RAMSAY SANTE : Half-year results at the end of December 2024

Core Insights - Ramsay Santé reported a consolidated revenue of €2.5 billion for the half-year ended December 31, 2024, reflecting a growth of 5.8% compared to the previous year, with a like-for-like growth of 3.7% [3][16][5] - The company faced challenges with EBITDA remaining flat at €284.6 million, impacted by government tariff adjustments and rising operational costs [20][5] - A net loss attributable to owners of the company was recorded at €43.1 million, a significant increase from the previous year's loss of €17.3 million, primarily due to higher lease depreciation and increased debt costs [5][23] Financial Performance - Group revenue increased by 5.8% to €2,507.2 million, with France revenue growing by 7.2% due to new primary care centers and increased admissions [5][17] - EBITDA for the half-year was stable at €284.6 million, with an EBITDA margin of 11.4%, down from 12.0% the previous year [5][20] - The current operating result decreased by 15.5% to €66.1 million, and the operating profit fell by 27.6% to €62.2 million [5][21] Debt and Financing - Ramsay Santé successfully refinanced its €1.65 billion senior debt facilities, extending maturities to 2029-2031, which provides a long-term financing framework [12][13] - As of December 31, 2024, the net financial debt stood at €3.72 billion, with a stable restated net leverage ratio of 5.4x [29][6] Operational Developments - The company expanded its healthcare access initiatives, serving 12.6 million patients across France, the Nordics, and Italy, with 95% of French facilities certified to the highest quality standards [3][30] - Significant growth in outpatient and primary care activities was noted, including the acquisition of Cosem primary care centers and the establishment of new mental health facilities [3][10] Strategic Initiatives - The "Yes We Care 2025" strategic plan aims to enhance digital healthcare systems and improve patient care pathways amidst budgetary constraints [4][31] - Ramsay Santé's commitment to sustainability and ESG initiatives is reflected in its refinancing agreements, which include performance-based adjustments related to patient care and environmental impact [12][13]