Vibhavadi Medical Center Public Co. Ltd. · SET:VIBHA
Vibhavadi Medical Center Public — 2Q2026 Earnings Presentation
36 slides from Vibhavadi Medical Center Public's earnings presentation, September 2026
Slide 1: 2Q2026 Results Earnings Call
40 YEARS OF CARE 2Q2026 RESULTS Earnings Call September 2026 Proud to Care for Your Health
Slide 2: A multidisciplinary team of dentists and dental specialists
A multidisciplinary team of dentists and dental specialists
Slide 3: Complete Range of Dental Specialties
> VIBHAVADI Complete Range of Dental Specialties ASOUAAUUSMISNUANSSUIOW?ENW A comprehensive dental platform supporting continuity of care and multidisciplinary treatment within Vibhavadi Hospital.
Slide 4: Excellent Center
EXCELLENT CENTER quénumnssuiwonisWuws:uunisualags lla:AduadEWW Integrated multidisciplinary expertise for functional rehabilitation and esthetic dental care. CORE SPECIALTIES — + — &S Pediatric Dentistry wv 3 } Maxillofacial Surgery © CH 4 . fa fisheries \ UW Operative Dentistry GO Prosthodontics (a
Slide 5: Agenda
AGENDA 01 BUSINESS OVERVIEW Group structure and market positioning 02 2Q2026 HIGHLIGHTS Key operational and financial updates 03 FINANCIAL PERFORMANCE Revenue and profitability analysis 04 OUTLOOK & ESG Growth strategy and sustainability
Slide 6: Vibhavadi Hospital Group Aggregated Scale
VIBHAVADI HOSPITAL GROUP AGGREGATED SCALE NETWORK SCALE 6,500+ 20 2,692 Doctors Founded in Listed on SET in 1986 1992 Hospitals Beds 6,000+ Nurses CMR Group (Northern Network) FLAGSHIP HOSPITAL 8 hospitals | 1,148 beds 18,000+ Total Staff Vibhavadi Hospital Associate Network : VBR Group Bangkok | 30
Slide 7: Strategic Evolution & Regional Footprint
STRATEGIC EVOLUTION & REGIONAL FOOTPRINT Established 1986 (Flagship in Bangkok) 1992 Listed on SET Expansion via 2003 VBR network (Bangkok & Eastern Thailand) Expansion via 2011 CMR network (Northern Thailand) Expansion into diversified 2014 healthcare services 7
Slide 8: Investment Structure: Strategic & Financial Integration
INVESTMENT STRUCTURE : STRATEGIC & FINANCIAL INTEGRATION STRATEGIC HOSPITAL CORE OPERATIONS ASSOCIATES OTHER INVESTMENTS INVESTMENTS Vibhavadi H. VBR Group Listed Hospital Health Innovation : (Bangkok) (Bangkok &Eastern) Operators : V Precision | 10 hospitals (Anti-aging) RAM BCH 300 beds 1,144 beds
Slide 9: Healthcare Market Positioning
HEALTHCARE MARKET POSITIONING SPECIALIZED MEDICAL CENTERS Eye and LASIK Center International Pediatrics Obstetrics and Gynecology VIBHA PATIENT SEGMENT Flagship Hospital Orthopedic Surgery High-income Bangkok Respiratory System CMR Group Bangpo Gastrointestinal (GI) Center Hospital Regional Tertiary
Slide 10: Agenda
AGENDA 01 BUSINESS OVERVIEW Group structure and market positioning 02 2Q2026 HIGHLIGHTS Key operational and financial updates 03 FINANCIAL PERFORMANCE Revenue and profitability analysis 04 OUTLOOK & ESG Growth strategy and sustainability
Slide 11: Financial Highlights
FINANCIAL HIGHLIGHTS CONTRIBUTION TO 2Q2026 PERFORMANCE (Unit: THB million) GROUP RESULTS VIBHA CMR Total Revenue 7.3% YoY Healthcare revenue decreased by 3.9% YoY mainly due to lower IPD revenue. 2Q25 1,586 55% 44% 2Q26 Dividend income decreased by 28.5% YoY. 1,470 Other income decreased by 22.7%
Slide 12: Operational Highlights
OPERATIONAL HIGHLIGHTS 6M2026 PERFORMANCE PATIENT VOLUME OPD visits KEY OPERATIONAL DRIVERS VIBHA CMR (Cash) CMR (SSO) 254k 106k 513k • VIBHA’s OPD visits declined 6.8% YoY, 6.8% YoY 2.7% YoY 2.3% YoY improving from a 9.8% decline in 1Q2026, while IPD admissions remained under IPD admissions p
Slide 13: Agenda
AGENDA 01 BUSINESS OVERVIEW Group structure and market positioning 02 2Q2026 HIGHLIGHTS Key operational and financial updates 03 FINANCIAL PERFORMANCE Revenue and profitability analysis 04 OUTLOOK & ESG Growth strategy and sustainability
