Ramsay Générale de Santé (GDS) H1 2025 earnings summary

Executive summary

• Revenue grew by 3.3% year-over-year to €2,589.1M, driven by strong performance in France and the Nordics, with positive price indexation and favorable currency effects.

• EBITDA remained stable at €284.8M (11.0% margin), as productivity gains and cost controls offset the end of a French funding guarantee and public funding lagging inflation.

• Net loss narrowed to €34.9M, an improvement of €8.2M year-over-year, mainly due to lower financing costs following recent refinancing.

• Cash flow from operations decreased by €47.3M to €122.6M, impacted by state advance repayments affecting working capital.

• The group continues to expand access to care, now serving 13 million patients across five European countries.

Financial highlights

• Revenue: €2,589.1M (+3.3% year-over-year, LFL +2.3%).

• EBITDA: €284.8M (+0.1% year-over-year), margin at 11.0% (-0.4 pts).

• Net loss (Group share): €34.9M, improved from €43.1M.

• Operating income: €67.8M (+2.6% year-over-year).

• Net cash from operations: €122.6M, down from €169.9M.

Outlook and guidance

• Focus remains on innovation, operational excellence, and financial discipline to support sustainable growth.

• Ongoing dialogue with authorities to align tariffs with cost inflation.

• Strategic roadmap continues, with emphasis on investment and maintaining robust governance.