Vibhavadi Medical Center Public Co. Ltd. · SET:VIBHA
Vibhavadi Medical Center Public — Q1 2026 Earnings Presentation
34 slides from Vibhavadi Medical Center Public's earnings presentation, June 2026
Slide 1: 1Q2026 Results Opportunity Day
40 YEARS OF CARE 1Q2026 R E S U LT S Opportunity Day June 2026 Proud to Care for Your Health
Slide 2: New Wellness Platform within VIBHA Ecosystem
) VIBHAVAD| a ‘ Sioaiua ‘ wellness New Wellness Platform within VIBHA Ecosystem Expanding VIBHA’s healthcare ecosystem beyond treatment toward GRAND OPENING preventive and lifestyle healthcare. PROMOTION KEY SERVICES * Traditional & Integrative Thai Medicine * Pain, Stress & Insomnia Programs * Prem
Slide 3: V Mind And Mood Mental Wellness Clinic
: NEW SERVICE LAUNCH VIBHAVADI - ' HOSPITAL 2) V Mind And Mood Mental Wellness Clinic within Vibhavadi Hospital Addressing the growing demand for mental wellness, stress management and behavioral healthcare services. Strategic Rationale Service Highlights Expands mental healthcare services * Stress
Slide 4: Vaccine and lifestyle health screening promotions
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Slide 5: Agenda
AGENDA 01 BUSINESS OVERVIEW Group structure and market positioning 02 1Q2026 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 1Q2026 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 GROUP RESULTS VIBHA CMR Total Revenue 4.6% YoY Healthcare revenue decreased by 4.8% YoY, 1Q25 1,435 mainly due to lower IPD revenue 52% 45% 1Q26 across Bangkok and Northern hospitals. 1,369 EBITDA 52.4% YoY Stronger share of profit from associates of THB 54m
Slide 12: Operational Highlights
OPERATIONAL HIGHLIGHTS PATIENT VOLUME OPD visits KEY OPERATIONAL DRIVERS VIBHA CMR (Cash) CMR (SSO) 124k 52k 260k • OIC co-payment policy introduced co- 9.8% YoY 6.4% YoY 0.5% YoY payment requirements for certain health insurance policies in March 2025, IPD Admissions potentially influencing p
Slide 13: Agenda
AGENDA 01 BUSINESS OVERVIEW Group structure and market positioning 02 1Q2026 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 1Q25 THB 1,435m Medical treatment THB 1,318m KEY TAKEAWAYS 96.5% 1.9% 1.4% 0.3% 4.8% YoY 96.2% of total revenue Core revenue driver • Medical treatment remained core revenue driver Dividend income (96.2% contribution) THB 8m Other Rental Dividend 95.0% YoY • Lower IPD
Slide 15: Net Profit Breakdown - Consolidated
NET PROFIT BREAKDOWN - CONSOLIDATED Net Profit 1Q26 1Q25 THB 26m THB 137m KEY PROFIT DRIVERS 426.2% YoY -151.9% 189.2% 92.4% -29.8% Net profit increased to THB 137m (+426.2% YoY), stronger associate Core hospital profit contributions and unrealized gain on VIBHA CMR Associates Other items* THB 86m
Slide 16: Share of Profit of Associates
SHARE OF PROFIT OF ASSOCIATES Share of profit from associates increased significantly, driven by VBR THB 54m ▲ +124% YoY Share of profit of associates ASSOCIATE PROFIT CONTRIBUTION QUARTERLY SHARE PROFIT (1Q26) THB 54m (THB m) 60.7 VBR 51.8% +124% YoY 53.8 42.1 Largest contributor CMH 45.0% 30.0 V
Slide 17: Dividend Income - Continuing Operations
DIVIDEND INCOME - CONTINUING OPERATIONS Higher dividend income was mainly driven by THB 8m +95% YoY increased payout from RAM Driven by higher RAM dividend DIVDEND TREND DIVDEND BREAKDOWN (THB m) (1Q26) KEY DIVIDEND DRIVERS 30 RAM Higher RAM dividend drove YoY THB 7.6m growth 99% contribution Divi
Slide 18: Investment Portfolio Overview
INVESTMENT PORTFOLIO OVERVIEW Positive portfolio revaluation supported by non- listed investments. THB 7.81bn Positive net revaluation driven by non-listed assets PORTFOLIO COMPOSITION VALUE RECONCILIATION (THB bn) (THB bn) KEY INVESTMENT DRIVERS Investment cost 7.17bn 2.2 LISTED • RAM — Largest h
Slide 19: Investment Contribution to Earnings
INVESTMENT CONTRIBUTION TO EARNINGS Investment income growth driven by strong associate performance and stable dividends Share of profit Dividend income THB 61.5m THB 53.8m THB 7.6m Total investment income (+124% YoY) (+95% YoY) INVESTMENT INCOME MIX INVESTMENT INCOME BY SOURCE KEY DRIVERS (THB m) (
Slide 20: Financial Data
FINANCIAL DATA Historical financial performance (FY2021-1Q2026) (THB mn) Revenue Net Profit Equity Operating Cash Flow THB 1,369m THB 137m THB 11,753m THB 202m 1Q2026 1Q2026 1Q2026 1Q2026 BALANCE SHEET FY2021 FY2022 FY2023 FY2024 FY2025* 1Q2026 Assets 28,427 30,923 27,814 26,101 21,678 21,302 Liabil
