Ramsay Générale de Santé (GDS) H1 2026 earnings summary

Executive summary

• Revenue for H2 2025 rose 3.3% year-over-year to €2,589.1 million, with organic growth of 2.3%, driven by quality care offerings and strong Nordic fundamentals, supported by positive price indexation and currency effects.

• EBITDA remained stable at €284.8 million (11.0% margin), as cost controls offset a €20 million French revenue guarantee shortfall and insufficient public funding for inflation.

• Net loss attributable to the group improved to €34.9 million from €43.1 million a year earlier, mainly due to lower financing costs after debt refinancing.

• Productivity and cost control measures offset inflationary pressures, stabilizing margins.

• Strategic progress included a new €4.8 billion contract for St. Göran's Hospital in Sweden and continued expansion in underserved French regions.

Financial highlights

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

• EBITDA: €284.8 million, up 0.1% year-over-year; margin at 11.0% (down 0.4 pts).

• Net financial debt increased to €3,757.1 million from €3,715.6 million year-over-year; restated net leverage improved to 5.3x from 5.4x.

• Net cash flow from operations declined to €122.6 million from €169.9 million, mainly due to repayment of French State advances.

• Earnings per share improved to -€0.32 from -€0.39, up 17.9%.

Outlook and guidance

• The group plans to continue its strategy focused on innovation, operational excellence, and financial discipline to support sustainable growth.

• Management expects to maintain quality care and pursue growth despite a changing shareholder structure, following Ramsay Health Care's proposal to distribute its shareholding.

• Continued engagement with authorities to secure tariff frameworks better aligned with cost inflation.