Broker Name: Maybank Research Pte Ltd
Date of Report: February 23, 2026

Excerpt from Maybank Research Pte Ltd report.

Report Summary:

• Raffles Medical Group reported strong 2H25 earnings, driven by hospital services growth and disciplined cost control, with a final dividend payout above its policy. The company is projecting improved profits for FY26–27 and expects its China operations to achieve EBITDA breakeven by end-2026.
• RMG continues its expansion through strategic partnerships in China, opening new facilities like the Raffles Healthy Longevity Centre, and maintaining robust ESG performance with established sustainability targets.

Above is an excerpt from a report by Maybank Research Pte Ltd. Clients of Maybank Research Pte Ltd can be the first to access the full report from the Maybank website: www.maybank.com/investment-banking