Last updated on December 25, 2025
KUALA LUMPUR, 26 November 2025 — IHH Healthcare Berhad delivered another quarter of double-digit growth as it continues its multi-year transformation trajectory, with revenue and EBITDA each rising 16% year-on-year (YoY) for the third quarter ended 30 September 2025 (“Q3 2025”). The Group reported sustained operational strength across its core markets, particularly Malaysia and India, despite persistent payor pressure, medical inflation and cost challenges.
IHH posted quarterly revenue of RM6.6 billion and EBITDA of RM1.5 billion, supported by rising inpatient admissions, improving medical tourism demand and the expansion of more capital-efficient daycare services. Excluding exceptional items, PATMI came in at RM462 million while reported PATMI rose 15% YoY to RM616 million.
Group CEO Dr Prem Kumar Nair said the results demonstrate the Group’s ability to deliver earnings growth while reshaping the business for long-term sustainability.
“We reported strong financial performance even as we continue on our multi-year transformation to anticipate changes and capture longer term opportunities in the industry. Despite payor pressures and cost inflation, Malaysia grew strongly as it pivots towards a daycare focus and as medical tourism share rises.”
He added that synergies between Fortis and Gleneagles India are accelerating momentum in the Group’s key growth market.
“In India, Fortis and Gleneagles are realising synergies through their closer operational partnership, while Singapore saw its flagship Mount Elizabeth Orchard fully re-open during the quarter.”
“As we continue to drive capital efficient growth through transformation and clinical leadership, we expect to maintain solid margins and returns.”
Malaysia and India Lead Growth Amid Operational Transformation
Malaysia remained a major contributor to the Group’s expansion in Q3 2025. The market achieved strong growth by managing payor pressure and pivoting further toward high-demand, lower-capex daycare models. Medical tourism also strengthened, supported by Island Hospital’s ongoing expansion.
In India, the formal operations and maintenance services agreement between Fortis Healthcare and Gleneagles India has brought tighter operational alignment. The streamlined model has unlocked broader clinical collaboration and new cost synergies, improving overall performance across both networks.
Singapore continued to face cost inflation and payor headwinds, but results are expected to improve progressively as Mount Elizabeth Orchard ramps up operations following its full reopening.
Operational Metrics Show Resilience
As at end-Q3 2025, Group operational indicators remained strong:
- Occupancy rate: 68%
- Inpatient admissions: 243,350 (+5% YoY)
- Lab tests conducted: 28 million (+6% YoY)
Higher daycare volumes, increasing foreign patient arrivals and tighter cost control contributed to the increase in PATMI.
YTD 2025: Stable Profitability Amid Volatility
For the first nine months of 2025, Group revenue rose 8%, while EBITDA increased 5%, reflecting resilience amid cost and regulatory pressures. PATMI for the period stood at RM1.6 billion, supported by strong cash generation, with RM4.4 billion in net cash from operating activities and RM1.4 billion in total cash.
Outlook: Multi-Year Transformation to Drive Future Growth
IHH expects demand for private healthcare services to rise across its key markets, supported by demographic shifts, affluence growth and stronger cross-border patient flows.
- Malaysia will continue pivoting toward more efficient care models while managing medical inflation.
- Singapore will stabilise contributions from Mount Elizabeth Orchard by Q2 2026 and benefit from operational gains as the country integrates fully into the National Electronic Health Record (NEHR) ecosystem.
- India is expected to benefit from greater flexibility and new expansion pathways following the completion of the Fortis acquisition.
The Group will continue advancing its seven strategic focus areas, clinical excellence, patient experience, new care models, operational excellence, payor engagement, employee and doctor value proposition, and the adoption of technology, data and AI.
IHH said it aims to maintain strong profitability and healthy ROE while managing inflationary and interest rate pressures prudently.
