Ramsay Health Care
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Ramsay Health Care (RHC) investor relations material

Ramsay Health Care H1 2026 earnings summary

Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
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H1 2026 earnings summary25 Feb, 2026

Executive summary

  • Achieved 8.1% growth in underlying NPAT and 7.3% growth in underlying EBIT for the half, primarily driven by strong performance in Australia.

  • Completed executive refresh and advanced multi-year transformation, focusing on Australian hospital business, capital allocation, and cultural innovation.

  • Announced proposed distribution of Ramsay Santé investment to shareholders, aiming to simplify group structure; completion expected by December/Q4 2026.

  • Progressed Elysium turnaround with site closures and cost reductions to address weak demand; new CEO appointed.

  • Interim fully franked dividend of 42.5c per share declared, up 6.3%, with a payout ratio of 60% of underlying NPAT.

Financial highlights

  • Group revenue rose 9.7% to $9.3bn, underlying EBIT increased to $536.7m (+7.3%), and underlying NPAT to $171.7m (+8.1%).

  • Operating cash flow improved 16.9% to $350.3m, mainly from Australian operations and lower tax paid.

  • Group CapEx guidance reduced to $755–795m for FY26, reflecting disciplined capital allocation.

  • Consolidated net debt at AUD 5.1 billion; Funding Group leverage at 2.22x, within target (<2.5x).

  • Reported NPAT surged 253.2% to $160.7m, reflecting lower non-recurring items versus prior period.

Outlook and guidance

  • Expect continued EBIT growth momentum in Australia, driven by activity in priority therapeutic areas, revenue indexation, and cost focus.

  • UK NHS activity expected to remain subdued/negative in Q3 FY26 due to budget constraints, with focus on private volumes and operational excellence.

  • Elysium turnaround to continue, with ongoing cost and site optimization.

  • European activity growth expected in H2, led by day admissions, partially offset by French doctor strike and tariff indexation below cost inflation.

  • Net financing costs forecast at $590–610m; dividend payout ratio for FY26 expected at 60–70% of underlying NPAT.

What are the next steps for Ramsay Santé separation
Elysium turnaround plan progress and key challenges
Impact of 0% French tariff indexation on Europe
PHI dynamic indexation strategy progress?
Elysium turnaround: structural or temporary?
Digital transformation's margin impact?
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H2 202626 Aug, 2026
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Frequently asked questions

Ramsay Health Care Limited is an Australian multinational healthcare provider and hospital network. It operates over 100 health facilities in Australia, making it one of the largest private provider of hospitals in the country. The company has expanded globally, with significant operations in Europe and parts of Southeast Asia, primarily operating private hostpitals and treatment centers. The company is headquartered in Sydney, New South Wales, and its shares are listed on the ASX.

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