Foundation Healthcare Holdings Ltd (FHH) reported adjusted profit after tax of S$16.1 million for the six months ended Jun 30, down 17.4 % year-on-year, even as revenue climbed 20.2 % to S$129.2 million, lifted primarily by continued expansion of its specialist network and contributions from recently acquired practices.
The company did not disclose earnings per share and declared no interim dividend for the period. Adjusted EBITDA came in broadly flat at S$39.8 million, translating to a margin of 30.8 %, 6.5 percentage points lower YoY as the group stepped up spending to add capacity ahead of anticipated demand.
Specialist services remained the main engine of growth, generating S$125.7 million in revenue, 20 % higher YoY. The network expanded to 108 specialists at end-June—and to 112 in July—while free cash flow edged up 1.7 % to S$30.6 million. FHH closed the half with S$72.8 million in cash, underpinning plans for further acquisitions and facility upgrades.
Earnings faced pressure from higher operating expenses linked to the launch of FAC Novena in February, a full refurbishment of FAC Orchard from March to June, and the opening of four additional clinics. These investments, together with corporate capability build-outs, trimmed profitability but are expected to deliver operating leverage as utilisation ramps up.
During the half, FHH paused mergers and acquisitions to focus on its IPO process but resumed development activities in early 2H2026. Management is targeting accelerated deal flow, additional specialist hires and increased throughput at the refurbished FAC Orchard and recently opened FAC Novena. The group is also progressing entry into Malaysia and Hong Kong, leveraging insurer partnerships to seed early demand.
Chief executive officer Liaw Yit Ming said the first-half showing underscores the scalability of the platform. He attributed the top-line momentum to organic patient growth and recent practice integrations, while acknowledging that deliberate front-loaded spending compressed margins. Liaw indicated that operating leverage should improve once the new facilities mature and further specialists join.
Looking ahead, FHH expects Singapore’s ageing demographics and chronic-disease burden to support sustained demand for specialist and ambulatory care. The company will prioritise selective acquisitions, specialist recruitment, and broader deployment of its AVA digital platform to deepen ties with insurers and primary-care providers, aiming to lift patient volumes and expand its regional footprint.