LNA Santé (LNA) Q1 2025 TU earnings summary

Executive summary

• Q1 2025 operating revenue reached €209.7m, reflecting robust activity across all business lines and strong momentum in the real estate division.

• Organic growth in operating sales was 8.9% year-over-year, or 6.5% when adjusted for Ségur social measures.

• Outpatient and homecare services drove growth, with home hospital care patient numbers up 29% year-over-year.

• The company reiterates its 2025 target of 6% organic growth in operating business, with potential for further growth via targeted acquisitions.

Financial highlights

• Q1 2025 operating sales: €209.7m, up 10.8% reported and 8.9% organic year-over-year.

• Real estate sales surged to €10.3m, a 644.7% increase from Q1 2024.

• Healthcare sector France sales: €116.6m (+11.4% reported, +8.1% organic).

• Medical-social sector France sales: €80.6m (+9.8% reported, +3.6% adjusted).

• International sector sales: €10.4m (+8.9% organic), with Belgian nursing homes up 5.7% and Polish clinics up 30%.

Outlook and guidance

• 2025 organic operating sales growth target of 6% confirmed.

• Growth may be supplemented by targeted acquisitions, potentially contributing from H2 2025.

• Continued focus on expanding outpatient services and maintaining high occupancy rates.