Ramsay Générale de Santé (GDS) H2 2026 earnings summary

Executive summary

• Revenue increased by 3.3% year-over-year to €5.4bn, with like-for-like growth of 2.3%, driven by strong volumes in France and robust performance in the Nordics.

• EBITDA rose 2.6% to €638m, maintaining an 11.9% margin, supported by disciplined cost control and operational efficiency.

• Net result (Group share) improved to a loss of €48.3m from €54.1m last year, reflecting better operating performance despite funding constraints.

• The group is transitioning to a new 2030 strategy, focusing on integrated care, innovation, and long-term value creation.

Financial highlights

• Revenue: €5,381m (+3.3% year-over-year); EBITDA: €637.7m (+2.6%); EBITDA margin: 11.9%.

• Current operating profit: €196.9m (+5.1%); Operating profit: €186.3m (+7.6%).

• Net result attributable to owners: €(48.3)m, an improvement of €5.8m year-over-year.

• Net cash flow from operating activities: €524.7m, down €169m due to normalization of working capital.

• Net financial debt: €3,585m; restated net leverage stable at 4.7x.

Outlook and guidance

• The group will present its 2030 strategic roadmap at the Capital Markets Day in September, aiming for further integration, innovation, and profitable growth.

• Focus areas include digital transformation, portfolio management, and expanding care pathways.