Ramsay Générale de Santé (GDS) H2 2024 earnings summary

Executive summary

• Revenue grew by 4.7% year-over-year to €5,242 million, driven by increased activity and the acquisition of Cosem primary care centers in June 2024.

• EBITDA rose 1.7% to €621.4 million, despite a €53 million reduction in public funding and persistent sector inflation.

• Net loss attributable to the group was €54.1 million, stable compared to the previous year, reflecting higher depreciation and debt costs offset by EBITDA growth.

• Long-term financing structure secured through successful refinancing and repricing of senior debt, extending maturities to 2031.

Financial highlights

• Revenue: €5,242 million (+4.7% year-over-year); organic growth at constant scope and exchange rates: +2.7%.

• EBITDA: €621.4 million (+1.7%); margin at 11.9%.

• Operating income: €187.4 million (+1.7%).

• Net loss (group share): €54.1 million (vs. €53.9 million last year).

• Net operating cash flow: €693.7 million (+€106.9 million year-over-year).

Outlook and guidance

• Strategic plan "Yes We Care 2025" continues, focusing on integrated, digital, and personalized care.

• Commitment to further public funding advocacy and operational efficiency to offset inflationary pressures.

• No dividend proposed for the year ending June 2025.