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TNH Hospital Group (TNH VN) – FY 2025 Earnings – Governance Upgrade and New Hospitals Shape Outlook
Summary of FY 2025 results and outlook of TNH Hospital Group (TNH VN)
Comprehensive restructuring under the new Board: Since taking office in June 2025, the new Board has initiated a governance upgrade and strategic realignment aimed at strengthening organizational discipline and restoring execution focus. Key measures included formalizing oversight structures, enhancing financial control and transparency, and reinforcing senior leadership across core functions. In parallel, the Company pivoted from expansion-led growth toward a more profit-oriented strategy, concentrating capital and management resources on improving operational efficiency, tightening cost control, and enhancing patient acquisition at existing hospitals. TNH also broadened its service portfolio and deepened partnerships with insurance providers to support patient volume growth.
Building on this foundation, further actions were implemented in the 4th quarter to reinforce financial discipline and long-term alignment. The CFO transition at end-2025 strengthens financial oversight and aligns leadership with the Company’s next phase of development.
2025 Results & Outlook
Net revenue rose 14.9% y/y to VND506bn, driven by the ramp-up of VYGH’s (in Bac Ninh), which offset softer performance at TIGH and YBGH in Thai Nguyen. Revenue at TIGH and YBGH declined 0.9% y/y to VND425bn due to lower outpatient visits in the first half, though the second half saw notable improvement supported by a shift toward higher-value treatments and a higher outpatient-to-inpatient conversion rate. VYGH became eligible to serve national insurance patients from July 2025, improving patient accessibility and accelerating revenue to VND61bn in FY2025. TNH recorded a net loss of VND95bn, mainly reflecting early-stage losses at VYGH and higher staffing costs at the Thai Nguyen hospitals.
Long-term Outlook: In 2026F, restructuring measures are expected to take fuller effect, supporting improved performance at existing hospitals. However, as Lang Son GH commences operations, initial operating losses from the new facility are likely to weigh on earnings, with Group profit projected to remain only slightly above breakeven. VYGH and Lang Son GH is expected to turn profitable in 2027F, while the Maternity Center, once operational, should enhance profitability at TIGH by improving service mix and utilization. Over the longer term, Group net profit is forecast to gradually increase as the four-hospital network reaches normalized operations.
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