Vibhavadi Medical Center Public Co. Ltd. · SET:VIBHA
Vibhavadi Medical Center Public — FY2025 Earnings Presentation
37 slides from Vibhavadi Medical Center Public's earnings presentation, March 2026
Slide 1: FY2025 Results Opportunity Day
40 YEARS OF CARE F Y 2 0 2 5 R E S U LT S Opportunity Day March 2026 Proud to Care for Your Health
Slide 2: Smart Living Healthy Aging
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Slide 3: Goal
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Slide 5: Vibhavadi 40th Anniversary: Smart Living, Healthy Aging
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Slide 6: Smart Living Healthy Aging
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Slide 7: Agenda
01 BUSINESS OVERVIEW Group structure and market positioning 02 FY2025 HIGHLIGHTS Key operational and financial updates 03 FINANCIAL PERFORMANCE Revenue and profitability analysis 04 OUTLOOK & ESG Growth strategy and sustainability 7
Slide 8: Vibhavadi Hospital Group – Snapshot
VIBHAVADI HOSPITAL GROUP – SNAPSHOT Company Overview Flagship Hospital ▪ Founded in 1986 Vibhavadi Hospital ▪ Listed on SET in 1992 300 beds Healthcare Network Northern Network 20 2,530 CMR Group (subsidiary) 8 hospitals | 1,148 beds hospitals beds Medical Workforce Associate Network 6,500+ doctors
Slide 9: Group Overview - Hospital Network Across Thailand
GROUP OVERVIEW - Hospital Network Across Thailand CMR Group (subsidiary) : 8 hospitals | 1,148 beds Northern Thailand Vibhavadi Hospital 300 beds 1986 Established 1992 Listed on SET Bangpo Hospital (associate) 100 beds 2003 Expansion via VBR network 2011 Expansion via CMR network VBR Group (
Slide 10: Investment Structure – Vibhavadi Hospital Group
INVESTMENT STRUCTURE – VIBHAVADI HOSPITAL GROUP Healthcare network Associate & JV Investments Strategic hospital investments 20 hospitals | 2,530 beds 11 hospitals | 1,082 beds Leading listed hospital operators in Thailand (Core + Subsidiary + Associates) VIB H AVAD I ME D IC AL C E N T E R (VIB H A
Slide 11: Healthcare Market Positioning
HEALTHCARE MARKET POSITIONING MEDICAL OPERATIONS CUSTOMER DIVERSIFICATION International ▪ Eye and LASIK Center ▪ Pediatrics ▪ Obstetrics and Gynecology High-income VIBHA ▪ Orthopedic Surgery Flagship Hospital Bangkok Patient Segment ▪ Respiratory System Bangpo ▪ Gastrointestinal (GI) Center Hospital
Slide 12: Agenda
01 BUSINESS OVERVIEW Group structure and market positioning 02 FY2025 HIGHLIGHTS Key operational and financial updates 03 FINANCIAL PERFORMANCE Revenue and profitability analysis 04 OUTLOOK & ESG Growth strategy and sustainability 12
Slide 13: Financial Highlights
FINANCIAL HIGHLIGHTS Contribution to FY25 net profit increased significantly, mainly driven by one-off Group Results gains and higher share of profit from associates. VIBHA CMR Total Revenue 0.8% YoY 53% 43% ▪ Healthcare revenue –3% YoY, mainly from lower IPD revenue in Bangkok and Northern hospit
Slide 14: Operational Highlights
OPERATIONAL HIGHLIGHTS PATIENT VOLUME Overall patient volumes remained broadly stable, supported by continued growth in SSO patients within OPD visits the CMR network. VIBHA CMR (Cash) CMR (SSO) ▪ OIC introduced co-payment requirements for 545k 0.7% YoY 209k 1.0% YoY 1,022k 3.9% YoY certain he
