Ramsay Générale de Santé (GDS) Q1 2026 earnings summary

Executive summary

• Revenue for the quarter ending 30 September 2025 rose 2.6% year-over-year to €1.21bn, driven by activity volume growth, price indexation in Sweden, and favorable FX movements.

• EBITDA increased by 6.5% to €112m, with margin improving by 0.3 pts to 9.3% of revenue, despite reduced public funding in France.

• Acute hospital admissions grew in France and Sweden, reflecting sustained patient demand and operational capacity.

• Cost control and productivity improvements offset inflationary pressures and underfunded government tariffs.

Financial highlights

• Consolidated revenue reached €1,207m, up 2.6% reported and 1.9% on a like-for-like basis year-over-year.

• EBITDA rose by €7m to €112m, with margin at 9.3% of revenue.

• Net result attributable to owners improved to -€40.1m from -€47.3m year-over-year.

• Net financial debt as of 30 September 2025 was €3,819m.

• Net cash flow from operating activities was -€43.5m, reflecting seasonal working capital outflows.

Outlook and guidance

• Continued focus on operational efficiency, cost control, and productivity to offset inflation and funding constraints.

• Expansion of day hospitals and outpatient activities, with new primary care centers in Norway and mental health settings in France.

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