Bangkok Dusit Medical Services : Financial Statements Quarter 2/2025

Bangkok Dusit Medical Services Public Company Limited and its subsidiaries

Review report and consolidated and separate financial information For the three-month and six-month periods ended 30 June 2025

Independent Auditor's Report on Review of Interim Financial Information

To the Shareholders of Bangkok Dusit Medical Services Public Company Limited

I have reviewed the accompanying consolidated financial information of Bangkok Dusit Medical Services Public Company Limited and its subsidiaries ("the Group"), which comprises the consolidated statement of financial position as at 30 June 2025, the related consolidated statements of income and comprehensive income for the three-month and six-month periods then ended, and the related consolidated statements of changes in shareholders' equity and cash flows for the six-month period then ended, as well as the condensed notes to the interim consolidated financial statements. I have also reviewed the separate financial information of Bangkok Dusit Medical Services Public Company Limited for the same period (collectively "the interim financial information"). Management is responsible for the preparation and presentation of this interim financial information in accordance with Thai Accounting Standard 34 Interim Financial Reporting. My responsibility is to express a conclusion on this interim financial information based on my review.

Scope of Review

I conducted my review in accordance with Thai Standard on Review Engagements 2410, Review of Interim Financial Information Performed by the Independent Auditor of the Entity. A review of interim financial information consists of making inquiries, primarily of persons responsible for financial and accounting matters, and applying analytical and other review procedures. A review is substantially less in scope than an audit conducted in accordance with Thai Standards on Auditing and consequently does not enable me to obtain assurance that I would become aware of all significant matters that might be identified in an audit. Accordingly, I do not express an audit opinion.

Conclusion

Based on my review, nothing has come to my attention that causes me to believe that the accompanying interim financial information is not prepared, in all material respects, in accordance with Thai Accounting Standard No. 34 Interim Financial Reporting.

Chawalit Chaluayampornbut

Certified Public Accountant (Thailand) No. 8881

EY Office Limited Bangkok: 13 August 2025

Consolidated financial statements Separate financial statements

		As at		As at		As at		As at
	Note	30 June 2025		31 December 2024		30 June 2025		31 December 2024
		(Unaudited		(Audited)		(Unaudited		(Audited)
		but reviewed)				but reviewed)
Assets
Current assets
Cash and cash equivalents		5,318,936		7,373,001		3,259,054		4,386,363
Trade and other current receivables	2, 3	11,480,301		11,906,469		2,504,512		2,582,850
Short-term loans to subsidiaries	3	-		-		1,923,163		1,960,408
Inventories		2,921,145		2,603,471		144,692		147,456
Current portion of
- Other non-current financial assets	4	22,998		25,253		-		7,256
- Long-term loans to subsidiaries	3	-		-		90,000		103,532
Other current financial assets		1,393,523		1,317,249		1,047		570
Other current assets		536,487		434,045		83,564		49,228
Total current assets		21,673,390		23,659,488		8,006,032		9,237,663
Non-current assets
Restricted financial institution deposits		164,850		164,833		160,000		160,000
Other non-current financial assets	4	1,606,858		1,374,725		790,102		914,726
Investments in associates	5	1,092,867		1,089,187		69,952		69,952
Investments in subsidiaries	6	-		-		65,607,033		64,876,217
Long-term loans to subsidiaries	3	-		-		112,500		223,468
Investment properties		636,561		410,127		1,068,379		1,038,423
Property, premises and equipment	7	95,039,177		93,849,030		13,509,702		13,542,022
Right-of-use assets	8	10,069,144		10,198,811		651,942		760,489
Goodwill		17,538,869		17,538,869		-		-
Intangible assets		2,460,081		2,273,719		1,109,966		972,867
Deferred tax assets		332,919		336,369		-		-
Other non-current assets		952,098		618,914		432,080		52,902
Total non-current assets		129,893,424		127,854,584		83,511,656		82,611,066
Total assets		151,566,814		151,514,072		91,517,688		91,848,729

The accompanying notes are an integral part of the financial statements.

Consolidated financial statements Separate financial statements

		As at		As at		As at		As at
	Note	30 June 2025		31 December 2024		30 June 2025		31 December 2024
		(Unaudited		(Audited)		(Unaudited		(Audited)
		but reviewed)				but reviewed)
Liabilities and shareholders' equity
Current liabilities
Short-term loan from financial institutions	9	2,500,000		2,500,000		2,500,000		2,500,000
Trade and other current payables	3	6,727,742		8,113,332		1,194,877		1,272,319
Accrued expenses		8,076,548		6,295,752		1,521,824		1,351,435
Current portion of long-term liabilities
- Liabilities under lease agreements		362,941		318,296		130,732		202,900
- Debentures	11	2,999,639		1,999,877		2,999,639		1,999,877
Short-term loans from subsidiaries	3	-		-		18,027,821		21,301,031
Income tax payable		1,569,337		1,444,808		270,570		151,857
Deferred income - membership due within
one year		186,405		190,080		98,064		99,136
Other current liabilities		866,399		1,151,441		147,154		305,107
Total current liabilities		23,289,011		22,013,586		26,890,681		29,183,662
Non-current liabilities
Long-term loans from financial insitutions	10	3,000,000		3,000,000		3,000,000		3,000,000
Liabilities under lease agreements		7,555,764		7,540,269		442,670		480,362
Debentures	11	-		2,999,457		-		2,999,457
Provision for life long medical care programs		2,631,123		2,466,881		2,406,800		2,244,471
Non-current provision for employee benefits		5,199,985		4,986,059		1,621,193		1,560,451
Deferred income - membership		453,475		464,295		153,542		120,236
Deferred tax liabilities		3,961,050		4,033,572		47,098		127,541
Other non-current financial liabilities	12	29,407		-		29,407		-
Other non-current liabilities		69,747		83,439		39,546		39,528
Total non-current liabilities		22,900,551		25,573,972		7,740,256		10,572,046
Total liabilities		46,189,562		47,587,558		34,630,937		39,755,708

The accompanying notes are an integral part of the financial statements.

