Ramsay Health Records a 3.3% Half-Year Growth to 2.6 Billion Euros
Ramsay Health group released its first semester results ending December 31, 2025, showing a revenue increase of 3.3% and a stabilization of EBITDA. This performance comes in a context of the removal of financing guarantees in France starting January 2025.
Financial Performance Details
Ramsay Health recorded a consolidated revenue of 2,589 million euros in the first half of 2025/2026, marking a 3.3% increase compared to the same period of the previous fiscal year. The organic growth, adjusted for scope changes and constant exchange rates, reached 2.3%. In France, revenue grew by 1.9%, driven particularly by a 2.5% increase in admissions in medical, surgical, and obstetrics care, boosted by the growth of outpatient services. The group handled 350,000 emergency admissions during the semester and opened three new day mental health centers as well as six imaging facilities since July 2025. The Nordic countries showed a 6.4% increase, with 3.4% coming from a favorable exchange rate effect due to the appreciation of the Swedish krona, while organic growth in this region was 2.8%.
EBITDA and Financial Challenges
The group's EBITDA stabilized at 284.8 million euros, slightly up by 0.1% compared to the previous semester. This stability hides significant tensions: the removal of the financing guarantee in France from January 1, 2025, represented a shortfall of 20 million euros. The tariff increases in France of 0.5% in March 2025 and various public funding in the Nordic countries only partially offset the inflation of medical salaries and consumable costs. The group countered these pressures through widespread productivity gains, procurement optimization, administrative cost reductions, and an adjustment in hiring structure. The current operating result amounted to 67.8 million euros, up by 1.7 million euros. The net loss attributable to the group for the semester reached 34.9 million euros, an improvement of 8.2 million euros compared to the 43.1 million euros loss recorded in December 2024.
Strategic Shareholder Movements
Ramsay Health Care, which holds 52.79% of the capital, announced on February 20, 2026, its intention to proceed with a distribution in kind of its stake to its own shareholders. The shareholder group also indicated its openness to exploring alternative options. This operation could take place during the fourth quarter of 2026, subject to necessary approvals. Ramsay Health, listed on Euronext Paris, states that its financing structure and balance sheet are distinct and autonomous from those of its parent company, and that the group will continue to deploy its strategic roadmap based on investment in innovation and operational excellence.
