Malaysia · Delayed Price · Currency is MYR IHH Healthcare Berhad Earnings Call Transcripts
Fiscal Year 2026
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Revenue and EBITDA grew 16% year-over-year on a constant currency basis, with strong results in Malaysia, India, and Turkey, while Singapore is expected to recover in H2 2026. Transformation initiatives and disciplined capital allocation support a double-digit ROE target by 2028. EBITDA margin guidance remains at 22%-24%.
Fiscal Year 2025
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Q4 2025 saw record revenue and EBITDA, with double-digit growth across key markets and strong margin performance. Malaysia and India led growth, while digital transformation and brownfield expansions drive future returns. Dividend payout increased, and outlook for 2026 remains positive.
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Q3 2025 saw robust double-digit revenue and EBITDA growth on a constant currency basis, driven by higher patient volumes, day care expansion, and medical tourism, with margins maintained within guidance. Strategic milestones included the Fortis acquisition and Mount Elizabeth Orchard's reopening.
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Q2 2025 saw resilient financial results with 7% revenue and 2% EBITDA growth, and even stronger constant-currency gains, driven by increased admissions and a shift to daycare. Margins remained stable amid FX volatility and payer pressure, with robust segment performance and ongoing operational transformation.
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Q1 2025 delivered robust revenue and EBITDA growth on a constant currency basis, with strong performance across Malaysia, Singapore, Turkey, India, and Hong Kong despite macroeconomic headwinds. Margin guidance is maintained, and outlook for H2 2025 is positive as key expansions and payer negotiations progress.
Fiscal Year 2024
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Double-digit revenue and EBITDA growth in FY 2024, with strong performance across all markets and a higher dividend payout. Expansion and acquisitions drove capacity, while Malaysia faces medical inflation and payer pressure, mitigated by group diversification.
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Q3 2024 saw robust revenue and EBITDA growth, driven by higher patient volumes and intensity across all markets. Major developments included the Island Hospital acquisition, strong cash flow, and continued expansion in India and Penang. Margin pressures in Singapore and Malaysia are expected to be managed, with positive outlooks for Q4 and beyond.
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The acquisition of Island Hospital for MYR 3.9 billion strengthens the northern cluster, enhances medical tourism, and is expected to deliver MYR 200 million in synergies over five years. The deal is earnings accretive by year two and positions the group as a dominant player in Penang.
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Q2 2024 saw record revenue and double-digit growth in all key metrics, with strong performance across Malaysia, Singapore, Turkey/Europe, and India. Interim dividend was raised, and robust cash flow supports ongoing expansion, while medical tourism and specialty care remain growth drivers.