Spire Healthcare Group (SPI) H1 2026 earnings summary

Executive summary

• Revenue for H1 2026 was £792.7m, broadly stable year-over-year, with private payor and primary care growth offsetting lower NHS activity.

• Adjusted EBITDA declined 16.6% to £112.4m due to cost inflation and reduced NHS revenue, partially offset by £5.5m in transformation savings.

• Statutory loss before tax was £14.8m (H1 2025: £10.8m profit), with a loss after tax of £11.5m.

• Strong cash generation and capital efficiency led to a 35.3% increase in adjusted free cash flow to £20.7m.

• A recommended final offer for the company was announced by Tulip UK Bidco Limited, subject to shareholder and regulatory approval.

Financial highlights

• Group revenue decreased 0.8% year-over-year; Hospitals Business revenue down 1.6%, Primary Care up 8.1%.

• Adjusted EBITDA margin fell to 14.2% (H1 2025: 16.8%).

• Adjusted EBIT dropped 34.5% to £50.6m; ROCE declined 140bps to 6.7%.

• Net bank debt reduced to £337.8m, with leverage at 2.4x.

• Capital expenditure decreased 29.1% to £36.3m.

Outlook and guidance

• FY26 adjusted EBITDA is targeted to be broadly in line with FY25, assuming stable market and operating conditions.

• Visibility over NHS activity remains strong, with >95% of 2026/27 NHS revenue agreed.