Vibhavadi Medical Center Public Co. Ltd. · SET:VIBHA
Vibhavadi Medical Center Public — Q3 2025 Earnings Presentation
46 slides from Vibhavadi Medical Center Public's earnings presentation, 2025
Slide 1: Opportunity Day Q3/2025
OPPORTUNITY DAY Q3/2025 Vibhavadi Hospital | Proud to take care of your health
Slide 2: Special item: 3Q25 sale of 4.99% of RAM shares
Special item : 3Q25 Sell 4.99% of RAM’s ordinary shares to CYPRESS for Baht 1,017.96 million. BEFORE AFTER VIBHA RAM VIBHA RAM 1.18% 1.18% 82.57% 82.57% CMR 42.89% CMR 42.89% 7.19% 2.20% 56.37% 56.37% CMH CMH CMR Chiang Mai Ram Medical Business PCL CMH Chiang Mai Ram Hospital Co., Ltd. VIBHA Vibhava
Slide 3: Expected item: 4Q25 sale of remaining 2.20% of RAM
Expected item: 4Q25 Sell the remaining 2.20% of RAM’s ordinary shares for Baht 469.03 million. Approved by EGM no. 1/2568 (Nov 19, 2025) BEFORE AFTER VIBHA RAM VIBHA RAM 1.18% 1.18% 82.57% 82.57% CMR 42.89% CMR 42.89% 2.20% 56.37% 56.37% CMH CMH CMR Chiang Mai Ram Medical Business PCL CMH Chiang Mai
Slide 4: Expected item: 4Q25 sale of remaining 7.12% of CMH
Expected item: 4Q25 Sell the remaining 7.12% of CMH’s ordinary shares for Baht 427.20 million. Approved by EGM no. 1/2568 (Nov 19, 2025) BEFORE AFTER VIBHA RAM VIBHA RAM 1.18% 1.18% 82.57% 82.57% CMR 42.89% 42.89% CMR 56.37% 49.25% CMH CMH CMR 56.37% | RAM 42.89% CMR 49.25% | RAM 50.01% CMR Chiang M
Slide 5: Dental center with specialist dentists
มีทนั ตแพทย์ผเู ้ ชี่ยวชาญครบทุกด้้าน ปริทนั ต์วทิ ยา ทันตกรรมรากฟั นเทียม รักษารากฟั นเอ็นโดดอนต์ ทันตกรรมจัดฟั น ทันตกรรมประดิษฐ์ ทันตกรรมหัตถการ ศัลยศาสตร์ช่องปากและแม็กซิล ทันตกรรมบดเคี้ ยวความเจ็บปวดใบหน้าและ ทันตกรรมเด็ก โลเฟเชียล ขากรรไกร 5
Slide 6: Dental implant promotion
nuanssusinwuingy fiusnumnssy Isuweui1adN19A vonluzu1 Auauwndglinissnwr SnwMansumwWru7ia | + anvifunnssusinifisy umnoneraeurina 1 ch “USnuImsquana: Wusinwuineu IwomsuniAyooMsnavu” \ \\ Tsuwe1u1adn19A =| «= www.vibhavadi.com dusinwuingy qualasnumiwndmuriagrnanasdasv1n Numnssustnifigy (Dental Implant)
Slide 7: Dental center contact details
ปรึกษาทันตแพทย์เฉพาะทาง ศ ูนย์ทนั ตกรรม โรงพยาบาลวิภาวดี Free Phone SVG, PNG Icon, Symbol. Download Image. 02-561-1111 ext. 4520-21 Black Website Icon Png #318986 - Free Icons Library www.vibhavadi.com @vibhavadihospital 7
Slide 8: Agenda
01 BUSINESS OVERVIEW 02 Q3/2025 OVERVIEW FINANCIAL 03 PERFORMANCE FORWARD OUTLOOK 04 & ESG 8
Slide 9: Company Overview
COMPANY OVERVIEW MILESTONES MAJOR SHAREHOLDERS (Information as of 15 October 2025) Total Shareholders 11,954 1986 Establishment of the company Shares in Minor Shareholders (% Free float) 25.71% 1992 Listed in SET Top Shareholders % Shareholding VIRIYAMETTAKUL FAMILY 29.21% 2003 JV with VIBHARAM hosp
Slide 10: Group Structure (VIBHA)