Slide 15: Agenda
01 BUSINESS OVERVIEW Group structure and market positioning 02 FY2025 HIGHLIGHTS Key operational and financial updates 03 FINANCIAL PERFORMANCE Revenue and profitability analysis 04 OUTLOOK & ESG Growth strategy and sustainability 15
Slide 16: Revenue Breakdown by Source
REVENUE BREAKDOWN BY SOURCE Medical treatment Healthcare services remained the core revenue driver, FY24 THB 6,154m THB 5,538m with dividend and other income providing additional Medical, 93.1% 3.1% YoY support. Dividend, 4.0% (90.7% of revenue) Other, 1.6% ▪ Medical treatment accounted for 90.7%
Slide 17: Net Profit Breakdown - Consolidated
NET PROFIT BREAKDOWN - CONSOLIDATED Net Profit FY25 Net profit increased significantly in FY2025, mainly FY24 THB 697m THB 1,695m driven by one-off gains and higher share of profit VIBHA, 74.2% 142.6% YoY from associates. CMR, 18.7% (including THB 1.3bn one-off Share of profit from associates, 7.9
Slide 18: Share of Profit from Associates
SHARE OF PROFIT FROM ASSOCIATES Share of profit from associates increased significantly, driven by VBR THB 145m ▲ +161% YoY Associate profit contribution Quarterly share profit 60.7 VBR, 87.6% 42.1 CMH, 12.3% YoY change (FY25 vs FY24) 30.0 23.6 24.0 VBR +65 17.7 BP, 9.2% CMH +18 3.5 Others +6 Net +8
Slide 19: Dividend Income - Continuing Operations
DIVIDEND INCOME - CONTINUING OPERATIONS Core dividend income increased YoY, driven by higher payout from Seriruk Hospital. THB 269m ▲ +8% YoY Dividend income (THB m) Dividend breakdown (FY25) Seriruk 69.5 YoY change (FY25 vs FY24) FY23 260 SKR 61.1 Seriruk +51 FY24 248 Synphaet 46.4 SKR +6 TNH 21.6
Slide 20: Investment Portfolio Overview
INVESTMENT PORTFOLIO OVERVIEW Portfolio value supported by strong non-listed investments despite market volatility THB 7.75bn Positive net revaluation driven by non-listed assets Value reconciliation ◆ Listed RAM Largest holding, MTM loss Non-listed Investment cost 7.10bn SKR Strong performer 29%
Slide 21: Investment Contribution to Earnings
INVESTMENT CONTRIBUTION TO EARNINGS Investment income growth driven by strong associate performance and stable dividends Share of profit: THB 145m (+161% YoY) Total investment income: THB 414m Dividend income: THB 269m (+8% YoY) VBR ◆ Growth drivers Seriruk VBR Strong earnings growth, largest contri
Slide 22: Financial Data
FINANCIAL DATA Historical financial performance (FY2020–FY2025) (THB mn) BALANCE SHEET FY2020 FY2021 FY2022 FY2023 FY2024 FY2025 Assets 21,175 28,427 30,923 27,814 26,101 21,678 Liabilities 10,441 13,170 12,713 11,595 11,816 9,202 Equity 8,171 12,184 14,392 12,886 11,417 11,634 (attributable to owne
Slide 23: Financial Ratio
FINANCIAL RATIO Key profitability and valuation metrics Year/Period FY2020 FY2021 FY2022 FY2023 FY2024 FY2025* PROFITABILITY ROA (%) 4.24 9.66 7.29 5.37 5.00 9.49 ROE (%) 5.64 17.74 9.96 6.34 5.75 14.71 Net Profit (%) 8.50 24.78 17.34 12.38 9.33 29.69 VALUATION Market Capital 19,657 35,840 36,927 24
Slide 24: Agenda
01 BUSINESS OVERVIEW Group structure and market positioning 02 FY2025 HIGHLIGHTS Key operational and financial updates 03 FINANCIAL PERFORMANCE Revenue and profitability analysis 04 OUTLOOK & ESG Growth strategy and sustainability 24