Consolidated financial statements Separate financial statements

As at As at As at As at

30 June 2025 31 December 2024 30 June 2025 31 December 2024 (Unaudited (Audited) (Unaudited (Audited)

but reviewed) but reviewed)

Liabilities and shareholders' equity (continued) Shareholders' equity

Share capital Registered

17,582,235,672 ordinary shares of Baht 0.1 each 1,758,224 1,758,224 1,758,224 1,758,224

Issued and fully paid-up

15,892,001,895 ordinary shares of Baht 0.1 each 1,589,200		1,589,200		1,589,200		1,589,200
Premium on ordinary shares 30,166,103		30,166,103		30,103,179		30,103,179
Difference from shareholding restructure 305,000		305,000		-		-
Surplus investment over book value of subsidiaries (3,986,386) Retained earnings Appropriated - statutory reserve 175,822		(3,974,575) 175,822		- 175,822		- 175,822
Unappropriated 57,782,586		56,302,896		22,166,601		17,249,646
Other components of shareholders' equity 15,516,573		15,472,138		2,851,949		2,975,174
Equity attributable to owners of the Company 101,548,898		100,036,584		56,886,751		52,093,021
Non-controlling interests of the subsidiaries 3,828,354		3,889,930		-		-
Total shareholders' equity 105,377,252		103,926,514		56,886,751		52,093,021
Total liabilities and shareholders' equity 151,566,814		151,514,072		91,517,688		91,848,729
- The accompanying notes are an integral part of the financial statements.		-		-		-

Directors

(Unit: Thousand Baht except earnings per share expressed in Baht) Consolidated financial statements Separate financial statements

	Note	2025	2024	2025	2024
Revenues Revenues from hospital operations		25,699,382	24,693,735	4,422,690	4,116,060
Revenue from sales of goods Other income		1,028,041	1,009,939	-	-

27,915	23,315	8,222,156	9,895,204
406,247	353,943	411,825	431,999

Dividend income Others

Total other income		434,162	377,258	8,633,981	10,327,203
Total revenues		27,161,585	26,080,932	13,056,671	14,443,263
Expenses Cost of hospital operations and goods sold		17,335,359	16,663,609	2,856,114	2,696,289
Administrative expenses		5,323,324	5,145,916	1,261,518	1,196,592
Total expenses		22,658,683	21,809,525	4,117,632	3,892,881
Profit from operating activities Share of income from investments in associates	5	4,502,902 13,417	4,271,407 14,055	8,939,039 -	10,550,382 -
Finance income		33,618	47,462	43,939	47,493
Finance costs		(96,362)	(110,562)	(113,959)	(147,324)
Profit before income tax expense		4,453,575	4,222,362	8,869,019	10,450,551
Income tax expense		(835,549)	(756,081)	(76,038)	(18,042)
Profit for the periods		3,618,026	3,466,281	8,792,981	10,432,509

Profit attributable to:
Owners of the Company	3,489,918	3,334,868		8,792,981	10,432,509
Non-controlling interests of the subsidiaries	128,108	131,413
	3,618,026	3,466,281

Basic earnings per share	15
Profit attributable to owners of the Company		0.22	0.21	0.55	0.66

Weighted average number of ordinary shares (shares) 15,892,001,895 15,892,001,895 15,892,001,895 15,892,001,895

The accompanying notes are an integral part of the financial statements.

(Unit: Thousand Baht) Consolidated financial statements Separate financial statements

	2025	2024	2025	2024
Profits for the periods	3,618,026	3,466,281	8,792,981	10,432,509

Other comprehensive income:

Other comprehensive income to be reclassified to profit or loss in subsequent periods

Exchange differences on translation of

financial statements in foreign currencies	(107,628)	7,805	-	-
Gain on cash flow hedges - net of income tax	71,715	-	71,715	-
Net change in cost of hedging - net of income tax	(46,398)	-	(46,398)	-

Other comprehensive income to be reclassified

to profit or loss in subsequent periods - net of income tax (82,311) 7,805 25,317 -

Other comprehensive income not to be reclassified to profit or loss in subsequent periods

Gain (loss) on fair value adjustments of investments - net

of income tax (84,908) 24,168 (84,908) 24,168

Other comprehensive income not to be reclassified to

profit or loss in subsequent periods - net of income tax	(84,908)	24,168	(84,908)	24,168
Other comprehensive income for the periods	(167,219)	31,973	(59,591)	24,168

Total comprehensive income for the periods 3,450,807 3,498,254 8,733,390 10,456,677

Total comprehensive income attributable to:
Equity holders of the Company	3,330,920	3,378,818		8,733,390	10,456,677
Non-controlling interests of the subsidiaries	119,887	119,436
	3,450,807	3,498,254

The accompanying notes are an integral part of the financial statements.