GROUP STRUCTURE (VIBHA) REGISTERED CODE HOSPITAL CITY OWNERSHIP BEDS SSO CODE COMPANY BUSINESS OWNERSHIP Parent VIBHA Vibhavadi BKK 100.00% 300 N LANNA Lanna CMI 82.57% 330 Y Beauty Design Beauty BDC 46.25% CMH Chiangmai Ram CMI 46.54% 220 N Center business Subsidiaries TPY Theppanya 1&2 CMI 46.54%
Slide 11: Group Structure (VBR)
GROUP STRUCTURE (VBR) REGISTERED HOSPITAL CITY SHAREHOLDER OWNERSHIP SSO BEDS HQ Vibharam Pattanakarn Bangkok - 100.00% 150 Y Vibharam Laemchabang Chonburi - 100.00% 100 Y Branch Vibharam Samutsakhon Samutsakhon - 100.00% 100 Y Sirinart Buengkum (closed) Bangkok - 100.00% - N Vibharam Samutprakarn S
Slide 12: Geographic Locations
GEOGRAPHIC LOCATIONS (20 Hospitals; 2,584 beds; 6,500+ doctors; 6,000+ nurses; 18,000+ staff) CMR Group (subsidiary) : 8 Hospitals / 1,202 beds (Chiangmai, Chiang Rai, Lamphun, Lampang, Tak) LANNA Lanna H. KL Khelangnakorn-ram H. HARI Hariphunchai H. PW Maesot-ram H. CMH Chiangmai Ram H. WCH Chiangr
Slide 13: Market Segmentation
MARKET SEGMENTATION MEDICAL OPERATIONS CUSTOMER DIVERSIFICATION • Eye and LASIK Center International • Pediatrics • Obstetrics and Gynecology Target Patient/Purchasing Power High income • Orthopedic Surgery VIBHA • Respiratory System • Gastrointestinal Center (GI) BP CMR Group income • Surgery Middl
Slide 14: Agenda
01 BUSINESS OVERVIEW 02 Q3/2025 OVERVIEW FINANCIAL 03 PERFORMANCE FORWARD OUTLOOK 04 & ESG
Slide 15: 3Q25 Financial Summary
3Q25 FINANCIAL SUMMARY 3,000 TOTAL REVENUE NET PROFIT (LOSS) 2,425 BDC 1.4%, VP 0.8%, 2,500 2,201 FTV 0.5% Company % of Conso % Change 2,000 1,500 3Q24 VIBHA 225.3% - 26.7% 1,000 759 3Q25 531 CMR -168.9% - 225.6% 500 420 VIBHA 140 37.4% BDC -5.5% - 231.6% - Total Revenue EBITDA Net Income Tax from C
Slide 16: 9M25 Financial Summary
9M25 FINANCIAL SUMMARY 8,000 TOTAL REVENUE NET PROFIT (LOSS) 6,834 6,578 7,000 BDC 1.4%, VP 0.9%, 6,000 FTV 0.3% Company % of Conso % Change 5,000 VIBHA 88.0% - 41.3% 4,000 9M24 3,000 9M25 CMR -12.4% - 115.6% 1,842 2,000 1,318 VIBHA 921 BDC -0.8% - 119.5% 1,000 424 37.4% - Tax from CMR Total Revenue
Slide 17: Financial Performance Trends
FINANCIAL PERFORMANCE TRENDS *Permanent = dividend + gain(loss) on sale of investment *Temporary = G(L) on fair value measurement of financial assets Net profit EBITDA Operating income Investment income Extraordinary Net Total revenue Permanent investment income profit EBITDA Total Revenue Permanent
Slide 18: Agenda
01 BUSINESS OVERVIEW 02 Q3/2025 OVERVIEW FINANCIAL 03 PERFORMANCE FORWARD OUTLOOK 04 & ESG 18
Slide 19: Revenue Components – Conso
REVENUE COMPONENTS – CONSO [by type of service] (unit : million baht) Revenue from medical treatment 2,300 Rental and service income 1,900 1,500 Dividend income 2,304 1,956 2,160 2,119 2,115 2,023 2,089 2,028 1,926 2,083 1,896 1,100 Gain (loss) on sale of investments 700 Other income 300 (100) Y 202
