Healthlead Public Company Limited · SET:HL
Healthlead Public — FY2025 Earnings Presentation
56 slides from Healthlead Public's earnings presentation, Feb 27, 2026
Slide 1: Financial Performance 2025 - Opportunity Day
Financial Performance 2025 OPPORTUNITY DAY 27 FEBRUARY 2026
Slide 2: Contents
CONTENTS Group Structure Business Overview Industry Overview Future Project Financial Highlights Q&A 2
Slide 3: Group Structure
GROUP STRUCTURE
Slide 4: Group Structure
GROUP STRUCTURE Holding company Registered Capital : 136 million Baht Paid-up Capital : 136 million Baht 100.00% 100.00% Pharmacy retailer Developer and distributor of health products Registered Capital : 165 million Baht Registered Capital : 35 million Baht Paid-up Capital : 165 million Baht Paid-u
Slide 5: Business Overview
BUSINESS OVERVIEW
Slide 6: Business Model
BUSINESS MODEL Pharmacy retailer selling medicines, medical supplies, Co-operate with research institutes to develop medical equipment, supplements, cosmeceutical, personal and distribute innovative and health-related care items, medical supplies and equipment, medical food products. and all health-
Slide 7: Our Pharmacy
BUSINESS MODEL: Icare Health Co., Ltd. Our Pharmacy We are one-stop shop for health and wellness. We offer comprehensive range of health products to meet your needs. Dedicated to your well-being, we are your trusted source for quality medications and supplies. Our knowledgeable pharmacists are avail
Slide 8: Business Model: Icare Health Co., Ltd.
BUSINESS MODEL: Icare Health Co., Ltd. Medicines & Personal Healthcare Home Healthcare Medical Foods Supplements Prescription and over-the- Cosmeceuticals, skincare, A comprehensive selection of Medical foods are specially counter medications, from hair care and other personal medical supplies and f
Slide 9: Our Commitment to Quality
BUSINESS MODEL: Icare Health Co., Ltd. Our Commitment to Quality Sourcing 1 We source products from reputable manufacturers with a proven track record of quality and safety. Inspection 2 Every incoming shipment undergoes rigorous inspection to ensure it meets our high standards. Storage 3 Our pharma
Slide 10: Business Model: Our Brands
BUSINESS MODEL: Our Brands • Community pharmacy • Professional pharmacy • Discount drug store • Lifestyle pharmacy • Neighborhood area • Suburban residential area • Locate near leading • Leading shopping mall medical school • Locate in intense competition area 10
Slide 11: Current Branches: Icare Health Co., Ltd.
CURRENT BRANCHES: Icare Health Co., Ltd. 1. Thotsakan Intersection 11. La Salle 23. Foody Farm Soi Phra Ngoen 2. Save Center 12. Ratchayothin 24. Caltex Si Saman 3. Sai 2 Market 13. Susco Ekkachai 101 25. Ramkhamhaeng 59 4. Prachaniwet 1 14. Susco Phutta Bucha 26. Village Hub Pracha Uthit 90 5. Seri
Slide 12: Current Branches: Icare Health Co., Ltd.
CURRENT BRANCHES: Icare Health Co., Ltd. 1. Pradit Manutham 14. Thonglor 13 26. Jas Green Village Prawet 2. Chamchuri Square 15. Seacon Srinakarin 27. Golden Place Rama 9 3. Pure Place Ramkhamhaeng 110 16. Ratchapruek 28. Nirvana Porch Krungthep Kreetha 4. Nuan Chan Road 17. Boonthavorn Suvarnabhumi
Slide 13: Current Branches: Icare Health Co., Ltd.
CURRENT BRANCHES: Icare Health Co., Ltd. 1. Superdrug Thepcharoen 2. Superdrug Makro Charansanitwong 3. Superdrug Hospital for Tropical Diseases Remark : Data as of 20 February 2026 13
Slide 14: Branch Location: Icare Health Co., Ltd.
BRANCH LOCATION: Icare Health Co., Ltd. Remark : Data as of 20 February 2026 14
Slide 15: Branch Location: Community Mall / Market
BRANCH LOCATION: Icare Health Co., Ltd. Community Mall / Market 1. Seri Market Rama 9 14. Thanya Market Aom Yai 48 2. Save Center 15. Foody Farm Soi Phra Ngoen 3. Saenee Market Phet Kasem 28 16. Caltex Si Saman 4. Saenee Food Market Phet Kasem 56 17. Village Hub Pracha Uthit 90 5. Victoria Gardens P
Slide 16: Branch Location: Icare Health Co., Ltd.
