Vibhavadi Medical Center Public Co. Ltd. · SET:VIBHA
Vibhavadi Medical Center Public — Q1 2025 Earnings Presentation
47 slides from Vibhavadi Medical Center Public's earnings presentation, 2025
Slide 1: Opportunity Day Q1/2025
Tsuwe1u1adn19A Qols...Alciqiancu + S%) VIBHAVADI HOSPITAL Proud to take care of your Health
Slide 2: Siam Gamma Knife Therapy Center
SIAM GAMMA KNIFE THERAPY CENTER ศูนย์แกมมาไนฟ์ ณ โรงพยาบาลวิภาวดี Vibhavadi Medical Center Healthcare Therapeutics Co., Ltd. ศูนย์รกั ษาโรคทางสมองและระบบประสาท ไม่ตอ้ งผ่าตัดใหญ่! ด้วยเทคโนโลยีจากประเทศสวีเดน Leksell Gamma Knife® IconTM เปิ ดให้บริการ 16 มิถุนายน 2568 ราคาเมื่อเข้ารับการประเมิ นแนวท
Slide 3: เนื้องอกชนิดไม่รา้ ยแรง โตช้ำ ไม่ลกุ ลำม บำงกรณีอำจไม่ตอ้ งผ่ำตัด เนื้องอกชนิดร้ายแรง โตเรว ลุกลำม กดเบียดสมอง มักต้อ…
เนื้องอกชนิดไม่รา้ ยแรง โตช้ำ ไม่ลกุ ลำม บำงกรณีอำจไม่ตอ้ งผ่ำตัด เนื้องอกชนิดร้ายแรง โตเรว ลุกลำม กดเบียดสมอง มักต้องรีบผ่ำตัด + ฉำยรังสี หรือให้เคมีบำบัด 3
Slide 4: V Design Clinic
www.vdesignclinic.com Tel 02 000 0999 096 226 2264 4
Slide 5: V Precision clinic
096-964-6465 www.vprecision.co.th VPrecision @VPrecision vprecisionclinic 5
Slide 6: Fertiva clinic
info@fertivaclinic.com www.fertivaclinic.com 6
Slide 7: V Surgery Vibhavadi
V Surgery วิภาวดี 094-229-4555 @481pkifg VSurgery_vibhavadi VSurgery_vibhavadi 7
Slide 8: Thai Alternative Medicine
vusiceuvedo CARPAL TUNNEL eC. =o SYNDROME WeIINESS eoueneeen Thai Alternative Medicine apes bh MIGRAINES/ AAaUNMIMSsIWNE HEADCHES Tuinsuloavio PAIN ASSOCIATED \ { ¢ WITH PREGNANCY, \ = | rorurduoafitvoion \ . aMsmUNSSt ARTHRITIS Tsaviodniau BACK AND NECK PAIN. ernsvonnaguarne MUSCLE CRAMPS Uoanénuit
Slide 9: Nearby BTS and MRT stations
BTS Phaya Thai Station BTS Ploenchit Station MRT Chatuchak Park Station
Slide 10: 10
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Slide 11: Agenda: Business Overview
01 BUSINESS OVERVIEW 02 Q1/2025 OVERVIEW 03 FINANCIAL PERFORMANCE 04 FORWARD OUTLOOK & ESG
Slide 12: Company Overview
COMPANY OVERVIEW (Information as of MILESTONES MAJOR SHAREHOLDERS 14 March 2025) Total Shareholders 12,162e 1986 Establishment of the company Shares in Minor Shareholders (% Free float) 25.71% 1992 Listed in SET Top Shareholders % Shareholding VIRIYAMETTAKUL FAMILY 28.93% 2003 JV with VIBHARAM hospi
Slide 13: 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 Hair BDC 46.25% CMH Chiangmai Ram CMI 46.54% 220 N Center transplant Subsidiaries TPY Theppanya 1&2 CMI 46.54%
Slide 14: Group Structure (VBR)
GROUP STRUCTURE (VBR) HOSPITAL CITY SHAREHOLDER OWNERSHIP REGISTERED BEDS SSO 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 15: 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 16: 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 Middle income • Surger
Slide 17: Agenda: Q1/2025 Overview
01 BUSINESS OVERVIEW 02 Q1/2025 OVERVIEW 03 FINANCIAL PERFORMANCE 04 FORWARD OUTLOOK & ESG
Slide 18: 1Q25 Financial Summary
1Q25 FINANCIAL SUMMARY 2,500 2,235 2,148 TOTAL REVENUE NET PROFIT (LOSS) 2,000 BDC 1.5%, VP 0.8%, Company % of Conso % Change MDC 0.0%, FTV 0.1% 1,500 1Q24 VIBHA -60.3% - 122.8% 1,000 655 1Q25 CMR +121.0% - 40.6% 500 317 339 VIBHA 64 BDC +0.9% - 90.8% - 35.3% Total Revenue EBITDA Net Income CMR MDC
