Ramsay Générale de Santé (GDS) Q3 2025 earnings summary

Executive summary

• Revenue for the nine months ended March 31, 2026, rose 3.1% year-over-year to €3,981.3 million, with like-for-like growth of 1.9%.

• EBITDA increased by 4.4% to €460.4 million, with margin improving to 11.6% from 11.4% a year earlier.

• Net loss attributable to the group narrowed to €27.9 million, an improvement of €26.3 million year-over-year.

• Operational performance was driven by productivity gains, cost control, and selective growth initiatives, despite ongoing public funding pressures and inflation.

• The group successfully launched the new St Göran contract in Sweden and continued to invest in imaging equipment and mental health centers.

Financial highlights

• Revenue: €3,981.3 million (+3.1% year-over-year; LFL +1.9%).

• EBITDA: €460.4 million (+4.4%), margin at 11.6% (+0.2 pts).

• Operating income: €134.0 million (+16.0%).

• Net loss: €27.9 million, improved from €54.2 million.

• Net cash from operations: €294.9 million (+€13 million year-over-year).

• Net financial debt (pre-IFRS16): €1,807.7 million; net leverage ratio improved to 5.1x from 5.7x.

Outlook and guidance

• Focus remains on operational excellence, selective growth, and integration of care pathways.

• Continued dialogue with authorities to secure better funding frameworks amid cost inflation.

• Strategic plan to build on the success of "Yes We Care" and further strengthen the group's market position.