Medikalpark reported a net profit of TL1.62bn in 3Q25, slightly above market expectations of TL1.57bn (3Q24: TL2.8bn). It should be noted that the y/y decline in bottom line in 3Q25 was due to a one-off net negative goodwill income and an increase in deferred tax expense.
Top-line remained flat y/y... Sales revenues were flat y/y at TL13.6bn in 3Q25, supported by the private health insurance segment. During the same period, domestic hospital revenues increased by 1.4% y/y backed by both increased traffic and rising average prices, while the private health insurance segment recorded the highest growth. As a reminder, Turkish Medical Association (TMA) price tariff was increased by 20% effective from January, 2025. In June, the TMA price tariff was increased by an additional 20%, effective as of July 1, 2025. Foreign medical tourism revenue was down 17% y/y in 3Q25 due to a decline in patient numbers and an increase in domestic unit prices, compared to the TL losing less value against the USD. - On August 25, 2025, a hospital operating in Istanbul was acquired, and its bed capacity was updated to 157 as of September 16, 2025. On September 9, 2025, the 300-bed İstinye University Liv Hospital Topkapı was opened. Acquisition negotiations for the Private Gaziosmanpasa Hospital (403-bed capacity) resumed on September 16, 2025. Additionally, hospital operations in Dubai, UAE, were terminated.-. Revenues from other ancillary business lines, which have a very small share in total revenues, increased by 37% y/y during this period due to the rise in management consulting revenues generated from university hospitals. Gross profit reached TL3.98bn in 3Q25, up by 2% y/y. Also, EBITDA increased by 14% y/y to TL3.99bn, above the consensus by 10%, thanks to lower operating expenses and higher depreciation. The company recorded a net financial expense of TL435mn in 3Q25 (3Q24: -TL455mn). In the same period, inflation accounting resulted in a net monetary gain of TL417mn (3Q24: -TL186mn).
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