Ramsay Santé: Revenue Up 3.3% and Net Loss Reduced to €48.3M in 2026
Ramsay Santé published its provisional annual results for the financial year ended 30 June 2026 on 26 August 2026.
The group shows growth in revenue and EBITDA, while the Group's net loss narrows, in a context marked by the end of the financing guarantee in France and a project for the distribution of its reference shareholder's stake.
Revenue at €5.4bn and EBITDA at €638M
For the financial year ended 30 June 2026, consolidated revenue stands at €5,381.1M, up 3.3% (+2.3% on an organic basis). Growth was driven by France (+1.9%), supported by a 2.5% increase in admissions in medicine, surgery and obstetrics, and by Nordic countries (+6.5%), which benefited from a favorable exchange effect of €51M linked to the appreciation of the Swedish crown.
EBITDA increased 2.6% to reach €637.7M, with a stable margin of 11.9%. According to the group, this represents an increase compared to 11.5% the previous year, excluding the financing guarantee in France, whose elimination as of 1 January 2025 represents a shortfall of €20M.
Current operating profit amounts to €196.9M, up €9.5M. The Group's net loss stands at €48.3M, improving by €5.8M compared to the loss of €54.1M recorded in the previous financial year.
Operating Cash Flow Down and Net Financial Debt Stable
Net cash generated by operations amounts to €524.7M, down €169M compared to the previous financial year. This change is mainly explained by an unfavorable change in working capital requirement of €179M, linked in particular to the repayment of cash advances that the group had benefited from in France the previous year.
Published net financial debt reaches €3,584.9M, of which €1,638.7M in adjusted net debt (pre-IFRS16), compared to €1,675.9M a year earlier. The adjusted net debt ratio remains stable at 4.7x.
The group also completed on 22 July 2026 the refinancing of its senior debt for a total amount of €1.75 billion, comprising a Term Loan B of €1,550M and a renewable credit facility of €200M. This transaction extends the maturities of senior debt from 2031 to 2033.
Capital Distribution and Capital Markets Day in September 2026
On 20 February 2026, Ramsay Santé acknowledged the project announced by its shareholder Ramsay Health Care Limited to proceed with a distribution in kind of its 52.79% stake in the capital to its own shareholders. According to information communicated by RHC, this project could be implemented during the fourth quarter of 2026, subject to required authorizations, via an Australian law scheme of arrangement.
On the operational front, Capio began operation of the new St. Göran hospital contract in Sweden on 5 January 2026, with a term of up to 12 years and an estimated total value of €4.8 billion.
The group will present its strategy for 2030 at a Capital Markets Day organized on 17 September 2026 in Paris. The provisional annual consolidated accounts were presented to the Board of Directors meeting on 26 August 2026, with the audit ongoing and final approval scheduled for October 2026.
