Spire Healthcare Group (SPI) Trading Update summary

Trading performance and transformation

• Group revenue grew 3.6% year-on-year from July to October 2025, with H1 2025 revenue up 4.9% year-on-year.

• Transformation programme is on track to deliver £30m in new savings for FY25, including a £10m uplift to offset increased National Insurance and National Minimum Wage costs.

• Patient Support Centres launched, centralizing booking and admin, improving efficiency and private patient trends.

• Primary Care expansion continues, with a new outpatient clinic in Kings Lynn supporting referrals.

Market trends and outlook

• Self-pay patient trends are improving, while PMI trends remain stable; NHS commissioning activity has slowed due to budget restrictions.

• FY25 adjusted Group EBITDA expected at the bottom end of £270m–£285m guidance.

• FY26 adjusted EBITDA expected to be broadly in line or slightly ahead of FY25, with further £30m in planned savings.

• NHS volumes remain a material uncertainty, especially in Q1 2026, due to proposed tariff uplifts below inflation.

Strategic initiatives and shareholder value

• 18-month extension of £425m banking facilities to August 2028, with unchanged terms.

• Ongoing evaluation of actions to drive shareholder value, including potential sale, property value generation, and increased focus on private payors.

• Discussions with multiple parties are underway, but no certainty of an offer or its terms.