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TNH Hospital Group (TNH VN) – Q1 2026 Earnings – Hospital Expansion Drives Long-Term Healthcare Growth
Summary of FY 2025 results and outlook of TNH Hospital Group (TNH VN)
Board changes better aligned with cost optimization and operational execution Mr. Hoang Tuyen stepped down as Chairperson and remained a Board advisor, leveraging his 14 years of hospital operating experience, while the new Chairwoman’s finance background reflects TNH’s focus on capital efficiency and profitability. New Board member Mr. Jorge Martin Martinez, former Country Head of DKSH Vietnam with extensive board advisory experience in Vietnam healthcare companies, adds international best practices and deep operating experience to support hospital network optimization.
Restructuring progressed into hospital-level execution: As the hospital network expanded, TNH needed greater standardization across hospitals. Building on the strengthened organizational foundation, the company is translating the restructuring agenda into practical hospital-level initiatives, including tighter procurement review and stricter operating expense control. TNH is also working with healthcare professionals from Vietnam hospital chains to refine patient pathways, creating a more connected care journey that improves patient experience, supports cross-service utilization and lifts revenue per patient
Q1/2026 Results & Outlook
Net revenue rose 25.7% y/y to VND117bn, mainly driven by VYGH (+131.8% y/y) from a low Q1/2025 base, as utilization improved on stronger local brand awareness and broader insured patient access. The pharmacy business, launched in Q3/2025 and contributing 9.6% of total revenue, also supported growth, while TIGH and PYGH recorded a modest recovery (+4.2% y/y). On the cost side, expenses remained high as TNH continued to invest in staffing for upcoming projects, including Lang Son GH and the Maternity Center, while average salary levels also rose to remain competitive with public hospitals after recent public-sector salary reform. Medical supply costs and restructuring-related expenses further contributed to the cost base. Financial expenses rose 30.3% y/y to VND14bn, reflecting higher interest rates. Overall, TNH recorded a net loss of VND46.3bn.
Long-term Outlook: For the last 9M/2026, we forecast net revenue to increase 64.3% y/y, driven by new contributions from Lang Son GH and the Maternity Center in 2H2026, higher utilization at VYGH, and continued recovery at the Thai Nguyen hospitals. The initial ramp-up of Lang Son GH and the Maternity Center, alongside continued losses at VYGH before reaching breakeven utilization, is expected to result in a FY2026 net loss of VND70bn. Over the medium term, rising income and healthcare spending continually support demand for private hospitals with better service quality and modern facilities, especially in Tier-2 cities where private hospital presence remains limited. Against this backdrop, we expect VYGH and Lang Son GH to turn profitable in 2027 and 2028, respectively, supported by higher utilization, improved operating efficiency, and rising revenue per patient. By 2030F, we forecast EBITDA of VND605bn and net profit of VND326bn.
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