Slide 14: Revenue Breakdown by Source
REVENUE BREAKDOWN BY SOURCE 6M25 THB 3,021m Medical treatment THB 2,592m KEY TAKEAWAYS 89.7% 5.7% 3.3% 1.3% 4.4% YoY 91.3% of total revenue Core revenue driver • Medical treatment remained the core revenue driver at Dividend income 91.3% of total revenue, THB 127m despite lower IPD revenue. Divide
Slide 15: Net Profit Breakdown - Consolidated
NET PROFIT BREAKDOWN - CONSOLIDATED Net Profit 6M26 6M25 THB 242m THB 393m KEY PROFIT DRIVERS 62.9% YoY 52.3% 30.6% 17.0% 0.1% Net profit increased to THB 393m (+62.9% YoY), driven by higher VIBHA profit contribution VIBHA and associate VIBHA CMR Associates Other items* contributions, together wit
Slide 16: Share of Profit of Associates
SHARE OF PROFIT OF ASSOCIATES 6M2026 PERFORMANCE (Unit: THB million) THB 78m ▲ +90.5% YoY Share of profit of associates QUARTERLY SHARE PROFIT ASSOCIATE PROFIT CONTRIBUTION (THB m) (6M26) THB 78m 60.7 VBR 66.2% +90.5% YoY 53.8 42.1 Largest contributor CMH 32.4% 30.0 VBR 23.6 24.0 24.3 17.0 66.2% o
Slide 17: Dividend Income - Continuing Operations
DIVIDEND INCOME - CONTINUING OPERATIONS Dividend Income 6M2026: THB 127m 25.7% YoY DIVIDEND TREND DIVIDEND BREAKDOWN SKR (THB m) (6M26) KEY DIVIDEND DRIVERS THB 48.9m 171 Synphaet THB 23.2m 127 15.6% Higher SKR dividends partly offset 119 BCH the YoY decline. THB 14.5m 7.8% 38.4% Chaophya SKR rema
Slide 18: Investment Portfolio Overview
INVESTMENT PORTFOLIO OVERVIEW PORTFOLIO VALUE AS OF 30 JUNE 2026 (Unit: THB billion) Portfolio value increased by THB 0.31bn QoQ, mainly driven by improved valuations of listed investments. THB 8.12bn Positive net revaluation continued to be supported by non-listed assets. PORTFOLIO COMPOSITION VALU
Slide 19: Investment Contribution to Earnings
INVESTMENT CONTRIBUTION TO EARNINGS 6M2026 PERFORMANCE (Unit: THB million) Stronger associate earnings largely offset lower dividend income. Share of profit of associates Dividend income THB 205.5m 3.1% YoY THB 78.1m THB 127.4m Total investment contribution 90.5% YoY 25.7% YoY INVESTMENT CONTR
Slide 20: Financial Data
FINANCIAL DATA Historical Financial Data (2021–6M2026) (THB million) Revenue Net Profit Equity attributable to owners of the parent Operating Cash Flow THB 2,840m THB 393m THB 11,407m THB 393m 6M2026 6M2026 As of 30 Jun 2026 6M2026 BALANCE SHEET 31 Dec 2021 31 Dec 2022 31 Dec 2023 31 Dec 2024 31 Dec
Slide 21: Financial Ratio
FINANCIAL RATIO Profitability, valuation and shareholder return metrics (2021-6M2026) ROE ROA P/BV Dividend Yield 17.6% 10.3% 1.60x 4.44% 6M2026 6M2026 28 Aug 2026 28 Aug 2026 PROFITABILITY FY2021 FY2022 FY2023 FY2024 FY2025 6M2026 ROA (%) 9.66 7.29 5.37 5.00 9.49 10.30 ROE (%) 17.74 9.96 6.34 5.75
Slide 22: Agenda
AGENDA 01 BUSINESS OVERVIEW Group structure and market positioning 02 2Q2026 HIGHLIGHTS Key operational and financial updates 03 FINANCIAL PERFORMANCE Revenue and profitability analysis 04 OUTLOOK & ESG Growth strategy and sustainability
Slide 23: Ongoing Projects: Vibhavadi Hospital
ONGOING PROJECTS Vibhavadi 2 Hospital Expanding healthcare capacity in the Rama II growth corridor TOTAL PROJECT THB 1.0bn INVESTMENT (THB 719m invested to date) CAPACITY EXPANSION 59 200 beds EXPECTED COMPLETION Early 2027 BUILDING AREA 27,000 sq.m. Rama 2, Mueang Samut LOCATION Artist’s impressi
Slide 24: Ongoing Projects | VBR Group
ONGOING PROJECTS | VBR GROUP Laemchabang Hospital Expansion Expanding healthcare capacity in Thailand’s Eastern Economic Corridor TOTAL INVESTMENT BUILDING AREA CONSTRUCTION PROGRESS PLANNED CAPACITY THB 690m 34,000 sq.m. A-C: Approx. 98% +170 beds LAEMCHABANG BUILDIND A – ER and OPD facilities BUIL
