Ramsay Générale de Santé (GDS) H2 2025 earnings summary

Executive summary

• Revenue grew 4.7% year-over-year to €5.24bn, driven by activity volume growth and acquisitions, notably the Cosem primary care centres.

• EBITDA increased 1.7% to €621.4m, despite a €53m reduction in French public funding and ongoing inflationary pressures.

• Net loss attributable to owners was €54.1m, stable year-over-year, due to higher lease depreciation and increased debt costs offsetting EBITDA gains.

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

Financial highlights

• Revenue: €5,242m (+4.7%); like-for-like growth 2.7%.

• EBITDA: €621.4m (+1.7%), margin 11.9% (down 0.3 pts year-over-year).

• Operating profit: €173.2m (+7.8%).

• Net loss attributable to owners: €54.1m (vs. €53.9m prior year).

• Net cash flow from operating activities: €693.7m (+€106.9m), driven by improved working capital.

• Net financial debt: €3,647.5m (reported), restated net leverage ratio improved to 4.7x from 4.9x.

Outlook and guidance

• Strategic focus on expanding integrated, digitally enabled care and advocating for fair public funding.

• No dividend proposed for the year ending June 2025.

• Continued investment in innovation, digital tools, and care pathway diversification.