Vibhavadi Medical Center Public Co. Ltd. · SET:VIBHA
Vibhavadi Medical Center Public — Q2 2025 Earnings Presentation
46 slides from Vibhavadi Medical Center Public's earnings presentation, 2025
Slide 1: Opportunity Day Q2/2025
OPPORTUNITY DAY Q2/2025 Vibhavadi Hospital | Proud to take care of your health 1
Slide 2: Siam Gamma Knife Center
SIAM GAMMA KNIFE CENTER with Healthcare Therapeutics Co., Ltd. ศูนย์รกั ษาโรคทางสมองและระบบประสาท ด้วยเทคโนโลยีจากประเทศสวีเดน Leksell Gamma Knife® IconTM Medical Team Precision, Power, and Progress รศ.(พิเศษ) นพ. ❖ Focused Radiation เมธี วงศ์ศิรสิ ุวรรณ ใช้รงั สี Cobalt ยิงตรงจุดที่ผดิ ปกติแทนมีดผ่
Slide 3: Vi Plaza, 9 Fl Clinic
Vi Plaza, 9 Fl Vibhavadi Hospital Tel 02 000 0999 096 226 2264 www.vdesignclinic.com Free online consulting 3
Slide 4: Vi Precision Clinic
Vi Plaza, 9 Fl Vibhavadi Hospital Black Website Icon Png #318986 - Free Icons Library Free Phone SVG, PNG Icon, Symbol. Download Image. 096-964-6465 www.vprecision.co.th
Slide 5: Fertiva Clinic, Vi Plaza 8 Fl
Black Website Icon Png #318986 - Free Icons Library Line Logo - Free social media icons https://fertivaclinic.com @fertivaclinic Vector Icons Computer Barber Logo Email Stock Transparent HQ PNG Download | FreePNGimg Free Facebook SVG, PNG Icon, Symbol. Download Image. info@fertivaclinic.com Fertiva
Slide 6: Vi Plaza, 8 Fl
Vi Plaza, 8 Fl Vibhavadi Hospital
Slide 7: Jab and Go Clinic
สถานีรถไฟฟ้า BTS พญาไท ทางออก 3 (ฝัง่ ซีพีทาวเวอร์ 3) โทร. 082 903 6450 สถานีรถไฟฟ้า BTS เพลินจิต ทางออก 4 (ฝัง่ โรงแรมโฟร์พอยท์บายเชอราตัน) โทร. 063 820 5430 www.jabandgoclinic.com www.jabandgoclinic.com สถานีรถไฟฟ้า MRT สวนจต ุจักร jabandgoclinic@gmail.com (Metro mall) @Jabandgo 7
Slide 8: Doctor Choice Clinic
083-605-5818 Building 2, G Fl Vibhavadi Hospital doctorchoiceth.com 8 8
Slide 9: Agenda
01 BUSINESS OVERVIEW 02 Q2/2025 OVERVIEW 03 FINANCIAL PERFORMANCE 04 FORWARD OUTLOOK & ESG
Slide 10: 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 11: 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 12: 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 13: 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 14: 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 15: Agenda
01 BUSINESS OVERVIEW 02 Q2/2025 OVERVIEW 03 FINANCIAL PERFORMANCE 04 FORWARD OUTLOOK & ESG
Slide 16: 2Q25 Financial Summary
2Q25 FINANCIAL SUMMARY 2,500 2,173 2,229 TOTAL REVENUE NET PROFIT (LOSS) 2,000 BDC 1.5%, VP 1.0%, Company % of Conso % Change FTV 0.4% 1,500 2Q24 VIBHA 76.6% + 52.6% 1,000 2Q25 428 470 CMR 10.4% - 47.2% 500 220 162 VIBHA 39.6% BDC 1.6% - 30.4% - Total Revenue EBITDA Net Income CMR 57.6% MDC 0.0% - 1
Slide 17: 6M25 Financial Summary
6M25 FINANCIAL SUMMARY 5,000 4,408 4,377 TOTAL REVENUE NET PROFIT (LOSS) 4,000 BDC 1.5%, VP 0.9%, Company % of Conso % Change FTV 0.3% 3,000 VIBHA 44.9% - 55.1% 6M24 2,000 6M25 CMR 36.2% - 42.2% 1,083 1,000 786 VIBHA 501 283 37.5% BDC 1.4% - 64.9% - CMR Total Revenue EBITDA Net Income 59.9% MDC 0.0%
Slide 18: 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 19: Agenda
01 BUSINESS OVERVIEW 02 Q2/2025 OVERVIEW 03 FINANCIAL PERFORMANCE 04 FORWARD OUTLOOK & ESG
Slide 20: 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 1,956 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) Y 2023 Y 20
Slide 21: 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 employee expenses Loss from floods in Chiangmai dur
Slide 22: 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 23: Dividend Income
DIVIDEND INCOME (unit : million baht) Year Period VIBHA CMR BDC CONSO 170.51 1 29.83 35.31 - 65.14 2 119.28 0.84 - 120.12 120.12 2022 3 63.60 24.21 - 87.81 89.96 93.77 4 81.22 21.68 - 102.90 Total 293.93 82.04 - 375.97 1 44.74 52.15 0.31 97.20 2 86.16 3.51 0.30 89.96 2Q22 2Q23 2Q24 2Q25 2023 3 53.89
Slide 24: Dividend Income Source