Slide 25: Future Projects | VBR Group
FUTURE PROJECTS | VBR GROUP Expansion pipeline to support future capacity growth PROJECTS ESTIMATED INVESTMENT PLANNED CAPACITY PROJECT STATUS 3 Planned Projects THB 2.20bn 592 beds On Hold / Under Review BRANCH AREA (sq m.) ESTIMATED COST BEDs PROJECT STATUS On Nut 53,000 THB 1,000m 300 On hold; EI
Slide 26: Performance Outlook | 2H2026
PERFORMANCE OUTLOOK | 2H2026 Gradual operating recovery expected, supported by improving associate contributions VIBHA CMR ASSOCIATES Gradual Recovery Modest Core Recovery Expected Improvement KEY DRIVERS VIBHA CMR ASSOCIATES (VBR, CMH, others) • Patient volumes expected to recover from • Revenue re
Slide 27: ESG | Environment (E)
ESG | ENVIRONMENT (E) FY2025 environmental initiatives supporting operational efficiency and long-term sustainability ENVIRONMENTAL RECOGNITION SOLAR ENERGY GHG EMISSIONS REDUCED WASTE RECYCLED Excellence in Environmental & 500,711 kWh 21,760 kgCO eq 2 59,119 kg Energy Management Solar Energy Genera
Slide 28: ESG | Social (S)
ESG | SOCIAL (S) Selected social initiatives supporting community health and well-being (FY2025–6M2026) COMMUNITY HEALTH BLOOD DONATION COMMUNITY SUPPORT FAMILY HEALTH & WELL-BEING 4 Campaigns / Year 4 campaigns / year THB 1.0 million V Care Series: Mom & Baby “She & Little One” Free CPR & AED train
Slide 29: ESG | Governance (G)
ESG | GOVERNANCE (G) FY2025 governance recognition, transparency and stakeholder trust 5-Star A CGR Rating CAC Certified Company Excellent AGM Quality Assessment SET ESG Ratings 2025 (Excellent) Anti-corruption commitment Governance Excellence Transparency & Integrity Operational Safety & Stakeholde
Slide 30: Thank You
@vibhavadihospital Vibhavadi Hospital THANK YOU www.vibhavadi.com 02-561-1111 Proud to Care for Your Health Investor Relations ir@vibhavadi.com 02-561-1111 | Ext. 2444 Shareholder Services 02-561-1111 | Ext. 2427 QUESTIONS & ANSWERS
Slide 31: Appendix
APPENDIX S U P P L E M E N TA R Y I N F O R M AT I O N
Slide 32: Dividend Income by Investment
DIVIDEND INCOME BY INVESTMENT THB million PERIOD FY24 FY25 1Q25 2Q25 3Q25 4Q25 1Q26 2Q26 6M2026 Dividend Income RAM 56.34 3.78 3.78 - - - 7.56 - SKR 54.68 61.05 - 33.58 27.47 - - 48.91 THB TNH 21.18 21.61 - - - 21.61 - - 127.40m NKT - 1.08 - 1.08 - - - 1.08 Dividend Concentration BCH 12.67 18.40 - 1
Slide 33: Registered SSO Insured Persons
REGISTERED SSO INSURED PERSONS CMR growing | VBR stable CMR – LANNA ~212k +26% VBR – Pattanakarn Latest (2Q26) ~160k Stable vs 2Q22 Latest (2Q26) Registered insured persons vs 2Q22 Registered insured persons CMR VBR Thousands Thousands 250 180 Pattanakarn 158k 160 200 LANNA 212k 140 Amatanakorn 127k
Slide 34: Group shareholding structure
HOSPITAI 48.98% / 10% > 47.14% / 6.30% > 82.57% - 44.18% / Northern Region eT 33.85% 49.25% ) 5.93% 10% | SPhatthanakan }¢— 55% —— 10% Ed S Nakhonpathom 50% 2.25% {con } LsaceGecr (ae je aas7% [75.11% (a 20% 2.35% 130% 81.17% 443% 49.99% = 40.26% —| 4.15% [RICHY | V Cancer Amata paar 86.70 20.27% Pa
Slide 35: Company codes and names
Code BDC BCH BP CGH CMH CMH2 CMR CPH Inno T Company name Beauty Design Center Co., Ltd. Bangkok Chain Hospital PCL Bangpo General Hopital Co., Ltd. Country Group Holdings PCL Chiang Mai Ram Hospital Co., Ltd. Ramkhamhaeng Chiangmai Hospital Co., Ltd. Chiang Mai Ram Medical Business PCL Chao Phaya Ho
Slide 36: Disclaimer
DISCLAIMER • Information only This presentation has been prepared for informational purposes only and does not constitute an offer, solicitation or recommendation to buy or sell any securities. • Forward-looking statements This presentation may contain forward-looking statements that reflect managem
Vibhavadi Medical Center Public Company — 2Q2026 Earnings Presentation on 6ix