Ramsay Générale de Santé (GDS) Status update summary

Strategic and operational highlights

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

• Achieved 4.7% revenue growth to €5.2 billion, with strong cost management and efficiency gains despite inflation and budgetary pressures.

• Renewed St Göran’s Hospital management contract in Sweden for eight years, reflecting confidence in acute and emergency care capabilities.

• Expanded primary care and mental health platforms, opening new day hospitals and investing in outpatient medicine and imaging.

• Integration of COSEM primary care centers progressing well, with technical and cultural synergies realized.

Financial performance and capital structure

• EBITDA reached €621 million (11.9% margin), with net income at -€54.1 million, similar to prior year.

• Operating cash flow increased to €694 million, driven by working capital improvements and state advances.

• Net debt (IFRS 16) at €3.65 billion; leverage reduced to 4.7x from 4.9x.

• Successfully refinanced senior debt at improved terms, extending maturity to 2031 and signaling investor confidence.

• CapEx investments of €136 million focused on maintenance, portfolio improvement, and imaging acquisitions.

Quality, innovation, and ESG initiatives

• 98% of French hospitals certified, 94% overall certification rate, and high patient satisfaction (NPS 74%).

• Recognized for excellence in cardiology, oncology, orthopedics, and rehabilitation; strong research output with 1,000+ annual publications.

• 60% of hospitals in underserved areas; 31% reduction in carbon footprint achieved.

• First CSRD sustainability report published, with external assurance confirming compliance and no significant errors.

• Mission Committee prioritizes impactful ESG actions, focusing on best practice dissemination and integration into strategy.