(Unit: Thousand Baht except earnings per share expressed in Baht) Consolidated financial statements Separate financial statements

	Note	2025	2024	2025	2024
Revenues Revenues from hospital operations		52,777,374	50,219,390	8,927,806	8,386,653
Revenue from sales of goods Other income		2,033,976	2,093,249	-	-

37,365	32,465	9,942,132	10,557,405
774,864	674,592	871,263	867,121

Dividend income Others

Total other income		812,229	707,057		10,813,395	11,424,526
Total revenues		55,623,579	53,019,696		19,741,201	19,811,179
Expenses
Cost of hospital operations and goods sold		35,021,214	33,399,206		5,705,577	5,400,251
Administrative expenses		10,476,254	10,038,884		2,360,825	2,296,576
Total expenses		45,497,468	43,438,090		8,066,402	7,696,827
Profit from operating activities		10,126,111	9,581,606		11,674,799	12,114,352
Share of income from investments
in associates	5	32,005	26,905		-	-
Finance income		65,014	95,611		87,307	100,862
Finance costs		(193,480)	(223,104)		(237,913)	(307,222)
Profit before income tax expense		10,029,650	9,481,018		11,524,193	11,907,992
Income tax expense		(1,916,396)	(1,798,216)		(250,575)	(187,928)
Profit for the periods		8,113,254	7,682,802		11,273,618	11,720,064
Profit attributable to: Owners of the Company		7,836,353	7,408,370		11,273,618	11,720,064
Non-controlling interests of the subsidiaries		276,901	274,432
		8,113,254	7,682,802
Basic earnings per share Profit attributable to owners of the Company	15	0.49	0.47		0.71	0.74
Weighted average number of ordinary shares	(shares)	15,892,001,895	15,892,001,895		15,892,001,895	15,892,001,895

The accompanying notes are an integral part of the financial statements.

(Unit: Thousand Baht) Consolidated financial statements Separate financial statements

	2025	2024	2025	2024
Profit for the periods	8,113,254	7,682,802	11,273,618	11,720,064

Other comprehensive income:

Other comprehensive income to be reclassified to profit or loss in subsequent periods

Exchange differences on translation of

financial statements in foreign currencies	(102,959)	166,582	-	-
Gain on cash flow hedges - net of income tax	71,715	-	71,715	-
Net change in cost of hedging - net of income tax	(46,398)	-	(46,398)	-

Other comprehensive income to be reclassified to

profit or loss in subsequent periods - net of income tax (77,642) 166,582 25,317 -

Other comprehensive income not to be reclassified to profit or loss in subsequent periods

Gain (loss) on fair value adjustments of investments - net

of income tax 117,142 63,853 (148,542) 31,682

Other comprehensive income not to be reclassified to

profit or loss in subsequent periods - net of income tax	117,142	63,853	(148,542)	31,682
Other comprehensive income for the periods	39,500	230,435	(123,225)	31,682

Total comprehensive income for the periods 8,152,754 7,913,237 11,150,393 11,751,746

Total comprehensive income attributable to:
Equity holders of the Company	7,880,788	7,643,735		11,150,393	11,751,746
Non-controlling interests of the subsidiaries	271,966	269,502
	8,152,754	7,913,237

The accompanying notes are an integral part of the financial statements.

Bangkok Dusit Medical Services Public Company Limited and its subsidiaries Statement of changes in shareholders' equity

Surplus of

Retained earnings

Accumulated

Exchange differences on translation of

Total other

Total equity

Equity attributable to non-controlling

Issued and

Difference from

investment over

Appropriated-

fair value

Revaluation

financial

components of

attributable to

interest

Total

paid-up

Premium on

shareholding

book value of

statutory

adjustment

surplus on

statements in

shareholders'

owners of

of the

shareholders'

share capital

ordinary shares

restructure

subsidiaries

reserve Unappropriated

of investments

land

foreign currency

equity

the Company

subsidiaries

equity

For the six-month period ended 30 June 2025

Consolidated financial statements Equity attributable to owners of the Company

(Unit: Thousand Baht)

Balance as at 1 January 2024	1,589,200	30,166,103	305,000	(3,972,687)	175,822	51,998,845	216,085	14,938,136	25,339	15,179,560	95,441,843	3,649,390	99,091,233
Profit for the period	-	-	-	-	-	7,408,370	-	-	-	-	7,408,370	274,432	7,682,802
Other comprehensive income for the period	-	-	-	-	-	-	63,747	-	171,618	235,365	235,365	(4,930)	230,435
Total comprehensive income for the period	-	-	-	-	-	7,408,370	63,747	-	171,618	235,365	7,643,735	269,502	7,913,237
Dividend paid (Note 13)	-	-	-	-	-	(5,560,884)	-	-	-	-	(5,560,884)	-	(5,560,884)
Change in non-controlling interests of subsidiaries
- Additional purchase of investment in subsidiaries	-	-	-	(1,312)	-	-	-	-	-	-	(1,312)	(4,909)	(6,221)
- Additional payment in investment in subsidiaries	-	-	-	-	-	-	-	-	-	-	-	20,000	20,000
- Dividend paid (Note 13)of subsidiaries	-	-	-	-	-	-	-	-	-	-	-	(299,499)	(299,499)
Balance as at 30 June 2024	1,589,200	30,166,103	305,000	(3,973,999)	175,822	53,846,331	279,832	14,938,136	196,957	15,414,925	97,523,382	3,634,484	101,157,866

The accompanying notes are an integral part of the financial statements.

Other components of shareholders' equity Other comprehensive income

Bangkok Dusit Medical Services Public Company Limited and its subsidiaries Statement of changes in shareholders' equity (continued) For the six-month period ended 30 June 2025

Consolidated financial statements Equity attributable to owners of the Company

(Unit: Thousand Baht)

Other components of shareholders' equity Other comprehensive income

Exchange Equity

differences on attributable to

Surplus of Retained earnings Accumulated translation of Total other Total equity non-controlling

