Healthlead Public Company Limited · SET:HL
Healthlead Public — Q3 2025 Earnings Presentation
50 slides from Healthlead Public's earnings presentation, Nov 11, 2025
Slide 1: Opportunity Day Financial Performance 3Q25
Opportunity Day Financial Performance Healthlead Public Company Limited 3Q25 November 11, 2025 1
Slide 2: Table of content
Table of content 1 Group Structure 4 Future Project 2 Business Overview 5 Financial Highlights 3 Industry Overview 6 Q&A 2
Slide 3: Group Structure
1 Group Structure 3
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
2 Business Overview 5
Slide 6: Business Overview
Business Overview ICARE HEALTH CO., LTD. HEALTHINESS CO., LTD. Pharmacy retailer selling medicines, Co-operate with research institutes to medical supplies, medical equipment, develop and distribute innovative and supplements, cosmeceutical, personal health-related products. care items, medical supp
Slide 7: ICARE HEALTH CO., LTD.
Business Overview 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 av
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 We currently have 3 brands under ICARE HEALTH CO., LTD. iCare, Pharmax, and SuperDrug. • Community pharmacy • Professional pharmacy • Discount drug store • Neighborhood area • Suburban residential area • Locate near leading medical school • Locate in intense competition ar
Slide 11: Current Branches: Icare Health Co., Ltd.
CURRENT BRANCHES: Icare Health Co., Ltd. 1. Thotsakan Intersection 10. Thanommit Market 20. Tha It Nonthaburi 2. Save Center Watcharapol 21. Thanya Market Aom Yai 3. Sai 2 Market 11. La Salle 22. Lat Phrao 136 4. Prachaniwet 1 12. Ratchayothin 23. Foody Farm Soi Phra Ngoen 5. Seri Market Rama 9 13.
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: Superdrug branches
1. Superdrug Thepcharoen 2. Superdrug Makro 3. Superdrug Hospital for Charansanitwong Tropical Diseases Remark : Data as of November 11, 2025 Remark : Vitamin Club was closed on April 2025 13
Slide 14: Branch Location: Icare Health Co., Ltd.
BRANCH LOCATION: Icare Health Co., Ltd. Remark : Data as of November 11, 2025 14
Slide 15: Community Mall / Market
BRANCH LOCATION: Icare Health Co., Ltd. Community Mall / Market 45 1. Seri Market Rama 9 14. Thanya Market Aom Yai 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: Community Mall / Market
BRANCH LOCATION: Icare Health Co., Ltd. Community Mall / Market 45 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 Ekama
Slide 17: 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: Shopping Mall / Hypermarket Hospital
BRANCH LOCATION: Icare Health Co., Ltd. Shopping Mall / Hypermarket Hospital 11 1 2. Chamchuri Square 3. The Street Ratchada 4. Fashion Island 5. Lotus Lad Krabang 6. Robinson Lat Krabang 1. Superdrug Hospital for 1. Lotus Nong Chok 7. Seacon Srinakarin Tropical Diseases 8. Paradise Park G Floor 9.
Slide 19: 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 19
Slide 20: Products: Healthiness Co., Ltd.
PRODUCTS: Healthiness Co., Ltd. 20
Slide 21: 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) 21
Slide 22: Rewards: Healthiness Co., Ltd.
REWARDS: Healthiness Co., Ltd. 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: CSR Project: Healthy City Run Around the Town
CSR Project : Icare Health Co., Ltd. Healthy City Run Around the Town Source : Bangkok Metropolitan Administration General Hospital’s facebook page, dated as of October 5, 2025 https://www.facebook.com/story.php?story_fbid=122175685220485700&id=61564571010118&rdid=CVCTZrwuEGIZzDsw# 27
Slide 27: Events & Activities: Icare Health Co., Ltd.
