Ramsay Health Care (RHC) CMD 2026 summary

Strategic direction

• Connecting Care 2030 shifts from expansion and integration to unlocking the platform’s potential through profitable growth and medical excellence; its five pillars cover portfolio management, integrated care, digital transformation, cost initiatives and new revenue streams.

• Network rationalisation and activity transfers aim to align capacity with demand, including French MSO site refocusing and the Valence consolidation scheduled for October 2026.

• Integrated pathways span hospitals, primary care, imaging, mental health and home care; internal referrals currently connect 20% of patients across services.

• Growth priorities include Swedish primary care, French imaging and mental health, home-based care, private health insurance and occupational health; large M&A is not expected to drive growth.

• Digital plans include AI-driven care pathways by 2031, training more than 5,000 employees in AI, virtual care and wider Ambient Scribe use; more than 1,500 Swedish doctors use the tool, with rollout starting in France.

Market and growth model

• Five-country footprint spans 491 facilities and serves 13 million patients annually, including more than 1 million digital patients; revenue outside France rose from 19% to 33% over four years.

• Healthcare expenditure across four key markets grew 3.2% annually over the past decade, with 3.3% annual growth expected over the next five years.

• Patient visits increased from 9 million to 13 million over five years; 3 million additional visits came from outpatient services including imaging, primary care, day hospital and mental health.

• Aging populations, chronic disease and public-system capacity constraints support demand; healthcare spending is expected to outpace GDP, while private providers deliver care at lower cost.

• Remote consultations account for 25% of consultations in Sweden and Denmark; medical workforce expansion and regulatory funding parity support future delivery.

Financial performance and outlook

• FY26 revenue reached €5,381m, growing at a 3.9% CAGR from FY24; EBITDA was €638m at an 11.9% margin, up 0.8 percentage points over two years.

• FY27 revenue growth guidance is 2–3%; the three-year average growth target is 3%, with selected-segment volumes expected to lead growth.

• EBITDA margin guidance is stable for FY27, followed by gradual improvement; gross CapEx is planned at 4% of revenue on average, while net CapEx averaged 2.7% of revenue.

• FY26 performance initiatives delivered €80m of EBITDA impact, described as structural; further productivity, procurement and workforce-efficiency actions are planned.

• Net debt/EBITDA was 4.7x at June 2026, down from 4.9x in June 2024, against a target below 4x; deleveraging relies on growth, margin gains, disciplined capital allocation and working-capital improvements.