PRESS RELEASE Paris, 25th February 2026 Half-year results at the end of December 2025 Quality offering driving revenue growth, with continued efficiency supporting operational profitability Public funding to mitigate cost inflation still a challenge Group Revenue up 3.3% to €2.6bn (+2.3% LFL) from (i) a recognized quality offering driving volumes in France and (ii) strong fundamentals in the Nordics, with positive price indexation and favourable currency effects.Group EBITDA stable at €285m (11.0% margin) ...

Core Viewpoint - The company has announced the outcome of a comprehensive strategic review regarding its 52.79% shareholding in Ramsay Santé, deciding to distribute shares to Ramsay shareholders to simplify operations and enhance strategic focus for both entities [2][3]. Group Structure and Strategy - The proposed share distribution will allow Ramsay Health Care to concentrate on the transformation and growth potential of its core Australian hospital business [3]. - Ramsay and Ramsay Santé operate in fundamentally different geographic markets with distinct capital profiles and strategic objectives, making the separation beneficial for both businesses [3]. - The separation process is expected to be straightforward as Ramsay Santé already functions independently, with its own Board and separate financing and balance sheet arrangements [3].

Core Viewpoint - Ramsay Health Care Limited (RHC) has proposed to distribute its 52.79% shareholding in Ramsay Santé to its shareholders, marking a significant strategic shift for the Group [1][2]. Group Overview - Ramsay Santé is a major player in private hospital care in France and Europe, operating independently of RHC with its own management team and governance framework [3]. - The Group has a strong financial position, supported by a standalone balance sheet and financing structure [3]. Strategic Implications - The Proposal aims to enhance Ramsay Santé's ability to serve patients more closely, backed by a broader shareholding and the commitment of its employees and medical partners [4]. - Ramsay Santé plans to continue its strategic roadmap focused on innovation, operational excellence, and rigorous financial management [4]. Leadership Perspective - CEO Pascal Roché emphasized that the proposal represents a new chapter for Ramsay Santé, highlighting the Group's solid resources and commitment to providing high-quality care [5]. - RHC has decided to terminate its shareholders' agreement with Crédit Agricole Assurances, which holds a 39.82% stake in Ramsay Santé, effective October 1, 2026 [5]. Shareholder Commitment - Crédit Agricole Assurances reaffirmed its long-term commitment as a shareholder of Ramsay Santé and confidence in the Group's strategy, while indicating no intention to increase its shareholding [6]. Implementation Details - The Proposal will be executed through a scheme of arrangement under Australian law, requiring approval from RHC's Board of Directors, shareholders, and necessary regulatory authorizations [7]. - Ramsay Santé will assess the legal, financial, and operational implications of the transaction to ensure stability in its capital structure [7]. Timeline - The Proposal could be implemented in Q4 2026, subject to required approvals, with an indicative timetable including employee consultations [8][14]. - Key milestones include the publication of a demerger booklet in October 2026, a shareholders meeting in November 2026, and completion of the transaction in December 2026 [14]. Company Profile - Ramsay Santé is the European leader in private hospitalization and primary care, employing 40,000 staff and 10,000 practitioners, serving 13 million patients annually across 492 facilities in five countries [10]. - The Group covers a wide range of care pathways, emphasizing innovation and equitable access to quality healthcare [11].

Ramsay Health Care Update Summary Company Overview - **Company**: Ramsay Health Care (OTCPK:RMYH.Y) - **Date of Briefing**: February 19, 2026 Key Points Strategic Review and Share Distribution - Ramsay Health Care announced the outcome of a comprehensive strategic review regarding its 52.79% shareholding in Ramsay Santé, proposing an in-specie distribution of Ramsay Santé shares to Ramsay shareholders to simplify the group and enhance focus on distinct strategic priorities [1][2] - The distribution aims to support Ramsay Health Care's transformation and growth potential in its core Australian hospital business [1] Rationale for the Proposal - Ramsay and Ramsay Santé operate in different geographic markets with distinct capital profiles and strategic objectives, allowing each business to focus on its respective strategies [2] - The proposal is expected to simplify Ramsay's financial profile by deconsolidating Ramsay Santé from its financial statements, providing shareholders the option to retain ownership in Ramsay Santé [2] Implementation Timeline - The in-specie distribution is expected to be completed in the fourth quarter of calendar 2026, subject to necessary approvals [3] - A demerger booklet will be distributed ahead of a shareholder vote in Q4 2026, containing all relevant information [4] Termination of Shareholder Agreement - Ramsay Health Care has given notice to terminate the existing shareholders' agreement with Predica, which will be effective from October 1, 2026 [3][15] - The termination is aligned with Ramsay's strategic shift towards Europe and its shareholding in Ramsay Santé [15] Financial and Operational Considerations - The management does not anticipate significant operational synergies or material dyssynergies post-demerger, focusing instead on the transformation of the Australian business [11][21] - The separation process is expected to be relatively simple due to Ramsay Santé's existing independence, including its own management and financing arrangements [22] Regulatory and Approval Process - The proposal will require shareholder approval, with a 75% majority needed for the scheme of arrangement to proceed [30] - Regulatory approvals will be based in Australia, with a demerger booklet reviewed by ASIC [16] Tax Implications - Ramsay Health Care will seek class order around demerger relief from the ATO, with details to be outlined in the demerger booklet [41] Engagement with Stakeholders - Ramsay Health Care will engage with all shareholders, including the Paul Ramsay Foundation, to explain the rationale behind the proposal [45] Cost Considerations - While there will be transaction fees and costs associated with preparing the demerger booklet, specific estimates will be provided in future results [48] Additional Insights - The management remains open to discussions regarding any superior alternative outcomes but is committed to progressing with the current proposal [7] - The strategic review has been thorough, involving market testing and engagement with potential interested parties [6][7] This summary encapsulates the key points from the Ramsay Health Care update, focusing on the strategic review, proposed share distribution, and implications for shareholders and the company.

