Ramsay Health Care Subsidiary Ramsay Santé Posts 2.9% Revenue Rise and 7.5% EBITDA Growth in Q1 FY27

Sonal Goyal

06 November 2026 11:23 AM AEDT

Ramsay Health Care Subsidiary Ramsay Santé Posts 2.9% Revenue Rise and 7.5% EBITDA Growth in Q1 FY27

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Ramsay Health Care (ASX:RHC) has disclosed an earnings update from its 52.79%-owned subsidiary Ramsay Santé for the three months ended 30 September 2026, showing group revenue rose 2.9% to €1,232.9 million and EBITDA increased 7.5% to €120.7 million compared with the prior corresponding period.

Key Points

Ramsay Santé Q1 FY27 revenue reached €1,232.9 million, up 2.9% (2.6% at constant currency) from €1,198.6 million in Q1 FY26
Q1 EBITDA rose 7.5% to €120.7 million, with EBITDA margin expanding to 9.8% from 9.4%
Net cash flow from operating activities improved by €40.2 million year-on-year to €(3.3) million
Net financial debt stood at €3,730 million, with pre-IFRS16 restated net leverage at 5.1x compared with 5.2x as of September 2025
Ramsay Santé maintains its short and mid-term financial outlook

Q1 FY27 Financial Results to 30 September 2026

According to the filing, Ramsay Santé recorded group revenue of €1,232.9 million for the quarter from 1 July to 30 September 2026, compared with €1,198.6 million in the same period a year earlier. EBITDA reached €120.7 million, up from €112.3 million, representing an EBITDA margin of 9.8% versus 9.4% in the prior corresponding period. The net result attributable to the group share was €(35.5) million, compared with €(40.1) million a year earlier. Net financial debt totalled €3,730 million, including €1,788 million of restated pre-IFRS16 net debt. The update was approved by the Ramsay Santé Board of Directors at its meeting on 5 November 2026.

Senior Debt Refinancing Completed in July 2026

The filing states that Ramsay Santé completed a €1.75 billion senior debt refinancing, with the closing announced on 22 July 2026. The transaction comprised a €1.55 billion Term Loan B and a €200 million revolving credit facility. The Term Loan B was priced at E+350bps with a 99.0 original issue discount. The refinancing extended senior debt maturities from 2031 to 2033 and refinanced €100 million in Euro PP notes maturing in 2028 and 2029. The filing notes the transaction included a change of control provision structured to accommodate the contemplated distribution of Ramsay Health Care's 52.79% shareholding in Ramsay Santé to Ramsay Health Care shareholders by way of an in-specie distribution.

Connecting Care 2030 Strategic Roadmap Enters Execution Phase

Ramsay Santé presented its "Connecting Care 2030" strategic roadmap at a Capital Markets Day held in Paris on 17 September 2026. According to the filing, the plan is focused on improving patient access and care pathways, accelerating innovation and digitalisation, and strengthening operational excellence. During the first quarter, four facilities secured certification renewals, the Group received a score of 80 out of 100 from an independent third-party body for implementation of its mission objectives, a new radiotherapy unit and a PET scanner were commissioned, and the transfer of activities from Clinique Générale Valence was completed along with a headquarters relocation.

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