Bangkok Dusit Medical Services (BDMS) Q1 2026 earnings summary

Executive summary

• Operating income for 1Q26 was THB 28,554 million, flat year-over-year, with hospital revenue at THB 27,135 million, also flat YoY.

• International patient revenue grew 1% YoY, with strong growth from Myanmar (+42%), USA (+16%), and Germany (+15%).

• Net profit after tax (NPAT) declined 7% YoY to THB 4,058 million, mainly due to higher depreciation.

• Total assets increased to THB 160,692 million from THB 157,961 million at year-end 2025.

• Interim financials for the three months ended 31 March 2026 were reviewed with no material misstatements found.

Financial highlights

• EBITDA margin decreased to 24.6% from 25.4% YoY; EBIT margin fell to 14.2% from 15.3%.

• NPAT margin dropped to 14.2% from 15.3% YoY.

• Revenue from Thai patients was flat YoY, while international patient revenue excluding Cambodia & Middle East rose 10% YoY.

• Operating profit was THB 5,226 million, a decrease from THB 5,623 million year-over-year.

• Cash and cash equivalents rose to THB 7,377 million from THB 6,342 million at year-end.

Outlook and guidance

• April 2026 preliminary data shows hospital revenue growth of 1% YoY, with outside Bangkok up 3%.

• International patient revenue remains robust, especially from Myanmar, USA, and UK.

• Middle East patient revenue is recovering after a temporary dip due to regional conflict.

• No major changes in accounting policies or impact from new standards; business outlook remains stable.

• Dividend of THB 1 per share (THB 15,892 million total) approved post-period, with interim and final payments.