Core Viewpoint - Ramsay Health Care Limited has completed a strategic review regarding its majority shareholding in Ramsay Générale de Santé, with plans to execute one of the options considered and provide an update by February 2026 [1][2][3]. Group 1: Strategic Review - Ramsay Health Care Limited announced the completion of its strategic review with the assistance of Goldman Sachs [2]. - The Board and Management of Ramsay Health Care Limited are committed to executing one of the options from the strategic review [3]. - An update on the strategic options will be provided no later than the first half results publication in February 2026 [3]. Group 2: Company Overview - Ramsay Santé is the European leader in private hospitalization and primary care, employing 40,000 staff and 10,000 practitioners [4]. - The group serves 13 million patients annually across 492 facilities in five countries: France, Sweden, Norway, Denmark, and Italy [4]. - Ramsay Santé's mission encompasses a wide range of healthcare services, including medicine, surgery, obstetrics, rehabilitation, mental health, and primary care, focusing on innovation and equitable access to quality care [5].

Group 1 - The Combined General Meeting of Ramsay Générale de Santé is scheduled for December 11, 2025, at 10 a.m. in Paris [1] - The preliminary meeting notice was published on November 3, 2025, and includes the agenda, draft resolutions, and participation terms [2] - Shareholders can access all relevant documents on the company's website under the "Finance and investors / Shareholder's Meetings" section [3] Group 2 - Shareholders may submit written questions to the Chairman of the Board until December 5, 2025, via registered letter or email [4] - The General Meeting will be broadcast live and available for replay on the company's website [5] - Ramsay Santé is a leading European private hospitalization and primary care provider, employing 40,000 staff and serving 13 million patients annually across 492 facilities in five countries [6][7]

Core Insights - Ramsay Santé Group reported a consolidated revenue of €1,207 million for the quarter ending 30 September 2025, reflecting a growth of 2.6% on a reported basis and 1.9% organic sales growth [1][15] - The Group's EBITDA increased by €7 million or 6.5% to €112 million, despite a reduction in public funding and the end of the French revenue guarantee [3][5] - The company continues to implement its "Yes We Care 2025" strategy, focusing on integrated care services and operational efficiency to enhance profitability [9] Revenue and Activity - France's revenue grew by 1.4% (1.9% on a like-for-like basis) due to increased hospital admissions and a 0.5% indexation of MSO tariffs since March 2025 [2] - Nordic countries reported a revenue growth of 2.6% on a like-for-like basis, with a reported growth of 5.4% benefiting from favorable foreign exchange fluctuations [3] - The overall activity volume growth in hospitals indicates sustained patient demand for healthcare services [3] Cost Management and EBITDA - EBITDA growth was primarily driven by strong performance in Sweden, with cost control measures offsetting inflationary pressures [5][6] - The Group's EBITDA margin improved by 0.3 percentage points, reflecting effective cost-saving initiatives and productivity improvements [5][9] - The end of the French government's revenue guarantee resulted in a €7 million shortfall, highlighting ongoing funding challenges [5] Financial Position - As of 30 September 2025, net financial debt amounted to €3,819 million, with a restated net leverage of 5.2x, slightly improved from 5.3x in the previous year [8][19] - The company reported a net cash flow from operating activities of -€44 million, primarily due to seasonal variations and working capital changes [7][20] - Focus remains on cash flow generation through operational efficiency and working capital improvement [8] Strategic Developments - Ramsay Santé is expanding its day hospitals and outpatient services, aligning with patient healthcare needs [3][9] - The integration of former Cosem primary care facilities in France is progressing well, enhancing care coordination [3] - The Group invests over €200 million annually to support the evolution of care pathways and improve healthcare access [13]

