[Foreign Language] Hello everyone, welcome to the analyst presentation once again with the management for the performance for the second quarter of 2025 Bumrungrad Hospital Public Company Limited. My name is Achariya Sanrattana, investor relations. Today, for this time around, we have local analysts joining us on site here at the hospital, while we also have the online channel for our foreign analysts as well. We have uploaded the presentation file, the PDF, on our website IRPH already this morning, so you can check the file out before the meeting starts. For today, we will have the agenda for today. We will begin with the presentations and then followed by the Q&A sessions. Before we begin with the presentations, let me introduce our management that are here with us today. We have Khun Neil Sorrentino, Corporate Chief Strategy Officer, and we have Khun Artirat Charukitpipat, Chief Executive Officer, and we have Khun Orapan Buamuang, Chief Financial Officer. On the floor, we also have management that's going to give us an update presentation on the performance as well. We have Khun Rajeev Rajan, Chief Business Development Officer, and we have Dr. Polakit Teekakirikul, Chief Executive Officer at the VitalLife Scientific Wellness Center and [Esplan], as well as Chief Science Officer of BHPCL. We have Khun Patrapong Kanpukdee, Chief Administrative Officer, who will give us an update on the expansion project of the Annex Building. Today, since we have the time limit, we will start giving the priority with the Q&A session for the questions that we receive on site first, and then I will go through the questions that we receive online channel. If we don't have enough time, we will answer those questions through email. Without further ado, let me hand over the presentations to Khun Neil Sorrentino to talk about the key takeaways. Thank you, Ana. Welcome to you all. As you know, we're switching on a hybrid basis where we're doing two of these online and then two of these in person based upon input from all of you and others online because it's easier sometimes for you to come a couple of times a year rather than four times a year with so many companies that you're covering. Let's get right into the Q2 analysis and performance. First slide, please. As I've talked to you about in the past, you're not particularly used to our second quarter being stronger than our first quarter because of Ramadan. If you recall, I mentioned to you that because of the Islamic calendar going backwards or forwards, depending upon how you think about it, now what you see is second quarter being stronger than first quarter because 90% of Ramadan occurred for us in the first quarter, 10% occurred in the second quarter. What you're seeing in the second quarter is that first bullet up there regarding the growth in the Middle East business, which was very dramatic. You can see that Qatar was up 18%, UAE 46%, Oman 28%, and Saudi 54%. Those are impressive numbers, but what's more important than the percentage is the base. There's this false narrative that, oh, Bumrungrad is losing market share in the Middle East sector. Our turnover for the quarter was THB 6 billion, and 23% of that, which is almost THB 1.4 billion, was Middle Eastern business. Very strong second quarter for us. Good growth back in all of those four markets, including we're most proud of the UAE market because if you recall, you look at the numbers all the time. Back in Q4 and then in Q1, Q1 typically, though, was because of Ramadan. We had a slide off in UAE, but that's come back pretty significantly in the quarter, in the second quarter. Do not be unimpressed or be impressed by market share issues. No one knows what the total market share is out of any particular market because there's nobody submitting data in a national repository about data regarding what's coming out of these markets all over the world, especially Middle East. When you look at Qatar as an example, we showed 18% growth in the second quarter. What is the base? That's the more important question. What is the base that you're growing this off of? In 2024, our Qatar revenue base was over THB 4 billion. When you see others reporting, oh, Qatar up 20%, Qatar up 25%, ask the question, what's the base? When you're thinking about market share, the determining factor is what is the base that you're growing up to or going down against? For the second quarter, we had a company 45-year record of EBITDA margin being 41.6%. That's a combination of many things, as you know. Volume is one, revenue intensity is another, but we had a stronger impact on cost control. Khun Artirat's team and her operations staff did an excellent job in cost control, making up slightly for a little bit on the revenue intensity part. Before Ramadan, when you look at Qatar, our biggest Middle East market, there were a lot of long-stay term patients here. When Ramadan came, they went back. It's typical. That's very, very typical during Ramadan. They weren't at the same level as it was in Q4, as an example, into Q1 because they didn't come back. They stayed back in their own country. That brought the revenue intensity down slightly. In return, the outpatient business and the inpatient admissions were very strong in Q2, given those percentage numbers. Because of all of those factors, our EBITDA margin was the highest in the company's history. I keep getting asked by the investor community, how far can this go on EBITDA margin? Of course, this is best in class. There's no one, even in the U.S., that has this kind of EBITDA margin, notwithstanding all of Asia. There's no one in Asia that has EBITDA margin like this. It's a combination of the things I just mentioned. We're proud of it. A week ago at our board meeting, our board and our chairman rose as a percentage of EPS because EPS was down year over year slightly from 40. The dividend payout was 44% of EPS this time for the interim dividend versus a year ago, which was 41%. That's because we had to make it larger because the EPS was slightly smaller in Q2 of 2025 versus Q2 of 2024. The board did not want to cut that back to the same percentage level. They raised the percentage level of dividend payout, which equaled to 2 baht per share for the interim dividend. Khun Orapan is going to talk to you in detail about the financial performance beyond what I'm going to cover. I'm going to cover a little bit more on the market share piece so you have a better understanding of what that is. Next slide, please. I prepared a couple of slides for you that show the company's performance. These are all absent COVID. We just took COVID out of the base because the world was closed during COVID, and no one calculates what happened during the period during COVID. When you look at this, you look at the compound annual growth rate of 5.8%. From 2018- 2024, we grew this non-time revenue 40%. When you look at especially 2023- 2024, you see 2022- 2023, that period there, the EPS grew by 42% year- over- year. In 2024, the EPS grew by 11%. Next slide. This all goes to the market share question that I want to impress upon you in terms of what this company's performance has been. On the non-time by nationality group, you can see here that the compound annual growth rate was 7.7%, but up 56.2% from 2019- 2020, 2018- 2024. Non-Middle East, Middle East was on the left-hand side, and non-Middle East was up 31.7%, a compound annual growth rate of almost 5%. These slides will all be available on our website. This tells the investor community what the growth has been year over year over year absent COVID. In looking at 2H 2025, my outlook for 2H is going to be stronger than 1H. We have started Q3 very