Bastide Group: Debt Reduced by €134.7M, Operating Margin of 9.2% Above Target
Bastide Group published its results for the 2025-2026 financial year, ended June 30, 2026, on October 21, 2026, with a current operating margin of 9.2%, exceeding its target of 9.0%. The home healthcare provider confirmed it aims for revenue of at least €500M in 2026-2027.
The most significant development in the publication is below the operating line. The disposals of Baywater and Experf, combined with higher operating free cash flow, enabled early repayment of part of the debt, and the cost of gross financial debt fell by €7.3M. Current operating income rose 7.4%, while net income from continuing operations increased from €2.5M to €10.0M.
Organic Growth of 7.9% and Stable Current Operating Margin of 9.2%
Revenue stood at €482.4M, with organic growth of 7.9% (7.7% on a reported basis). Higher-complexity activities (respiratory, nutrition-infusion-ostomy care) generated €280.8M, up 9.5% (9.9% on an organic basis). Respiratory care grew 11.1% and diabetes care by 24.3% on an organic basis, two segments where the group indicates it is gaining market share.
The "Home Support" activity reached €201.7M, up 5.2%. This growth is supported by rental activities, the winning of several small contracts, and, according to the company, the exceptional contribution of certain contracts.
Gross margin came in at 67.6%, compared to 67.4% in 2024-2025. The mix effect resulting from the increasing weight of home healthcare services and improved Home Support margins offset price reductions in sleep apnea (−5% from April 1, 2025, −4% from April 1, 2026).
EBITDA reached €107.9M, up 9.9%, for a margin of 22.4%, up 50 basis points. As a percentage of revenue, personnel expenses declined 40 basis points and external costs remained stable. Current operating income amounted to €44.2M (+7.4%), representing a margin of 9.2%, stable compared to 2024-2025.
Financial Leverage Reduced from 3.41x to 2.37x After €110M in Disposals
Operating cash flows amounted to €106.7M, including a one-time €8.7M improvement in working capital requirements, notably related to Home Support receivables. After €49.8M in net operating investments, presented as the group's normative level, operating free cash flow reached €38.4M, up €16.0M, representing 1.5 times net cash interest paid (€24.9M).
This is supplemented by €110.0M in net proceeds from asset disposals. Net financial debt stood at €250.9M as of June 30, 2026 (including €46.0M in lease liabilities), down €134.7M year-over-year, with available liquidity of €48.2M. Financial leverage fell from 3.41x to 2.37x, below the authorized threshold of 4.25x.
This reduction is reflected in the income statement. The cost of gross financial debt declined by €7.3M, to €23.3M, and the cost of debt fell from 7.1% to 6.8%. Financial income stood at −€24.1M, compared to −€28.6M in 2024-2025.
After €5.6M in non-recurring charges (including €2.1M in litigation costs) and a tax charge of €4.6M, net income from continuing operations reached €10.0M. Total net income of €59.7M includes €49.7M from discontinued operations, mainly proceeds from the disposal of Baywater and Experf. Net income attributable to the group amounted to €58.1M, compared to €0.4M a year earlier.
Target of At Least €500M in Revenue for 2026-2027 Confirmed
For the 2026-2027 financial year, Bastide aims to maintain its current operating margin at the 2025-2026 level. The group mentions inflationary pressure on certain cost items and does not expect, at this stage, any new significant tariff adjustment. It indicates it will maintain strict cost control.
The full-year effect of the leverage reduction should result in a further reduction in financial expenses, estimated at €2M at constant Euribor rates. The disposal program is presented as substantially completed, with the company retaining the possibility of targeted additional arbitrages.
First quarter 2026-2027 revenue will be published on November 13, 2026 after market close. The group confirmed a target of revenue of at least €500M in 2026-2027, compared to €482.4M for the 2025-2026 financial year.
