Ramsay Générale de Santé (GDS) H2 2026 earnings summary

Executive summary

• FY2026 revenue rose 3.3% to €5.381bn (+2.3% LFL); EBITDA increased 2.6% to €637.7m, with operational discipline offsetting funding constraints and the end of the French revenue guarantee.

• The integrated care platform serves 13 million patients across five countries; patient-record NPS was 73%, and French quality certification scores were 10 points above the national average.

Financial highlights

• Revenue was €5,381.1m vs. €5,207.9m; prior-year revenue was adjusted for a €34.1m reclassification between revenue and purchased consumables, with no EBITDA impact.

• EBITDA rose to €637.7m from €621.4m; reported margin was 11.9%, versus 11.5% in FY2025 excluding the temporary French revenue guarantee.

• Current operating profit increased 5.1% to €196.9m; operating profit rose 7.6% to €186.3m.

• Net loss attributable to owners narrowed to €48.3m from €54.1m; EPS improved to -€0.44 from -€0.49.

• Operating cash flow was €524.7m, down €169m YoY, primarily reflecting working capital normalization and lower French state advances outstanding at year-end.

Outlook and guidance

• Connecting Care 2030 targets FY2026–FY2029 revenue growth of c.3.0% p.a. excluding FX, gradually improving EBITDA margin, and continued deleveraging to pre-IFRS 16 net debt/EBITDA below 4.0x.

• Strategic priorities include integrated accessible care, digital and AI-enabled delivery, active portfolio and contract management, cost initiatives, and profitable growth from new revenue streams.

• No dividend will be proposed for FY2026.