Ramsay Générale de Santé (GDS) Status update summary

Strategic and operational highlights

• Maintained leading position in France, Sweden, Norway, and Denmark, operating 492 healthcare facilities and serving over 12 million patients in 2025.

• Achieved record patient satisfaction with a net promoter score of 74% and renewed key hospital management contracts.

• Integrated COSEM primary care centers, enhancing care pathways and realizing operational synergies.

• Continued expansion in primary care, mental health, and imaging, with 10 new facilities and six new day hospitals opened.

• Invested €136 million in CapEx, focusing on modernization and quality improvements.

Financial performance and outlook

• Revenue grew 4.7% to €5.2 billion, with France up 5.9% and Nordic countries up 2.2%.

• EBITDA reached €621 million (11.9% margin), but net income remained negative at -€54.1 million due to high financial costs.

• Operating cash flow increased to €694 million, and financial leverage improved to 4.7x.

• Successfully refinanced senior debt, extending maturity to 2031 and securing better terms.

• Share performance remained weak amid challenging economic and political conditions in France.

ESG and mission-driven initiatives

• Achieved 31% reduction in carbon footprint and 94% hospital certification rate.

• Over 60% of hospitals located in underserved areas, improving healthcare access.

• Supported over 100 startups and associations for preventative health actions.

• Published first CSRD report, with external assurance confirming compliance and no significant errors.

• Mission Committee highlighted strong progress in embedding mission objectives and environmental maturity.