Key Highlights

• Revenue grew 1.8% to S$765.3 million  

• PATMI for 2H 2025 and FY2025 improved 21.7% and 13.4% respectively  

• Diluted earnings per share increased 14.1% to 3.81 cents  

• Continued healthy cash position of S$310.8 million  

• Proposed final dividend of 3.0 cents per share, at 84% payout ratio on  sustainable Group PATMI

RafflesMedicalGroup Delivers  22% PATMI Growth to $38.5 million in 2H2025 

Singapore, 23 February 2026 – RafflesMedicalGroup (RMG or the Group) delivered strong growth  in the second half of 2025, with Profit After Tax and Minority Interests (PATMI) rising 22% to S$38.5  million for 2H2025, compared to S$31.6 million in 2H2024.  

For FY2025, PATMI increased 13.4% to S$70.6 million, driven by improved performance from the  Hospital Services and Insurance businesses, as well as fair value gains on investment properties.  

Group revenue for FY2025 rose 1.8% year-on-year to S$765.3 million, underpinned by higher  patient volumes, improved average bill sizes and operational efficiencies.  

The strong results reflect disciplined operational execution across the Group’s businesses and  continued momentum in China.  The Hospital Services Division delivered strong growth, with revenue increasing 3.5% year-on-year  to S$357.8 million and profit rising 15.3% to S$41.1 million. Performance was supported by steady  patient volumes, higher bill sizes, and operational efficiencies across both Singapore and China.  

The Healthcare Services Division generated revenue of S$285.9 million, with profitability remaining  broadly stable. Together, these results demonstrate the Group’s ability to translate operational  improvements into sustained earnings growth, particularly in the second half of the year.  

The RafflesHospital brand continued to gain recognition among patients in China, reinforcing its  position as a trusted provider of quality healthcare. RafflesChinaHealthcare contributed positively  to the Group’s performance, with revenue increasing 2.3% to CNY359.4 million (S$65.4 million) in  FY2025, from CNY351.3 million (S$65.3 million) in FY2024.  Earlier cost efficiency initiatives have improved bottomline, while strategic partnerships with  Shanghai’s Renji Hospital and Chongqing’s First Affiliated Hospital continue to strengthen the  integration of our international standards with local expertise to provide high quality patient care.  

These initiatives position RafflesChinaHealthcare for sustainable growth and a growing  contribution to the Group’s overall results.

RafflesHealthinsurance (RHI) recorded revenue growth of 4.1%, increasing from S$178.0 million  in FY2024 to S$185.2 million in FY2025, driven by contract repricing and new contracts. Disciplined  claims management and prudent expense control underpinned improved profitability, reflecting a  50.6% improvement compared to FY2024, despite a higher-cost insurance environment.  

The Group generated operating cash flows of S$101.3 million in FY2025. Its balance sheet remained  strong, with S$310.8 million in cash and cash equivalents as at 31 December 2025, providing  flexibility to support strategic growth initiatives while continuing to return value to shareholders.  

During FY2025, the Group undertook share buybacks and acquisitions of minority interests,  reinforcing its financial position while balancing growth investments with shareholder returns. For  FY2025, the Board has proposed a final core dividend of 3.0 cents per share, representing  approximately 84% of sustainable Group PATMI. 

Business Updates  

 Positioned for Demographic Shifts in Singapore and China  

Singapore and China both face demographic challenges of ageing populations and declining  birth rates. The Group operates in both geographies and we will respond to these trends and  grow services that are in demand.  

 Commitment to Caring Across Generations and Regional Expansion  

The Group is celebrating its 50th anniversary of caring this year. We resolve to continue  serving our patients, corporate clients with the same compassion, commitment, excellence,  through our teamwork of physicians, nurses and healthcare managers, adding value to the  lives of our patients.  

We will expand and grow our depth and breadth of services in the 14 cities of Asia where we  operate now. We are continually exploring and evaluating earnings-accretive businesses and  assets in the Asia Pacific.  

The RafflesHealthyLongevityCentre, scheduled to open in Q1 2026, is a physician-led,  multidisciplinary service focused on helping individuals achieve healthier, longer lives.  Through advanced diagnostics and evidence-based therapies, the Centre will provide  personalised and preventive care tailored to each individual’s health profile.

 Technology Adoption and Innovative Care Delivery  

Globally, technological and social changes are gathering momentum. We will monitor these  changes closely. We intend to be early adopters of appropriate AI applications in healthcare,  both to improve efficiencies as well as to transform care and service delivery.  

 Proactive Response to Regulatory Changes  

In Singapore, rising insurance premiums and private healthcare costs have prompted the  Ministry of Health to introduce a higher co-payment cap to a minimum of S$6,000. RHI will  launch a new rider, that complies with the new regulations. The change is not expected to  have a significant impact to RHI’s financials, demonstrating the Group’s ability to adapt  efficiently to regulatory developments.  

 Delivering Integrated Healthcare Solutions  

Amidst evolving patient needs and rising healthcare costs, RMG is well-positioned as an  integrated healthcare provider, delivering end-to-end healthcare and insurance solutions to  individuals and corporates.

Based on the current conditions and barring unforeseen circumstances, the Board is optimistic that  the Group will remain profitable in FY2026.  

“This year, we celebrate 50 years of RafflesMedicalGroup, a milestone that, together with our  strong performance in 2025, is a testament to the strength of our foundations, the trust earned  through generations of patient care, and our pledge to give our patients our very best. We are ready  to enter our next phase of growth, anchored in our strengths and our commitment to excellence and  value creation,” said Dr Loo Choon Yong, Executive Chairman, RafflesMedicalGroup.  

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For media queries, please contact  

Joanna Lee (Ms) 

Senior Manager, Corporate Communications  

Raffles Medical Group  

Email: lee_joanna@rafflesmedical.com