	Issued and paid-up share capital	Premium on ordinary shares	Difference from shareholding restructure	investment over book value of subsidiaries	Appropriated- statutory reserve	Unappropriated	fair value adjustment of investments	Revaluation surplus on land	financial statements in foreign currency	Cash flow hedges reserve	Cost of hedging reserve	components of shareholders' equity	attributable to owners of the Company	interest of the subsidiaries	Total shareholders' equity
Balance as at 1 January 2025	1,589,200	30,166,103	305,000	(3,974,575)	175,822	56,302,896	322,807	15,152,503	(3,172)	-	-	15,472,138	100,036,584	3,889,930	103,926,514
Profit for the period Other comprehensive income for the period	- -	- -	- -	- -	- -	7,836,353 -	-116,269	- -	-(97,151)	-71,715	-(46,398)	-44,435	7,836,353 44,435	276,901 (4,935)	8,113,254 39,500
Total comprehensive income for the period	-	-	-	-	-	7,836,353	116,269	-	(97,151)	71,715	(46,398)	44,435	7,880,788	271,966	8,152,754
Dividend paid (Note 13)	-	-	-	-	-	(6,356,663)	-	-	-	-	-	-	(6,356,663)	-	(6,356,663)
Change in non-controlling interests of subsidiaries - Additional purchase of investment in subsidiaries	-	-	-	(11,811)	-	-	-	-	-	-	-	-	(11,811)	(20,671)	(32,482)
- Dividend paid (Note 13)of subsidiaries	-	-	-	-	-	-	-	-	-	-	-	-	-	(312,871)	(312,871)
Balance as at 30 June 2025	1,589,200	30,166,103	305,000	(3,986,386)	175,822	57,782,586	439,076	15,152,503	(100,323)	71,715	(46,398)	15,516,573	101,548,898	3,828,354	105,377,252
	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-

The accompanying notes are an integral part of the financial statements.

Bangkok Dusit Medical Services Public Company Limited and its subsidiaries Statement of changes in shareholders' equity (continued) For the six-month period ended 30 June 2025

Separate financial statements

Other components of shareholders' equity Other comprehensive income

(Unit: Thousand Baht)

Retained earnings Accumulated Total other

Issued and Appropriated- fair value Revaluation components of Total paid-up Premium on statutory adjustment surplus on Cash flow hedges Cost of hedging shareholders' shareholders'

	share capital	ordinary shares	reserve	Unappropriated	of investments	land	reserve	reserve	equity	equity
Balance as at 1 January 2024	1,589,200	30,103,179	175,822	15,635,216	201,390	2,699,126	-		- 2,900,516	50,403,933
Profit for the period Other comprehensive income for the period	- -	- -	- -	11,720,064 -	-31,682	- -	- -	- -		-31,682	11,720,064 31,682
Total comprehensive income for the period	-	-	-	11,720,064	31,682	-	-		- 31,682	11,751,746
Dividend paid (Note 13)	-	-	-	(5,560,884)	-	-	-		- -	(5,560,884)
Balance as at 30 June 2024	1,589,200	30,103,179	175,822	21,794,396	233,072	2,699,126	-		- 2,932,198	56,594,795

Balance as at 1 January 2025	1,589,200	30,103,179	175,822	17,249,646	276,048	2,699,126	-	-	2,975,174	52,093,021
Profit for the period Other comprehensive income for the period	- -	- -	- -	11,273,618 -	-(148,542)	- -	-71,715	-(46,398)	-(123,225)	11,273,618 (123,225)
Total comprehensive income for the period	-	-	-	11,273,618	(148,542)	-	71,715	(46,398)	(123,225)	11,150,393
Dividend paid (Note 13)	-	-	-	(6,356,663)	-	-	-	-	-	(6,356,663)
Balance as at 30 June 2025	1,589,200	30,103,179	175,822	22,166,601	127,506	2,699,126	71,715	(46,398)	2,851,949	56,886,751
The accompanying notes are an integral part of the financial statements.	-	-	-	-	-	-	-	-	-	-

Cash flows from operating activities Profit before income tax expense	10,029,650	9,481,018	11,524,193	11,907,992
Adjustments to reconcile profit before income tax expense to net cash provided by (paid from) operating activities: Depreciation and amortisation	3,281,380	2,979,246	638,439	620,135
Write-off of assets	8,084	4,860	2,091	1,551
Gain from lease modification	(546)	(157)	-	(40)
Loss (reversal) on impairment of assets	(292)	(1,793)	-	377
Loss on diminution in value and written-off of withholding tax	1,186	6,531	16	-
Bad debt and expected credit losses	82,115	52,627	20,186	26,765
Allowance to reduce cost to net realisable value - inventories	7,170	14,319	766	544
Amortisation of deferred income - membership	(131,593)	(127,214)	(61,325)	(61,778)
Loss on fair value measurement of other financial assets	7,263	3,276	7,255	5,610
Share of income from investments in associates	(32,006)	(26,905)	-	-
Amortisation of debenture issuance fees	305	336	305	336
(Gain) loss on disposal of property, premises and equipment	(4,731)	7,565	(841)	(2,127)
(Gain) loss on foreign exchange	1,004	(11,544)	553	(9,793)
Provision for life long medical care programs	210,830	269,895	205,856	265,179
Non-current provision for employee benefit expenses	252,084	212,133	66,283	46,874
Finance income	(65,014)	(95,611)	(87,307)	(100,862)
Dividend income	(37,365)	(32,465)	(9,942,132)	(10,557,405)
Finance cost	193,480	223,104	237,913	307,222
Profit from operating activities before changes in operating assets and liabilities	13,803,004	12,959,221	2,612,251	2,450,580

The accompanying notes are an integral part of the financial statements.

Cash flows from operating activities (continued)

Decrease (increase) in operating assets
Trade and other current receivables	346,384	31,221	57,442	244,162
Inventories	109,493	187,837	1,998	13,700
Other current assets	(102,442)	(3,614)	(34,336)	(748)
Other non-current assets Increase (decrease) in operating liabilities	(368,945)	(31,306)	(379,177)	(5,096)
Trade and other current payables	(529,755)	(389,599)	(54,479)	7,645
Accrued expenses	1,784,639	2,080,882	183,454	190,933
Deferred income - membership	117,098	90,134	93,559	47,262
Other current liabilities	(295,045)	(264,206)	(158,014)	(149,247)
Provision for life long medical care programs	(46,588)	(43,087)	(43,527)	(40,156)
Non-current provision for employee benefits	(38,158)	(39,212)	(5,541)	(6,727)
Other non-current liabilities	(13,692)	29,523	18	1,753
Cash flow provided by operating activities	14,765,993	14,607,794	2,273,648	2,754,061
Cash received from finance income	62,677	79,789	88,017	100,815
Cash paid for finance cost	(136,473)	(192,537)	(240,347)	(328,059)
Cash received from tax refund	53,478	57,614	-	-
Cash paid for income tax expense	(1,906,453)	(2,087,346)	(181,516)	(272,517)
Net cash flow provided by operating activities	12,839,222	12,465,314	1,939,802	2,254,300

The accompanying notes are an integral part of the financial statements.

