Rhoen Klinikum (RHK) Q1 2025 earnings summary

Executive summary

• Revenue increased by 8.3% to €414.7 million in Q1 2025 compared to Q1 2024, driven by higher patient numbers and increased state base rates.

• EBITDA declined by 10.3% to €22.6 million, and consolidated profit fell by 34.2% to €7.3 million year-over-year, mainly due to the expiration of energy cost reimbursements and lower finance results.

• Patient volumes rose, with total treatments up 2.6% and outpatient attendances up 2.5% compared to the previous year.

• The company is prepared for the new Hospital Care Improvement Act (KHVVG), but sector challenges like underfunding and staff shortages persist.

Financial highlights

• Revenue: €414.7 million (+8.3% YoY); EBITDA: €22.6 million (-10.3% YoY); EBIT: €8.0 million (-20.0% YoY); EBT: €9.2 million (-30.8% YoY); Net profit: €7.3 million (-34.2% YoY).

• Earnings per share: €0.11 (undiluted and diluted), down from €0.16 in Q1 2024.

• Other income decreased by €7.8 million due to the end of energy cost reimbursements.

• Material and consumables used increased by 6.6%, but the material cost ratio improved to 33.8%.

• Personnel expenses rose 6.4% to €273.6 million, with the personnel expense ratio improving to 66.0%.

Outlook and guidance

• The company is positioned to adapt to the KHVVG and ongoing hospital reform, but calls for further policy action to address sector-wide underfunding and cost pressures.