Ramsay Générale de Santé (GDS) Q1 2027 earnings summary

Executive summary

• Q1 FY27 revenue was €1,232.9m, up 2.9% reported, 2.6% at constant FX and 2.8% organically; EBITDA rose 7.5% to €120.7m.

• Operational gains, volume growth and cost discipline lifted EBITDA margin to 9.8%; FY27 guidance was maintained.

Financial highlights

• Revenue was €1,232.9m versus €1,198.6m; a prior-period €8.2m reclassification had no EBITDA impact.

• EBITDA was €120.7m versus €112.3m, with margin rising to 9.8% from 9.4%.

• Net loss attributable to owners narrowed to €35.5m from €40.1m; operating profit was €12.5m versus €0.9m.

• Operating cash outflow improved to €3.3m from €43.5m; closing cash was €164.6m.

Outlook and guidance

• FY27 revenue growth guidance remains 2.0%–3.0% at constant FX, with EBITDA margin expected to remain stable versus FY26.

• FY29 targets include 3.0% annual revenue growth, gradual EBITDA margin improvement and gross CapEx averaging 4.0% of revenue over FY27–FY29.

• Continued deleveraging targets pre-IFRS 16 net debt/EBITDA below 4.0x; guidance reflects the latest known tax framework.