Cash flows from investing activities
Decrease (increase) in other current financial assets	(76,281)	548,039	(476)	(477)
Decrease (increase) in restricted financial institution deposits	(17)	2,837	-	-
Cash received from dividend income	65,691	57,959	9,942,132	10,467,165
Cash paid for purchase of investments in subsidiaries	-	-	(730,816)	(606,000)
Cash paid for purchase of other non-current financial assets	(35,647)	(139,320)	-	-
Cash received from disposal of other non-current
financial assets	6,000	14,000	-	-
Decrease in short-term loans to subsidiaries	-	-	37,245	54,455
Cash received from long-term loans to subsidiaries	-	-	123,947	52,312
Cash paid for purchase of investment properties	(13,153)	-	(360)	-
Cash received from disposal of property, premises
and equipment Cash paid for purchase of property, premises	15,755	22,952	2,797	3,158
and equipment	(5,531,697)	(4,561,779)	(539,933)	(378,271)
Cash paid for purchase of intangible assets	(356,956)	(470,915)	(148,597)	(250,062)
Net cash flow from (used in) investing activities	(5,926,305)	(4,526,227)	8,685,939	9,342,280

The accompanying notes are an integral part of the financial statements.

Cash flows from financing activities Decrease in short-term loans from subsidiaries	-	-	(3,273,210)	(4,071,402)
Cash paid for debentures redemption	(2,000,000)	(1,500,000)	(2,000,000)	(1,500,000)
Repayments of liabilities under lease agreements	(229,881)	(322,137)	(123,238)	(125,903)
Repayments of long-term loan from financial institution	-	(1,000,000)	-	(1,000,000)
Cash paid for purchase of investment in subsidiaries from non-controlling interests	(32,482)	(6,221)	-	-
Cash received from additional paid-up share capital from non-controlling interests of subsidiary	-	20,000	-	-
Dividend paid	(6,356,602)	(5,559,036)	(6,356,602)	(5,559,036)
Dividend paid by subsidiaries to non-controlling interests	(304,371)	(287,807)	-	-
Net cash flow used in financing activities	(8,923,336)	(8,655,201)	(11,753,050)	(12,256,341)
Exchange differences on translation	(43,194)	54,718	-	-
Effects of exchange rates on cash and cash equivalents	(452)	1,752	-	-
Net decrease in cash and cash equivalents	(2,054,065)	(659,644)	(1,127,309)	(659,761)
Cash and cash equivalents at beginning of periods	7,373,001	7,794,833	4,386,363	4,474,444
Cash and cash equivalents at end of periods	5,318,936	7,135,189	3,259,054	3,814,683
Supplemental cash flows information:	-	-	-	-
Non-cash items: Increase in right-of-use assets	74,161	66,973	2,747	7,815
Decrease in accounts payable - property, premises, equipment and intangible assets and retention	(855,628)	(278,075)	(22,963)	(67,576)
Increase in dividend receivable	-	-	-	(90,240)
Increase in dividend payable	8,560	13,540	60	1,848

The accompanying notes are an integral part of the financial statements.

Bangkok Dusit Medical Services Public Company Limited and its subsidiaries Condensed notes to interim financial statements For the three-month and six-month periods ended 30 June 2025

1. General information
   1. Basis for the preparation of interim financial statements

      This interim financial statements are prepared in accordance with Thai Accounting Standard 34 Interim Financial Reporting, with the Company presenting condensed interim financial statements. The Company has presented the statements of financial position, income, comprehensive income, changes in shareholders' equity, and cash flows in the same format as that used for the annual financial statements and has presented notes to the interim financial statements on a condensed basis.

      The interim financial statements are intended to provide information additional to that included in the latest annual financial statements. Accordingly, they focus on new activities, events and circumstances so as not to duplicate information previously reported. These interim financial statements should therefore be read in conjunction with the latest annual financial statements.

      The interim financial statements in Thai language are the official statutory financial statements of the Company. The interim financial statements in English language have been translated from the Thai language interim financial statements.

   2. Basis of consolidation

      These interim consolidated financial statements include the financial statements of Bangkok Dusit Medical Services Public Company Limited and its subsidiaries ("the Group") and have been prepared on the same basis as that applied for the consolidated financial statements for the year ended 31 December 2024. There have been changes in the structure of the subsidiaries during the current period as discussed in Note 6 to the financial statements.

   3. Significant accounting policies

      The interim financial statements are prepared using the same accounting policies and methods of computation as were used for the financial statements for the year ended 31 December 2024 except the accounting policy for embedded derivatives and hedge accounting which the Group applied for the financial statements in current period as follows:

      Embedded derivatives

      A derivative embedded in a hybrid contract, with a sales-purchase agreement that is a nonfinancial host, is separated from the host, measured at fair value with changes in fair value recognised in profit or loss and accounted for as a separate derivative if:

      • the economic characteristics and risks are not closely related to the host;

      • a separate instrument with the same terms as the embedded derivative would meet the definition of a derivative; and

      • the hybrid contract is not measured at FVTPL.

      Reassessment only occurs if there is either a change in the terms of the contract that significantly modifies the cash flows that would otherwise be required or a reclassification of a financial asset out of the FVTPL category.

