Quarterly Performance Metrics
| Metric | 2Q26 | QoQ Growth | YoY Growth |
|---|---|---|---|
| Revenue (IDR Bn) | 744.3 | +8.1% | +34.7% |
| EBITDA (IDR Bn) | 158.7 | +14.4% | +33.1% |
| IP Days | 123,663 | +4.7% | +23.6% |
| OP Visits | 555,294 | +7.3% | +29.6% |
| BOR | 48.7% | +2.7pp | +2.9pp |
| Operational Beds | 2,794 | — | +16.3% |
2Q26 Financial Performance
PRAY reported 2Q26 revenue of IDR 744.3 billion, representing growth of +34.7% YoY and +8.1% QoQ. EBITDA reached IDR 158.7 billion, up +33.1% YoY and +14.4% QoQ. On a H1 basis, cumulative revenue grew approximately +30.4% YoY, well ahead of the FY26 guidance range of 15–20%.
H1 EBITDA growth of approximately +27.0% YoY remains on track against the FY26 guidance of 20–25%. The sequential margin improvement to ~21.3% reflects operating leverage, cost efficiency initiatives, and contributions from newer hospitals.
Operational Metrics
Inpatient days grew +23.6% YoY to 123,663, while outpatient visits rose +29.6% YoY to 555,294. BOR improved to 48.7%, up from 46.0% in 1Q26 and 45.8% in 2Q25, indicating continued utilization gains across an expanded bed base of approximately 2,794 operational beds.
Payor mix remained broadly stable at approximately 45% BPJS and 55% Non-BPJS on a revenue basis, reflecting the Group's healthy diversification across government-insured and private-pay patients.
Strategic Developments & "Becoming More Premium"
Construction of Primaya Hospital BSD is approximately 70% complete, on track for a Q4 2026 opening. Primaya Hospital PGI Cikini's new building has completed construction, with full operations expected in September 2026. Primadialisis Solusindo, PRAY's newly established hemodialysis services unit, has commenced operations across several hospitals.
On the clinical front, robotic-assisted procedures are advancing, and PRAY is developing an internal AI Hub focused on non-clinical applications while progressing with its JCI accreditation.
Balance Sheet & Outlook
As of June 2026, Interest Coverage stood at 2.44x, DER at 0.8x, Current Ratio at 1.57x, and Quick Ratio at 1.49x. Capex realization stands at approximately 30% of the IDR 900 billion FY26 budget, reflecting management's deliberate prioritization of high-return items.
Management remains cautiously optimistic on FY26 performance. Key drivers for H2 include the continued ramp-up of recently added facilities, the phased opening of new hospitals, and sustained growth in non-BPJS patient volumes.