BRANCH LOCATION: Icare Health Co., Ltd. 48 22. Pure Place, Ramkhamhaeng 110 35. Golden Place Rama 9 23. The Jas Wanghin 36. Nirvana Porch Krungthep Kreetha 24. The Nine Rama 9 37. Park Bang Na 25. Food Villa Ratchaphruek 38. Jas Green Villege Ramkhamhang 26. The Crystal Ekamai – Raminthra 39. The Sp
Slide 17: Branch Location: Stand Alone
BRANCH LOCATION: Icare Health Co., Ltd. Stand Alone 12 1. Thotsakan Intersection 2. Sai 2 Market 3. Prachaniwet 1 9. Pradit Manutham 4. Trio Phutthamonthon Sai 3 10. Nuan Chan Road 5. La Salle 11. Thonglor 13 6. Tha It Nonthaburi 12. Ratchapruek 7. Lat Phrao 136 8. Ramkhamhaeng 59 Remark : Data as o
Slide 18: Branch Location: Shopping Mall / Hypermarket
BRANCH LOCATION: Icare Health Co., Ltd. Shopping Mall / Hypermarket 11 2. Chamchuri Square 3. The Street Ratchada 4. Fashion Island 5. Lotus Lad Krabang 1. Lotus Nong Chok 6. Robinson Lat Krabang 7. Seacon Srinakarin 8. Paradise Park G Floor 9. Paradise Park 3rd Floor 10. The Mall Bang Khae Remark :
Slide 19: Branch Location: Icare Health Co., Ltd.
BRANCH LOCATION: Icare Health Co., Ltd. 1 1. Hospital for Tropical Diseases Remark : Data as of 20 February 2026 19
Slide 20: Business Model: Healthiness Co., Ltd.
BUSINESS MODEL: Healthiness Co., Ltd. Supplement Products Sanitizing Products / Odor Eliminator / Medical Mask Herbal Personal Care / Herbal Personal Hygiene Products / Herbal Products 20
Slide 21: Products: Healthiness Co., Ltd.
PRODUCTS: Healthiness Co., Ltd. 21
Slide 22: Rewards: Healthlead PCL.
REWARDS: HEALTHLEAD PCL. Best Innovative Company Awards : Business Excellence Company listed on mai Innovation : BESUTO12 PLUS Hand Cleansing Wash Outstanding Deal Awards : Business Excellence Capital market fund raising deal (Offering size up to 3 bn THB) (Corporate) 22
Slide 23: Rewards: Healthiness Co., Ltd.
REWARDS: Healthiness Co., Ltd. 23
Slide 24: Rewards: Healthiness Co., Ltd.
REWARDS: Healthiness Co., Ltd. 24
Slide 25: Rewards: Healthiness Co., Ltd.
REWARDS: Healthiness Co., Ltd. 25
Slide 26: Rewards: Healthiness Co., Ltd.
REWARDS: Healthiness Co., Ltd. 26
Slide 27: Events & Activities: Raising Healthy and Safe Children at SISB
EVENTS & ACTIVITIES: HEALTHLEAD Raising Healthy and Safe Children at SISB 27
Slide 28: Events & Activities: Promote E-tax, E-receipt
EVENTS & ACTIVITIES: Icare Health Co., Ltd. • ChangTrixGet facebook • PT Max card member • J point member • J point member Promote E-tax, E-receipt 28
Slide 29: Events & Activities: Icare Health Co., Ltd.
EVENTS & ACTIVITIES: Icare Health Co., Ltd. • “Chujai Wai Kao 60+” on 30 January 2025 at the Ministry of Commerce • Participated in promoting the government’s economic stimulus policy by supporting the provision of 10,000 baht to over 3 million elderly individuals aged 60 and above. 29
Slide 30: Events & Activities: Pharmax Academic Conference
EVENTS & ACTIVITIES: Icare Health Co., Ltd. “Pharmax” Academic Conference 30
Slide 31: Events & Activities: CSR Project - Healthy City
EVENTS & ACTIVITIES: Icare Health Co., Ltd. CSR Project – HEALTHY CITY 31
Slide 32: Events & Activities: Healthiness Co., Ltd.