Core Points - Ramsay Générale de Santé's 2025 Universal Registration Document was filed with the Autorité des marchés financiers (AMF) on 29 October 2025 and is available for public consultation [1][2] - The document includes comprehensive information about Ramsay Santé, which is the European leader in private hospitalization and primary care, employing 40,000 staff and 10,000 practitioners, serving 13 million patients annually across 492 facilities in five countries [2][3] - Ramsay Santé operates across various medical fields, including surgery, obstetrics, rehabilitation, mental health, and primary care, focusing on innovation and equitable access to quality healthcare [3] Document Details - The Universal Registration Document for the financial year ending 30 June 2025 includes the annual financial report, integrated report, Board of Directors' report on corporate governance, management report, sustainability report, auditors' reports, and information on share buyback programs [6] - The document is accessible on both the Ramsay Santé website and the AMF website [2][4]

Core Insights - Ramsay Santé reported a revenue increase of 4.7% to €5.2 billion for the year ending June 30, 2025, driven by activity volume growth and acquisitions, despite a decrease in public funding [5][20][21] - Group EBITDA rose by 1.7% to €621 million, reflecting effective cost control measures and operational efficiency, despite challenges from reduced French grants and inflation [5][8][24] - The company continues to expand its healthcare services across Europe, reaching 13 million patients, with a focus on underserved areas in France [5][35][36] Financial Performance - Revenue increased from €5,006.5 million to €5,242.0 million, marking a 4.7% growth [10] - EBITDA grew from €610.9 million to €621.4 million, a 1.7% increase, with a margin of 11.9% [10][11] - The net loss attributable to owners of the company was stable at €54.1 million compared to €53.9 million the previous year [10][29] Operational Highlights - Ramsay Santé's French revenue grew by 5.9%, supported by the acquisition of 12 primary care centers and the opening of new mental health facilities [21][22] - The company achieved a record Net Promoter Score of 74% in France, indicating strong patient satisfaction [5] - Significant expansion in outpatient activities, including new primary care centers and mental health facilities, was noted [5][14] Strategic Developments - The company secured a long-term contract worth approximately €4.8 billion for St. Göran's Hospital in Stockholm, enhancing its operational footprint in Sweden [14] - Ramsay Santé successfully refinanced its senior debt facilities, extending maturities and optimizing pricing, which supports its strategic plan "Yes We Care 2025" [18][34] - The company continues to advocate for fair public funding to address industry-wide cost pressures and maintain quality care [8][9] Market Position - Ramsay Santé operates in five countries, with a strong presence in underserved areas, particularly in France where 60% of facilities are located in such regions [5][35] - The company is recognized for its commitment to improving healthcare access and quality, with ongoing investments in medical innovation and digital health solutions [36][37]

Core Insights - Ramsay Santé reported a consolidated revenue of €5.2 billion for the year ending June 30, 2025, reflecting a growth of 4.7% compared to the previous year, driven by increased activity volume and acquisitions [5][21][42] - Group EBITDA increased by 1.7% to €621 million, despite a €53 million decrease in French grants and ongoing inflationary pressures [5][11][25] - The company continues to expand its healthcare services across Europe, reaching 13 million patients, with a focus on underserved areas in France [5][37] Financial Performance - Revenue growth was supported by a 2.7% organic growth rate, with notable contributions from the acquisition of former Cosem primary care centers [5][21] - The net loss attributable to owners of the company was stable at €54 million, reflecting higher lease depreciation and increased debt costs [5][30] - The debt leverage ratio improved to 4.7x as of June 30, 2025, compared to 4.9x the previous year, with cash and equivalents amounting to €367 million [5][36] Operational Highlights - Ramsay Santé's operations in France saw a revenue increase of 5.9%, aided by the opening of new facilities and an increase in patient admissions [22][23] - The company achieved a record Net Promoter Score of 74% in France, indicating strong patient satisfaction [5] - Innovations in care delivery included the expansion of day hospitals and AI-assisted medical reporting, enhancing patient care [5][3] Strategic Developments - The company secured a long-term contract valued at approximately €4.8 billion to provide care at St. Göran's Hospital in Stockholm starting January 2026 [15] - Ramsay Santé has implemented a restructured long-term financing framework to support its "Yes We Care 2025" strategic plan [8][19] - The company continues to advocate for fair public funding to address industry-wide cost pressures and maintain quality care [8][7] Market Position - Ramsay Santé operates in five countries, with a significant presence in underserved areas, ensuring access to healthcare for vulnerable populations [5][37] - The company is recognized for its commitment to sustainability, achieving a 6% reduction in greenhouse gas emissions [5] - Collaborative initiatives across borders are enhancing innovation and care quality within the organization [5][3]