EVENTS & ACTIVITIES: Icare Health Co., Ltd. 28
Slide 28: The 18th Anniversary Pharmax Academic Conference
EVENTS & ACTIVITIES: Icare Health Co., Ltd. The 18th Anniversary Pharmax Academic Conference • The Group hosted "iCare: The Leader in Primary Care" academic conference on August 17, 2025. The event was attended by over 150 pharmacists. The goal was to enhance skills in patient assessment, medicine d
Slide 29: Raising Healthy and Safe Children at SISB
EVENTS & ACTIVITIES: Healthlead PLC. Raising Healthy and Safe Children at SISB • Healthlead (HL) recently hosted a seminar titled “Raising Healthy and Safe Children” at the Singapore International School (SISB), Pracha Uthit campus, on September 25, 2025. The event aimed to promote health awareness
Slide 30: Raising Healthy and Safe Children at SISB
EVENTS & ACTIVITIES: Healthlead PLC. Raising Healthy and Safe Children at SISB 31
Slide 31: Industry Overview
3 Industry Overview 32
Slide 32: Thailand's Medicine Market Value
INDUSTRY OVERVIEW Thailand’s Medicine Market Value Thailand’s Medicine Market Value by Distribution Channel Y2023 unit:: THB BN 250 228 193 42 OTC OTC drug : 200 176 184 184.6 20% THB 42 BN 37 35.5 36.1 34 150 Private Public Hospital Hospital Prescription drug : 20% 60% THB 186 BN 100 186 142 148.5
Slide 33: Number of Drug Stores (Type: Khor Yor 1)
INDUSTRY OVERVIEW Number of Drug Stores (Type : Khor Yor 1) 25,000 • In 2025, the total number of modern 20,000 18,900 18,396 17,919 19,126 19,206 drugstores nationwide reached 17,156 16,816 16,319 3,429 3,405 5,233 13,906 3,485 3,268 19,206, reflecting a marginal increase No. of stores 15,000 4,895
Slide 34: Proportion of Aging Population in Thailand
INDUSTRY OVERVIEW Proportion of Aging Population in Thailand • Thailand is shifting toward a “Super Aged Society” by 2033, with over 28% of its population projected to be aged 60+, up from 20% today. • In 2023, approximately 75% of all elderly individuals suffer from NCDs, such as hypertension (the
Slide 35: 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 he
Slide 36: Outpatient Care Channels People Used by Region
INDUSTRY OVERVIEW Outpatient Care Channels People Used by Region Southern 6.2 23.9 16.4 14.4 23.0 3.8 12.3 Northeastern 5.3 20.7 29.8 15.2 19.0 0.8 9.1 Northern 5.4 18.3 26.4 14.6 20.2 2.4 12.7 Central 4.8 23.8 12.0 8.1 33.8 4.9 12.5 Bangkok 8.5 34.7 9.2 9.2 22.1 16.3 Nationwide 5.8 23.5 19.5 10.9 2
Slide 37: Future Projects
4 Future Projects 38
Slide 38: Future Projects & Estimated Investment
FUTURE PROJECTS & ESTIMATED INVESTMENT Target of 14 New Stores We aim to open 14 new stores per year in the Bangkok and vicinity over the next few years. This aggressive expansion will significantly expand our presence in the key market and solidify our leadership position. We carefully selecting st
Slide 39: Future Projects & Strategy
FUTURE PROJECTS & STRATEGY 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 partnership
Slide 40: Business Plan 2025 – New Store
