Key Highlights from the 2025 Financial Reports (English)
Lokman Hekim Engürüsağ A.Ş. concluded 2025 with strong growth performance and strategic investments. Here are the key highlights from the report:
• Financial Performance: The company’s consolidated turnover increased by 10% compared to the previous year, reaching 4,234 million TL.
• Profitability: EBITDA rose to 951 million TL (a 9.9% increase), while the annual net profit was recorded at 151 million TL. Operating profit increased by 18.2% to 526 million TL.
• Strategic Investments: A total of 954 million TL in investment expenditures was carried out in 2025.
• International Expansion: In November 2025, the Lokman Hekim Medical Center was opened in Bishkek, the capital of Kyrgyzstan. This center will focus specifically on oncology and health tourism.
• Green Transformation: The Solar Power Plant (GES) project, which will meet the company’s energy needs from renewable sources, was commissioned as of November 2025. The facility is expected to produce approximately 20 million kWh of electricity annually.
• 30th Anniversary Vision: The company enters its 30th anniversary in 2026 with a stronger balance sheet and structural transformations focused on digitalization.
The Future of Healthcare is Green and Global: 5 Takeaways from Lokman Hekim’s 2025 Strategic Pivot
1. Introduction: Innovation at the 30-Year Mark
How does a healthcare incumbent thrive across three decades of Turkish market volatility? As Lokman Hekim Engürüsağ A.Ş. approaches its 30th anniversary in 2026, the answer is found in radical evolution.
The company’s 2025 Activity Report reveals a sophisticated structural pivot. It describes an organization no longer content with merely treating patients, but one intent on building an integrated, energy-sovereign, and international ecosystem.
Surviving the journey from its 1996 founding to the complex landscape of 2026 requires more than clinical excellence. It requires a “Green and Global” blueprint that immunizes the bottom line against future shocks.
2. Takeaway 1: Beyond Medicine—The Healthcare Group Powering Itself with the Sun
On 26.11.2025, Lokman Hekim achieved a strategic masterstroke by commissioning its massive Solar Power Plant (GES) project. Spanning 269,117 square meters, the facility generates approximately 20 million kWh of clean energy annually.
This isn’t just an ESG gesture; it is a calculated move to immunize the group against energy price volatility. By meeting the total electrical needs of its facilities, the company has transformed a massive variable cost into a fixed asset.
The financial logic is undeniable. With a projected return on investment (ROI) of just three to five years, the GES project serves as a permanent fiscal shield and a cornerstone of the group’s “Şifa Kapınız” (Your Door to Healing) sustainability mission.
“This investment is more than just cost optimization; it is a strategic transformation move that reduces our carbon footprint and strengthens our long-term value creation potential.” — Süleyman Alper İnceöz, CEO
3. Takeaway 2: The “Silk Road” Expansion—Targeting specialized Oncology in Kyrgyzstan
Lokman Hekim is aggressively pursuing “international brand” status by exporting its clinical expertise to Central Asia. In November 2025, the group inaugurated the Lokman Hekim Medical Center in Bishkek, Kyrgyzstan.
The center serves as a tactical bridge for health tourism, specifically targeting the high-demand oncology sector. This facility is designed to act as a regional hub, funneling complex cases back into the group’s wider Turkish clinical network.
By establishing this foothold, Lokman Hekim is diversifying its geographic risk. The Bishkek center represents a vision where the group’s growth is no longer tethered to a single domestic economy.
4. Takeaway 3: De-risking the P&L—The Pivot Toward Revenue Sovereignty
In 2025, Lokman Hekim demonstrated remarkable operational resilience. Total revenue reached 4,234 Million TL, a 10% increase, while operating profit (Esas Faaliyet Kârı) surged 18.2% to reach 526M TL.
While net profit contracted by 57% to 151M TL, this reflects a “pivot year” of aggressive capital deployment. The group sacrificed short-term net earnings for long-term structural strength, funneling 954M TL into critical investments like the GES project.
The real story, however, is the revenue mix. Dependence on the SGK (Social Security) dropped from 22.7% to 17.7%. Meanwhile, Health Tourism—a high-margin currency hedge—expanded its share from 17.1% to 19.1%.
This shift toward “Private Insurance,” “Health Tourism,” and “Out-of-pocket payments” creates a diversified revenue shield. It effectively de-risks the company against domestic policy changes and reimbursement fluctuations.