strong, and I expect 2H 2025 to be better than 1H 2025. Next slide. I mentioned earlier about our turnover and the percentages by nationality or market, however you want to look at it. If you consider that our turnover was THB 6 billion for the quarter, I'm pretty close about that, aren't I, Khun Neem? THB 6 billion for the quarter. When you take the 23%, which was the Middle East part, the Middle East was THB 1.4 billion, and we're running anywhere between 64%- 66% of total revenue, combining all of those non-time. Thai was 36% for the quarter. You can see Indochina 16%, others 25%. Now, of course, you also know that for all of the healthcare facilities in Thailand, Cambodia, and China are going to be negative year over year because of the Cambodia-Thai problem, which hopefully is behind us, but also because the arrivals is down almost a third from Chinese nationals coming from mainland China. That's a statistic for Thailand. We're pretty close modeling that statistic. All the other hospitals that you cover will show the same thing. Next slide. These are the top 10 nationalities. You can look at them for yourself online. When you look at, as an example, the U.K. and the United States, these are principally expat-driven from the local market here in the greater Bangkok area. Bangladesh was a strong market for us and continues to be a strong market for us. You can see China here down. You can see Cambodia here down. You'll see that across all the other hospitals you cover. We have a clinic there that we're seeing patients about, and it was running very, very well until this dispute occurred. Hopefully, it'll start back up again in Q3. The most positive aspect of the beginning of Q3 is Middle East business. Our Middle East business in Q3 starting is very strong. Please go back to the takeaway slide. Let's switch a little bit to the Phuket Hospital update because I get a lot of questions about that. It's moving along. The pilings are finished. We're going to start building the retaining wall, which is almost a rectangular retaining wall going very, very deep that keeps the dirt out as we dig up and start coming out of the ground. We'll be coming out of the ground quite likely here once the retaining wall is done in late September. It is on target. We're looking to have a soft opening in Q1 2027. There's a lot of excitement in the market. There continues to be a lot of excitement. We get a lot of doctors asking, "When is the hospital going to open? How can I get on medical staff privileges?" Rajeev will be principally responsible for driving the international business there. You may know, we've talked about it, that there's about 53 some-odd international flights coming into Phuket every day from around the world. I was just there two weeks ago, and there were many, many, many Middle Eastern patients, many, many Middle Eastern families there all over Phuket because now school is out. That's part of the reason why many Middle Easterners are traveling. It's part of the reason why we're busy in Q3 with Middle East business. As we submitted the results for Q2 after our board meeting last Wednesday, we had a remarkable reaction, positive reaction by the investor community for our stock. We traded 52 million shares in five days. There were a couple of days that we traded 14 million shares. Our average trading volume, as some of you may know, is 2 million- 3 million shares a day. The stock price jumped 16% during that one-week period, somewhere from the 140s to the 170s. Very low 170s. 172, I think, was the high. When I look at it, there's a lot of international investors re-interested in the company. We'll see where that goes in Q3 and Q4. That's remarkable because we haven't had something like that happen in a long time. I thought it was worth mentioning. As I said about the outlook for Q3, the guidance outlook for Q3, I expect the 1H will be, as I said, less than 2H. 2H will be much better than 1H. I'll talk about the 3Q guidance later. Go back to the other slides, please. Khun Orapan? [Foreign Language] Good morning [Foreign Language] I will report in term of the revenue and financial highlight for you all khá can you go to my slide please? OK khá, i n second quarter this year, total revenue decline by 3.6%, EBITDA and net profit decline by 1.6% and 3.8% respectively kh´a The decline in revenue mainly came from non-time patient revenue down by 6.6% and time patient revenue slightly declined by 0.2% khá. The EBITDA margin and net profit margin this quarter were 41.6% and 30.4% respectively. The EBITDA margin and net profit margin for first half this year were 39.6% and 29.2% respectively khá I walk you through more detail in financial performance section khá. OK, in second quarter this year, the total revenue was THB 6,104 million, declined from second quarter last year by 3.6%. The total revenue decline mainly came from the decrease in revenue from hospital operation, which declined by 4.4% when compared to second quarter last year. This was primarily due to 6.6% decrease in revenue from non-time, as Khun Neil already mentioned, and the 0.2% khá declines from time patient. For non-time patient, revenue decline mainly came from Middle East segment declined by 12.4%, mainly from Qatar, Kuwait, and Oman. Indochina segment declined by 2.6%, mainly came from Cambodia, and offset with the increase in Myanmar about 10.1%. Bangladesh increased by 5.8% and Indonesia increased by 55.8%. For other non-time segment, declined by 2.9%, mainly came from China. In first half this year, the total revenue was THB 12,310 million, declined from the same period last year by 4.6%. The total revenue decline mainly came from the decrease in revenue from hospital operation, which declined by 5.3% when compared to first half last year. This was primarily due to 8.2% decrease in revenue from non-time, partially offset by 0.5% increase in revenue from time patient. For non-time patient, revenue decline mainly came from Middle East segment declined by 22.4%. Indochina segment increased by 0.4%, mainly came from Myanmar increased about 15.3% and Indonesia 52%, offset with the Cambodia declined by 17.8%. For other non-time segment, increased by 1.4%, mainly came from US, France, and offset with Japan and China khá. Move on to see the revenue contribution by service. In second quarter this year and second quarter last year, the revenue contribution from outpatient service and inpatient service remained at 50/50%. In first half this year, the total revenue contribution from outpatient service increased to 51% from 49% in first half last year due to OBD revenue decrease at 1.2%, while revenue IPD decreased at 7.5%, mainly due to lower length of stay. In term of revenue contribution by payer type, insurance contribution in first half this year increased to 22% from 19% in the same period last year due to revenue from insurance in first half this year grew by 11.7%. The government third-party contribution in first half this year was 14%, dropped from 18% in first half last year due to lower Middle East revenue. Self-pay contribution increased to 63% in first half this year from 62% in first half last year. In term of EBITDA and EBITDA margin, in second quarter this year, EBITDA was THB 2,537 million, decreased from the same period last year by 1.6%. The decrease mainly due to total revenue decline by 3.6% and offset with cost of hospital decline by 4.8% and selling admin decline by 22.5%, mainly came from supply and marketing expense reduction respectively. The EBITDA margin in this quarter was 41.6%. For EBITDA in first half this year was THB 4,876 million, declined from the same period last year by 7.2%. The decrease