FHH.SP / FHH.SI
An integrated private healthcare platform
Healthcare
N/A
N/A
According to Frost & Sullivan, FHH ranked first within this peer group by specialist and clinic count. As of 31 March 2026, it had 108 medical specialists, 74 clinics, 16 specialties and four medical centres.
Since its incorporation in 2022, FHH has acquired 38 specialist practices while also recruiting additional specialists. Reported revenue increased from S$112.4mn in FY23 to S$231.2mn in FY25, although acquisitions and the longer consolidation periods of previously acquired practices contributed materially to this growth.
The medical specialists segment contributed 97.3% of FY25 revenue. Pro forma FY25 revenue, Adjusted EBITDA and Adjusted PAT were S$265.9mn, S$99.1mn and S$51.4mn, respectively. Following the pre-listing ownership consolidation, the historical level of NCI is not representative of FHH’s post-IPO structure.
Foundation Healthcare Holdings is a Singapore-based private healthcare group operating across three verticals: medical specialists, medical centres and healthcare technology. Its specialist practices earn consultation and procedure fees, together with revenue from drugs and consumables. Its medical centres earn facility, diagnostic-imaging and fertility-treatment fees, while AVA, its proprietary healthcare technology platform, generates subscription and implementation fees from third-party users. FHH commenced trading on the Mainboard of the SGX-ST on 8 July 2026.
Key risks include (i) clinical-quality, licensing, regulatory and patient-data risks; (ii) the ability to recruit and retain medical specialists and maintain insurer empanelment and reimbursement arrangements; (iii) acquisition-integration and goodwill-impairment risks; (iv) leverage, financing and execution risks relating to the ramp-up of new medical centres and expansion into new geographies; and (v) the potential impact of the April 2026 Integrated Shield Plan rider changes on FHH’s patient volumes, treatment choices, procedure mix and pricing.