Slide 20: Net Profit Components – Conso
NET PROFIT COMPONENTS – CONSO [by company] (unit : million baht) VIBHA Loss on FV measurement of financial assets 179mb (1Q25) & 80mb & VIBHA CMR Other subsidiaries Share profit from associates Elimination (2Q25). 500 CMR Gradually increasing personnel expenses 400 Revenue reduction from SSO r
Slide 21: Share Profit from Associates
SHARE PROFIT FROM ASSOCIATES (unit : million baht) V 2Q23 Gain from sale of subsidiary (313mb) B 92.24 4Q23 Revenue reduction from SSO (197mb) R 2Q24 SSO reimbursement [DRG>2] was reduced from Baht 12.8K to Baht 7.2K per case for 4Q23, announced in mid 2024. VBR lost 28mb, affecting VIBHA 10mb
Slide 22: Dividend Income
DIVIDEND INCOME (unit : million baht) Year Quarter VIBHA CMR BDC CONSO 81.03 1 44.74 52.15 0.31 97.20 69.24 2 86.16 3.51 0.30 89.96 50.19 2023 3 53.89 26.78 0.36 81.03 4 74.58 17.47 0.03 92.07 Total 259.37 99.90 0.99 360.27 1 29.95 34.98 0.52 65.45 3Q23 3Q24 3Q25 2 88.09 5.29 0.39 93.77 268.19 2024
Slide 23: Dividend Income Source
DIVIDEND INCOME SOURCE (unit : million baht) PERIOD Y 2023 Y 2024 1Q23 2Q23 3Q23 4Q23 1Q24 2Q24 3Q24 4Q24 1Q25 2Q25 3Q25 RAM 176.88 121.02 96.48 - 48.24 32.16 64.44 - 32.31 24.27 8.09 - - SKR 50.47 54.68 - 23.74 26.72 - - 27.28 27.39 - - 33.58 27.47 TNH 17.44 21.18 - - - 17.44 - - - 21.18 - - - NKT
Slide 24: VIBHA – Investment in Listed Shares
VIBHA - INVESTMENT IN LISTED SHARES [SET] (unit : thousand baht) RICHY As of 30 September 2025 Gain/(loss) DCC Net amount invested Market value Record 0.99% STA Symbol from 7.00% during Y2025 @28/11/25 to 2.94% Investment cost Ownership revaluation CGH 1.24% RAM - 0.0% 2,129,428 6.30% 1,360,237 (769
Slide 25: VIBHA – Investment in Non-Listed Shares
VIBHA - INVESTMENT IN NON-LISTED SHARES Chaophya H. 11.75% Thousand baht Baht per share Thonburi Innovation Rangsit H. 4.47% Symbol As of 30 September 2025 Earnings Dividend 0.10% Cost Cost Ownership Fair value Y2024 Y2024 9M/25 Synphaet Hospital 589,000 10.00% 894,900 50.78 6.52 4.00 2.00 Legacy Go
Slide 26: Financial Data
FINANCIAL DATA (unit : million baht) Year/Period YE2020 YE2021 YE2022 YE2023 YE2024 3Q25 Assets 21,175 28,427 30,923 27,814 26,101 24,300 Liabilities 10,441 13,170 12,713 11,595 11,816 11,865 Equity 8,171 12,184 14,392 12,886 11,417 10,247 (attributable to owners of the parent) Period 3Q20 3Q21 3Q22
Slide 27: Financial Ratio
FINANCIAL RATIO Year/Period YE2020 YE2021 YE2022 YE2023 YE2024 3Q25* ROA (%) 4.24 9.66 7.29 5.37 5.00 3.27 ROE (%) 5.64 17.74 9.96 6.34 5.75 3.58 Net Profit (%) 8.50 24.78 17.34 12.38 9.33 6.45 Market Capital 19,657 35,840 36,927 24,301 21,993 18,339 (million baht) P/E 67.71 24.95 20.52 29.13 31.27