EVENTS & ACTIVITIES: Healthiness Co., Ltd. 32
Slide 33: Events & Activities: Thailand Herbal Expo 2025
EVENTS & ACTIVITIES: Healthiness Co., Ltd. Thailand Herbal Expo 2025 33
Slide 34: Events & Activities: MEDICA 2025 Dusseldorf
EVENTS & ACTIVITIES: Healthiness Co., Ltd. MEDICA 2025 @ Dusseldorf Germany (17-20 November 2025) 34
Slide 35: Industry Overview
INDUSTRY OVERVIEW Part III Industry Overview
Slide 36: Domestic Healthcare Expenditure
INDUSTRY OVERVIEW Domestic Healthcare Expenditure • Krungsri Research estimated healthcare sales value to grow by 6.0–6.5% in 2024, in line with Kasikorn Research Center’s forecast of 6% growth. • For 9M2024, Krungsri Research reported a 6.5% YoY increase in domestic healthcare sales. • Domestic hea
Slide 37: Number of Drug Stores (Type: Khor Yor 1)
INDUSTRY OVERVIEW Number of Drug Stores (Type: Khor Yor 1) • In 2025, the total number of modern drugstores nationwide reached 19,206, reflecting a marginal increase of 0.42% YOY. • Drugstores located outside Bangkok totaled 15,801, up 0.66% YOY. • In contrast, the number of drugstores in Bangkok de
Slide 38: Estimated Number of Elderly with Dependency Conditions
INDUSTRY OVERVIEW Estimated Number of Elderly with Dependency Conditions • According to Department of Health, Thailand is rapidly becoming an aging society, with the proportion of elderly exceeding 10% of the total population since 2021. By 2035, the elderly population is expected to reach 28% of th
Slide 39: Future Project
FUTURE PROJECTS Part IV Future Project
Slide 40: Future Projects & Estimated Investment
FUTURE PROJECTS & ESTIMATED INVESTMENT Expanding Healthiness’ Product Diversifying Distribution Channels Portfolio Healthiness collaborates with leading health and wellness Healthiness will be expanding its reach beyond HL Group professionals such as NSTDA and CuPharTech. We aim to through strategic
Slide 41: Target of 14 New Stores, Estimated CAPEX per Store
FUTURE PROJECTS & ESTIMATED INVESTMENT Target of 14 New Stores Estimated CAPEX per Store We aim to open 14 new stores per year in the Bangkok and Size S Size M Size L vicinity over the next few years. ~ 80 M2 80-150 M2 150-300 M2 This aggressive expansion will significantly expand our presence in th
Slide 42: Business Operation 2025 & Plan 2026
BUSINESS OPERATION 2025 & PLAN 2026 1. My park Ramkhamhaeng 154 1 branch signed contract / 5. Lotus Rama4 reservation agreement 2. Branch Kaset-Nawamin (open 21 1. Bangchak Chaengwatthana 6. Susco Square Pinklao Feb 2026) 5 new branches 1Q25 2Q25 3Q25 4Q25 1Q26 2Q26 3Q26 4Q26 7. Bang Chak Ekkamai-Ra
Slide 43: Business Operation 2025 & Plan 2026
BUSINESS OPERATION 2025 & PLAN 2026 4. Q Brightening Essence 5. Q Anti-Hair Loss Intensive Serum 6. Q Facial Gentle Foam 7. Q Anti-Hair Loss Intensive Shampoo for Woman 1. PRIME ASTA-NZ COMPLEX 30S 8. Q Daily Moisture Boday Lotion 2. PRIME MG NITE 30S 1Q25 2Q25 3Q25 4Q25 1Q26 1. Q Mouth Spray 2. Q N
Slide 44: Financial Highlights
FINANCIAL HIGHLIGHTS
Slide 45: Sales Breakdown by Categories - Quarter 4/2025
SALES BREAKDOWN BY CATEGORIES – Quarter 4/2025 Q4/2025 Q4/2024 Q3/2025 YOY QOQ Total Revenue from Sales MN THB % MN THB % MN THB % MN THB % MN THB % Revenues from Professional healthcare 400.09 70.80 361.99 68.75 381.83 69.98 38.10 10.52 18.26 4.78 Revenues from Home healthcare 67.03 11.86 67.84 12.
