Ec Healthcare · HKEX:2138
Ec Healthcare — FY2025 Earnings Presentation
23 slides from Ec Healthcare's earnings presentation, Jun 19, 2025
Slide 1: FY2024/25 Annual Results Investor Presentation
FY2024/25 ANNUAL RESULTS INVESTOR PRESENTATION 19 June 2025 Bring Health, Beauty and Happiness to more People
Slide 2: Financial Performance
Financial Performance ae " \ =m ctl P aia ‘i EC Healtheare Mee ee
Slide 3: Key Financial Highlights
Financial Performance Key Financial Highlights YoY: FY24 vs FY25 Full Year Debt/ EPS EBITDA Sales *Adjusted -14.1 Volume Revenue EBITDA Net Loss HK Cent 2.1x Full Year -1.0% -1.7% -15.1% DPS Gearing Ratio YoY YoY YoY 1.0 HK Cent 36.1% Book Value Cash HK$4,170M HK$4,140M HK$375M - HK$112M Per Share B
Slide 4: Financial Performance - Net Profit to Adjusted EBITDA Waterfall
Financial Performance - Net Profit to Adjusted EBITDA Waterfall HK$ M FY24 FY25 Net Profit Before Tax 17 -101 (+) Finance Cost 101 89 • Decrease due to lower overall interest rate environment in HK as compared to FY24 (-) Interest Income -16 -17 • Increase slightly on utilizing higher fixed-time dep
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 46,260 14,298 31,153 25,37
Slide 6: Operation Highlights - Cost Structure and Margin Squeeze in FY25 2H
Operation Highlights - Cost Structure and Margin Squeeze in FY25 2H FY24 Margin Squeeze FY25 1H FY25 2H FY25 Roll-up Strategies • Softer demand in discretionary • TTIPP partnership Revenue 4,211 healthcare segments 2,063 2,077 4,140 • Increasing GDP and medical expenditure (HK$ M) • Disposing of und
Slide 7: Financial Performance - Existing Business Pre FY19 & M&A Cohort
Financial Performance - Existing Business Pre FY19 & M&A Cohort FY19 – FY25 Revenue Contribution EBITDA Contribution (excluding HQ overhead and G&A) HK$ M FY25 HK$ M FY19 FY20 FY21 FY22 FY23 FY24 FY25 FY19 FY20 FY21 FY22 FY23 FY24 2,039 287 1,906 257 253 Margin: 111 310 Margin: Margin: 14.0% 1,613 1
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 DISCIPLINED CAPITAL RECYCLING M&A 0.2 13 90 201 257 253 287 Existing EBITDA Business JUN / 2024 598 471 442 525 463 405 320 Disposal of obstetric & (recap from gynaecology business in p
Slide 9: Capital Management
Financial Performance Capital Management Capital Structure as at 31 March 2025 Debt Maturity Profile as at 31 March 2025 TOTAL GEARING Weighted Average Interest Rate of 4.7% DEBT RATIO1 36.1% HK$ M HK$ 796M 507 254 289 UNDRAWN CASH ON FACILITIES HAND2 HK$ 600M HK$ 1,055M 253 289 FY26 FY27 Bank Borro
Slide 10: Operation Highlight
Operation Highlight @ we Meet ee EC Healthcare
Slide 11: Operation Highlights
Operation Operation Highlights Highlights No. of Specialist Repurchase No. of Discipline & Rate 2 Service Points Veterinary Discipline 65.7% 164 38 + 7 Existing Customer Revenue Contribution 3 Total GFA -10.1% YoY Registered Doctors & Vets 66.6% 591,000 316 + 71 Customers’ sq ft Satisfaction Rate 4
Slide 12: Cost Structure Rationalization
FY23 Baseline Operation Operation Cost Structure Rationalization [Completion] Highlights • Excluding new M&A from FY23 / 24 - Surecare & new distribution business • Excluding new organic expansion in FY23 / 24 - AMAH Vet Hospital FY25 saving against FY23 Baseline Target 1 Registered Practitioner & E
Slide 13: Key Sub-Pillar Business Performance
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) 1 Infancy stage constitute 16.7
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 FY25 vs. FY24 (0 – 24 months) (25 – 48 months) (Beyond 48 months) EBITDA EBITDA EBITDA Change in (HK$M) (HK$M) (HK$M) YoY YoY YoY 2 3 More challenging operating environmen
Slide 15: Strategy & Outlook
Strategy & Outlook @ we Meet ee EC Healthcare = She
Slide 16: TTIPP Partnership
TTIPP Partnership Operation Highlights Development • Formed the "RIMAG-EC Health Tech Alliance" with Jiangxi RIMAG Group (HKEX: 2522), merging their medical imaging and supply chain strengths with Technology our healthcare platform in Hong Kong, Macau, and global markets. This partnership streamline
Slide 17: Project Cameron Road
Project Cameron Road • Address: 35-37 Cameron Road, Tsim Sha Tsui, Kowloon • Centralize our premium medical services, enhancing corporate branding, patient convenience, and operational efficiency • Unlock synergies across our organic and acquired medical assets, driving asset value appreciation and
Slide 18: FY2026: Back Office Integration with Strengthened Governance
FY2026: Back Office Integration with Strengthened Governance • Already 100% rolled out new HR system to all 3,300 employees by Apr25 • Standardized staff profile, leave, payroll, roster and MPF operation HR • Streamlined policy, organization with automation in progress • Roll out enhanced MPF scheme
Slide 19: Strategy & Outlook - Financial Outlook
Strategy & Outlook - Financial Outlook HK$ M FY25 FY26e FY27e FY28e • Project Cameron Road will induce short term pressure on Downside Upside Upside OPEX / EBITDA Adjusted EBITDA 375 Risk Potential Potential • Positive impact from business integration of 4 key pillars *Fair Valuation gain (loss) (11
Slide 20: Outlook - Chairman Message
Outlook - Chairman Message Market Remains Lucrative in Long-Run Amid Short-term Local Economic and Global Uncertainties 1 ECH Strategic Priorities • Business Development 3 • Operational Excellence Infrastructure Policy Support Driving • Digital Transformation Foundations for Sector Advancement Susta
Slide 21: Appendix
Appendix
Slide 22: Key Financial Metrics
Appendix Key Financial Metrics For the year ended For31 March the twelve months ended 31 March FY24 FY25 Changes Basic Earnings per share (HK cents) -1.6 -14.1 -781.3% Adjusted EBITDA margin 10.5% 9.1% -1.4 p.pt Net profit margin 0.4% -2.7% -3.1 p.pt Dividend per share for the year (HK cents) 0.5 1.
Slide 23: Disclaimer
Appendix Disclaimer 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 (together, the “Gr