mainly due to the total revenue decline by 4.6% and offset with cost of hospital decline by 4.1% and selling admin decline by 14.2%. Mainly came from the supply cost, efficiency fee, and marketing fee reduced in this first half and offset with the admin expense increase about 4.1%. EBITDA margin in first half this year was 39.6%. In term of net profit and net profit margin, net profit for second quarter this year was THB 1,858 million, which declined by 3.8% from second quarter last year. This was due to the lower tax incentive from BOICSR project. Net profit margin of second quarter this year was 30.4%, slightly dropped from 30.5% in second quarter last year. For net profit in first half this year was THB 3,591 million, declined from the same period last year by 8.3%, with net profit margin 29.2%. In term of leverage ratio, net debt to EBITDA of first half this year was negative at 0.2 times, and net debt to equity was also negative at 0.1 times due to less net debt. In term of liability to asset, at the end of second quarter this year, the percent liability to asset remained at low level around 14.2%. This is due to the higher net asset continuously. In terms of the cash flow statement, at the end of the first half this year, total cash investment increased to about THB 14.9 billion from THB 12.3 billion in the first half last year. This came from the accumulated operating cash flow and cash collection from accounts receivable, especially Middle East accounts, offset with the dividend payment to the shareholder. In terms of the increase in short-term and long-term investment, we allocate excess cash to invest in multiple financial assets to capture the higher interest income yield in this year. These are our financial highlights and financial performance of the second quarter and first half this year. Thank you for your attention. A few comments about the financials. Firstly, Q2 2024 will be the last overhang of revenue from Kuwait. We will no longer have to be covering that differential, which is important going forward for Q3 forward. That's an important point for you to consider. Secondly, the guidance for Q2 2025 was - 3% to - 5% revenue, top-line revenue, negative growth. We only were at 3.4%. Is that the number? We were pleased with that small of a differential, negative differential period over period. The Kuwait part is important. While I'm on Kuwait, I'll give you an update about it as well. We have had, I have had direct discussions, I and Rajeev together have had direct discussions with principals in the Kingdom of Kuwait about where they are and where they're going on two issues. One, payment to hospitals in Thailand. Two, their opinion about whether or not they're going to return to Thailand, and if so, under what conditions. As you know, all Kuwaitis, for the most part, there's a few going to the U.S. for cancer care, but for the most part, they've concentrated all Kuwaiti care in government hospitals in-country. They needed to resolve what they describe as going from administration to administration. As you know, the last Amir passed away. Looking at it under the hood, so to speak, they found a lot of irregularities, many, many, many irregularities in-country. They've been trying to resolve those over the last 18 months. It sounds like in listening to them and in talking with them, it sounds like they're almost at the end of that clearance, and they're almost at the end of developing guardrails and utilization controls, not only in healthcare, but across the system, real estate, energy, all of that. As you know, Kuwait is a very rich country in energy. As we have spoken to them, in fact, some of these same people we've spoken to have been patients at Bumrungrad. They know our institution well. I've also told you that during the time that Kuwaiti patients were coming to Thailand, there were 70 deaths recorded of Kuwaiti patients here in Thailand. The reputation of Thailand from a Kuwaiti standpoint was not good. Healthcare is expensive everywhere in the world. We're cheaper than all of Western Europe, all the United States, all of Singapore. They like that about Thailand, that the cost is less. They were quite upset about these 70 deaths occurring in Thailand. We've gotten past that with them because they see us as a one-off positive institution here in Thailand, and we have a good relationship with them. We do expect, in listening to them and in talking with them, we do expect them to start paying hospitals in Thailand. What that will be, at what level it will be, at how much it will be, is something that is a negotiated issue between the hospital and the Department of Finance in-country, the Department of Audit. They have now a Ministry of Audit. They have a Ministry, of course, of Finance. They have a Ministry, well, several ministries. We spoke to four of them. We spoke to them personally online. My sense about Kuwait is that hospitals will begin to be paid on a one-to-one negotiated basis. It's not clear to me, because they're being purposely vague, it's not clear to me that they'll be sending patients to Thailand because of the history. It's also not clear to me that they will not. They are considering this. Why? Because of cost. It's just much cheaper to come to Thailand than it is to go to New York. They spent internationally, pardon me, they spent internationally $12 billion in healthcare for their Kuwaiti citizens. It's a huge number. Five here in Thailand. They said there were a lot of Kuwaitis who came to Thailand for care. This one bears watching. I'm cautiously optimistic that we and others will get paid. I'm thinking and waiting to see what they do about whether or not they send patients back to Thailand. If they do, I do believe that they'll be coming to Bumrungrad. At what level, no one knows. I get this clear sense that we are an outlier in terms of being considered a first-class institution providing first-class care to their patients. That could be a positive in the future. We'll see. I'll hold guidance for Q3 later. Rajeev, word to you. [Foreign Language] So overall, when we present the second quarter financials, I think starting with the overall performance, which was, let's say, in terms of revenue, quarter- over- quarter, 4.4% less. For the Thai segment, minus 0.2%. For the non-Thai segment, minus 6.6%. I would like to further add some more contrast market-wise, segment-wise for the Middle East, non-Middle East for the Thai segment in my next slide. For the Middle East, in terms of, Khun Neil had showed that overall, quarter over quarter, like first quarter into second quarter, we had double-digit growth specifically from our target markets – Qatar, UAE, Oman, and Saudi Arabia. For the second quarter, there are a couple of outliers, which I would present. One of the outliers would be the end of Ramadan. After the 10% of the end of the Ramadan period, immediately we had the earthquake. Because of that earthquake, we had seen a lot of cancellations, slowdown, delay of appointments, rescheduling of appointments. The first half of the second quarter was a slow start because of this apprehension where most of them had was Thailand safe to travel. This was one of the key contributors why we had mostly less intensity because we had shorter duration of patients staying during this period. On the other hand, the rebound was phenomenal. We didn't expect such a rebound in terms of within a short period of time. The second half of the second quarter, we saw those numbers come back in terms of OPD numbers, both in terms of volume, in terms of admissions. Specifically to mention for Qatar for the second half, we had approximately 9.3% growth