Slide 46: Sales Breakdown by Categories - Year Ended 2025
SALES BREAKDOWN BY CATEGORIES – YEAR ENDED 2025 2023 2024 2025 YOY MN THB % MN THB % MN THB % MN THB % Revenues from Professional healthcare 1,129.30 69.05 1,361.91 68.88 1,542.60 69.21 180.68 13.27 Revenues from Home healthcare 246.19 15.05 271.72 13.74 289.15 12.97 17.43 6.41 Revenues from Persona
Slide 47: Sales by Distribution Channels - Quarter 4/2025
SALES BY DISTRIBUTION CHANNELS – Quarter 4/2025 Q4/2025 Q4/2024 Q3/2025 YoY QoQ Distribution Channels MN THB % MN THB % MN THB % MN THB % MN THB % Revenue from Retail Sales 560.51 99.18 521.56 99.06 540.82 99.12 38.95 7.47 19.69 3.64 Revenue from Wholesales 4.61 0.82 4.97 0.94 4.82 0.88 -0.36 -7.26
Slide 48: Sales by Distribution Channels - Year Ended 2025
SALES BY DISTRIBUTION CHANNELS – YEAR ENDED 2025 2023 2024 2025 YoY MN THB % MN THB % MN THB % MN THB % Revenue from retail sales 1,612.14 98.57 1,956.56 98.96 2,209.37 99.13 252.81 12.92 Revenue from wholesales 23.44 1.43 20.53 1.04 19.48 0.87 -1.05 -5.10 Total Revenue from Sales 1,635.58 100.00 1,
Slide 49: Group Performance - Quarter 4/2025
GROUP PERFORMANCE – Quarter 4/2025 TOTAL REVENUES OTHER REVENUES NET PROFIT 577,317,419 THB 12,198,836 THB 27,831,004 THB 7.12% YOY -1.56% YOY -10.79% YOY GROSS MARGIN EBITDA MARGIN NET MARGIN 26.31% 11.08% 4.82% 10.04% YOY 3.19% YOY -10.79% YOY (Amount Changes) (Amount Changes) (Amount Changes) 49
Slide 50: Group Performance - Year Ended 2025
GROUP PERFORMANCE – YEAR ENDED 2025 TOTAL REVENUES OTHER REVENUES NET PROFIT 2,269,919,910 THB 41,068,376 THB 77,860,465 THB 12.49% YOY 19.55% YOY -0.52% YOY GROSS MARGIN EBITDA MARGIN NET MARGIN 24.34% 9.15% 3.43% 16.71% YOY 11.03% YOY -0.52% YOY (Amount Changes) (Amount Changes) (Amount Changes) 5
Slide 51: Group Performance - Quarter 4/2025
GROUP PERFORMANCE – Quarter 4/2025 Q4/2025 Distribution Costs DISTRIBUTION COSTS TO REVENUE FROM SALES 17.89% 12.46% YOY (Amount Changes) Q4/2025 Administrative Expenses ADMINISTRATIVE EXPENSES TO TOTAL REVENUES 3.93% 8.49% YOY (Amount Changes) 51
Slide 52: Group Performance - Year Ended 2025
GROUP PERFORMANCE – YEAR ENDED 2025 YE 2025 Distribution Costs DISTRIBUTION COSTS TO REVENUE FROM SALES 17.55% 20.33% YOY (Amount Changes) YE 2025 Administrative Expenses ADMINISTRATIVE EXPENSES TO TOTAL REVENUES 3.95% 5.55% YOY (Amount Changes) 52
Slide 53: Group Performance
GROUP PERFORMANCE Liquidity Ratios (X) Return on Asset (%) Debt to Equity Ratio (X) Return on Equity (%) Remark: ROA = Trailing-12-month net profit, to average total assets ROE = Trailing-12-month net profit, to average total shareholders’ equity 53
Slide 54: Group Performance
GROUP PERFORMANCE EBIT Margin (%) Inventory Days EBITDA Margin (%) Account Payable Days 54
Slide 55: Others: Same Store Sales Growth
OTHERS Same Store Sales Growth Details YE2023 YE2024 YE2025 Q4 2024 Q3 2025 Q4 2025 Same Store Sales Growth (SSSG) -2.4% 10.2% 5.70% 6.1% 3.4% 4.6% Sales / Ticket (All branches) 483 467 461 457 460 457 Tickets / Day (All branches) 9,143 11,437 13,135 12,394 12,766 13,340 Remark : Data as of 20 Febru
Slide 56: Q&A
Q&A
Healthlead Public Company — FY2025 Earnings Presentation on 6ix