Ramsay Health: Revenue Up 3.1%, Net Loss Narrows
Ramsay Health released its nine-month results on Thursday, showing a revenue increase of 3.1% to EUR 4.0 billion and an EBITDA improvement of 4.4% to EUR 460 million, driven by productivity gains and the contribution from the new Swedish St Göran contract. However, the group remains in a net loss of EUR 27.9 million, although this has decreased by EUR 26.3 million compared to the same period last year. The structural challenge of French public underfunding against cost inflation remains a major issue for the European hospital leader.
Moderate Organic Growth Supported by Sweden and Operational Gains
Ramsay Health's consolidated revenue reached EUR 3.981 billion over nine months, up by EUR 118 million. Excluding currency and scope changes, organic growth was 1.9%, reflecting moderate progress. France, accounting for about 68% of revenues, grew by 1.5%, driven by a 1.7% increase in admissions in medicine-surgery-obstetrics (MSO), partially offset by a very limited pricing effect (tariff increase of 0.5% in March 2025, unchanged tariffs in January 2026) and a negative mix effect due to the growth of outpatient care over full stays. The Nordic countries showed a more robust dynamic, with a revenue increase of 6.6% in reported terms, including a favorable EUR 46 million currency effect (appreciation of the Swedish krona). Organically, growth was 2.6%, supported by Sweden, particularly through the contribution of the new St Göran contract since January 2026 under improved tariff conditions, the expansion of primary care, and the ramp-up of the maternity unit at the site. The group installed 10 new imaging equipment in nine months and opened 3 new daytime mental health centers in France.
EBITDA Progresses, Offsetting the End of French Financing Guarantee
The group's EBITDA increased by EUR 19.4 million to EUR 460.4 million (a margin of 11.6% of revenue, compared to 11.4% a year earlier), despite challenging conditions. This improvement is directly linked to productivity efforts and cost control across all geographies, which offset several challenges: the cessation of the financing guarantee in France (a shortfall of EUR 19 million), the impact of a three-day strike by French doctors in January 2026, and especially public underfunding against the inflation of personnel and consumable costs. In the third quarter (Q3) alone, EBITDA jumped by 12.3% to EUR 176 million, reflecting the acceleration of performance plans and the effect of the removal of the CICE coefficient, now integrated into the tariff base (+EUR 9 million). The current operating result increased by 16.0% to EUR 134 million, while the net cost of debt decreased by EUR 9.6 million to EUR 137.8 million, benefiting from the refinancing in August 2024 and February 2025 which reduced the margin on the debt.
Net Loss Narrows but Debt Leverage Improves Slowly
The group's net loss narrowed to EUR 27.9 million, an improvement of EUR 26.3 million (48.5% progress) compared to the loss of EUR 54.2 million recorded a year earlier. This improvement reflects both increased operational performance and reduced financing costs. Net cash flows generated from operations increased by EUR 13 million to EUR 294.9 million, driven by the expansion of EBITDA. Net financial debt stands at EUR 3.723 billion (IFRS 16 published) or EUR 1.808 billion in restated figures (pre-IFRS 16). The restated net debt ratio improved to 5.1x from 5.7x in March 2025, signaling a better debt reduction trajectory. Cash and cash equivalents reached EUR 216.2 million at the end of March 2026.
