Foundation Healthcare Holdings reported revenue of 129.2 million Singapore dollars for the six months ended Jun, 30 2026, an increase of 20.2 % from the prior-year period, supported mainly by its specialist segment, which contributed 125.7 million Singapore dollars, or 97 % of total revenue.
Adjusted EBITDA was stable at 39.8 million Singapore dollars, though the margin narrowed to 31 % from 37 % a year earlier, as the company stepped up spending on new specialists, additional clinics, medical-centre refurbishments and head-office hires. Adjusted profit after tax declined 17.4 % to 16.1 million Singapore dollars, mirroring the EBITDA margin contraction.
Adjusted free cash flow edged up 1.7 % to 30.6 million Singapore dollars, underscoring what management described as the group’s “cash-generative” profile. Foundation said the moderation in margins was intentional and linked to capacity expansion initiatives; it expects profitability ratios to improve as revenue scales in the second half of 2026.
During the period, the company grew its specialist pool to 108 from 67 at end-Dec 2025 and confirmed four more specialists for the second half, bringing the total to 112. Its network now spans 75 clinics across 16 specialty areas. Acquisition activity, paused during the IPO process, is slated to resume, with several targets in advanced discussions for completion in 2H 2026 and beyond.
Foundation’s two refurbished day-surgery centres in Novena and Orchard are now fully operational, and the group plans further medical-centre expansion in Singapore, Malaysia and Hong Kong. The proprietary AVA tech platform has been deployed across all private and public hospitals in Singapore, with additional workflow modules under development.
Management reiterated four capital-allocation priorities: selective acquisitions, growth capex for medical-centre expansion, balance-sheet optimisation (including potential loan refinancing after interest-rate swaps mature in 2026) and, eventually, shareholder returns once growth investments are met.