Slide 19: 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 Net Total revenue Permanent investment income profit EBITDA Total Revenue Permanent Temporary Ext
Slide 20: Agenda: Financial Performance
01 BUSINESS OVERVIEW 02 Q1/2025 OVERVIEW 03 FINANCIAL PERFORMANCE 04 FORWARD OUTLOOK & ESG
Slide 21: 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 Dividend income 1,500 2,304 2,160 2,119 2,115 2,023 2,028 1,926 2,083 1,896 1,100 Gain (loss) on sale of investments 700 Other income 300 (100) 1Q23 2Q23 3Q23 4Q
Slide 22: Net Profit Components – Conso
NET PROFIT COMPONENTS – CONSO [BY COMPANY] (unit : million baht) VIBHA Loss on fair value measurement of financial assets (179mb) in 1Q25 VIBHA CMR Other subsidiaries Share profit from associates Elimination CMR Depreciation for new buildings 500 (LANNA4, HARI3) starting 2Q23 Gradually increas
Slide 23: 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 24: Dividend Income
DIVIDEND INCOME (unit : million baht) Year Period VIBHA CMR BDC CONSO 97.20 1 29.83 35.31 - 65.14 2 119.28 0.84 - 120.12 65.14 65.45 2022 3 63.60 24.21 - 87.81 4 81.22 21.68 - 102.90 Total 293.93 82.04 - 375.97 8.47 1 44.74 52.15 0.31 97.20 2 86.16 3.51 0.30 89.96 1Q22 1Q23 1Q24 1Q25 2023 3 53.89 26
Slide 25: Dividend Income Source
DIVIDEND INCOME SOURCE (unit : million baht) PERIOD Y 2022 Y 2023 Y 2024 1Q23 2Q23 3Q23 4Q23 1Q24 2Q24 3Q24 4Q24 1Q25 RAM 144.74 176.88 121.02 96.48 - 48.24 32.16 64.44 - 32.31 24.27 8.09 SKR 61.28 50.47 54.68 - 23.74 26.72 - - 27.28 27.39 - - TNH 16.60 17.44 21.18 - - - 17.44 - - - 21.18 - BCH 31.3
Slide 26: VIBHA - Investment in Listed Shares
VIBHA - INVESTMENT IN LISTED SHARES [SET] (unit : thousand baht) RICHY As of 31 March 2025 Gain/(loss) DCC Net amount invested Market value Record 0.99% STA Symbol from 7.00% during Y2025 @30/05/25 to 2.94% Investment cost Ownership revaluation CGH 1.24% RAM - 0.0% 2,129,428 6.30% 1,390,464 (738,963
Slide 27: VIBHA - Investment in Non-Listed Shares
VIBHA - INVESTMENT IN NON-LISTED SHARES Serirak H. 1.02% Thousand baht Baht Nawanakorn Symbol As of 31 March 2025 Cost per EPS Dividend per share 1.85% share Y2024 Supalerk U- Cost Ownership Fair value Y2023 Y2024 Thong H. 0.40% Synphaet Hospital 589,000 10.00% 894,900 50.78 6.52 4.00 4.00 Innovatio
Slide 28: Financial Data
FINANCIAL DATA (unit : million baht) Year/Period YE2020 YE2021 YE2022 YE2023 YE2024 1Q25 Assets 21,175 28,427 30,923 27,814 26,101 24,688 Liabilities 10,441 13,170 12,713 11,595 11,816 11,585 Equity 8,171 12,184 14,392 12,886 11,417 10,392 (attributable to owners of the parent) Period 1Q20 1Q21 1Q22
Slide 29: Financial Ratio
FINANCIAL RATIO Year/Period YE2020 YE2021 YE2022 YE2023 YE2024* 1Q25 ROA (%) 4.24 9.66 7.29 5.37 5.00 3.92 ROE (%) 5.64 17.74 9.96 6.34 5.75 3.91 Net Profit (%) 8.50 24.78 17.34 12.38 9.33 2.96 Market Capital 19,657 35,840 36,927 24,301 21,993 20,771.30 (million baht) P/E 67.71 24.95 20.52 29.13 31.
