PRAY 3Q26 Result Review: Continued Growth Amid Macroeconomic Uncertainty, Margin Recovering Sequentially

Financial Performance

Revenue in 3Q26 reached IDR 806.8 billion, up +23.7% YoY and +8.8% QoQ. YoY growth moderated slightly from the prior quarter against a higher 3Q25 base, while sequential growth remained healthy. Outpatient revenue grew +33.3% YoY and inpatient revenue grew +16.0% YoY.

EBITDA was IDR 195.9 billion, up +22.3% QoQ and +7.7% YoY, with an EBITDA margin of 24.3% (2.7pp higher than 2Q26 and 2.9pp lower than the 27.2% recorded in 3Q25). The sequential improvement was driven by the ramp-up of newer hospitals and business units and continued efficiencies at existing units. Net profit was IDR 62.4 billion, up +79.1% QoQ and 14.2% below 3Q25, a quarter supported by a 27.2% EBITDA margin.

On a cumulative basis, 9M26 revenue reached IDR 2,239.5 billion, up +27.7% YoY and well ahead of the FY26 guidance of 15–20%. 9M26 EBITDA grew +20.8% YoY to IDR 518.7 billion, within the 20–25% guidance range.

Operational Performance

Inpatient days reached 131,052, up +29.2% YoY and +6.0% QoQ. Outpatient visits reached 604,363, up +23.6% YoY and +8.8% QoQ. Bed Occupancy Rate (BOR) improved to 51.7%, from 48.7% in 2Q26 and 50.0% in 3Q25, across 2,818 operational beds in 20 hospitals, which leaves ample room for further growth within the existing network.

Non-BPJS patients continued to grow in contribution, representing 55.9% of revenue (55.0% in 2Q26).

Strategic Update

PRAY continues to execute its “Becoming More Premium” strategy while keeping its projects on course amid external conditions.

• Primaya Hospital PGI Cikini: operations have fully moved into the new building as of September 2026, as planned.
• Primaya Hospital BSD: construction is approximately 90% complete. The opening is now expected in January 2027 (previously Q4 2026), reflecting timeline adjustments amid prevailing external conditions.
• Hospital integration: FMC Hospital turned EBITDA-positive in 3Q26, and Ukrida Hospital is projected to be EBITDA-positive by 4Q26.
• Healthcare ecosystem: Primadialisis Solusindo, the Group’s hemodialysis company, is ramping up and now serves more than half of Primaya hospitals.
• Milestones: Primaya marked its 20th anniversary in August 2026, having served more than 16 million patients over two decades, and hosted Primaya Fair 2026 on 23–27 September at AEON Mall BSD City.

Financial Position

As of 30 September 2026, Interest Coverage stood at 2.71x, Debt-to-Equity Ratio (DER) at 0.52x, Current Ratio at 1.66x and Quick Ratio at 1.28x. Cash and cash equivalents were IDR 520.3 billion against interest-bearing debt (including lease liabilities) of IDR 2,065.2 billion. Capex realization reached approximately 55% of the IDR 900 billion FY26 budget, and management continues to prioritize spending carefully.

PRAY’s share price moved from IDR 655 at the start of the quarter to IDR 740 at quarter-end, a gain of 13.0%.

Outlook

FY26 guidance is unchanged at revenue growth of 15–20% and EBITDA growth of 20–25%. With 9M revenue growth well ahead of the range and EBITDA growth within it, management remains cautiously optimistic. Heading into 4Q26, the key drivers are the full operation of the new PGI Cikini building, the continued ramp-up of FMC and Ukrida hospitals, and sustained growth in non-BPJS volumes. The Group will remain disciplined on cost and capital spending.

PRAY enters the final quarter of 2026 with volume momentum intact and a disciplined approach to cost and capital.