5. Takeaway 4: The Internalized Value Chain—Logistics, Dairy, and Hygiene
Lokman Hekim has embraced “Vertical Sovereignty,” controlling the supply chain to ensure quality and compress margins. This hidden ecosystem operates beneath the clinical surface to support the “Şifa Kapınız” standard:
- Lokman Hekim Logistics: Established in 2023 to manage the seamless movement of medical supplies and technical resources.
- HAYSÜT: An “Ari” status dairy venture producing high-standard milk and livestock products for the group’s nutritional needs.
- Professional Hygiene: In-house manufacturing of cleaning and disinfection products to maintain rigorous clinical standards.
- Internalized Services: Direct management of biomedical technical support, catering, and industrial laundry services.
By owning the “laundry to logistics” chain, the company eliminates middleman costs and ensures that every touchpoint of the patient experience remains under their strict institutional control.
6. Takeaway 5: Efficiency Through Experience—Training and Retention
In a tech-heavy industry, Lokman Hekim recognizes that the “human touch” is the ultimate differentiator. Through “Atölye Eğitimleri” (Workshop Trainings) and mentor programs, they have prioritized experiential learning over rote instruction.
The impact of this focus on institutional culture is quantifiable. Patient complaints regarding staff behavior fell from 13% in 2024 to 9.7% in 2025—a significant improvement in a metric critical for long-term loyalty.
By investing in human capital, the group ensures that their clinical efficiency is matched by emotional intelligence. This cultural consistency is what allows the brand to scale across borders without losing its core identity.
“Our mission is rooted in a human-oriented culture and an institutional approach to serving humanity.” — Company Mission Statement
7. Conclusion: The Next 30 Years
Looking toward 2026, the strategy is defined by “cash flow-oriented management.” The objective is clear: reduce financial debt while maintaining the momentum of the 2025 investment cycle.
As the group celebrates 30 years, they offer a blueprint for the modern enterprise. By controlling their own energy, securing their supply chain, and diversifying their global footprint, they have redefined what it means to be a “healthcare provider.”
The Power Takeaway: In the next decade, resilience will not be found in clinical volume alone, but in vertical sovereignty and the courage to sacrifice short-term net profit for long-term green independence.
Does your organization have the “Green and Global” blueprint required to survive the next 30 years?
Lokman Hekim Engürüsağ A.Ş. 2025 Annual Briefing
Executive Summary
As Lokman Hekim Engürüsağ A.Ş. approaches its 30th anniversary, the 2025 fiscal year marks a period of disciplined growth, structural transformation, and a strategic pivot toward sustainability and internationalization. Despite global economic uncertainties, the group achieved a consolidated revenue of 4.234 billion TL, a 10% increase year-over-year.
A central highlight of the year is the successful commissioning of the Solar Power Plant (GES) project in November 2025, which is projected to meet the entire electricity needs of the group’s health facilities. Furthermore, the opening of the Lokman Hekim Medical Center in Bishkek, Kyrgyzstan, underscores the group’s commitment to expanding its international footprint and bolstering health tourism. While net profit saw a decrease due to various financial factors, operational efficiency remains high, evidenced by a nearly 10% rise in EBITDA (FAVÖK) and a significant shift in revenue composition toward health tourism and private insurance.
Institutional Profile and Values
The organization defines itself as a human-oriented health institution committed to medical ethics and social responsibility. Its vision is to become an “internationally recognized brand” by pioneering the use of advanced technology and ensuring a superior patient experience.
Core Principles:
- Safety: Prioritizing patient safety above all.
- Compliance: Adhering to medical deontology, ethics, and legal frameworks.
- Social & Environmental Awareness: Maintaining sensitivity to the community and the environment.
- Transparency: Emphasizing corporate governance and clear communication.
- Team Synergy: Valuing the Lokman Hekim “family” and the power of collaborative effort.
Financial Performance Analysis
The 2025 financial results reflect a resilient operational structure and a healthy diversification of income sources.
Key Financial Metrics
| Metric | 2024 (Million TL) | 2025 (Million TL) | Change (%) |
| Consolidated Revenue | 3,850 | 4,234 | +10% |
| Gross Profit | 666 | 750 | +13% |
| Main Operating Profit | 445 | 526 | +18.2% |
| EBITDA (FAVÖK) | 865 | 951 | +9.9% |
| Consolidated Net Profit | 352 | 151 | -57% |
| Total Assets | 4,996 | 5,810 | +16% |
Revenue Composition and Quality
The group successfully diversified its revenue streams, reducing reliance on SGK (Social Security Institution) payments while increasing high-margin segments:
- Out-of-Pocket Payments: Increased from 48.8% to 50.9%.
