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IHH Healthcare's FY25 PATMI (ex EI) totalled RM1.8bn (+8% y-o-y) on revenue of RM25.7bn (+6% y-o-y), led by strength in its core business. Reported PATMI was at RM2.1bn (-21% y-o-y) due to unrealised losses from currency translation given the stronger ringgit. Results were broadly in line with our expectations with Malaysia and Turkiye & Europe leading growth.
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By geography, Singapore /Malaysia /India /Greater China /Turkiye & Europe delivered revenue growth of -3% /16% /4% /6% /17% y-o-y. Group EBITDA was up 3% y-o-y (+14% fx neutral), attributable to a 6% growth in hospital and healthcare EBITDA, offset by Labs EBITDA which fell 4% y-o-y. IHH declared dividend of 10.5 sen (vs 10.0 sen in FY24).
Country performance and outlook
Malaysia:
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Over the next 5-7 years, this could rise to 10–15% of total revenue. Management guides for sustainable 25–26% EBITDA margins. Medical tourism remains a structural growth driver despite ringgit appreciation, as Malaysia continues to offer more competitive pricing relative to regional peers. Expansion will remain focused on brownfield additions at high occupancy secondary hospitals.
Singapore:
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