Ec Healthcare · HKEX:2138
Ec Healthcare — H1 FY2026 Earnings Presentation
20 slides from Ec Healthcare's earnings presentation, Nov 28, 2025
Slide 1: EC Healthcare FY2025/26 Interim Results
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 vs M&A Cohort
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: Key Operating Metrics
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