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IHH Healthcare's core revenue rose 3% y-o-y to MYR6.5bn and EBITDA rose 5% y-o-y to MYR1.4bn, with both growing 16% y-o-y on a constant-currency basis as ringgit strength diluted reported performance. PATMI ex-EI and ex-MFRS 129 increased 5% y-o-y to MYR545mil. EBITDA margin held at 22%, within the guided 22–24%.
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Country performance and outlook
Malaysia:
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Revenue rose 7% y-o-y and EBITDA increased 16% y-o-y, with EBITDA margin at 26% despite inpatient admissions falling 3% due to a longer holiday season (over 1 week of fewer working days). The key offset was a 12% increase in inpatient revenue per admission, supported by higher-acuity cases, growing foreign patient demand and continued double-digit daycare growth (currently 12% of Malaysia revenues). Foreign patients contributed 15% of Malaysia revenue in 1Q26.
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Singapore:
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Affected by structural shift toward public healthcare though recovery is expected by 2H26. Revenue fell 7% y-o-y and EBITDA declined 13% y-o-y on a foreign exchange-neutral basis.
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Inpatient admissions was down 8%, reflecting higher public healthcare utilisation, softer medical travel given higher airfares and rupiah depreciation, in addition to more public holidays in 1Q26 vs the prior year. EBITDA margin is down slightly to 26%.
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Management expects performance to bottom out and recover in 2H26, with Mount Elizabeth Orchard’s contribution expected to stabilise as occupancy improves. Key strategies in managing the structural shift include Mount Elizabeth focused on high-intensity cases. The “out of hospital” strategy continues which frees inpatient beds for high revenue intensity cases.
India:
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