      Hedge accounting

      For the purpose of hedge accounting, the Group classified their hedges as cash flow hedges when hedging the exposure to a variability in cash flows that is either attributable to a particular risk associated with a recognised asset or liability or a highly probable forecast transaction or the foreign currency risk in an unrecognised firm commitment.

      At the inception of a hedging relationship, the Group formally designates and documents the hedging relationship to which it wishes to apply hedge accounting and the risk management objective and strategy for undertaking the hedge.

      The documentation, at the inception of the hedge and on an ongoing basis, includes identification of the hedging instrument, the hedged item, the nature of the risk being hedged and how the Group will assess whether the hedging relationship meets the hedge effectiveness requirements, including analysis of the sources of hedge ineffectiveness and how the hedge ratio is determined.

      A hedging relationship qualifies for hedge accounting if it meets all of the following hedge effectiveness requirements:

      • There is 'an economic relationship' between the hedged item and the hedging instrument.

      • The effect of credit risk is not the dominant factor in the value changes that result from that economic relationship.

      • The hedge ratio of the hedging relationship is the same as that resulting from the quantity of the hedged item that the Group actually hedges and the quantity of the hedging instrument that the Group actually uses to hedge that quantity of hedged item.

      Hedges that meet all of the qualifying criteria for hedge accounting are accounted for, as described below:

      Cash flow hedges

      The effective portion of the gain or loss on the hedging instrument is recognised in other comprehensive income in the cash flow hedge reserve, while any ineffective portion is recognised immediately in profit or loss. The cash flow hedge reserve is adjusted to the lower (in absolute amounts) of the cumulative gain or loss on the hedging instrument and the cumulative change in fair value of the hedged item.

      The way cash flow hedge reserve accumulated in other comprehensive income are subsequently accounted for, depends on the nature of the underlying hedged transaction. If the hedged transaction subsequently results in the recognition of a non-financial item, the reserve accumulated in equity is removed from the separate component of equity and included in the initial cost or other carrying amount of the hedged asset or liability. This is not a reclassification adjustment and is not recognised in other comprehensive income for the period.

      If cash flow hedge accounting is discontinued, the cash flow hedge reserve accumulated in other comprehensive income must remain in equity if the hedged future cash flows are still expected to occur. Otherwise, the reserve will be immediately reclassified to profit or loss as a reclassification adjustment. After discontinuation, once the hedged cash flow occurs, the way the reserve remaining in equity is accounted for depends on the nature of the underlying transaction as described above.

      The Group designates only the intrinsic value of the options and the financial instrument excluding the foreign currency basis spread as a hedging instrument. The change in fair value of the time value of the options and the foreign currency basis spread of financial instrument that relates to the hedged item is separately accounted for as a cost of hedging which is recognised in other comprehensive income and accumulated in a separate component of equity under cost of hedging reserve.

      Due to the hedged item is transaction-related and non-financial item, the accumulated cost of hedging reserve is removed directly from equity and included in the initial carrying amount of the recognised non-financial item. Furthermore, if the Group expects that some or all of the loss accumulated in cost of hedging reserve will not be recovered in the future, that amount is immediately reclassified to profit or loss.

      The revised financial reporting standards which are effective for fiscal years beginning on or after 1 January 2025, do not have any significant impact on the Group's financial statements.

2. Trade and other current receivables

   Trade and other current receivables as at 30 June 2025 and 31 December 2024 consist of the following:

   	30 June		31 December		30 June		31 December
   	2025		2024		2025		2024
   Trade receivables - related parties	5,434		4,843		28,764		34,506
   Trade receivables - unrelated parties - net	11,140,031		11,606,479		2,226,708		2,238,418
   Other current receivables - related parties	2,486		1,306		225,265		278,606
   Other current receivables - unrelated parties - net	332,350		293,841		23,775		31,320
   Total trade and other current receivables - net	11,480,301		11,906,469		2,504,512		2,582,850

   Consolidated financial statements

   (Unit: Thousand Baht)

   Separate financial statements

   As at 30 June 2025 and 31 December 2024, the aging analysis of the outstanding trade receivables is as follows:

   	30 June		31 December		30 June		31 December
   	2025		2024		2025		2024
   Related parties
   Undue	3,583		3,542		19,345		23,680
   Not over 3 months	1,782		1,301		9,112		10,781
   3 - 6 months	69		-		307		31
   6 -12 months	-		-		-		14
   Total trade receivables - related parties	5,434		4,843		28,764		34,506
   Unrelated parties
   Undue	6,011,481		6,051,791		821,158		840,361
   Not over 3 months	3,387,841		3,907,952		745,169		824,965
   3 - 6 months	1,072,147		862,512		421,810		235,741
   6 - 12 months	510,630		651,973		176,011		292,776
   Over 12 months	732,411		626,445		210,476		172,305
   Total trade receivables - unrelated parties	11,714,510		12,100,673		2,374,624		2,366,148
   Less: Allowance for expected credit losses	(574,479)		(494,194)		(147,916)		(127,730)
   Total trade receivables - unrelated parties - net	11,140,031		11,606,479		2,226,708		2,238,418
   Total trade receivables - net	11,145,465		11,611,322		2,255,472		2,272,924

   Consolidated financial statements

   (Unit: Thousand Baht)

   Separate financial statements

3. Related party transactions

   During the periods, the Group had significant business transactions with individuals or related parties, which have been concluded on commercial terms and bases agreed upon between the Company and those related parties. There were no significant changes in the transfer pricing policy of transactions with related parties during the current period.

