Sawatdee kha. Welcome to the analyst presentation for the first quarter of 2026, Bumrungrad Hospital Public Company Limited.

My name is Achariya Sanrattana, Investor Relations and Sustainability. For the first quarter, we will have the analyst meeting in an online format.

We will upload this pre-recording of the webcast for the analyst presentation on our website IR page, and then later on, we will have the live Q&A sessions live streaming for our analysts and fund managers. For the presenter today, we have Khun Aniello Sorrentino, Corporate Chief Strategy Officer, talk about the 1Q 2026 BHPCL performance summary.

Then we have Khun Artirat Charukitpipat, Chief Executive Officer, to talk about the business update. Then we have Khun Oraphan Buamuang, Chief Financial Officer, to give us an update on the financial highlights and the performance.

Then we have Khun Rajeev Rajan, Chief Business Development Officer, to update us on the business development side.

Good morning, and welcome to Q1 2026 performance summary for Bumrungrad Hospital Public Company Limited. The quarter was an interestingly strange one in that 100% of Ramadan occurred in the quarter, but despite that, our performance from the Middle East was unusually strong.

Part of that was due to slow incoming Middle Eastern patients, but the other part of it was that [cough] homeward bound Middle Eastern patients were not able to get back into their country because of the war impact ongoing between Iran and the United States. We benefited from that by Middle Eastern patients remaining at Bumrungrad while sick.

They weren't so acutely ill that they couldn't go back home, but because of the war, they remained at Bumrungrad, and it helped us with revenue. It helped us with revenue intensity.

When you look at the first bullet point up there, you see that our EBITDA performance and NOPAT performance was up significantly, especially for Q1 of any given year when Ramadan occurs, up 5% and 3.2% from EBITDA and NOPAT respectively, but more importantly than that, because of our good cost control, our margins and EBITDA almost touched 40%, which is a record for EBITDA margin for the company for any quarter, notwithstanding first quarter 2026. When you look deeper into the numbers, and Rajeev will get into those numbers, I'm not going to cover them here, but you can see the bullet points here of the countries that drove the earnings for the quarter: Myanmar, Qatar, Bangladesh, and UAE.

I mentioned about the war impact having an inverse effect on our ability positively to drive earnings in the quarter. We'll see what happens in Q2, but [cough] early reports about Q2 are showing now with the war sort of settled down and there's a ceasefire, at least temporarily, we are seeing some incoming Middle Eastern patients coming to Thailand.

They're few, but they are migrating to Thailand, and we have seen increasing admissions vis-a-vis Q1. We'll see where that all ends up by the end of the quarter.

For Cambodia, really nothing has changed there, and it's affected our Indochina statistics. Rajeev will cover what it looks like before Cambodia and after Cambodia, but for us and our competitors, none of that has really changed.

It's still a very, very soft piece of business for Thailand. Let me talk a little bit about some other aspects of future development for the company that came up during our annual general meeting this past Wednesday.

We had a lot of questions about the Phuket project. As we've had some community interruptions with respect to EIA and with respect to permit pulling, but we're well, well past that now.

The project is well on its way. All the foundations are poured, steel is poured, the project is coming out of the ground, and we expect to have a soft opening at the end of Q2 2027.

Soft openings typically take 4 weeks or 6 weeks depending upon how things flow. As importantly, we are already building the human infrastructure about the project in Phuket, meaning we have an executive director now on board, he comes to us from Kaiser Permanente, we have a CFO on board, we have a medical director on board.

These people as a group are looking to create lists of physicians who they want to recruit to the hospital. We have a lot of interest from the local physicians in the market that want to work at a Bumrungrad hospital.

As you may know, we have a long history of caring for patients from Phuket here at Bumrungrad Bangkok. That's an important positive new source of income for the company once that opens in Q2 of 2027.

As well, we are continuing to build out our Soi 1 project, which has two buildings now under construction. That's going to be 50-some-odd new beds.

They'll be med-surg beds, mostly driven surgically as opposed to medical, but there'll be some of both. The third building on that project will be a clinical operations.

