Ramsay Générale de Santé (GDS) Q1 2025 earnings summary

Executive summary

• Group revenue rose 8.6% year-over-year to €1.18bn, driven by price increases and volume growth in France and Sweden.

• EBITDA increased 15.1% to €105.4m, with margin improving to 9.0% from 8.5% in the prior year.

• Strategic milestones included the extension of the St. Göran's Hospital contract in Stockholm and the acquisition of 12 Cosem primary care centers in France.

Financial highlights

• Like-for-like revenue growth was 5.9% year-over-year.

• France revenue grew 9.7%, supported by additional business days, higher medical purchases, and tariff increases.

• Nordic revenue grew 6.1%, with organic growth of 3.0% at constant exchange rates.

• EBITDA margin improved to 9.0% from 8.5% year-over-year.

• Net financial debt stood at €3,777m as of September 30, 2024.

Outlook and guidance

• Ongoing cost restructuring and productivity improvements to address inflation and underfunding.

• Long-term financing secured with debt maturities extended to 2029-2031, supporting strategic initiatives.