Slide 28: Agenda
01 BUSINESS OVERVIEW 02 Q3/2025 OVERVIEW FINANCIAL 03 PERFORMANCE FORWARD OUTLOOK 04 & ESG 28
Slide 29: Ongoing Projects [Vibhavadi Hospital]
ONGOING PROJECTS [VIBHAVADI HOSPITAL] Project value : Baht 1,000 million (Baht 522 million used) Capacity : 59 - 200 beds Expected : Mid 2026 completion Building area : 27,000 sq m. Location : Bang Nam Chuet sub- district, Mueang district, Samutsakhon Highway no. 35 Thonburi-Paktho (Rama 2) 29
Slide 30: Ongoing Projects [VBR Group]
ONGOING PROJECTS [VBR GROUP] BRANCH AREA ESTIMATED DESCRIPTION BEDs PROGRESS (sq m.) COST Laemchabang 34,000 690mb Bldg. A: ER, OPD - Approximately 95.% Bldg. B: OPD - Bldg. C: Car park - Bldg. D 170 EIA in process Amatanakorn 34,000 600mb 14 fl. Building - Approximately 98% OPD, Car park AMATANAKOR
Slide 31: Future Projects [VBR Group]
FUTURE PROJECTS [VBR GROUP] BRANCH AREA ESTIMATED COST BEDs DESCRIPTION (sq m.) Onnut 53,000 1,000mb 300 On hold, EIA approved Borwin 19,000 400mb 168 On hold, EIA approved Amatanakorn 2 20,000 800mb 124 EIA in process (Phanat Nikhom) BORWIN AMATANAKORN 2 ONNUT 31
Slide 32: What to Expect
WHAT TO EXPECT ALL YEAR NEXT YEAR For Year 2025, we expect the overall net income to be relatively In 2026, we expect the total net income to be the same as 2024, due to reasons as follows; approximately the same as 2025 because of the following reasons; Hospital business common down trend in 2025 V
Slide 33: ESG: Environment (E)
ESG : ENVIRONMENT (E) Green & Clean Hospital Garbage and Waste Renewable energy Carbon Footprint Management Project Solar panels installation on Establish and apply waste the building rooftop, resulting In 2024, the company was able separation and recycling in the electricity produced in to reduce t
Slide 34: ESG: Social (S)
ESG : SOCIAL (S) “MRT Yellow Line CPR training with (Automated External brings happiness to Defibrillator, AED) at Samrongnua Blood donations, in collaboration with the Donate 1,000 society” Subdistrict community Thai Red Cross disaster relief packages 4 times/year Donate to flood victims via the De
Slide 35: ESG: Social (S)
ESG : SOCIAL (S) Donations for people in distant areas Donations for flood victims in the South Donate 1 million baht via Computers the Thai Red Cross Society for schools in to help flood victims Khon Kaen To the “Foundation For The Blind Donations of old calendars, In Thailand Under The Royal used
Slide 36: ESG: Governance (G)
ESG : GOVERNANCE (G) Corporate Governance High-quality Healthcare Services Rating (CGR) 5-star or “Excellent” for ✓ Acquisition of 2025 Corporate Governance medical Rating (CGR) by Thai IOD, instruments “BBB” SET ESG Rating supported by SET 2024 , the sustainable stock index by the Stock Exchange of
Slide 37: Thanks!
