Ec Healthcare · HKEX:2138
Ec Healthcare — H1 FY2026 Earnings Presentation
21 slides from Ec Healthcare's earnings presentation, Nov 28, 2025
Slide 1: EC Healthcare FY2025/26
EC Healthcare SR RR FY2025/26
Slide 2: Financial Performance
EC Healthcare 2S ek R HKEx Stock Code: 2138
Slide 3: Key Financial Highlights
Financial Performance Key Financial Highlights YoY: FY25 1H vs FY26 1H HoH: FY25 2H vs FY26 1H Sales Revenue Adjusted Net Attributable Debt/ Volume EBITDA** Profit Net Loss EBITDA -7.0% -6.4% -29.7% -89.5% 3.7x YoY YoY YoY YoY Interim Gearing EPS Ratio -7.0% -7.1% +32.4% Turn Around from a HoH HoH H
Slide 4: Net Profit to Adjusted EBITDA Waterfall
Financial Performance - Net Profit to Adjusted EBITDA Waterfall HK$ M FY25 1H FY25 2H FY26 1H Net Profit Before Tax 57 -158 14 • Decrease due to lower overall interest rate environment in HK as compared (+) Finance Cost 49 41 38 to FY25 1H (-) Interest Income -7 -11 -8 • Increase slightly on utilizi
Slide 5: Revenue Mix
Financial Performance Revenue Mix HK$ M HK$ M HK$ M Medical Chinese Mainland Cross Border Mainland China Visitors (MCV) in HK & Macau2 Aesthetic Medical and Beauty and Wellness Taiwan HK Locals, Macau Locals, Taiwan Locals & Chinese Mainland Locals Other1 Hong Kong & Macau 22,653 10,879 14,493 8,310
Slide 6: Cost Structure and Margin Trend
Financial Performance - Cost Structure and Margin Trend FY25 1H FY25 2H Margin Trend FY26 1H Roll-up Strategies Revenue • Softer demand in discretionary healthcare segments • TTIPP partnership (HK$ M) 2,063 2,077 • Increasing resident outbound travels • Disposing of under-perform assets 1,931 • Incr
Slide 7: Existing Business
Financial Performance - Existing Business Pre FY19 & M&A Cohort FY19 – FY26 1H Revenue Contribution EBITDA Contribution (excluding HQ overhead and G&A) HK$ M HK$ M FY19 FY20 FY21 FY22 FY23 FY24 FY25 FY26 1H FY19 FY20 FY21 FY22 FY23 FY24 FY25 FY26 1H 2,039 287 1,906 257 253 Margin: 111 310 14.0% Marg
Slide 8: EBITDA of M&A vs. Organic to Net Profit Waterfall
Financial Performance - EBITDA of M&A vs. Organic to Net Profit Waterfall HK$ M FY19 FY20 FY21 FY22 FY23 FY24 FY25 FY26 1H M&A 0.2 13 90 201 257 253 287 116 Existing EBITDA Business 598 471 442 525 463 405 320 168 (recap from previous slide) Sub-total 598 584 532 726 720 658 607 284 HQ Overhead and
Slide 9: Capital Management
Financial Performance Capital Management Capital Structure as at 30 Sep 2025 Debt Maturity Profile as at 30 Sep 2025 TOTAL GEARING Weighted Average Interest Rate of 2.7% DEBT RATIO1 HK$ 860M 38.8% HK$ M 267 214 171 133 UNDRAWN CASH 254 75 214 FACILITIES Balance2 75 133 171 13 HK$ 200M HK$ 1,072M FY2
Slide 10: Operation Highlight
EC Healthcare 2S ek R HKEx Stock Code: 2138
Slide 11: Operation
Operation Financial Highlights Performance No. of Specialist Repurchase No. of Discipline & Rate 2 Service Points Veterinary Discipline 64.4% 168 36 + 9 Existing Customer Revenue Contribution 3 Total GFA +7.4% YoY Registered Doctors & Vets 68.8% 665,000 306 + 65 Customers’ sq ft Satisfaction Rate 4
Slide 12: Operation Cost Structure Rationalization
Financial Performance Operation Cost Structure Rationalization Strengthening Cost Discipline 1 Employee Benefit Expenses 2 Rental & Related Expenses 3 Cost of Goods Sold 4 Administrative & Other Expenses • Rent reduction: ~22,600 sq ft • Total Headcount reduction: • Space returned: ~30,000 sq ft 1 •
Slide 13: 1H FY26 EBITDA Margin by Sub-Pillar
Key Sub-Pillar Financial Business Performance (Including HQ Overhead and G&A) Performance Aesthetic Medical Dental Health Screening & Lab Imaging Medical Specialty Pain Management Veterinary INFANCY (0 – 36 months) DEVELOPING (36 – 60 months) MATURE (Beyond 60 months) Pillar EBITDA 20% EBITDA EBITDA
Slide 14: Key Sub-Pillar Business Half-on-Half Performance
Key Sub-Pillar Financial Business Half-on-Half Performance (Including HQ Overhead and G&A) Performance INFANCY DEVELOPING MATURE 1H FY26 vs. 1H FY25 (0 – 36 months) (36 – 60 months) (Beyond 60 months) EBITDA EBITDA EBITDA Change in (HK$M) (HK$M) (HK$M) YoY YoY YoY 2 3 Softer discretionary spending s
Slide 15: Strategy & Outlook
EC Healthcare 2S ek R HKEx Stock Code: 2138
Slide 16: TTIPP Partnership Development
TTIPP Partnership Financial PerformanceDevelopment • Formed the "RIMAG-EC Health Tech Alliance" with Jiangxi RIMAG Group (HKEX: 2522), merging their medical imaging and supply chain strengths with our healthcare platform in Technology Hong Kong, Macau, and global markets • Hong Kong Broadband Networ
Slide 17: EC Healthcare Tower (Tsim Sha Tsui)
EC Healthcare Financial Tower (Tsim Sha Tsui) Performance • Address: 35-37 Cameron Road, Tsim Sha Tsui, Kowloon • Centralize our premium medical services, enhancing corporate branding, patient convenience, and operational efficiency • Unlock synergies across our organic and acquired medical assets,
Slide 18: Back Office Integration with Strengthened Governance
Financial FY2026: Performance Back Office Integration with Strengthened Governance • Already 100% rolled out new HR system to all 3,100 employees by Apr25 • Standardized staff profile, leave, payroll, roster and MPF operation HR • Streamlined policy, organization with automation in progress • Roll o
Slide 19: Financial Outlook
FinancialPerformance Financial Outlook HK$ M FY25 1H FY26 2H FY26e FY27e FY28e • Project Cameron Road will induce short term Downside Upside Upside pressure on OPEX / EBITDA Adjusted EBITDA 375 172.2 • Positive impact from business integration of 4 Risk Potential Potential key pillars *Fair Valuatio
Slide 20: Outlook - Chairman Message
Outlook Outlook - Chairman Message - Market Remains Lucrative in Long-Run Amid Local Economic and Global Uncertainties ECH Strategic Priorities • Business Development • Operational Excellence • Digital Transformation Growing Demand for Increasing Policy Infrastructure Talent & Practitioner Healthcar
Slide 21: Disclaimer
Disclaimer Financial Performance This document does not constitute or form part of and should not be construed as, an offer to sell or issue or the solicitation of an offer to buy or acquire securities (the “Securities”) of EC Healthcare (the "Company") or any of its subsidiaries or affiliates (toge