Down the street from it, we're in the process of building something called the Annex Building, but that name will change from Annex Building to Bumrungrad Oncology Institute. We'll be moving all of the outpatient oncology business out of the main hospital into that new building.

It's going to be a very, very nice tertiary level outpatient oncology center. It'll be interconnected into the main hospital, it'll be seamless for our doctors and our patients to move from one building to another building.

As it relates to M&A, we have seen a continuous requests from a number of different entities, and I think part of it is because of the very, very weak Thai economy, geopolitical situations. We've seen more inquiries about Bumrungrad looking at different M&A projects, greenfield projects, brownfield projects, none of which at the moment is beyond an exploratory analysis, but we are committed to building a greenfield diagnostic center, outpatient diagnostic center in Bangladesh, and that's going to look like somewhere around Q2, Q3 that'll be opening.

We're well on our way. We have an in-country partner already signed up.

The structures are arranged. The leasing is, I believe, fully done by now.

The equipment list is already packaged up. We know what we want to put in there.

It's going to be a larger version of a diagnostic center that we now have in Yangon doing more things in the market with the opportunity to do further diagnostic centers in Bangladesh because it's a very, very important market for us. As it relates to the question of guidance for Q2, we are next Wednesday at 10:00 AM going to have an online live stream Q&A that we, the management, will be answering questions that you may want to pose to us, and as you pose them to us, I will be addressing what the guidance will be for me and for the company in Q2 going forward.

We encourage you to join that. It'll be important for you to ask your questions as many did online.

Our AGM was handled electronically, and we had a lot of questions about not only Phuket, but a number of other things. We're seeing that the response to the performance of Q1 was a bit of a surprise, a good surprise for the investor community, and we were happy to be a part of delivering that.

This is an important slide on net patient revenue proportionality, and if you look over here on the left side of this slide, you will see that on Q1 2026, the Middle East piece of the non-Thai was up 22% versus last year Q1 2025, which was 18%. 18% is a little less than normal for Q1 during Ramadan, but nonetheless, because of the war impact and some infiltration of Middle Eastern patients coming from other parts of the world, not necessarily Middle East, Bangladesh, etc., the Middle East patient rose by 22%, up 4% from last year.

Indochina almost the same, and others were exactly the same. You'll see that for Q1 2026, the non-Thai was up 66% versus 64% the prior year, and that's principally due to greater Middle East revenue participation in Q1 2026.

Next slide. This one depicts, and we show this to you quarterly, this one depicts the changes in the non-Thai, Thai business, and you'll see that in Q1 2026, the non-Thai is 66% versus the prior year quarter was 64%, again driven by Middle Eastern incremental business in Q1, unusual for the Ramadan quarter, but we're very, very pleased that the Middle Eastern population and the country, Kingdom of Qatar in particular, has been very, very supportive of Bumrungrad, and we supportive of that country.

We'll look forward to seeing you next Wednesday. Thank you very much.

Sawatdee kha, good morning. I'm Oraphan Buamuang, Chief Financial Officer.

I'm pleased to report you all the financial highlight and financial performance of first quarter 2026 kha. In first quarter 2026, total revenue slightly increased by 0.7%.

EBITDA and net profit increased by 5% and 3.2% respectively. The EBITDA margin and net profit margin in first quarter 2026 were 39.3% and 28.6% respectively, which improved from first quarter last year.

I will walk you through more detail in financial performance section. The total revenue in first quarter 2026 was 6,254 million baht, slightly improved from first quarter 2025 by 0.7%.

The total revenue improved mainly came from the increase in revenue from hospital operations, which improved by 1.4% when compared to first quarter 2025. This was primarily driven a 4.2% increase in revenue from non-Thai patients, which offset with 3.6% decrease in revenue from Thai patients.

The increase in non-Thai patient revenue was mainly attribute to a higher contribution from Middle East, increased by 21.3%; Myanmar, increased by 15.1%; Bangladesh, increased by 25%. In terms of revenue contribution by service, in first quarter 2026, the revenue contribution from inpatient service increased to 51% from 48% in first quarter last year due to IPD revenue increased by 7.4%, while OPD revenue declined at 3.9%.