year- over- year for the second quarter only in admissions. For UAE, we had close to around 28% growth in terms of admissions in the second half year over year and 1.3% growth in OPD numbers. For the OPD numbers and for the admission for all across key target markets, whether it be Qatar, UAE, Oman, Saudi Arabia, all has been positive in the second quarter year- over- year. Because of the intensity, which is because of shorter duration of stay during this period, that resulted in lesser revenue during the second half of this period. In terms of performance, I think Qatar has the all-time highest in terms of our patient flow. As Khun Neil mentioned, the base that we have, both in terms of revenue and in terms of the number of patients from Qatar that we cater to, the base is huge. On top of that, to grow that base in terms of numbers by OPD numbers as well as IPD numbers, we're quite happy. I think that will translate to better revenues as well for the next quarter because that will carry forward to the next quarter. Overall, for the Middle East, when we compare the second quarter of 2025 with the second quarter of 2024, overall, we have 1.7% growth for OPD visits, 9.4% growth in terms of admissions. Revenue intensity, of course, because of the said reasons, we had a shortage of revenue intensity. Also, one of the other outliers, as Khun Neil mentioned in his opening, is Kuwait business. We still have that tail end of the Kuwait business, which was present in the second quarter of 2024, but absent in the second quarter of 2025. Going forward in the third quarter, we won't be having that because it was almost flat out and towards a declining and diminishing phase where the government business was almost absent. We only had a few self-pay. Even for those self-pay, the base is quite low, which is not a big margin to cover up for. In terms of the first half overall, again, the OPD visits were down 4.5%. Admissions were up 1.1%. What we think in terms of going forward for a few of the specific markets, as Khun Neil also mentioned for Kuwait, is with all these discussions with them, we have been told the same message that to be patient. We have been patient. I think based on the final, now what we hear from them, things are settling down. Things seem to be much more clear. They have opened up and had an official dialogue with us on official platforms where we are communicating much better in a much more transparent way. We feel that, as Khun Neil also mentioned, this part, they are seeing it in two phases. Phase one to be settling all the past dues, reconciling and clearing off all the old receivables. The second phase could be potential collaboration for new business. For the first phase, we are in active negotiations and reconciliations. We are in dialogue with the Ministry of Finance and the Ministry of Health of Kuwait. Bills have been submitted. So far, we have been told that bill submissions are as per track. There are no queries on that so far. For the second part, they were very clear since the beginning of why the business to Thailand had to come to a pause. That is because of governance where they had too many patients in Thailand. They were accessing many, many different service providers in Thailand, over 17- 18 service providers. Lack of governance led to care, which was compromised. That led to specific mortality rates where more than 70 Kuwaitis were discovered, that they lost their lives, unfortunately, in Thailand, where I think that could have situations when it was reconciled, it was discovered that this situation could have been avoided. To iron out these issues, they were very clear that they will specifically select a few service providers, prominent service providers who are best in class, best in quality, and that quality part would not be compromised. It's not about the money they spend because they're looking at an alternate destination to the West. They're looking at high-end quality, high-end technology, and service offerings, which are there. Ideally, we still hear that it would be one or a few best service providers in Thailand who would be screened and shortlisted for this service going forward. At what intensity, at what volumes, we don't know. I think once we settle with stage one, stage two would be much clearer. Hopefully, in the next meeting, we will have more news to share on this subject. For UAE, we are very positive to what we have seen because in Q4 2024, we've seen a decline in OPD numbers. We've seen a decline in IPD numbers. We also shared that during that period, because of the decentralization, we were also in active dialogue for recontracting with multiple other individual institutional business from within the country. During Q4 2024, that recontracting with negotiations earned good dividends for us in Q1 and Q2. As you might see, even the intensity, admissions, all-time highest in terms of UAE admissions for us in Q1 and Q2. Q2, it was slow again. A similar trend all across all GCC markets. Q2, as I said, divided into two halves. First half, we had a slowdown because of these outliers with predominantly the earthquake situation. In the second half, we saw much better, which is the first 45 days, second. Moving into the non-Middle East segment, because of the geopolitical situation within this region, which is basically the political tensions between Thailand and Cambodia, it is quite obvious that we saw less travelers, less medical tourists coming in from Cambodia because they're scared to travel to Thailand. Hopefully, with time to come in the next quarter and so forth, we will see that stabilize, hopefully, and things get back to normal, which will bring back the Cambodian revenue in terms of the OPD footfalls and also the admissions. For Myanmar, even though we had the earthquake situation, we still saw a double-digit growth in terms of revenue, in terms of admissions, in terms of OPD footfalls from that region, which is also because of our strong partner that we have in Myanmar. Mandalay Airport resumed operations towards the mid of Q2. Irrespective of that airport being shut down, we still saw a good number of patients coming in through Yangon. We have a clinic in Yangon, and with our strong partner, we were able to also do outreach in Yangon. We facilitated the outreach by taking our doctors there. We did free outreach during this period, which was highly recognized and appreciated by the community, which translated to high-intensity referrals and admissions from that region. China is a market which we're seeing from mainland China. The trend of Chinese tourists is not increasing. It is still on a slow. It still continues the trend we started to see in Q1. There is not much improvement in that. The overall number of tourists in-country from China has reduced by over 30%- 40% year- over- year. That mostly was because of a safety and security issue, which were concerns which came up in terms of kidnapping. That safety and security issue, I think there were multiple other episodes also as a follow-up to that, which continues that scare among the community. When we interact with our partners, there is a sense of fear and apprehension that needs, you know, to be strengthened within the, "Yeah, okay. We are ready to travel. Yeah, it's a good, you know, it's a good destination. It's value for money, but is it safe?" That question of, "Is it safe? Is it safe?" still exists. That usually is influencing the decision to might be select another destination or might be stay locally within country for their care. We continue our reach and diversification within China. As of now, we have our offices. We started with two in Beijing and in Shanghai, but