LNA Santé (LNA) H1 2025 earnings summary

Executive summary

• Operating revenue for H1 2025 reached €430.6m, up 11.5% year-over-year, with 7.5% organic growth adjusted for social measure financing reclassification.

• Growth was driven by strong demand in healthcare services, especially outpatient and home hospitalisation, and high occupancy in nursing homes despite demographic headwinds.

• International platforms in Belgium and Poland also contributed to growth, with improved occupancy and rates.

• The company is executing its Grandir Ensemble 3 strategic project, focusing on innovation and operational excellence.

Financial highlights

• Operating EBITDA for H1 2025 was €75.4m (+4.7%), with a margin of 17.5%, down 1.1 points year-over-year.

• EBIT from operations was €33.4m (+2.9%), with a current operating margin of 7.8%.

• Net profit attributable to the Group was €13.8m for operations (3.2% margin) and €11.3m for the group (2.5% margin), both down year-over-year.

• Consolidated revenue, including real estate, was €446.4m (+14.6%).

Outlook and guidance

• 2025 operating revenue target confirmed at €860m, with 6.0% adjusted organic growth and EBIT margin around 8.0%.

• 2031 outlook includes €1.25bn operating revenue, 15,000 beds, and a net operating margin close to 4.0%.

• Operating leverage expected to remain below 1.75x for 2025, with disciplined financial management.