LNA Santé (LNA) investor relations material

Executive summary

• Achieved a solid first half in a politically and economically unstable environment, confirming full-year 2026 guidance for activity growth and improved results.

• Operating revenue for H1 2026 reached €465.1m, up 8.0% year-over-year, with organic growth of 7.0%, surpassing initial guidance.

• Net profit attributable to the Group from operations was €14.9m, up 8.3% year-over-year, with a margin of 3.2%.

• All business lines grew, driven by ambulatory services and higher occupancy in EHPADs, with total revenue at €484.0m, up 8.4% year-over-year.

• Continued transformation of the network, with 86% of the installed capacity now in mature 'régime de croisière' status.

Financial highlights

• Consolidated revenue for H1 2026: €484.0m (+8.4% YoY), with Exploitation revenue at €465.1m (+8.0% YoY, +7.0% organic).

• EBITDA: €81.1m (+3.7% YoY), margin 16.7% (-76bps YoY); EBITDA excl. IFRS 16: €42.1m (+3.3% YoY), margin 8.7% (-43bps YoY).

• Net income (group share): €12.5m (+10.6% YoY), net margin 2.6% (+5bps YoY).

• Operating EBITDA (excluding IFRS 16) was €38.1m, up 3.6%, with a margin of 8.2%, slightly down due to restructuring costs.

• Net debt: €412.4m (up €23.6m from Dec 2025); available cash: €89.3m.

Outlook and guidance

• 2026 organic revenue growth target raised to 6% (from 5%), with Exploitation revenue expected near €930m.

• EBITDA margin (excl. IFRS 16) for mature sites expected to remain 10–10.5% for H2 2026.

• Free cash flow target revised to €40–45m for 2026 due to intensified restructuring and higher Capex.

• Leverage expected to remain below 2.0x at year-end, barring new acquisitions.

• Strategic plan targets €1bn revenue by 2027 and €1.25bn by 2031, with a mature network of 13,000+ beds.