IPD revenue increased mainly due to higher intensity and longer length of stay. In terms of revenue contribution by payor type, the government and third-party contribution in first quarter 2026 was 16%, increased from 13% in first quarter last year due to higher Middle East revenue.

Insurance contribution in first quarter 2026 is 22%, remained the same as first quarter last year. Self-pay contribution slightly dropped to 61% in first quarter this year from 64% in first quarter last year, but still be the highest contribution by payor type.

In terms of EBITDA and EBITDA margin, in first quarter this year, EBITDA was 2,455 million baht, increased from same period last year by 5%. This represent a favorable change compared to the 1.4% increase in revenue from hospital operation.

EBITDA margin in this quarter was 39.3%. In terms of net profit and net profit margin, in first quarter this year, net profit was 1,790 million baht, improved from same period last year by 3.2% with net profit margin at 28.6%.

In terms of leverage ratio, net debt to EBITDA in first quarter 2026 was negative at 0.4 times, and net debt to equity was also negative at 0.1 time due to less net debt. In terms of liability asset, at the end of first quarter this year, the liability to asset ratio stayed at a lower level of 14.8%, primarily due to the ongoing growth in net asset.

These are all financial highlight and financial performance results of first quarter 2026. Thank you for your attention, kha.

Sawatdee khrap. Overall performance in Q1 '26 reflects modest growth with underlying strength across key segments.

Total net patient revenue grew 1% year-over-year. Excluding Cambodia, revenue growth was significantly stronger at 4.8%.

The non-Thai segment delivered a 4.9% growth, improving to 9.9% excluding Cambodia. The Thai segment declined by 3.6%, primarily due to softer domestic demand.

The non-Thai revenue performance: The Middle East remained a key growth driver despite late quarter headwinds, overall 21% year-over-year growth. Strong contribution from Qatar, which grew by 28% approximately; UAE, which grew by 25% approximately; and Oman, which grew by 12% approx; and also continued growth from Saudi Arabia.

Key trends from the Middle East: Inpatient revenues and admission increased during this period, offsetting to softer OPD volumes. OPD slowdown emerged towards the end of February due to escalating geopolitical tensions.

Qatar sustained growth driven by higher patient inflows and improved specialty mix. UAE continued the momentum from the new empanelments established in second half of 2025.

For Kuwait, the old receivables were settled to at a defined cutoff date. Ongoing discussions for phase two collaboration and referral partnerships are still undergoing.

I was in Kuwait in February, mid of February during the discussions, but the progress has slightly slowed down due to the regional geopolitical dynamics, but however, the long-term outlooks remain positive. For Indochina, performance reflects mixed trends with strong underlying growth excluding Cambodia.

We had an 8.5% decline year-over-year, however, 13.6% growth excluding the Cambodia revenue. Bangladesh has seen a 25% growth, strong across both IPD and OPD services.

Our first clinic launch in Bangladesh is underway. We are expected to commission it within this financial year.

Myanmar has seen a steady 15% growth. It has continued to grow over the high base last year, sustained through outreach programs and our Yangon clinic network, which we have been utilizing and leveraging upon for continued engagement and performance.

Cambodia has seen no specific recovery, observed following the ongoing political tensions. Business trends remain subdued and consistent with post-tension levels.

For other markets, China being one of the key other markets, we have seen a decline in both expat and fly-in segment for Chinese nationals due to the travel sentiment sensitivity towards Thailand. However, we have seen a a good number of patient referrals through the networks and and collaborations that we partnered during during we started last year, during this period.

New partnerships and regional collaborations have brought us new patient referrals from the region, from both from the expat segment and from mainland. We continue our strategy to diversify our presence across multiple other cities in China.