BUSINESS PLAN 2025 – NEW STORE 5. Lotus Rama 4 1. Bangchak Chaengwatthana 6. Susco Square Pinklao 2 branches signed contract / reservation agreement 1Q25 2Q25 3Q25 4Q25 1Q26 2. On Nut Plaza 7. Bangchak Ekkamai-Ramintra Frontage Road (4) 8. Branch Kaset Nawamin – under renovation 3. The Paseo Park Ka
Slide 41: Business Plan 2025 – New Product
BUSINESS PLAN 2025 – NEW PRODUCT 4. Brightening Essence 5. Anti-Hair Loss Intensive Serum 6. Facial Gentle Foam 7. Anti-Hair Loss Intensive Shampoo for Women 8. Daily Moisture Body Lotion 1. Q Sun Protection Film - Arriving soon 1Q25 2Q25 3Q25 4Q25 1Q26 1. Herbal Mouth Spray 9. Anti-Hair Loss Intens
Slide 42: Financial Highlights
5 Financial Highlights 43
Slide 43: Sales Breakdown by Categories – Quarter 3/2025
SALES BREAKDOWN BY CATEGORIES – Quarter 3/2025 Q3/2025 Q3/2024 Q2/2025 YOY QOQ Total Revenue from Sales MN THB % MN THB % MN THB % MN THB % MN THB % Revenues from Professional healthcare 381.83 69.98 345.91 68.74 372.78 67.99 35.91 10.38 9.04 2.43 Revenues from Home healthcare 66.81 12.24 69.28 13.7
Slide 44: Sales by Distribution Channels – Quarter 3/2025
SALES BY DISTRIBUTION CHANNELS – Quarter 3/2025 Q3/2025 Q3/2024 Q2/2025 YoY QoQ Distribution Channels MN THB % MN THB % MN THB % MN THB % MN THB % Revenue from Retail Sales 540.82 99.12 497.20 98.81 543.00 99.03 43.62 8.77 -2.18 -0.40 Revenue from Wholesales 4.82 0.88 6.00 1.19 5.30 0.97 -1.18 -19.7
Slide 45: Group Performance – Quarter 3/2025
GROUP PERFORMANCE – Quarter 3/2025 TOTAL REVENUES OTHER REVENUES NET PROFIT 556,698,909 THB 11,063,352 THB 12,766,575 THB 8.72% YOY 24.87% YOY -23.87% YOY GROSS MARGIN EBITDA MARGIN NET MARGIN 23.51% 7.91% 2.34% 9.53% YOY -1.86% YOY -23.87% YOY (Amount Changes) (Amount Changes) (Amount Changes) 46
Slide 46: Group Performance – Quarter 3/2025
GROUP PERFORMANCE – Quarter 3/2025 Q3/2025 Distribution Costs Maketing Other 1.21% 7.53% DISTRIBUTION COSTS TO REVENUE FROM SALES 18.02% Rent D&A 17.12% YOY 36.05% Staff 55.21% (Amount Changes) Q3/2025 Administrative Expenses ADMINISTRATIVE EXPENSES TO Others 29.02% TOTAL REVENUES 4.19% 10.65% YOY S
Slide 47: Group Performance
GROUP PERFORMANCE Liquidity Ratios Return on Asset 5.00 4.76 12.00 4.26 9.83 4.05 10.00 4.00 3.54 3.63 8.00 3.00 5.59 5.43 5.49 5.42 6.00 % X 2.00 4.00 1.00 2.00 0.00 0.00 2022 2023 2024 Q3 2024 Q3 2025 2022 2023 2024 Q3 2024 Q3 2025 Debt to Equity Ratio Return on Equity 14.00 13.08 0.60 0.54 0.54 1
Slide 48: Group Performance
GROUP PERFORMANCE EBIT Margin Inventory Days 70.00 68.47 12.00 68.00 67.29 9.65 66.00 10.00 64.00 63.22 8.00 62.17 6.07 62.00 Days 6.00 5.05 60.00 % 4.47 58.18 3.55 58.00 4.00 56.00 2.00 54.00 0.00 52.00 2022 2023 2024 Q3 2024 Q3 2025 2022 2023 2024 Q3 2024 Q3 2025 EBITDA Margin Account Payable Days
Slide 49: Others: Same Store Sales Growth
OTHERS Same Store Sales Growth Details YE2023 YE2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Same Store Sales Growth (SSSG) (2.4%) 10.2% 10.00% 6.1% 6.8% 8.3%* 3.4% Sales / Ticket (All branches) 483 467 458 457 473 453 460 Tickets / Day (All branches) 9,143 11,437 11,809 12,394 13,277 13,161 12,766
Slide 50: Thank You
Thank You Healthlead Public Company Limited ‘ St Pharmax Soa: fest) Queame () 51
Healthlead Public Company — Q3 2025 Earnings Presentation on 6ix