Bumrungrad Hospital Public Company Limited (SET: BH) delivered a steady performance for the second quarter of 2026, reporting a net profit of THB 1,889 million, a 1.7% increase year-over-year. Total revenues climbed 2.9% to THB 6,278 million, up from THB 6,104 million in the same period last year, reflecting a resilient operational model amidst shifting patient demographics.
Key Financial Highlights
- Net Profit: THB 1,889 million (+1.7% YoY)
- Total Revenues: THB 6,278 million (+2.9% YoY)
- EBITDA Margin: 41.4%
- Liquidity Ratio: 3.4x
The primary catalyst for growth remains the non-Thai patient segment, which saw revenues jump 7.1% YoY in 2Q26. This expansion was spearheaded by explosive growth in the Myanmar market (+27.8%) and a significant 19.2% increase from U.S. patients. Consequently, international patients now contribute 66.4% of total hospital revenue, up from 64.4% a year ago. This surge effectively countered a 2.2% decline in domestic Thai patient revenue.
Core operational growth was maintained despite rising costs. EBITDA rose 2.4% to THB 2,599 million, although the EBITDA margin saw a marginal compression to 41.4% from 41.6% in 2Q25. This was largely driven by a 4.4% increase in the cost of hospital operations, specifically physician fees and medical supplies, alongside a 12.7% spike in marketing expenses.
BH maintains an exceptionally lean balance sheet with a net debt-to-equity ratio of -0.1x, indicating a strong net cash position. Basic earnings per share rose to THB 2.38. Shareholders saw a significant capital return during the first half of the year, with a dividend distribution of THB 7,161 million, which contributed to a decrease in total shareholders’ equity to THB 27,713 million.
Management’s focus appears firmly fixed on global expansion. The substantial increase in marketing spend suggests a continued effort to diversify the international patient base. While the domestic market faces headwinds, the hospital’s ability to attract high-acuity patients from the Middle East and Southeast Asia remains its most potent strategic lever.
In addition, the Board of Directors approved an interim dividend payment of THB 4.00 per share to be paid on September 10, 2026, with an ex-dividend (XD) date on August 28, 2026.
