Ramsay Générale de Santé (GDS) H2 2024 earnings summary

Executive summary

• Revenue grew 6.5% year-over-year to €5,006.5m, with organic growth at 7.5% and strong patient volume increases in France and the Nordics.

• EBITDA declined 1.7% to €610.9m, with margin dropping to 12.2% due to lower subsidies, inflation, and higher staff costs.

• Net result swung to a loss of €53.9m from a €49.4m profit last year, impacted by lower operating margins and increased funding costs.

• Strategic expansion included new imaging equipment, primary care centers, and mental health facilities, notably the acquisition of 12 Cosem centers in France.

• Successful refinancing extended €1,650m in senior debt maturities to 2029-2031, supporting long-term strategy.

Financial highlights

• Revenue: €5,006.5m (+6.5% year-over-year); like-for-like growth 7.5%.

• EBITDA: €610.9m (-1.7% year-over-year); margin 12.2% (down 1.0pt).

• Operating profit: €160.6m (-33.2% year-over-year); margin 3.2% (down 1.9pt).

• Net loss: €53.9m (vs. €49.4m profit prior year); EPS: -€0.49 (vs. €0.45).

• Net financial debt: €3,610.9m as of June 30, 2024.

Outlook and guidance

• Long-term financing secured through debt refinancing, supporting the "Yes We Care 2025" strategy.

• Focus remains on integrated care, digital transformation, and expanding primary and mental health care.

• No dividend proposed for FY24.