Ramsay Générale de Santé (GDS) Q1 2025 earnings summary

Executive summary

• Revenue grew by 2.6% year-over-year to €1.21 billion for the quarter ended September 30, 2025, driven by higher activity volumes, price indexation in Sweden, and favorable currency effects.

• EBITDA increased by 6.5% to €112 million, despite reduced public funding and ongoing inflationary pressures.

• Operational resilience was maintained through cost control, productivity improvements, and portfolio optimization.

• Strategic focus on expanding day hospitals, ambulatory care, and primary care centers in France and the Nordics.

Financial highlights

• Consolidated revenue reached €1,206.8 million, up 2.6% year-over-year; organic growth at constant scope and exchange rates was 1.9%.

• EBITDA margin improved by 0.3 points to 9.3%.

• Current operating income turned positive at €3.4 million, compared to a loss of €2.5 million a year earlier.

• Net result attributable to the group was a loss of €40.1 million, an improvement from a €47.3 million loss last year.

Outlook and guidance

• Continued focus on cost discipline and operational efficiency to offset constrained public funding and inflation.

• Ongoing transformation to deliver integrated care and sustainable, profitable growth.