Ramsay Santé: EBITDA up 7.5% in the first quarter, but net loss of €35.5 million
On November 5, 2026, Ramsay Santé published its unaudited results for the first quarter of its financial year, ended September 30. EBITDA rose 7.5% to €120.7 million, faster than revenue (+2.9% to €1,232.9 million): the EBITDA margin thus gained 0.4 points, to 9.8%.
This operating gain does not yet return the group to breakeven. Financial expenses rose from €46.5 million to €49.5 million and exceed operating income, which stood at €12.5 million. The net loss attributable to the group therefore narrowed by €4.6 million but remains at €35.5 million.
Cost control lifts the EBITDA margin to 9.8%
According to the group, the increase in EBITDA (+€8.4 million) is based on organic volume growth, the contribution of the new contract at St. Göran hospital in Sweden, in effect since January 5, 2026, and the continuation of performance plans. These effects offset rising wages, including the 2.4% increase in the French minimum wage as of June 1, 2026, as well as higher purchasing and outsourced service costs.
The improvement is also visible further down the income statement. Current operating income reached €9.5 million, up €6.1 million, in a summer quarter marked by seasonally lower activity. Non-current items generated income of €3 million, which includes a €6.5 million contribution from Ramsay Health Care to separation costs.
Restated for IFRS 16 on simple leases, the gain is more limited: the restated EBITDA margin rose from 3.6% to 3.7%, to €46.1 million, and restated current operating income remains negative at -€5.8 million, compared with -€10.3 million a year earlier.
The Nordic countries grow faster than France
France, including Italy, generated revenue of €832.8 million, up 1.9%. Admissions in medicine, surgery and obstetrics increased by 4.1%, supported by outpatient care and one additional working day.
Growth was, however, held back by a negative mix effect and by the decline in imaging flat fees, with an impact of approximately €1 million, in a context where rates have remained unchanged since January 2026.
The Nordic countries grew 4.9%, to €400.1 million, including a favorable currency effect of €2.7 million linked to the Swedish and Norwegian crowns. Excluding currency and scope effects, their growth reached 4.2%, supported in Sweden by primary care and by St. Göran volumes, where the average length of stay decreased.
At group level, organic growth amounted to 2.8%, or €33.7 million, against a negative scope effect of €2.1 million.
Restated leverage falls to 5.1x, annual targets maintained
Net cash flow generated by operations improved by €40.2 million, to -€3.3 million, mainly thanks to the change in working capital: the first quarter of 2025 had borne the repayment of cash advances to the State.
Cash nevertheless stood at €164.6 million, compared with €302.2 million at June 30, and IFRS net debt rose from €3,584.9 million to €3,730.1 million over the quarter.
Over one year, restated net debt fell from €1,867 million to €1,788 million, and the restated leverage ratio went from 5.2x to 5.1x.
The increase in interest expense is notably due to the higher margin on senior debt refinanced in July for €1.75 billion, whose maturities were extended from 2031 to 2033; approximately 80% of gross debt is hedged.
The group has maintained its outlook: for fiscal year 2027, revenue growth excluding currency between 2.0% and 3.0% and a stable EBITDA margin, followed by a net debt to EBITDA ratio (pre-IFRS 16) below 4.0x.
After the closing date, the Lyon Court of Appeal confirmed in the group's favor the judgment in the Mermoz dispute, with estimated damages of approximately €57 million, but the opposing parties have filed an appeal to the Court of Cassation.
These results are part of the preparation for the distribution by Ramsay Health Care of its 52.79% stake, scheduled for December 9, 2026, subject to approval by its shareholders on November 24, to which a largely independent board of directors proposal is attached.
