LNA Santé Raises Its Organic Growth Target to +6% for 2026
LNA Santé published its first-half 2026 results on September 16, 2026. The Nantes-based health group achieved organic growth of +7.0%, exceeding its initial target of +5%, prompting it to raise its 2026 organic growth forecast to +6%.
At the same time, the transformation of two medical care and rehabilitation clinics (SMR) undergoing restructuring is weighing on EBITDA margin, while the group is revising down its cash generation target to account for the park transformation effort and anticipated capital expenditures in the second half.
Operating Revenue of €465.1 Million, Driven by Home Hospitalization
Operating revenue stands at €465.1 million as of June 30, 2026, up +8.0%, of which +7.0% organic and +1.0% from external contributions related to nursing homes acquired from the Clariane group. Including real estate activity, total revenue reaches €484.0 million, up +8.4%.
French Healthcare activity grew by +9.6% to €266.8 million, driven by Home Hospitalization (€83.4 million, +28.1%, representing +275 patients in average daily census over one year). French Social and Medico-Social activity reached €173.1 million (+6.4%, including +4.1% organic) and the International Business sector €21.2 million (+2.0%).
Real estate activity stood at €19.0 million, up +19.9%, with 57 lots sold for €14.1 million and the sale of the entire real estate complex of the Coulommiers home hospitalization facility for €4.9 million. Reservations increased to 117 lots compared to 50 one year earlier.
EBITDA Margin Declining by 34 Basis Points, Due to Two SMR Clinics Under Restructuring
Operating EBITDA excluding IFRS 16 reached €38.1 million, up +3.6%, for a margin of 8.2%, down 34 basis points compared to 8.5% in the first half of 2025. The group attributes this performance to the intensity of ongoing restructuring programs at two SMR clinics, whose slowed activity cannot be offset by equivalent charge adjustments.
The group distinguishes two park segments. Among the 75 establishments in steady-state operation, representing 9,403 beds or 86% of the operated park, the EBITDA margin excluding IFRS 16 improved by 46 basis points to 10.6%, compared to 10.1% one year earlier. Conversely, the margin of the 17 establishments under restructuring declined to -1.1% compared to 6.6% in the first half of 2025.
The gap of 11.7 percentage points between the two segments corresponds, according to the group, to a margin potential to be unlocked through the transformation of establishments, with 1,542 beds remaining to be brought into steady-state operation over the 2026-2029 period. Group Operating Net Income stands at €14.9 million, up +8.3%, for a margin of 3.2%.
Organic Growth Guidance Raised to +6%, Free Cash-Flow Target Lowered to €40-45 Million
LNA Santé is raising its 2026 organic growth target to +6% (versus +5% initially), for Operating revenue approaching €930 million excluding perimeter effects. The group confirms its EBITDA margin target excluding IFRS 16 in steady-state operation, set between 10.0% and 10.5%, as well as the growth in operating income in value.
In parallel, the Operating free cash-flow target is being reduced to between €40 million and €45 million, compared to €50 million previously, to account for the park transformation effort and anticipated capital expenditure in the second half. Over the first half, these free cash-flows came in at €22.6 million, virtually stable year-on-year (-2%).
The financial structure shows an Operating leverage of 1.60x as of June 30, 2026, compared to 1.40x at the end of December 2025, for a covenant capped at 4.25x. Available cash at closing amounts to €89.4 million, of which €82.9 million for Operating activity alone, supplemented by a €119 million RCF drawdown capacity. By comparison, for the 2025 fiscal year published on April 30, 2026, the group generated revenue of €912.67 million and net income of €24.15 million.