we further diversified ourselves into Chengdu, Chongqing, and we'll be having a couple of new offices in new cities as well. We are adding a few more partners. We are engaging through online platforms to engage with the community, specifically targeting high-end care, like prominent specialties like oncology, GI. We are having these online webinars and sessions for closed rooms. When we started this last year, towards the third quarter of last year, the participation was limited. Now, through the last session that we organized, we were able to reach up to 15,000 impressions for the online event that we conducted for oncology. I think we'll continue that effort. Since our footprint in China is also expanding through our partnerships and local offices that we have, we're positive that we'll be able to connect with the community and, you know, bridge high-intensity and optimized referrals from that region. For other markets like Cambodia, Laos, Vietnam, from where we get a lot of expats, which are European expats and Americans who are deployed in that region, who prefer to come to us over care, because of the overall geopolitical situation, the soft economy, you know, we feel that there is tension within the community. Nothing has changed. The dynamics have not changed so far. Within the community, there are tensions of the future for them because most, you know, as we all know, international companies, international organizations, which have its presence in the Asia-Pacific region, are cutting down on costs, especially on manpower costs, trying to trim down, downsize. That affects some large organizations where expats from these regions might have to go back. That's not happened yet at a large scale. Overall, there is a sense of, you know, apprehension among most of these international communities that this is something that they expect in the near future can happen. In addition to that, other expats living in Thailand, U.K. expats, U.S. expats, New Zealand, Australia, we've seen significant growth specifically from them. We continue our community connect and engagement programs through all the relevant institutions, like the Chambers of Commerce, embassies, international schools, the different clubs and institutions that are here in Thailand, as well as in the neighboring countries in the CLMW. Through these connect and through different strategic initiatives and promotion, we are getting good response in terms of admissions and also OPD footfalls for specific health checkup programs that we conducted during this period. Last slide. Sorry, I missed out Bangladesh. As we all know, Bangladesh, almost close to the same time, went through a major political coup. In result of that, the country went through a major blackout for almost 60, 65 days. The ruling prime minister was exiled from the country. Then came in the interim government, Nobel laureate Mr. Yunus, who is still in charge. It has been one year since the political coup, but not much has stabilized. The political system or the elections, which were expected to happen in less than six months of the interim government takeover, have not yet happened. The political stability is overall stable, but still, the democracy is not yet in place. Towards the first quarter, we had seen the restrictions which government put on citizens traveling abroad because they want to restrict the flow of cash flow out of the country. They don't want wealthy citizens to leave the country. The protocols for travel for rich become more strict, and they imposed a lot of policies and regulations of declaration before traveling internationally. That continued in a similar fashion. For Thailand also, first half, we also faced issues related to slow visas for coming into Thailand. For health, it became a little more lenient. Towards the second half, we could see that much more visas were granted. We're working closely with the Royal Thai Embassy in Dhaka. With the help of the Royal Thai Embassy in Dhaka, we facilitated those visas and we got patients in. Again, the nature of patients is quite different. Previously, we had more patients who used to come and visit us in the OPDs, a lot of elective procedures. Now it's mostly high-intensity, acute, chronic, and air ambulances and transfers, which we are experiencing now. We facilitated them. In terms of the second quarter, we saw that revenue, as well as OPD visits and IPD admissions, increase compared to the first quarter and also compared year over year in the second quarter by almost 6%. I think I covered most of the segment, and I'm happy to answer any questions in the Q&A. Thank you. [Foreign Language] OK khá. Good morning, everyone. I'm very pleased to meet all of you today. I would like to start my presentation for the hospital operation update for the second quarter. This slide is showing that we are very truly grateful to be recognized by Newsweek as Bumrungrad is now one of the best specialized hospitals in nine specialties. We got ranked number one in Thailand for six out of nine specialties. Actually, the eight specialties remain the same as previous year, but we achieved a better rank, as you can see in the slide. This year, the new recognition is neurology, which is newly ranked at number 88. This is to prove that we are very well accepted for one of the best hospitals worldwide. This is the next slide, khá. As you know, our core value of Bumrungrad, we focus on the patient safety and quality. This is another proven record of our quality system. We got third reaccreditation from Advanced HA, and this time, this accreditation will last for four years. Next slide. This is another clinical care program certification. We got the recertified of our heart failure programs. This is the first recertification for heart failure and another breast cancer programs that we achieved the first certification. In May, we made the decision to launch the Disease Screening Campaign. This is not only the checkup programs that we provide special prices for our patients. The objective is we would like to generate downstream revenue. This campaign will be last for four months from May to August. Only two months passed, we achieved nearly THB 96 million. The very successful program is the gastrocolonoscopy and mammogram for breast cancer screening. Next, khá. This is to show that we continue to upgrade our medical innovation. This is a new da Vinci or robotic surgery system. We upgraded to be another version we call da Vinci Xi. The objective of this upgrading version, we would like to expand our robotic surgery to more specialties. In the past, the majority is on the urology and general surgery, but now we can expand to CVT and ENT and colorectal and gynecology. We started in March, and until the mid of July, we successed around 25 cases, which is only four and a half months. Each case will spend around over about THB 1 million per case. Not only the specialty that we expand, we also have nearly 46 surgeons that more than half now completely training. We will have more robotic surgery cases. Next, khá. This is another one that's showing the group practice that for the Advanced Arthritis & Arthroplasty Center, we focus on our orthopedic expertise and robotic-assisted surgery as well. We got a group of the surgeons from Chula, and our full-time surgeons work collaboratively so we can receive more patients. Next, khá. This is my last slide because today we have many presenters. The total center of excellence for eight center excellence, if you see the numbers, we still have very good growth for our heart center, which is nearly 8%, driven by the expat and international patients, and nearly 4% growth from