LNA Santé: revenue up 9.1% in the third quarter, annual target confirmed

Organic growth of 6.7% over nine months, 6.0% in the third quarter

Over nine months, organic growth of 6.7% is driven first by volumes (+4.5%), ahead of the price effect (+1.3%) and the specialty mix effect (+0.9%). The integration of the facilities taken over from the Clariane group adds 1.7 points, bringing reported growth to 8.4%.

This scope effect is concentrated in Médico-Social France, whose revenue rose 12.2% in the third quarter, to €92.5 million, compared with 8.4% over nine months. Over the cumulative period, the sector's growth is split equally between organic growth and scope effect, at 4.2% each.

In clinics, no tariff indexation was recorded in the third quarter. According to the group, supplementary funding for 2026, not yet announced at the publication date, will be recorded in the fourth quarter.

Home hospitalisation drives Sanitaire, clinics up 1.9%

Sanitaire France, which accounts for 57% of Operating revenue, reached €399.4 million over nine months, up 8.9% organically. Its growth slowed in the third quarter, to 7.6%.

Home Hospitalisation (HAD) is the main driver: its revenue increased 27.8%, to €127.3 million, and now accounts for 18% of Operating activity, compared with 15% a year earlier.

This growth comes mainly from volumes (+21.4%), with 1,563 patients receiving care on a daily average basis (+21.5%). The mix effect of 4.9% includes 1.5 points linked to a change in the accounting presentation of IFAQ funding, previously recorded as operating subsidies. Conversely, clinics (SMR, surgery, psychiatry) grew 1.9%, to €272.1 million.

In EHPADs, the Élégance range (€206.8 million) grew 2.2%, exclusively organically. The Confort range jumped 37.5%, to €58.8 million, including 13.7% in organic growth thanks to the occupancy of the Meaux facility, and 23.9% linked to scope. The occupancy rate of EHPADs in France rose 1.1 points, to 94.4%.

International (5% of Operating revenue) grew 1.6%, to €32.0 million. In Poland, the occupancy rate in full hospitalisation fell 8.7 points over nine months, to 75.2%. It rose again to 77.8% in the third quarter, up 2.1 points from the previous quarter.

2026 targets confirmed, Real Estate expected at €50 million for the year

LNA Santé maintains Operating revenue close to €930 million excluding external growth, an amount already retained when annual results were published on 29 April 2026.

Organic targets by sector are also confirmed: more than 3.5% for Médico-Social France, more than 8% for Sanitaire France, and more than 2% for International. At end-September, the first two are exceeded (4.2% and 8.9%), while the third remains below, at 1.6%.

Real Estate totalled €26.1 million over nine months, up 17.6%, including €7.2 million in the third quarter (+12.1%). The annual target is set at €50 million. The group relies on 165 lots reserved as of 30 September, compared with 87 a year earlier.

As of the date of the release, 25 lots from the Institut de Réadaptation du Cap Ouest programme in Nantes have been recorded, for additional revenue of €5.5 million.

For the fourth quarter, management is notably counting on the launch of three HAD branches in Île-de-France, whose population catchment areas represent, in its view, a potential of more than 200 patients over time.

Home-based care, which accounts for most of the organic growth in Sanitaire, thus remains the main lever for the end of the year, alongside the full contribution of the taken-over EHPADs.