Slide 25: Ongoing Projects [Vibhavadi Hospital]
ONGOING PROJECTS [VIBHAVADI HOSPITAL] Project value : Baht 1,000 million (Baht 587 million used) Capacity : 59 - 200 beds Expected : Q3 2026 completion Building area : 27,000 sq m. Location : Bang Nam Chuet sub- district, Mueang district, Samutsakhon Highway no. 35 Thonburi-Paktho (Rama 2) 25
Slide 26: 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 99% OPD, Car park AMATANAKOR
Slide 27: 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 27
Slide 28: What to Expect (1Q26)
WHAT TO EXPECT (1Q26) Near-term performance expected to soften with mixed drivers VIBHA CMR VBR IPD-driven softness Resilient with SSO support SSO-led growth ↓Expected decline → Slight decrease ↑ Expected improvement ▪ Lower IPD patient volume ▪ Supported by Social Security patient ▪ Growth in Socia
Slide 29: ESG: Environment (E)
ESG : ENVIRONMENT (E) CERTIFICATION SOLAR CARBON WASTE Green & Clean Hospital Challenge 500,711 kWh 21,760 59,119 kg Solar Energy Generated Kg CO2eq reduced Waste Recycled (2025) Equivalent to Implemented waste Installed rooftop solar separation program panels 2,290 trees planted Environmental initi
Slide 30: ESG: Social (S)
ESG : SOCIAL (S) Enhancing community healthcare access and social well-being “MRT Yellow Line CPR training with (Automated External Blood donations, in brings happiness to Defibrillator, AED) at Samrongnua collaboration with the Thai Donate 1,000 society” Subdistrict community Red Cross disaster rel
Slide 31: ESG: Social (S)
ESG : SOCIAL (S) Enhancing community healthcare access and social well-being Donations for people in distant areas 1 million baht donations for flood victims in the South Donate via the Thai Red Computers Cross Society to help flood for schools in victims Khon Kaen To the “Foundation For The Blind D
Slide 32: ESG: Governance (G)
ESG : GOVERNANCE (G) Governance Rating Anti-corruption & Compliance Operational Quality / Safety A ESG Rating CAC Certified Company Building Safety Award (SET, 2025) (Silver, 2025) 5-star CGR Rating Continuous investment in (“Excellent”) safe and high-quality healthcare facilities AGM Quality: Excel
Slide 33: 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 34: Appendix
APPENDIX ‘ies
Slide 35: Group Businesses Shareholding Structure
nosera TT BUSINESSES RnR 47.14% | 6.30% ® - VIBHA | 82.57% 70.00% 44.18% | Northern Region O 33.85% : - 49.25% 46.25% | BDC 18% ee 96.67% FTV CMH2 2.25% {cout } 2.35% {occ } T- 3.63% — 27.98% 4% sol 2027% Pw) 10% 1.75% 45.97% | 7.68% ore (at Je seen 14.80% 1.18% — | 30%, § Nakhonpathom |«22% 75.11%
Slide 36: Dividend Income by Investment (Detail)
DIVIDEND INCOME BY INVESTMENT (DETAIL) (unit : million baht) Quarter 1 Quarter 2 Quarter 3 Quarter 4 TOTAL PERIOD 2023 2024 2025 2023 2024 2025 2023 2024 2025 2023 2024 2025 2023 2024 2025 RAM 44.74 29.95 3.78 - - - 22.37 15.06 - 14.91 11.34 - 82.03 56.34 3.78 SKR - - - 23.74 27.28 33.58 26.72 27.39
Slide 37: Registered SSO Insurers
REGISTERED SSO INSURERS Latest: CMR growing | VBR stable ~214,000 (CMR - LANNA) ~161,000 (VBR - Pattanakarn) 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 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q
Vibhavadi Medical Center Public — FY2025 Earnings Presentation on 6ix