Primaya Hospital Group (PRAY) delivered a strong performance in the third quarter of 2025, marking a significant rebound in profitability and operational volumes. The quarter’s results highlight the impact of ongoing cost-efficiency initiatives, improved patient mix, and continued execution of the Group’s expansion strategy. Management remains confident in meeting full-year guidance, supported by strong YTD growth and newly added capacities.
PRAY reported 3Q25 revenue of IDR 652.1 billion, representing +16.6% QoQ and +23.6% YoY growth, bringing 9M25 revenue to IDR 1,754.1 billion.
EBITDA surged to IDR 181.8 billion, up +48.3% QoQ and +41.7% YoY, resulting in a 27.2% EBITDA margin—a notable improvement from 22.9% in 2Q25 and 23.2% in 3Q24. This margin expansion was driven by early benefits from cost-saving initiatives, including pharmacy margin optimization and inpatient service cost efficiencies, alongside margin improvements in the Group’s newer hospitals and business units.
Reflecting growing investor confidence, PRAY’s share price increased from IDR 605 at the beginning of the quarter to IDR 725 by quarter-end, representing a 20% gain and outperforming the broader market trend.
Operationally, inpatient days rose to 101,454, an increase of +10.4% QoQ and +15.5% YoY, while outpatient visits reached 489,000, up +14.0% QoQ and +9.5% YoY. Bed occupancy improved to 50.0%, from 45.8% in 2Q25 and 48.1% in 3Q24, reflecting stronger utilization rates. The improvement was mainly driven by recovering volumes from insurance payors, which rebounded in 3Q25 after a soft first half, and continued growth from the corporate payor segment.
On the expansion front, Primaya Hospital Kelapa Gading commenced operations with its Soft Launch on 17 October 2025. The facility is expected to ramp up throughout the remainder of 2025 and contribute meaningfully in 2026. Construction of Primaya Hospital BSD continues on schedule, with operations targeted for 2Q26.
During the quarter, PRAY also completed several strategic acquisitions, including PT Lynas Medical, a medical distributor expected to generate strong synergies with the hospital network, and—through PT Jalamas Putra Rejeki—the acquisitions of Ukrida Hospital (West Jakarta) and FMC Hospital (Bogor). With these additions, Primaya Hospital Group now operates 20 hospitals nationwide, reinforcing its commitment to delivering high-quality healthcare across Indonesia.
From a regulatory and market standpoint, there were no significant BPJS policy changes during the quarter. The private insurance segment showed strong recovery, particularly in inpatient volumes, supported by ongoing collaboration and relationship strengthening with insurance partners. Broader macroeconomic conditions remained stable, with healthcare demand showing resilience amid steady consumer confidence and gradual normalization of insurance claims behavior.
As of September 2025, capex realization stood at 58.5% of the Group’s IDR 900 billion full-year budget, with full utilization expected by year-end. Management reaffirmed its FY25 guidance, remaining on track to achieve 15% revenue growth and 20% EBITDA growth, supported by 13.4% revenue growth YTD and 20.5% EBITDA growth YTD. PRAY anticipates a strong finish in 4Q25, underpinned by continued inpatient recovery, cost-efficiency momentum, and initial contributions from the Group’s latest hospital openings and acquisitions.
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