neuroscience center from the Thai patients. For the rest, I think the minority is urology and another one, the breast, mainly declined from international patients. In total, center of excellence, we have declined only 2%. You see that according to Khun Neil mentioned about Kuwait market, Khun Rajeev mentioned about Myanmar earthquake, and Bangladesh, we have many unexpected events that impact our volume. However, our BD team is working very hard, and they put a lot of effort and dedication. They can provide the new markets and also strengthen our key stakeholder and third-party player relationships, including our corporate sales team and insurance team as well. Thanks to everyone, khá. This is my last slide. Thank you. Thank you, khá. Good morning, everyone. I'm Puttarapong Kanpukdee, Chief Administrative Officer for Cancer Center, Ancillary Services, Health Information Management, and Human Resources. Today, I'm honored to present our strategic initiative, expanding of our holistic cancer care. This is under the new Cancer Comprehensive Care in the Futures at Bumrungrad. This is one of the strategic rationales about the global cancer landscape. Cancer is a growing global health crisis. For this year, 2025, the world is expected to see over 20 million new cancer cases a year and projections to 35 million new cancer cases in 2050. The interesting information is about over half, almost half of the new cancer cases, around 49%, we detected in the Southeast Asia countries, including Thailand. 53% of that is the cancer deaths in every single year. Very interesting. For another key market segment country is the Middle East. Even we cannot find the official statistics of cancer incidents, we have known that the case of cancer incidents is increasing rapidly. That comes from the lifestyle changes and also aging preparations. The type of cancer is the most common is the breast cancer and colorectal cancer. In Thailand, our home country, we expected for this year, we will have the incident of new cases around 183,000 cases. In the encouraging list, we are improving in disease-free survival and overall survival. It's driven by the early detections, predictions, besides the exotic and personalized care by targeted therapies. From this, one of the strategic rationales that Bumrungrad, as a global leading healthcare provider, we recognize that the cancer care should be comprehensive, continuous, and personalized. We entire the span of the patient journey, including the prediction and screening through the diagnostic and treatment to the palliative care and the personalized care, is still requiring the multidisciplinary subspecialty of oncologists and healthcare professionals. Inclusively, medical oncologists still will be the main key players of the systemic cancer. Hematologic oncologists for the breast cancer type, in combination of therapy, adjuvant and neoadjuvant, we still need some oncology radiologists. We need to engage the surgical oncology at the starting of the patient who detected the cancer tissue for tissue biopsy. The sum of types of the cancer, we need various subspecialties of cancer types, in the example of breast cancer. Other professionals, including palliative specialists, oncology nutritionists, oncology nurse, oncology pharmacy, etc. This team works together to ensure that we will provide effective treatment and personalized care in every single patient. To serve the strategic rationale and strategic initiative, this is the strategic objective to design for our new campus facility. For the main initiative, starting with the we expand physical capacity and clinical capability for cancer patients right now to enhance care process and patient experience in not just only for the patient cancer patients, but also the families and the other people in the campus to deliver the personalized cancer care journey for every patient because every single of the cancer patient has different types. If you can more precisely, we can solve the problem very fast and very targeted. Last but not least, to integrate advanced technologies and create a healing environment and atmosphere, the initiative formed for initiative transformed into the tangible infrastructure and ensure the care process is to deliver the service excellence and personalized care. One of the key strategies that we have done since last year is to strengthen the team and ensure that we are building the new campus and the new care model to serve the future of cancer. We have collaborated with leading healthcare providers, Mass General Brigham's healthcare providers. We are co-developing the care model, and we create the design facility, empower the team, and strengthen the team to be the same goal. The three goals are about the good clinical outcome and good patient experience and also the good quality of life for every single of the patients. I would like to introduce the campus facility. The facility is located between Sukhumvit Soi 1 and Sukhumvit Soi 1, Slot 1. This one, if you see, the building connected with the Bumrungrad Main Building B by the connecting bridge. That means the patient can walk through the Bumrungrad Building B to the Annex Building. The Annex, this is the nickname of the new campus of cancer building. The facility overview is spanned by six floors and one basement. Starting with the ground floor, the ground floor will just only be the main entrance and some of the parking, but the parking area will still be in the Building C and the Building A. For the clinic facility, for all the subspecialties of oncology and healthcare professionals, we dedicate the second and the third floor for them. The first floor, we decide to run patient-centric for breast cancer. We're including the breast center and breast imaging together in the same area. For the chemotherapy administration, we dedicate level five and level six, including chemotherapy admission. We're adding some psychological and music therapy area in the sixth floor. For the basement, we introduce very new, brand new about the kitchen showcase for teaching the family and the patient, the cancer patient, when they come back to their home. We would like to introduce the cancer diet restaurant, not just only for the patients, but also for all the people who are interested about the food without carcinogens. We introduce about the healthy living program, the wellness integrated with the cancer care program, and also we have some imaging boutique for the patient. In summarizing, the key highlight of the capacity expansion, the first one, we increase consulting room from 10- 23 to serve the growth in the future and to serve all the subspecialty oncologists. Secondly, we integrate the breast center and imaging in the patient-centric care model. For the breast cancer, they can go to the same area and finish one-stop service. We're designing the team work room and the tumor board room. This is a very important area that we learned from the Mass Gen Brigham 's cancer center because the health professionals need the area for making decisions, for talking to the patient and family, to do the tumor board action activity before they deliver a final decision about the tailor of the treatment plan in every single of the patients. We expand chemotherapy infusion room. The room is bigger, and the number from 18- 30 is designed by cultural sensitivity and adding some psychological support, music therapy, and palliative care. Last but not least, we would like to introduce the cancer diet kitchen for teaching the cancer patients and families. Cancer diet restaurant for all the people, imaging boutique for some of the patients, and complimentary cancer program by integrating