IHH Healthcare (IHH) Q1 2026 earnings summary

Executive summary

• Revenue and EBITDA grew 16% year-over-year on a constant currency basis, led by strong performances in Malaysia, India, and Turkey, while Singapore is stabilizing and expected to recover by H2 2026.

• Margins remained healthy and within guidance, with EBITDA (ex-MFRS 129) at 22% and PATMI (ex-EI, ex-MFRS 129) at 8%.

• Transformation initiatives focus on system harmonization, digitalization, and unified data platforms to improve productivity and cost efficiency.

• Diversified portfolio provides resilience against regional volatility, with minimal direct impact from Middle East tensions.

Financial highlights

• Q1 2026 revenue reached RM6.5 billion (+3-4% YoY), EBITDA at RM1.4 billion (+5-7% YoY); both up 16% YoY on constant currency basis.

• PATMI (ex-EI, ex-MFRS 129) was RM545 million (+16% YoY constant currency); reported PATMI at RM528 million (+3% YoY).

• EBITDA and PATMI margins remained within guided ranges.

• Strong cash conversion and healthy gearing, with net debt/EBITDA at 2.4x and net debt/equity at 0.4x.

Outlook and guidance

• EBITDA margin guidance reaffirmed at 22%-24% for 2026.

• Revenue growth guidance for 2026 is 10%-12%, with mid-teens EBITDA growth expected if costs are well managed.

• Double-digit ROE targeted by 2028, supported by strategic execution, cost discipline, and capital management.

• Singapore recovery expected in H2 2026, with stable margins anticipated.