Ramsay Generale De Sante

Ramsay Santé reported group revenue of €5,381.1m for the year ended 30 June 2026, up 3.3% on a reported basis and 2.3% like-for-like, with EBITDA rising 2.6% to €637.7m at an 11.9% margin. The group's net loss attributable to owners narrowed to €48.3m from €54.1m a year earlier, while net cash flow from operating activities fell €169m to €524.7m as working capital normalized, and net financial debt stood at €3,584.9m, including €1,638.7m of restated pre-IFRS16 net debt, leaving restated net leverage stable at 4.7x. Ramsay Santé said it will not propose a dividend for the year ending 30 June 2026, in line with recent years. Chief Executive Officer Pascal Roché credited the results to an integrated care offering and operational discipline, and the group used its 17 September Capital Markets Day to unveil a new strategic roadmap, Connecting Care 2030, targeting revenue growth of about 3.0% per annum and a gradually improving EBITDA margin through FY2029, alongside continued deleveraging toward pre-IFRS net debt to EBITDA below 4.0x. In Sweden, Capio began a new contract for St. Göran Hospital on 5 January 2026, awarded for at least eight years with an option to extend up to four more, worth an estimated €4.8bn over 12 years. Ramsay Santé also closed a €1.75bn senior debt refinancing on 22 July 2026, comprising a €1.55bn Term Loan B and a €200m revolving credit facility, extending senior debt maturities from 2031 to 2033, and has applied for a foreign exempt listing on the ASX through CDIs as shareholder Ramsay Health Care Limited proposes to distribute its 52.79% stake to its own shareholders.

Ramsay Santé Group unveiled "Connecting Care 2030," a new four-year strategic roadmap, at its 2026 Capital Markets Day in Paris. The plan targets revenue growth of between 2.0% and 3.0% in FY2027 with a stable EBITDA margin versus FY2026, and revenue growth of approximately 3.0% per annum with gradual EBITDA margin improvement by FY2029, alongside gross capex of about 4.0% of revenue on average over the FY2027 to FY2029 period. The group also targets continued deleveraging, with net debt to EBITDA on a pre-IFRS basis below 4.0x. The strategy rests on five pillars: strengthening the integrated and accessible healthcare offering, embracing digital transformation, active portfolio and contract management, continued cost initiatives, and accelerating profitable growth through new revenue streams. Separately, majority shareholder Ramsay Health Care, which holds 52.79% of Ramsay Santé Group, has announced its intention to distribute its entire stake to its own shareholders through an in-specie distribution expected in December of this year, and Ramsay Santé has applied for a foreign exempt listing on the Australian Securities Exchange through CHESS Depository Interests. Crédit Agricole Assurances, which holds 39.82% of the group, has reaffirmed its commitment as a long-term shareholder.

Ramsay Santé has launched a €1.75 billion senior debt refinancing, comprising a €200 million revolving credit facility and a €1.55 billion Term Loan B. The transaction aims to extend senior debt maturities from 2031 to 2033 and refinance a €100 million EuroPP maturing in 2028 and 2029, enhancing the group's long-term financial flexibility. Majority shareholder Ramsay Health Care Limited, which holds 52.79% of Ramsay Santé, announced in February 2026 its intention to distribute its entire stake in kind to its own shareholders, and the refinancing includes a change-of-control clause compatible with that planned distribution. BNP Paribas and Crédit Agricole CIB are acting as global coordinators and joint active bookrunners, with Natixis CIB as joint active bookrunner. Completion remains subject to market conditions.