LNA Santé (LNA) Q3 2025 TU earnings summary

Executive summary

• Operating revenue for the first nine months of 2025 reached €648.5m, up 11.4% year-over-year, with organic growth of 8.0% and strong momentum across all business lines.

• Real estate revenue increased 3.5 times year-over-year, signaling a robust recovery in this segment.

• The company reaffirmed its 2025 operating revenue target of €860m and continues to pursue its Grandir Ensemble 3 strategic project for 2027.

Financial highlights

• Q3 2025 operating revenue was €217.9m, up 11.2% compared to Q3 2024; adjusted organic growth for the quarter was 8.9%.

• Real estate revenue for the first nine months was €22.2m, up 246.6% year-over-year.

• Healthcare France revenue grew 13.4% year-over-year to €366.7m, with home hospitalisation up 24.9%.

• International business revenue reached €31.5m, up 8.9% year-over-year, with Belgian nursing homes and Polish clinics both contributing.

Outlook and guidance

• 2025 operating revenue target of €860m confirmed, with organic growth guidance raised to 7.0% from 6.0%.

• Real estate revenue for 2025 projected between €35m and €45m.

• Current operating margin (COM) expected to reach around 8.0% for the year.

• Strategic goal for 2027: €1bn in operating revenue and 12,000 beds.