Ramsay Health Care Ltd (RHC) Reports Transformation Progress Across Australian and UK

Sonal Goyal

17 September 2026 03:40 AM AEST

Ramsay Health Care Ltd (RHC) Reports Transformation Progress Across Australian and UK

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Highlights

Ramsay Health Care reported FY26 Revenue of $18.6 billion and underlying EBIT of $1,162.2 million, up 11.5% on the prior year
Underlying net profit after tax and non-controlling interests rose 19.3% to $364.1 million, while reported NPAT was $329.2 million
The Board determined a final fully Franked Dividend of 48.5 cents per share, taking the full-year dividend to 91 cents per share, up 13.8%
The company is progressing a proposed separation of Ramsay Santé via in-specie distribution, subject to a Shareholder vote on 24 November 2026

Ramsay Health Care Limited (ASX:RHC) is one of the largest private healthcare operators in the world, with hospital operations spanning Australia, the United Kingdom and Europe. This article reviews the company's FY26 full-year results, its core operations, sector context and developments shareholders are monitoring heading into FY27.

The share price was AUD 55.13 during the Trading session on 17 September 2026. The stock moved up by 0.51% during the trading session on 17 September 2026.

Company Business

Ramsay Health Care operates private hospitals and related healthcare facilities across several regions. Its Australian Business operates a network of private hospitals offering surgical, medical, rehabilitation and mental health services, supported by an expanding Ramsay Research and Development Clinical Trials network. In the United Kingdom, the company operates acute hospitals through Ramsay UK and mental health and specialist care services through Elysium Healthcare. In Europe, Ramsay holds a 52.79% interest in Ramsay Santé, a separately listed operator with hospital, primary care and related healthcare operations in France and the Nordic countries. The company is also progressing the Acquisition of National Capital Private Hospital, which is expected to become part of the Ramsay network from 1 September 2026.

Sector Context

The private hospital sector in Australia is influenced by private Health Insurance coverage and indexation trends, hospital capacity utilisation and funding arrangements with insurers. In the United Kingdom, private hospital operators are affected by National Health Service funding and Tariff settings, alongside Demand for private-pay and privately insured activity. In France, hospital tariff indexation set by the government and prudential funding mechanisms influence operator revenue, while government Subsidy arrangements and Nordic market dynamics affect the European business. Regulatory oversight applies across all jurisdictions in which the company operates.

Recent Developments

Ramsay Health Care released its FY26 results for the twelve months ended 30 June 2026 to the ASX on 27 August 2026. During the year, the company continued a multi-year transformation program in its Australian business, alongside performance improvement initiatives in its UK Hospitals and Elysium operations. The company is progressing a proposed separation of Ramsay Santé from the broader Ramsay Group through an in-specie distribution of its 52.79% shareholding to Ramsay shareholders, with Ramsay Santé shares intended to be tradeable on the ASX through CHESS Depositary Interests. The proposal is subject to a shareholder vote scheduled for 24 November 2026, with completion targeted for December 2026. Ramsay Santé separately announced the completion of a €1.75 billion Debt refinancing in July 2026.

Financial Performance

For FY26, Ramsay Health Care reported underlying segment revenue and other income of $18.6 billion, up 4.9% on the prior year (4.0% in constant currency). Underlying EBITDA was $2,343.4 million, up 8.0%, and underlying EBIT was $1,162.2 million, up 11.5% (11.8% in constant currency). Underlying net profit after tax and non-controlling interests increased 19.3% to $364.1 million, or 22.9% in constant currency, while reported net profit after tax and non-controlling interests was $329.2 million, compared with $24.0 million in FY25. By region, Australia's underlying EBIT rose 11.2% to $639.8 million, UK Hospitals' underlying EBIT rose 9.0% to $160.5 million, Elysium's underlying EBIT rose 41.4% to $31.1 million, and Ramsay Santé's underlying EBIT rose 11.1% to $330.8 million. The Board determined a final fully franked dividend of 48.5 cents per share, up 21.3%, bringing the full-year dividend to 91 cents per share, up 13.8%, with a Payout Ratio of 60.3% of underlying earnings.

Risks to Consider

Ramsay's results and disclosures point to risks including changes in private health insurer indexation and funding in Australia, National Health Service funding settings and tariff indexation in the United Kingdom, and French government tariff and subsidy arrangements affecting Ramsay Santé. Execution risk associated with the proposed separation of Ramsay Santé, including shareholder and regulatory approvals, remains a factor. The company's ongoing transformation and turnaround initiatives, including at Elysium, carry execution risk, and net debt and Leverage levels across the Funding Group and Ramsay Santé are subject to changes in cash flow, interest rates and refinancing conditions.

What to Watch Next

Shareholders are monitoring progress toward the scheduled 24 November 2026 vote on the proposed Ramsay Santé separation, along with the completion of the National Capital Private Hospital acquisition. Ramsay Santé is scheduled to host a Capital Markets Day on 17 September 2026, and the Ramsay Group Executive plans to host an investor day on 30 November 2026. The company's half-year results for the six months to 31 December 2026 represent the next scheduled financial disclosure.

Key Insights

Ramsay Health Care's FY26 results reflect underlying Earnings growth across all of its operating regions, supported by transformation initiatives in Australia and performance improvement programs in the United Kingdom and Europe. The proposed separation of Ramsay Santé represents a significant potential change to the company's structure, subject to shareholder approval. Continued execution of regional transformation plans and progress on the proposed demerger are likely to remain central to the company's reporting through FY27.

FAQs

Q: What does Ramsay Health Care operate?

A:Ramsay Health Care operates private hospitals and healthcare facilities in Australia, the United Kingdom (through Ramsay UK and Elysium Healthcare) and, through its 52.79% shareholding in Ramsay Santé, in France and the Nordic countries.

Q: What was Ramsay Health Care's revenue for FY26?

A:Ramsay Health Care reported underlying segment revenue and other income of $18.6 billion for FY26, up 4.9% on the prior year.

Q: What dividend did Ramsay Health Care declare for FY26?

A:The Board determined a final fully franked dividend of 48.5 cents per share, bringing the full-year dividend to 91 cents per share, up 13.8% on FY25.

Q: Is Ramsay Health Care separating from Ramsay Santé?

A:Ramsay Health Care is progressing a proposed separation of its 52.79% shareholding in Ramsay Santé via an in-specie distribution to shareholders, subject to a shareholder vote scheduled for 24 November 2026.

Q: How did Ramsay's Australian business perform in FY26?

A:Ramsay's Australian business reported underlying EBIT growth of 11.2% to $639.8 million in FY26, supported by activity growth, improved theatre utilisation and cost management.

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