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Ramsay Générale de Santé (GDS) investor relations material
Ramsay Générale de Santé H2 2026 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Executive summary
FY2026 revenue rose 3.3% to €5.381bn (+2.3% LFL); EBITDA increased 2.6% to €637.7m, with operational discipline offsetting funding constraints and the end of the French revenue guarantee.
The integrated care platform serves 13 million patients across five countries; patient-record NPS was 73%, and French quality certification scores were 10 points above the national average.
Financial highlights
Revenue was €5,381.1m vs. €5,207.9m; prior-year revenue was adjusted for a €34.1m reclassification between revenue and purchased consumables, with no EBITDA impact.
EBITDA rose to €637.7m from €621.4m; reported margin was 11.9%, versus 11.5% in FY2025 excluding the temporary French revenue guarantee.
Current operating profit increased 5.1% to €196.9m; operating profit rose 7.6% to €186.3m.
Net loss attributable to owners narrowed to €48.3m from €54.1m; EPS improved to -€0.44 from -€0.49.
Operating cash flow was €524.7m, down €169m YoY, primarily reflecting working capital normalization and lower French state advances outstanding at year-end.
Outlook and guidance
Connecting Care 2030 targets FY2026–FY2029 revenue growth of c.3.0% p.a. excluding FX, gradually improving EBITDA margin, and continued deleveraging to pre-IFRS 16 net debt/EBITDA below 4.0x.
Strategic priorities include integrated accessible care, digital and AI-enabled delivery, active portfolio and contract management, cost initiatives, and profitable growth from new revenue streams.
No dividend will be proposed for FY2026.
- Connecting Care 2030 targets 2–3% annual growth, margin gains, and digital-led integrated care.GDS
CMD 2026 - Revenue up 4.7%, strong ESG progress, all resolutions approved, COSEM integration on track.GDS
Status update - Revenue up 6.5% but net loss of €53.9m as inflation and lower subsidies hit margins.GDS
H2 2024 - Revenue up 5.8% to €2.5bn, EBITDA flat, net loss widens to €43.1m; debt refinanced for growth.GDS
H1 2025 - Revenue up 8.6% and EBITDA up 15.1%, driven by growth in France and Sweden.GDS
Q1 2025 - Revenue up 5.1% to €3.89bn, EBITDA stable, but net loss widened and leverage increased.GDS
Q3 2025 - Revenue and EBITDA grew despite funding cuts, with stable net loss and improved leverage.GDS
H2 2025 - Revenue up 2.6% and EBITDA up 6.5% year-over-year, with margin and leverage improvements.GDS
Q1 2026 - Revenue up 3.3% to €2.59bn, stable EBITDA, net loss narrows, strategic changes and funding pressures persist.GDS
H1 2026
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