Slide 21: Financial Ratio
FINANCIAL RATIO Profitability, valuation and shareholder return metrics (FY2021-1Q2026) ROE ROA P/BV Dividend Yield 16.3% 10.1% 1.57x 4.38% 1Q2026 1Q2026 1Q2026 1Q2026 PROFITABILITY FY2021 FY2022 FY2023 FY2024 FY2025 1Q2026 ROA (%) 9.66 7.29 5.37 5.00 9.49 10.07 ROE (%) 17.74 9.96 6.34 5.75 14.71 16
Slide 22: Agenda
AGENDA 01 BUSINESS OVERVIEW Group structure and market positioning 02 1Q2026 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 PROJECT VALUE THB 1.0bn (THB 633 million used) CAPACITY 59 200 beds EXPECTED COMPLETION Early 2027 BUILDING AREA 27,000 sq.m. Rama 2, Mueang LOCATION Samutsakhon, Thailand KEY PROJECT Capacity expans
Slide 24: Ongoing Projects | VBR Group
ONGOING PROJECTS | VBR GROUP Projects under construction PROJECTS TOTAL INVESTMENT TOTAL AREA COMPLETION STATUS 2 Projects THB 1.29bn 68,000 sq.m. 97% - 100% LAEMCHABANG AREA AREA AMATANAKORN 34,000 sq.m. 34,000 sq.m. ESTIMATED COST ESTIMATED COST THB 690m THB 600m PROGRESS Approximately STATUS A,B,
Slide 25: Future Projects | VBR Group
FUTURE PROJECTS | VBR GROUP Expansion pipeline to support future capacity growth PROJECTS TOTAL INVESTMENT CAPACITY EXPANSION EIA STATUS 3 Projects THB 2.20bn 592 Beds Approved / In Process BRANCH AREA (sq m.) ESTIMATED COST BEDs DESCRIPTION Onnut 53,000 1,000mb 300 On hold, EIA approved Borwin 19,0
Slide 26: Performance Outlook (2Q26)
PERFORMANCE OUTLOOK (2Q26) Mixed performance outlook across VIBHA, CMR and Associates VIBHA CMR ASSOCIATES Expected Decline Slight Decrease Expected Improvement KEY DRIVERS VIBHA CMR ASSOCIATES (VBR, CMH, others) • Lower IPD patient volume • Supported by Social Security patient growth • Growth in So
Slide 27: ESG | Environment (E)
ESG | ENVIRONMENT (E) Environmental initiatives supporting cost efficiency and long-term sustainability ENVIRONMENTAL CERTIFICATION SOLAR ENERGY CARBON REDUCTION WASTE RECYCLED Excellence in Environmental & 500,711 kWh 21,760 kg CO e 2 59,119 kg Energy Management Solar Energy Generated (FY2025) Carb
Slide 28: ESG | Social (S)
ESG | SOCIAL (S) Enhancing community healthcare access and social well-being COMMUNITY HEALTH BLOOD DONATION COMMUNITY SUPPORT PUBLIC HEALTH CPR & AED Training 4 times / year THB 1.0 million Health Screening Blood donation campaigns in Flood relief donation to support Health education and preventive
Slide 29: ESG | Governance (G)
ESG | GOVERNANCE (G) Strengthening governance standards, transparency and stakeholder trust 5-Star 97.05% OPD A CGR Rating CAC Certified Company 96.33% IPD SET ESG Rating 2025 (Excellent) Anti-corruption commitment Customer Satisfaction Governance Excellence Transparency & Integrity Quality & Patien
Slide 30: Thank You
@vibhavadihospital www.vibhavadi.com Vibhavadi Hospital : 02-561-1111 THANK YOU Investor Relations : ir@vibhavadi.com Ext. 2444 Proud to Care for Your Health Shareholder Benefits : Ext. 2427 • The information contained in this presentation is for information purposes only. • This presentation contai
Slide 31: Appendix
APPENDIX ‘les
Slide 32: Dividend Income by Investment
DIVIDEND INCOME BY INVESTMENT PERIOD FY24 FY25 1Q25 2Q25 3Q25 4Q25 1Q26 1Q26 Dividend Income RAM 56.34 3.78 3.78 - - - 7.56 SKR 54.68 61.05 - 33.58 27.47 - - THB TNH 21.18 21.61 - - - 21.61 - 7.64m NKT - 1.08 - 1.08 - - - BCH 12.67 18.40 - 11.98 6.42 - - Dividend Mix DCC 14.18 19.53 - 10.88 5.44 3.2
Slide 33: Registered SSO Insurers
REGISTERED SSO INSURRERS CMR growing | VBR stable CMR – LANNA ~214k +35.8% VBR – Pattanakarn Latest (1Q26) ~161k Stable vs 1Q22 Latest (1Q26) Registered insured persons vs 1Q22 Registered insured persons CMR VBR Registered Insured Persons Registered Insured Persons 250,000 180,000 160,000 200,000 14
Slide 34: Other Businesses
OTHER BUSINESSES PITAL 48.98% / 10% > BUSINES: 47.1496 / 6.30% > 82.57% - 44.18%/ . 5.93% Northern Region 4 33.85% a0 [ ram | U3 49.25% 20.01% SPhatthanakan }¢— 55% —— 50.01% —= 30% 60% 14.79% 10% SNakhonpathom aasgpor (ae je 28.57% 75.11% VAN 20% 172% 81.17% 1 40.26% —| 2.25% {ech} 2.35% {occ } 4.1
Vibhavadi Medical Center Public — Q1 2026 Earnings Presentation on 6ix