Medical Properties Trust, Inc. (0JZZ.L) reported QQ2 2025 results with revenue of $240.359 million and EBITDA of $203.299 million, underscoring continued operating strength from its portfolio of hospital facilities. However, the quarter delivered a net loss of $98.582 million as non-operating items and interest-related charges more than offset robust operating performance. Operating income remained healthy at $136.582 million and the operating margin stood at 56.8%, while EBITDA margin was 84.6%, illustrating durable earnings before non-cash/non-operating items.
The company generated positive operating cash flow of $51.747 million and free cash flow of the same amount in the quarter, supporting liquidity despite material financing activity. Net debt remained elevated at roughly $9.14 billion with a debt-to-capitalization of 66.6% and an interest coverage ratio near 1.05x, highlighting ongoing leverage risk given current financing costs. Management commentary, guidance, and portfolio execution will be pivotal as the company navigates a high-debt environment and secular shifts in healthcare real estate demand. In sum, QQ2 2025 shows solid core cash generation and portfolio resilience, but the bottom-line impact of large non-operating charges and a heavy debt load warrant close attention to leverage management, refinancing risk, and AFFO/FFO‑aligned guidance going forward.