For United States, overall the revenue declined 6.5% year-over-year, the weakness primarily from the expat segment, which was driven by workforce recalibration across corporates, public institutions, and non-profit organizations. Fly-in segment, which are the US nationals flying in from US and also from the neighboring countries of Cambodia, Myanmar, Laos, Vietnam, we see continued growth in both volumes and revenues during this period.

For the non-Thai revenue, overall for top nationalities as mentioned, Qatar, Myanmar, Bangladesh, UAE, UK, Canada, and Oman stands out to have a great performance for the quarter. The total for non-Thai patients is a 4.2% growth year-over-year, and if we exclude Cambodian revenue, the total non-Thai patients excluding Cambodia stands at close to around 9.9% approximately in this quarter versus the last quarter.

That is the update from my side. Thank you so much.

Sawatdee khrap.

Sawatdee kha. Today I'm going to present our operational report for the first quarter 2026.

Let's start with the first slide. Let me walk you through the key highlights from this first quarter.

We launched a new personalized weight management program in January. This program takes a personalized approach, cover lifestyle, nutrition recommendation, and medical treatment.

On 26 January, Vitalife announced the launch of its longevity ecosystem, a strategic network built across five partners, such as tourism, financial services, lifestyle, academic research, and digital technology. The goal is to help people live longer and live better with care that extend beyond the hospital into everyday life.

On 29 January, we sign an MOU with Chulalongkorn University to collaborate on medical research and innovation. We aim to develop new technologies that meet Thailand's healthcare needs and support our country's vision as the medical hub of Asia.

As usual, on the 5th of February, Bumrungrad Spine Institute co-hosted the 58th International Training Course on Endoscopic Spine Surgery. Now this is the 18 years that we do in continuously.

This course trained Thai and international surgeons in minimally invasive techniques. We are so proud to share that Bumrungrad has climbed to number rank of 96 in Newsweek World's Best Hospital 2026.

This is up from the rank 100 last year, and we still are the number one hospital in Thailand for the six consecutive year. This achievement belongs to all our physicians, every team members, and our board of directors whose continue support and make this success possible.

We were also recognized as one of the Asia's Top Private Hospitals and Clinics 2026 by Newsweek. We ranked number one in Asia in knee, hip, shoulder, and refractive eye surgery, and number three in Asia in cataract surgery, but still remain number one in Thailand.

This is the second year that we got this award. Now let me share our Center of Excellence performance for Q1.

Compared to the Q1 last year, overall Center of Excellence grew 9% year-on-year, showing strong demand in our specialty services. Some centers performed especially well like Neuroscience grew the most at 20.6%, followed by Cancer Center at 15.7%, and Spine Pain Management at 10.6%.

The Heart Center also achieved nearly 10% growth. These are complex specialties, and the growth shows strong clinical quality and patients' trust.

Some areas such as gastro enterology and colorectal surgery declined this quarter, but overall Center of Excellence performance was still strong. On our medical innovation, da Vinci Robotic Surgery Program completed 100 cases between March last year until March this year, primarily in urology, with successful expansion into cardiovascular, gynecology, ENT, and colorectal specialties.

Another one is inspire hypoglossal nerve stimulation program has completed seven cases already. In March 2026, we also achieved a national milestone by completing Thailand's first ECPELLA procedures, combining ECMO and Impella support for advanced cardiac care.

Last but not least, our Health Fair campaign, which ran from February through March. The campaign supported preventive health and attract strong customer interest.

This campaign generated 144 million in revenue and sold out 4,300 packages. We also have the promotion gave out 250 Huawei smartwatches for packages over 100,000 baht.

Due to the good results, we have extended the campaign from the 1st April to 30th of June this year. That's all for me.

Thank you, kha.

Now we come to the end of the presentations. Thank you very much for your attentions to our presentations.

To those of you who receive invitations to join our Q&A sessions, it will be on Wednesday, 29 April, 10:00 AM to 12:00 PM, where our management will be happy to answer to all of your questions that you may have. If you have questions before the meeting, please feel free to send your questions by email at [email protected], and then we will address those questions during the meeting.

For today, thank you very much and sawatdee kha.