   The significant intercompany transactions are as follows:

   (Unit: Million Baht)

   For the three-month periods ended 30 June

   	2025		2024		2025		2024
   Associates
   Revenues from hospital operations and laboratory services	0.1		-		-		-
   Revenues from sales and other income	0.7		0.2		-		-
   Costs of goods and services	10.1		6.1		1.9		0.7
   Subsidiaries
   Revenues from hospital operations and laboratory services	-		-		50.9		41.6
   Consulting and management fee income	-		-		313.2		320.4
   Finance income	-		-		23.4		22.7
   Dividend income	-		-		8,199.3		9,875.9
   Other income	-		-		46.6		45.4
   Costs of goods and services	-		-		259.3		225.3
   Consulting and management fee expenses	-		-		73.4		66.6
   Other expenses	-		-		25.7		17.9
   Finance costs	-		-		40.7		60.2
   Individuals or related companies
   Revenues from hospital operations and laboratory services	10.5		7.5		1.3		1.6
   Dividend income	22.2		18.1		22.2		18.1
   Other income	6.8		5.1		4.0		4.0
   Costs of goods and services	43.6		41.5		34.9		35.8
   Consulting and management fee expenses	0.7		0.8		-		-
   Other expenses	37.9		60.9		22.1		48.4

   Consolidated financial statements

   Separate financial statements

   (Unit: Million Baht) For the six-month periods ended 30 June

   	2025		2024		2025		2024
   Associates Revenues from hospital operations and laboratory services	0.1		0.1		-		-
   Revenues from sales and other income	1.2		0.8		-		-
   Costs of goods and services	26.2		10.4		3.8		1.0
   Subsidiaries Revenues from hospital operations and laboratory services	-		-		106.3		93.1
   Consulting and management fee income	-		-		645.5		652.8
   Finance income	-		-		48.6		45.7
   Dividend income	-		-		9,909.8		10,528.9
   Other income	-		-		113.8		89.6
   Costs of goods and services	-		-		515.9		451.5
   Consulting and management fee expenses	-		-		147.1		133.6
   Other expenses	-		-		44.4		38.2
   Finance costs	-		-		92.7		130.2
   Individuals or related companies Revenues from hospital operations and laboratory services	20.4		17.1		2.5		3.4
   Dividend income	31.7		27.2		31.7		27.2
   Other income	12.5		9.8		7.8		7.7
   Costs of goods and services	91.1		82.2		72.0		70.9
   Consulting and management fee expenses	1.5		1.5		-		-
   Other expenses	70.9		107.4		44.7		85.8

   Consolidated financial statements

   Separate financial statements

   The outstanding balances of the above transactions as at 30 June 2025 and 31 December 2024 have been separately shown in the statement of financial position as follows:

   		30 June		31 December			30 June		31 December
   		2025		2024			2025		2024
   Trade receivables - related parties (Note 2)
   Associates		706		314			-		-
   Subsidiaries		-		-			28,221		33,079
   Related companies		4,728		4,529			543		1,427
   Total trade receivables - related parties		5,434		4,843			28,764		34,506
   Other current receivables - related parties (Note 2) Consulting and management fee receivable
   Subsidiaries		-			-		112,909			118,042
   Total		-			-		112,909			118,042
   Accrued dividend, interest income and others
   Subsidiaries		-			-		111,261			159,436
   Related companies		2,486			1,306		1,095			1,128
   Total		2,486			1,306		112,356			160,564
   Total other current receivables - related parties		2,486			1,306		225,265			278,606
   Other non-current assets - related parties
   Subsidiaries		-			-		7,576			7,576
   Related companies		4,704			4,913		-			-
   Total other non-current assets - related parties		4,704			4,913		7,576			7,576

   Consolidated financial statements

   (Unit: Thousand Baht)

   Separate financial statements

   		30 June		31 December				30 June		31 December
   		2025		2024				2025		2024
   Trade payables - related parties
   Associates		10,986		10,487				1,827		1,460
   Subsidiaries		-		-				99,464		104,238
   Related companies		14,710		16,757				8,328		9,904
   Total trade payables - related parties		25,696		27,244				109,619		115,602
   Other current payables - related parties
   Subsidiaries		-		-				89,665		101,534
   Related companies		1,648		22,523				9,215		26,510
   Total other current payables - related parties		1,648		22,523				98,880		128,044
   Accrued interest expenses - related parties
   Subsidiaries		-		-				9,632		18,853
   Total accrued interest expenses - related parties		-		-				9,632		18,853
   Liabilities under lease agreements - related parties
   A subsidiary		-			-			70,603			141,016
   Related companies		35,529			41,482			2,324			3,808
   Total liabilities under lease agreements -related parties		35,529			41,482			72,927			144,824
   Other non-current liabilities - related parties
   Subsidiaries		-			-			15,838			15,390
   Related companies		1,174			1,224			1,174			1,224
   Total other non-current liabilities - related parties		1,174			1,224			17,012			16,614

   Consolidated financial statements

   (Unit: Thousand Baht)

   Separate financial statements

   Movement of loans to and loans from subsidiaries during the period are summarised as follows:

   31 December 2024		Increase	Decrease	30 June 2025
   Short-term loans to subsidiaries	1,960,408	185,537	(222,782)	1,923,163
   Long-term loans to subsidiaries	327,000	-	(124,500)	202,500
   Short-term loans from subsidiaries	21,301,031	1,620,889	(4,894,099)	18,027,821

   (Unit: Thousand Baht) Separate financial statements

   Short-term and long-term loans to subsidiaries and short-term loans from subsidiaries

   The Company has entered into agreements to provide short-term loans and long-term loans with terms of 3 - 8 years to subsidiaries. The loans bear interest at MLR minus fixed rate per annum, SOFR plus fixed rate per annum and fixed rate as stipulated in the agreement. The interest is payable on a monthly basis while principal is repayable on the basis as stipulated in the agreements.

   The Company has entered into short-term loans agreements from its subsidiaries. The loans bear interest at fixed deposit rate. The interest is payable on a monthly basis while principal is repayable on the basis as stipulated in the agreements.

   Guarantee obligations with subsidiaries

   As at 30 June 2025, the Company has guaranteed overdraft facility amounting to USD 2 million (31 December 2024: USD 2 million) for overseas subsidiaries.