@vibhavadihospital THANKS! Vibhavadi Hospital : www.vibhavadi.com 02-561-1111 Investor Relations : ir@vibhavadi.com Ext. 2444 Shareholder Benefits : Ext. 2427 Disclaimer o The information contained in this presentation is for information purposes only. o This presentation contains forward looking st
Slide 38: Appendix
APPENDIX ‘ies
Slide 39: Revenue Components – VIBHA
REVENUE COMPONENTS – VIBHA [by type of service] (unit : million baht) 1,100 Revenue from medical treatment 900 Rental and service income 700 Dividend income 681 500 712 755 739 684 822 725 723 733 625 716 Gain (loss) on sale of investments 300 Other income 100 (100) Y 2023 Y 2024 1Q23 1Q23 2Q23 2Q23
Slide 40: Group shareholding structure
Subsidiary Associate Other investment Listed company Hospital Hospital with SSO 2-way shareholding 47.09% | 6.30% 50% 68% £8, 48.92% | 10% 55% 6.31% = 60% S Nakhonpathom Update Q3/2025 Natinee Chumnankijkosol Investor Relations (VIBHA)
Slide 41: Code
Code Amatanakorn BDC BCH BP Cancer Amata CGH CMR CMH CMH2 CPH DCC Dr-Panya FTV Gassan C Gassan K Gassan M Green Plus Company name Vibharam (Amatanakorn) Hospital Co., Ltd. Beauty Design Center Co., Ltd. Bangkok Chain Hospital PCL Bangpo General Hopital Co., Ltd. Vibharam Amatanakorn Specialized Canc
Slide 42: Patients & Revenue [CMR Group]
PATIENTS & REVENUE [CMR GROUP] Number of Patients Thousands Number of Patients Revenue 500 Period 450 OPD IPD SSO OPD IPD SSO 400 350 1Q23 33.0% 3.2% 63.8% 30.5% 44.9% 24.6% 300 SSO 250 2Q23 31.1% 3.0% 65.9% 30.9% 42.5% 26.6% 200 IPD 150 OPD 3Q23 33.3% 3.4% 63.4% 29.9% 43.7% 26.4% 100 50 4Q23 32.3%
Slide 43: Revenue Components [CMR Group]
REVENUE COMPONENTS [CMR GROUP] By Hospital 1Q23 2Q23 3Q23 4Q23 Y2023 1Q24 2Q24 3Q24 4Q24 Y2024 1Q25 2Q25 3Q25 LANNA 33.8% 36.2% 35.0% 35.9% 35.2% 36.1% 38.4% 37.6% 34.7% 36.7% 35.8% 37.4% 37.2% CMH 48.6% 46.8% 46.6% 45.3% 46.8% 46.1% 42.9% 43.0% 46.6% 44.6% 46.3% 44.1% 43.6% HARI 10.3% 9.5% 11.1% 11
Slide 44: Patient Trends [VIBHA & CMR]
PATIENT TRENDS [VIBHA & CMR] VIBHA CMR Cash Cash SSO 300 300 300 200 200 200 100 100 100 OPD 0 0 0 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Y2021 Y2022 Y2023 Y2021 Y2022 Y2023 Y2021 Y2022 Y2024 Y2025 Y2024 Y2025 Y2023 Y2024 16 16 16 12 12 12 8 8 8 IPD 4 4 4 0 0 0 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Y2021
Slide 45: Patient Trends [VBR]
PATIENT TRENDS [VBR] Cash SSO 400 400 300 300 200 200 OPD 100 100 0 0 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Y2021 Y2022 Y2023 Y2024 Y2025 Y2021 Y2022 Y2023 Y2024 Y2025 40 8 30 6 20 4 IPD 10 2 0 0 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Y2021 Y2022 Y2023 Y2024 Y2025 Y2021 Y2022 Y2023 Y2024 Y2025 45
Slide 46: Registered SSO Insurers
REGISTERED SSO INSURERS CMR VBR 250,000 180,000 160,000 200,000 140,000 120,000 150,000 100,000 80,000 100,000 60,000 40,000 50,000 20,000 - - 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 22 22 22 22 23 23 23 23 24 24 24 24 25 25 25 22 22 22 22 23 23 23 2
Vibhavadi Medical Center Public — Q3 2025 Earnings Presentation on 6ix