with VitalLife and Dr. Polakit will introduce in the detail. For the interior design and conceptual design, we have five. The principal design, the first one, we focus on patient-centric. Second one, we create the area, design the area for collaborative and comprehensive care to serve all types of the cancer. We focus on the safety and flexible space to outline by situation and serve for the future growth of cancer patients. We integrate it with longevity and wellness because this is a very important part of the cancer program. The last is healing. We try to design the atmosphere to healing, and we will create the green space for our patients and families. Finally, right now, I would like to update projects. The project progression is around 40%. Now, we are on stage of the schematic design. It's about interior design. Concurrently, we have started the basic constructions on the basement. We expect to complete the project during 2027. In the last slide, I would like to tell all of you that it's not just the building. It's about the strategic lift, which expands the clinical capacity, clinical capability by global collaboration. We create the personalized care for every single of the patients. We are ready to meet the future era of the cancer. Thank you for your attention, and look forward to welcoming you when the news opens. Thank you. This will be a most modern, advanced, technological, comprehensive cancer center in all of Southeast Asia, especially with our partnership with Massachusetts General Brigham Hospital, because they'll be bringing their clinical practice guidelines here. There are some other technologies that we're not going to get into now, but we'll be the only ones in Thailand offering it. Thank you,[Khao]. Dr. Polakit [khá]. [Foreign Language] Good morning everyone. Let me close the presentation session today with the VitalLife. I'm sure most of you have heard about VitalLife, and this year we are going to mark the 25th anniversary. Who we are, many times we talk about VitalLife, but let me start off with the fundamental shift of the modern medicine, where we try to move from the reactive sick care model into the proactive preventive care model. That's why VitalLife comes into play. Bumrungrad Hospital is 45 years old. VitalLife Scientific Wellness Center is almost 25 years old. It was founded in 2001 with the idea of introducing the first of its kind anti-aging, later on moving to the wellness, and most recently longevity medicine. Later on, SBRANS, which is the third entity that would come into the picture, like Khun Puttarapong mentioned, this is the integrative cancer center. We may not have time to talk about this [SBRANS] for today, so we'll keep it for the next time. As I mentioned, if you're talking about how we are going to shift from the reactive, from the sick care into the proactive preventive care to serve the longevity economy, we need to talk about the aging population. If you look on this, like the world's 60-plus population will double by 2050. The economy that serves the older people is not something that we can just, you know, overlook anymore. I think this is real. If you look at the right figure, you can see that if I use the U.S. economy as the model, the percent of the U.S. GDP that would account for the longevity economy is perhaps beyond the other economy. By 2032, it will be like 52% compared to 48% for the other U.S. economy. We have seen, I would say, an immense opportunity to create the center, which we haven't seen before in the region. VitalLife, with scientific evidence, will be one of its kind, where we combine and unite advanced diagnostics, preventive medicine, personalized healthcare together with the AI-driven innovations. I would say that this year for VitalLife, it's the year of expansion, the year of innovation, and also the year of collaboration. Last year, when I presented, and maybe you have heard from my colleagues in 2024, we did have a huge transformation for VitalLife, which I can show you the slides later on. This year we'll move from the seamless transformation into the expansion, collaboration, and innovation. Why are we talking about the longevity, which is the new era of medicine? People live longer. The mission and vision for VitalLife, I would say, is very simple, but very bold. We're trying to make people live healthier, better, not just longer. That's why longevity is the new era of the medicine. This is not theoretical for us in Bumrungrad Hospital, but I think it's, I would say that the science is here, the opportunity is very global, and the demand is growing, as I show you. In order to do that, we need to be served by people around the world in terms of the scientific evidence. We brought in the scientific advisory board from around the world, like these four renowned, world-renowned scientists, together with our 20+ years of expertise in science from advanced biomarkers through cutting-edge diagnostics. As I mentioned, we're trying to focus on proactive prevention through a holistic longevity approach. What we're trying to close the gap, again, is to focus on the preventive, on the proactive care, not just only for the healthcare. That's why youthful longevity term comes into play. We're trying to go beyond just conventional healthcare. We have created this concept, and this is our own concept, illness wellness continuum. If you look at the comfort zone, and sometimes we call false wellness or false condition, like you're not sick, but at the same time, you have some underlying risk factors behind the surface, beneath the surface. We're trying to move you from the comfort zone, which is the false wellness, to the right, which is the high-level wellness, maximize and optimize the health well-being by using diagnostics, prevention, innovation, and also AI-driven intervention. Most people who come to Bumrungrad Hospital will fall into the leftmost disease. Sometimes they have poor health conditions. People in the medical community have done so well to bring all of them from the leftmost to false wellness. VitalLife has tried to bring them from false wellness all the way to the rightmost, which is the maximized well-being. That's why we talk about longevity across the lifespan here at our organization, ranging from prenatal testing, newborn genetic screening, wellness and longevity, early disease screening using advanced diagnostics. Even when you are trying to set up the family or even like plan for having a baby, we will bring all diagnostics into the picture, providing preconception genetic testing, and all the way to the geriatrics care. Given all of this, last year, I think it's about 10 months, we have opened the Building D, which is a six-floor medical center, and just, you know, strategically located within this campus. If you have a chance, I would welcome all of you to see. It is the patient-centric style, non-fixed room. I know that the Annex Building cancer center will be very similar, to the point that the patient, the customers, clients, or even sometimes we call health partners, will be the center focus. All medical personnel will go and serve those clients and patients in the room. We also opened the VitalLife Clinic in Phuket at the very same time. The performance has been very well in the past four months. Again, it's very similar to Bumrungrad Hospital. We serve patients and clients around the world, across six continents. That's why when we look at the international strategy and market for this year, number one, we focus on service innovation and differentiation, not just physical innovation, but also conceptual innovation. Digital and AI would be very trendy, as most of you