Slide 30: Agenda: Forward Outlook & ESG
01 BUSINESS OVERVIEW 02 Q1/2025 OVERVIEW 03 FINANCIAL PERFORMANCE 04 FORWARD OUTLOOK & ESG
Slide 31: Ongoing Projects [Vibhavadi Hospital]
ONGOING PROJECTS [VIBHAVADI HOSPITAL] VIBHAVADI RAMA 2 TREASURY STOCK Share repurchased : 91.40 million shares @ 2.1251 Baht/share % of paid-up shares : 0.6732% Budget used : Baht 194.23 million Timeline 04/03/24 : Commencement date 6 months Share repurchase period 04/09/24 : Completion date Waiting
Slide 32: 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 91% Bldg. B: OPD - Bldg. C: Car park - Bldg. D 170 EIA in process Amatanakorn 34,000 600mb 14 fl. Building - Approximately OPD, Car park 87% AMATANAKORN
Slide 33: 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 33
Slide 34: What to Expect
WHAT TO EXPECT NEXT QUARTER ALL YEAR In 2Q25, we expect as follows; In 2025, we expect the total net income to be approximately the same as 2024 VIBHA: net income to be significantly higher both QoQ and YoY because of the following reasons; because of ▪ critically high loss on fair value measurement
Slide 35: ESG: Environment (E)
ESG : ENVIRONMENT (E) Green & Clean Garbage and Waste Renewable energy Carbon Footprint Hospital Management Project Solar panels installation on Establish and apply waste the building rooftop, In 2024, the company was separation and recycling resulting in the electricity able to reduce the policies
Slide 36: ESG: Social (S)
ESG : SOCIAL (S) 19th Anniversary Floating Clinic “MRT Yellow Line brings happiness to society” Free check-up, eye inspection, Ultrasound Upper Abdomen / Lower Abdomen, EKG CPR training with (Automated inspection, CPR training External Defibrillator, AED) at Samrongnua Subdistrict community SOCIAL B
Slide 37: ESG: Governance (G)
ESG : GOVERNANCE (G) Corporate Governance High-quality Healthcare Services Rating (CGR) 4-star or “Very Good” ✓ Acquisition of for 2024 Corporate medical Governance Rating (CGR) by instruments “BBB” SET ESG Thai IOD, supported by SET Rating 2024 , the sustainable stock index by the Stock Exchange of
Slide 38: Thanks!
@vibhavadihospital THANKS! Vibhavadi Hospital Investor Relations : www.vibhavadi.com 02-561-1111 : ir@vibhavadi.com Ext. 2444 Shareholder : Ext. 2427 Benefits Disclaimer o The information contained in this presentation is for information purposes only. o This presentation contains forward looking st
Slide 39: Appendix
Appendix
Slide 40: 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 500 822 712 755 739 684 725 723 716 625 Gain (loss) on sale of investments 300 Other income 100 (100) Y 2023 Y 2024 1Q23 1Q23 2Q23 2Q23 3Q23 3Q
Slide 41: Group shareholding structure
47.09% | 6.30% b> 48.93% | 10% 10% S Phatthanakan 34.249 55% goukumvii H. Ze, 6.31% We Pak 59.73% Synphaet 20% mae at BS0-14:79% 9.95%) | 28.57% _Amatanakorn 49.99%, Subsidiary Associate 60% Other investment @ @ GB oa Listed company + so <S S Nakhonpathom Hospital Update Q1/2025 He L wit lospital wi
Slide 42: Company name abbreviations
Company name Amatanakorn Vibharam (Amatanakorn) Hospital Ca, Lid. BDC Beauty Design Center Co., Ltd. BCH Bangkok Chain Hospital PCL BP Bangpo General Hopital Co., Ltd. Cancer Vibharam Amatanakorn Specialized Cancer Amata Hospital Co., Ltd. “CGH Country Group Holdings PCL Chiang Mai Ram Medical Busin
Slide 43: 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 250 200 IPD 2Q23 31.1% 3.0% 65.9% 30.9% 42.5% 26.6% 150 OPD 100 3Q23 33.3% 3.4% 63.4% 29.9% 43.7% 26.4% 50 0 1Q 2Q 3Q
Slide 44: Revenue Components [CMR Group]
REVENUE COMPONENTS [CMR GROUP] By Hospital 1Q23 2Q23 3Q23 4Q23 Y2023 1Q24 2Q24 3Q24 4Q24 Y2024 1Q25 LANNA 33.8% 36.2% 35.0% 35.9% 35.2% 36.1% 38.4% 37.6% 34.7% 36.7% 35.8% CMH 48.6% 46.8% 46.6% 45.3% 46.8% 46.1% 42.9% 43.0% 46.6% 44.6% 46.3% HARI 10.3% 9.5% 11.1% 11.9% 10.8% 11.2% 11.2% 11.6% 12.4%
Slide 45: Patient Trends [VIBHA & CMR]
PATIENT TRENDS [VIBHA & CMR] VIBHA CMR General General 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 Y2023 Y2024 Y2024 Y2025 Y2024 Y2025 Y2025 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
Slide 46: Patient Trends [VBR]
PATIENT TRENDS [VBR] General SSO 400 400 350 350 300 300 250 250 200 200 OPD 150 150 100 100 50 50 0 0 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Y2021 Y2022 Y2023 Y2024 Y2025 Y2021 Y2022 Y2023 Y2024 Y2025 40 8 35 7 30 6 25 5 20 4 IPD 15 3 10 2 5 1 0 0 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Y2021 Y2022 Y2023 Y2024 Y2025 Y2021 Y2022
Slide 47: Registered SSO Insurers
REGISTERED SSO INSURERS CMR VBR 250,000 180,000 160,000 200,000 140,000 120,000 150,000 100,000 100,000 80,000 60,000 50,000 40,000 20,000 - - 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 22 22 22 22 23 23 23 23 24 24 24 24 25 22 22 22 22 23 23 23 23 24 24 24 24 25 P
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