DIVIDEND INCOME SOURCE (unit : million baht) PERIOD Y 2023 Y 2024 1Q23 2Q23 3Q23 4Q23 1Q24 2Q24 3Q24 4Q24 1Q25 2Q25 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 TNH 17.44 21.18 - - - 17.44 - - - 21.18 - - NKT - - - - - - - -
Slide 25: VIBHA - Investment in Listed Shares
VIBHA - INVESTMENT IN LISTED SHARES [SET] (unit : thousand baht) RICHY As of 30 June 2025 Gain/(loss) DCC Net amount invested Market value Record 0.99% STA Symbol from 7.00% during Y2025 @25/08/25 to 2.94% Investment cost Ownership revaluation CGH 1.24% RAM - 0.0% 2,129,428 6.30% 1,337,566 (791,862)
Slide 26: VIBHA - Investment in Non-Listed Shares
VIBHA - INVESTMENT IN NON-LISTED SHARES Serirak H. 1.02% Thousand baht Baht Nawanakorn Symbol As of 30 June 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 Innovation
Slide 27: Financial Data
FINANCIAL DATA (unit : million baht) Year/Period YE2020 YE2021 YE2022 YE2023 YE2024 2Q25 Assets 21,175 28,427 30,923 27,814 26,101 23,877 Liabilities 10,441 13,170 12,713 11,595 11,816 11,717 Equity 8,171 12,184 14,392 12,886 11,417 9,577 (attributable to owners of the parent) Period 2Q20 2Q21 2Q22
Slide 28: Financial Ratio
FINANCIAL RATIO Year/Period YE2020 YE2021 YE2022 YE2023 YE2024* 1Q25 ROA (%) 4.24 9.66 7.29 5.37 5.00 4.14 ROE (%) 5.64 17.74 9.96 6.34 5.75 4.88 Net Profit (%) 8.50 24.78 17.34 12.38 9.33 6.47 Market Capital 19,657 35,840 36,927 24,301 21,993 19,821 (million baht) P/E 67.71 24.95 20.52 29.13 31.27
Slide 29: Agenda
01 BUSINESS OVERVIEW 02 Q2/2025 OVERVIEW 03 FINANCIAL PERFORMANCE 04 FORWARD OUTLOOK & ESG
Slide 30: 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 31: 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 OPD, Car park 97% AMATANAKORN
Slide 32: 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 32
Slide 33: What to Expect
WHAT TO EXPECT NEXT QUARTER ALL YEAR In 3Q25, we expect the overall net income to be lower or In 2025, we expect the total net income to be relatively the same, for both QoQ and YoY, due to reasons relatively lower than 2024 because of the following as follows; reasons; VIBHA: net income to be lower
Slide 34: 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 35: ESG: Social (S)
ESG : SOCIAL (S) “MRT Yellow Line CPR training with (Automated External brings happiness to Defibrillator, AED) at Samrongnua Subdistrict society” community Free check-up, eye inspection, Ultrasound Upper 19th Anniversary Abdomen / Lower Abdomen, EKG inspection, Floating Clinic CPR training Blood do
Slide 36: 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 37: 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 38: Appendix
Appendix
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 500 822 681 712 755 739 684 725 723 716 625 Gain (loss) on sale of investments 300 Other income 100 (100) Y 2023 Y 2024 1Q23 1Q23 2Q23 2Q23 3Q2
Slide 40: Hospital Update Q2/2025 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% _Amatanakorn 49.99%, Subsidiary Associate 60% S Nakhonpathom Listed company @ _ {_] Otherinvestment + Hospital Update Q2/2025 Hospital with SSO so ~ Natinee Chumnankijkosol <> 2way sharehol
Slide 41: Company Name Codes
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 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 0 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 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% 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% HARI 10.3% 9.5% 11.1% 11.9% 10.8% 11.2% 1
Slide 44: 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 45: 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 46: Registered SSO Insurers
REGISTERED SSO INSURERS CMR VBR 250,000 180,000 160,000 200,000 140,000 120,000 150,000 100,000 100,000 80,000 60,000 50,000 40,000 20,000 - - 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 22 22 22 22 23 23 23 23 24 24 24 24 25 25 22 22 22 22 23 23 23 23 24 24 2
Vibhavadi Medical Center Public Company — Q2 2025 Earnings Presentation on 6ix