Life Healthcare Group Holdings (LHC) Q2 2026 TU earnings summary

Executive summary

• Normalised EBITDA margin improved, with normalised earnings per share (NEPS) expected to rise 6%–10% year-over-year for H1-FY2026.

• Revenue grew 2.2%–2.6% despite a challenging environment and a c. R130 million revenue reduction from a funder under curatorship.

• Paid patient days (PPDs) declined 0.4%, mainly in acute hospitals, but complementary businesses grew 3.4%.

• Activity trends improved in Q2, with weighted average occupancy exceeding 70% in the quarter.

Financial highlights

• Revenue per PPD increased by approximately 4.0%, supported by a 3.3% average tariff increase and higher surgical PPDs.

• Normalised EBITDA rose 4.9%–5.3%, driven by operational efficiency and margin improvement projects.

• Southern Africa normalised EBITDA margin improved by about 0.5 percentage points year-over-year.

• Impairments of non-acute businesses totaled R38 million.

Outlook and guidance

• Results for H1-FY2026 are expected to be released on or about 28 May 2026.

• NEPS from continuing operations expected at 52.0–53.9 cents, up 6%–10% year-over-year.

• EPS and HEPS from continuing operations expected to show >100% increase compared to reported H1-FY2025, but flat to slightly negative versus pro forma H1-FY2025.