   Directors and management's benefits

   During the periods, directors and management's benefit of the Group are as below.

   (Unit: Million Baht) For the three-month periods ended 30 June

   	2025		2024		2025		2024
   Short-term employee benefits	153.6		154.9		134.0		124.6
   Post-employment benefits	1.4		0.4		1.4		0.4
   Total	155.0		155.3		135.3		125.0

   Consolidated financial statements

   Separate financial statements

   (Unit: Million Baht) For the six-month periods ended 30 June

   	2025		2024		2025		2024
   Short-term employee benefits	190.8		187.4		169.5		155.5
   Post-employment benefits	2.7		0.8		2.7		0.8
   Total	193.5		188.2		172.2		156.3

   Consolidated financial statements

   Separate financial statements

   Apart from short-term employee benefits, executive management also receives medical benefits according to the Company policy, the same with employees of the Company. External Directors, referring to directors who are not an employee or management according to the employment agreement, receive the amounts of Baht 3 million per person per year for their medical treatment expenditures which can be employed only at Bangkok Hospital and other network hospitals.

4. Other non-current financial assets

   Other non-current financial assets as at 30 June 2025 and 31 December 2024 consist of the following:

   	30 June		31 December		30 June		31 December
   	2025		2024		2025		2024
   Investments in equity instruments
   (measured at fair value through other
   comprehensive income)
   - Equity instruments in listed equity securities	689,998		875,675		689,998		875,675
   - Equity instruments in unquoted equity
   securities Investments in debt instruments	753,346		391,242		39,051		39,051
   - Measured at amortised cost	88,639	88,985		-		-
   - Measured at fair value through profit or loss	36,820	36,820		-		-
   Derivative asset
   - Interest rate swap contract	-		7,256		-		7,256
   - Embedded derivatives	61,053		-		61,053		-
   Total	1,629,856		1,399,978		790,102		921,982
   Less: Current portion
   - Investments in debt instruments	(22,998)		(17,997)		-		-
   - Derivative asset	-		(7,256)		-		(7,256)
   Total	(22,998)		(25,253)		-		(7,256)
   Total other non-current financial assets	1,606,858		1,374,725		790,102		914,726

   Consolidated financial statements

   (Unit: Thousand Baht)

   Separate financial statements

5. Investments in associates

   Details of share of profit from investments in associates

   (Unit: Thousand Baht)

   Consolidated financial statements

   For the six-month periods ended

   Associate held by the Company

   Udon Pattana (1994) Co., Ltd. (held by the Company at 15.26% and

   30 June

   2025

   30 June

   2024

   indirectly held by a subsidiary at 9.86%) 2,504 3,320

   Associate held by the subsidiaries

   General Hospital Products Public Co., Ltd. 29,501 23,585 Total 32,005 26,905

6. Investments in subsidiaries

   During the period, the movements of investments in subsidiaries are as follows:

   Additional

   % Shareholding of the Group

   		investments		30 June		31 December
   Company's name		(Million Baht)		2025		2024
   Held by the Company Bangkok Hospital Khao Yai Co., Ltd.		730.0		100.00		100.00
   Prasit Patana Public Co., Ltd.		0.8		98.63		98.63
   Held by the subsidiaries Samawat Health Co., Ltd.		40.0		78.35		78.35
   Phyathai Sriracha Hospital Public Co., Ltd.		21.7		78.10		77.85
   Samitivej Sriracha Co., Ltd.		10.0		70.16		69.83

7. Property, premises and equipment

   Movement of the property, premises and equipment during the six-month period ended 30 June 2025 are summarised below.

   (Unit: Thousand Baht)

   Consolidated financial statements

   Separate financial statements

   Net book value as at 31 December 2024 93,849,030 13,542,022

   Purchase 4,616,953 441,162

   Capitalized interest 28,252 -

   Transfer out (531,493) (31,515)

   Disposals and write-offs (15,587) (4,047)

   Depreciation for the period (2,841,583) (437,920) Translation adjustment (66,395) -Net book value as at 30 June 2025 95,039,177 13,509,702

8. Right-of-use assets

   Movements of right-of-use assets during the six-month period ended 30 June 2025 are summarised below.

   (Unit: Thousand Baht)

   	Consolidated financial		Separate financial
   	statements		statements
   Net book value as at 31 December 2024	10,198,811		760,489
   Increase	74,160		2,747
   Lease modification	67,302		-
   Transfer out	(53,306)		-
   Decrease	(8,297)		-
   Depreciation for the period	(209,275)		(111,294)
   Translation adjustment	(251)		-
   Net book value as at 30 June 2025	10,069,144		651,942

9. Short-term loans from financial institutions
   1. Short-term loans from financial institutions

      As at 30 June 2025, the Company had outstanding balances of short-term loans from financial institutions in the form of promissory notes of Baht 2,500 million. The loans carry interest at a fixed rate payable in accordance with conditions as stipulated in the agreement. The short-term loans principals were repaid in July 2025.

      As at 31 December 2024, the Company had outstanding balances of short-term loans from financial institutions in the form of promissory notes of Baht 2,500 million. The loans carry interest at a fixed rate payable in accordance with conditions as stipulated in the agreement. The short-term loans principals were repaid in January 2025.

   2. Undrawn down credit facilities

      As at 30 June 2025, undrawn down credit facilities from financial institutions are as follows;

      Consolidated financial statements

      Separate financial statements

      Thai Baht Baht 17,382 million Baht 17,086 million

      US Dollar USD 2 million -

10. Long-term loans from financial institutions

(Unit: Thousand Baht)

Consolidated/ Separate financial statements

Balance as at 31 December 2024 and 30 June 2025 3,000,000

The loan agreements contain certain covenants which, among other things, require the Company to maintain financial ratio.