LNA Santé (LNA) H1 2026 earnings summary

Executive summary

• H1 operating revenue reached €465.1m, up 8.0% with 7.0% organic growth; consolidated revenue including real estate was €484.0m, up 8.4%.

• Operating profit increased 8.4% to €35.4m and operating net profit rose 8.3% to €14.9m; net income attributable to the Group was €12.5m, up 10.6%.

• All business lines grew, led by ambulatory services, home hospitalisation and higher nursing-home occupancy.

• Mature-site EBITDA margin reached 10.6%, up 46 bps; 86% of installed capacity was at steady state.

Financial highlights

• Consolidated EBITDA was €81.1m, up 3.7%; EBITDA excluding IFRS 16 was €42.1m, with an 8.7% margin.

• Operating EBITDA excluding IFRS 16 was €38.1m, up 3.6%, with an 8.2% margin; steady-state EBITDA margin was 10.6%.

• Operating net profit was €14.9m, up 8.3%, with a 3.2% margin; net income attributable to the Group was €12.5m, up 10.6%.

• Free cash flow from operations was €22.6m, nearly flat year over year.

• Net debt was €412.4m, up €23.6m from December 2025; available cash was €89.3m.

Outlook and guidance

• 2026 organic growth target was raised from 5% to ~6%, with operating revenue expected near €930m excluding external growth.

• Steady-state pre-IFRS 16 EBITDA margin guidance remains 10%–10.5%; operating profit and net profit attributable to equity holders are expected to grow year over year.

• FY operating free cash flow guidance was revised to €40m–€45m from €50m, due to intensified restructuring and higher CAPEX.

• Operating leverage is expected below 2.0x at year-end, barring new acquisitions; target excluding new acquisitions is 1.5x–2.0x.

• Strategic plan targets €1bn revenue by 2027 and €1.25bn by 2031, with a mature network of 13,000+ beds; real estate revenue is expected to reach €50m in 2026.