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IHH Healthcare Berhad (IHH) investor relations material
IHH Healthcare Berhad Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Executive summary
Q3 2025 delivered resilient financial performance with revenue and EBITDA up 18% year-over-year on a constant currency basis, despite over 9% currency translation losses and challenging macroeconomic conditions.
PATMI increased 15% to RM616 million, but PATMI excluding exceptional items fell 13% due to higher depreciation, finance costs, and FX impacts.
Growth was driven by increased inpatient admissions, higher revenue intensity, strategic shift toward day care, and contributions from recent acquisitions.
Maintained healthy EBITDA and PATMI margins within guided ranges; received AAA rating on Sukuk program and refinanced MYR 2.35 billion in debt, saving 30 basis points in interest.
Continued digital transformation and integration, notably in India with the Fortis acquisition and harmonization of clinical and operational platforms.
Financial highlights
Q3 2025 revenue reached RM6.6 billion (+16% reported, +18% constant currency); EBITDA was RM1.5 billion (+16% reported, +18% constant currency).
Year-to-date 2025 revenue was RM19.2 billion (+8% reported, +18% constant currency); EBITDA RM4.2 billion (+5% reported, +13% constant currency).
Q3 EBITDA margin at 23%, within the 22–24% guidance; core PATMI at 9%.
Net debt as of September 2025 at MYR 14 billion (MYR 11.1 billion excluding P-Life REIT), with net debt/EBITDA at 2x and net debt/equity at 0.3x.
Free cash flow for YTD 2025 was RM1.8 billion; cash balance at RM1.4 billion as of 30 September 2025.
Outlook and guidance
Cautiously optimistic for the remainder of 2025, supported by robust financial position, ongoing operational improvements, and continued transformation with focus on day care, digitalization, and clinical leadership.
Margins expected to remain within guided range; focus on transformation, clinical leadership, and flexible capital allocation.
CapEx guidance for 2026–2027 revised to low MYR 2 billion, reflecting a shift toward day care and ambulatory centers.
Ongoing integration of recent acquisitions and expansion of hospital capacity expected to drive future growth.
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