payment of an interim dividend of Baht 2 per share to the shareholders from its operations from 1 January 2025 to 30 June 2025. This constitutes a total dividend of Baht 1,592 million which will be paid on 29 August 2025. 13. Approval of interim financial statements These interim financial statements were authorised for issue by the Company’s Board of Directors on 30 July 2025.