- Health Tourism: Rose from 17.1% to 19.1%.
- Private Insurance & Contracted Institutions: Increased from 11.4% to 12.3%.
- SGK Share: Decreased significantly from 22.7% to 17.7%.
Investment and Debt Profile
- Investments: A total of 954 million TL was spent on investment expenditures in 2025, largely under investment incentive certificates.
- Debt: Adjusted Net Debt reached 1,740 million TL, with a Net Debt/EBITDA ratio of 1.83 (up from 1.08 in 2024).
- Profitability Ratios: Return on Equity (ROE) stood at 6%, while Return on Assets (ROA) was 3%.
Strategic Growth and Sustainability Initiatives
Green Energy Transformation (GES Project)
In a major move toward “Green Transformation,” the group commissioned its Solar Power Plant on November 26, 2025.
- Scope: 269,117 square meters of land.
- Capacity: Expected annual production of 20 million kWh.
- Strategic Impact: Aims to eliminate external energy dependency, reduce the carbon footprint, and protect the group against rising energy costs.
- Financial Outlook: The investment is expected to have a payback period of 3 to 5 years.
International Expansion
- Bishkek, Kyrgyzstan: The Lokman Hekim Medical Center opened in November 2025, specializing in oncology services. This is expected to be a major contributor to the group’s health tourism revenue.
- Erbil, Iraq: Continued operations of the 850 m² Diagnostic and Imaging Center.
Digitalization
The group is accelerating structural transformation through “data-based and fast decision-making processes.” Efforts are focused on providing personalized health services through digital channels and enhancing operational efficiency via improved digital infrastructure.
Operational Infrastructure
The group maintains a robust network of hospitals and specialized centers across Turkey and internationally.
| Facility | Location | Bed Capacity | Special Features |
| Istanbul Hospital | Kurtköy, Istanbul | 200 | JCI Accredited, 25 branches, 30 ICU beds. |
| Akay Hospital | Çankaya, Ankara | 126 | 18,000 m², specialized ICU units (KVC, Neonatal). |
| Ankara (Sincan) Hospital | Sincan, Ankara | 216 | Helicopter pad for air ambulance, 6 operating rooms. |
| Van Hospital | Van Central | 216 | 12,500 m², 5 operating rooms, 64 neonatal ICU incubators. |
| Van Hayat Hospital | Van Central | 69 | 4,500 m², focus on ICU and neonatal care. |
| Etlik Hospital | Etlik, Ankara | 100 | Expanded in 2021 with an additional 9,000 m² building. |
| Demet Medical Center | Ankara | N/A | 2,400 m², focus on outpatient treatment. |
| Söğütözü Dental Hospital | Ankara | 70 Units | Specialized dental care. |
Human Capital and Internal Development
The group’s workforce grew to 2,426 employees in 2025 (up from 2,316 in 2024).
Workforce Breakdown (2025):
- Doctors: 278
- Health Personnel: 1,329
- Administrative Personnel: 819
Training Impact: Internal training programs utilized “experiential learning” and role-play applications. Evaluation of these programs showed a measurable improvement in patient relations; the complaint rate regarding employee behavior and communication dropped from 13% in 2024 to 9.7% in 2025.
Corporate Governance and Subsidiaries
The company operates under a registered capital system with a ceiling of 1 billion TL for the 2024-2028 period. Paid-in capital is 216 million TL.
Key Subsidiaries
- Lokman Hekim Lojistik: Established in 2023, providing professional cleaning, catering, biomedical support, and security services.
- HAYSÜT: Operations in livestock and dairy production (European standards).
- Her Yerde Sağlık (HYSET): A digital comparison platform for health services.
- HYS Turizm İnşaat: Recently refocused on tourism and real estate investments in prime locations.
Dividend Policy
Following the General Assembly on March 16, 2025, the group distributed a gross dividend of 90 million TL from 2024 profits in two equal installments (May and September 2025). The group maintains a policy of balancing investor returns with the financing needs for ongoing investments.
Future Outlook (2026)
As the group enters its 30th year, the primary strategic focus for 2026 includes:
- Debt Reduction: Implementing efficiency-based steps to lower financial indebtedness.
- Cash Flow Management: Adopting a management approach focused on solidifying the balance sheet structure.
- Consolidation Opportunities: Evaluating strategic horizontal and vertical growth opportunities in the sector as scale economies become increasingly critical.
- Operationalization: Realizing the full financial impact of the GES and Bishkek investments.
