Ramsay Générale de Santé (GDS) Q3 2024 earnings summary

Executive summary

• Revenue for the nine months ended March 31, 2025, rose 5.1% to €3.89 billion, driven by activity growth and the acquisition of Cosem primary care centers in June 2024.

• EBITDA remained nearly stable at €441 million, down 0.8% year-over-year, absorbing negative impacts from reduced government funding and inflation.

• Operational profitability was maintained despite unfavorable tariff changes and the end of certain subsidies in France.

• Strategic focus on cost control, productivity improvements, and digitalization of patient care continued.

Financial highlights

• Organic revenue growth was 3.2% year-over-year, with France up 6.6% and Nordics up 0.7% at constant scope and exchange rates.

• EBITDA margin was 11.3% of revenue, down from 12.0% the previous year.

• Operating income fell 15.7% to €115.5 million; net result was a loss of €54.2 million, compared to a €20.6 million loss last year.

• Net financial debt stood at €3.86 billion as of March 31, 2025.

• Operating cash flow was €282 million, down €50 million year-over-year, mainly due to working capital changes.

Outlook and guidance

• Continued focus on integrated care, digital transformation, and productivity to offset inflation and funding pressures.

• Ongoing discussions with European governments for more predictable and fair funding for private healthcare.