Bastide: 7.2% Organic Growth Over 9 Months, Home Care Slows Down
Bastide Group, a European home health care provider, reports a 7.2% organic growth for the first nine months of the 2025-2026 fiscal year. However, the third quarter shows a slowdown in the 'Home Care' segment to 2.5%, affected by the implementation of the VPH (Vehicles for Disabled Persons) reform, which causes a temporary gap between the cessation of rentals and the start of sales. The group still confirms its annual targets, expecting an improvement from the fourth quarter.
Healthcare Services Lead Quarterly Growth
Over the nine months ending March 31, 2026, the group's revenue reached EUR 391.9 million, up 7.0% in reported figures and 7.2% organically. The third quarter generated EUR 131.5 million, up 5.0% in reported figures and 5.2% organically. Home healthcare services (Respiratory, Nutrition-Infusion-Diabetes-Stomatherapy) remain the main driver with an organic growth of 6.8% despite a 5% tariff reduction on sleep apnea services since April 2025. This line of business accounts for 62.4% of the cumulative nine-month revenue. The Respiratory activity grew 10.2% organically, and the Nutrition-Infusion-Diabetes-Stomatherapy activity by 6.5%.
Home Care: Temporary Slowdown Due to VPH Transition
The 'Home Care' activity recorded EUR 150.9 million over the nine months, up 5.2%, but the quarter marked a significant slowdown to 2.5%, compared to 6.5% in the first half. This shift results from the VPH reform, which replaced the rental model of wheelchairs with a sales model. The transition created a temporary dip: cessation of rentals before the effective start of deliveries and billing. The public sector, a priority segment, registered EUR 70.2 million, up a solid 11.3%. Activity in stores and online showed minor growth of 0.4%, hampered by the VPH shock in the third quarter. The group anticipates a restart of deliveries in April and a significant recovery in commercial dynamics from the fourth quarter.
Bastide Maintains Guidance Despite Third Quarter Turbulence
The group confirms its targets for the 2025-2026 fiscal year: a revenue of at least EUR 510 million and an operating margin maintained around 9.0%. This confirmation signals confidence in the normalization of the 'Home Care' activity in the fourth quarter, driven by ongoing dynamics in the public sector and structural growth in home care. Concurrently, the group continues to optimize its financial structure, with asset disposals still under consideration to realize created value and continue debt reduction.
