Ramsay Générale de Santé (GDS) H1 2024 earnings summary

Executive summary

• Revenue rose 5.8% year-over-year to €2,507.2M for the half-year ended December 2024, driven by increased activity and the acquisition of Cosem centers.

• EBITDA remained stable at €284.6M, with a margin of 11.4%, despite inflationary pressures and reduced government subsidies.

• Net loss widened to €43.1M from €17.3M a year earlier, mainly due to higher lease amortization, lower non-recurring income, and increased debt costs.

• Patient recommendation index in France reached a record 73%, and 95% of French facilities are certified to the highest quality standards.

Financial highlights

• Revenue up 5.8% year-over-year to €2,507.2M; organic growth at 3.7%.

• EBITDA stable at €284.6M; EBITDA margin declined to 11.4% from 12.0%.

• Net loss (group share) at €43.1M vs. €17.3M loss last year; EPS at -€0.39.

• Net financial debt at €3,715.6M as of December 31, 2024.

• Net cash flow from operations improved to €169.9M, up €20.7M year-over-year.

Outlook and guidance

• Ongoing discussions with European governments for fairer private sector funding.

• Strategic focus on digital health, primary care expansion, and cost restructuring.

• Long-term financing secured to support the "Yes We Care 2025" strategy.