know. We have used digital and AI platforms in our marketing, and I can show you later. We have launched new programs providing high-intensity. This year, again, is the year of collaboration for us. You will hear more and more from us throughout the second half of 2025. Basically, I'll give you an example: luxury wellness, tourism integration, corporate and high net worth, or ultra-high net worth collaborations. I'm going to skip these. OK. With digital and AI-powered marketing, as you can see that we serve internationally. We have launched multilingual websites serving seven languages, together with a new VitalLife mobile application that can be connected with the Bumrungrad Hospital application. For service innovation and differentiation, this year we focus on lifestyle medicine. Lifestyle medicine is not just only the idea, but it's the clinical discipline for us. We provide lifestyle medicine at VitalLife as an approach to modifying risk factors, using lifestyle coach. Lifestyle coach has been, we have two or three lifestyle coaches that have been Mayo Clinic certified. We also provide a recovery unit following the exercise. We also launched the longevity gym on Sai-1, together with a physical performance unit, and also a lifestyle cafe integrated with the IoT and wearable devices. Moreover, we are going to have the VitalLife IV lounge, which is one of the expanded units. I'll give you an example of a couple of services that we have recently launched in the past several months. The first thing is a Swiss-made machine called DD Robotic. This one is the AI-driven, muscle-centric physical training machine. You can use this machine to improve and augment your balance, your gait, your reflex, and at the same time, your cognitive function. The other thing that has been launched, at least in the past couple of months, is called Cognify Program. This is a Swiss-made non-invasive brain stimulation technology that helps improve your brain function. This is suitable for people with various indications, ranging from just brain fog or even, you know, like brain health, all the way to mild to moderate Alzheimer's disease and Parkinsonism or Parkinson's disease of any levels. As I mentioned, we have launched new products and a high-intensity program called Vital Subscription Program. If you remember some of the slides that I mentioned, we try to close the gap between sick care and well care, and then provide the illness wellness continuum. That's why subscription programs come into play. If you would like to look at the patients or customers in the longitudinal view, we have to make sure that they follow the programs that we have set forth. Personalized, however, together with all the set programs. Otherwise, they would not fall into the right wellness program that we're supposed to follow. This is a one-year subscription program, providing in-depth checkup and scientific aging evaluation together with our own AI engine. You can monitor all the data together with IoT and wearable devices. However, people, when they look at the subscription program, will feel that it's very fixed, which is not true. It's still personalized. We provide them on top with a personalized lifestyle coach that has been Mayo Clinic certified. I'm going to finish here with all the updates for VitalLife. I think we are going into the 25th anniversary next month. If you have any questions, feel free to ask. Thank you. Thank you, Dr. Polakit. At our next meeting, I'm going to introduce you to a gentleman by the name of Henrik Andersen. He is our Chief Technology and Innovation Officer. We're doing many, many different things regarding AI. We've talked a little bit about it here, but we're doing many, many different applications of artificial intelligence at Bumrungrad. I'll ask him to give you a 15, 20-minute presentation. On the final item, as far as the agenda goes, is the Q3 2025 guidance. I'm guiding 3%- 5% top-line revenue growth for Q3. We'll see where that goes, but I'm optimistic given where we are, where we came out of Q2, and where we're starting in Q3. That being said, we'll take questions. While you're thinking about questions, do you have any comments, Daniel, about insurance operations that you'd like to offer? I always like to not tell Daniel that I'm going to call on him. I want to see how well prepared he is. He's generally very well prepared. Without support from the background and the presentation, I'll just give you a quick update on the insurance business. From a year-to-date basis, we continue to post solid and healthy growth of 12%. How is that broken down into? From an OPD standpoint, it's down around 4%, but on an admission standpoint, it's up 4.5%. The key driver this quarter, this year actually, and also this quarter, is intensity. Intensity has grown by 16%. Now, where has that come from? It's come from our heart center that Khun Ling mentioned, but also oncology, neuroscience, all the key specialties that we're focused on. We start to see high demand coming in from the oncology side on the insurance segment. Khun Khao has been working very closely with us on this aspect. Recently, we started noticing a lot more neuroscience issues regarding stroke and cancer-related issues in the brain as well. Some key takeaways from you as well is maybe after a while, you might be thinking, OK, are many of our existing patients converting simply from self-pay to insurance? Some of that is true. What I like to see and what we have seen is very encouraging. Number one, the percentage of new patient revenues, i.e., those who have registered during this fiscal year and have used our services, the revenue generated from new patients is 3.5%. How does that compare with the six months last year? It's 3.4%. In 2023, it was 3.1%. We're increasing the percentage of new patients from the insurance segment. That is quite encouraging. That is on top of a higher base as well on insurance. In growth terms for the new business segment, we're up approximately 22% on new patients. From existing patients, we're up around 13%. It's quite healthy across the board as well. I think going forward, how we look at things is there has always been the concern in the past few quarters about copay and also about how simple disease admissions may impact Bumrungrad. There has been some impact. We've seen some volumes decrease. Given the offset in intensity, we've managed to follow through with that. We've managed to cover that and managed to post growth in the areas that we're targeting in particular. We also think that the economic situation is, of course, somewhat weak. We start to see a slowdown in local insurance growth. Local insurance has trailed behind international insurance. It's around 8% in terms of growth. International insurance has grown around 17%. That is also good and bad news because on the international insurance side, the average spend is higher. On the local insurance side, there's a lot of volume coming in, so there is some of that offset coming in. We continue to work how we work, which is to focus on developing and strengthening our strategic relationships and partnerships. On the insurance agency side, that has posted particularly strong growth and has been one major driver of new patient growth as well. We've started to see referrals, continue to see referrals from upcountry for complex treatments, as I mentioned, oncology, heart, neurology, et cetera, as well. I think that's a good quick update for you. Thank you. Yeah, this business continues to grow for us somewhere between THB 3.5 billion to THB 4 billion. Am I right, Daniel, on an annual basis? Yeah, we're on track to be at THB 5 billion this year already.