PRESS RELEASE Paris, 27th August 2025 Provisional annual results at the end of June 2025Revenue growth of 4.7% and Group EBITDA up 1.7% despite reduction in public funding; secured long term financing framework Activity growth and cost control mitigate low French tariffs Group revenue increased by 4.7% to €5.2bn supported by activity volume growth and former Cosem primary care centres acquired in June 2024. Revenue growth of 2.7% on a like-for-like basis.Group EBITDA reported for the year ended June 2025 ...

ab 8 August 2025 Global Research China Healthcare Service Providers APAC Focus: Policy risks overshadowing opportunities in China's private hospital sector H-share listed hospitals are trading at historically low valuations and steep discounts to A-share and listed ASEAN peers, reflecting market concerns over DRG/DIP (diagnosis-related group/diagnosis-intervention packet) policy risk. We think investors may be overlooking opportunities for listed private hospitals to gain volume share from gradual patient s ...

Group 1 - Natalie Davis has been appointed as the new Chairman of the Board of Ramsay Générale de Santé, succeeding Craig McNally who held the position since 2017 [1][2] - Craig McNally is recognized for his eight years of commitment, particularly during the health crisis of 2020-2021, and for leading the Group to become a Mission Company in 2023 [2] - Natalie Davis brings extensive experience in service and customer relations, having previously worked at McKinsey & Company and Woolworths Group, and is expected to support the Group's objectives in Europe [2][4] Group 2 - Ramsay Santé is the European leader in private hospitalization and primary care, employing 38,000 staff and serving 12 million patients across 465 establishments in five countries: France, Sweden, Norway, Denmark, and Italy [5] - The Group is committed to improving health through innovation and participates in public health service missions, ensuring comprehensive healthcare pathways from prevention to follow-up [6] - Ramsay Santé invests over €200 million annually in innovation to enhance care pathways and strengthen healthcare access for all [7]

Core Insights - The company reported a 5.1% increase in unaudited group revenue for the nine months ending March 31, 2025, reaching €3.9 billion, driven by activity volume growth and the acquisition of Cosem primary care centers [3][5][21] - EBITDA remained almost stable at €441 million, reflecting a slight decrease of 0.8% compared to the previous year, primarily due to the impact of government funding changes and inflation [3][9][21] - The French market continues to face challenges with low tariffs and funding interruptions, impacting overall financial performance [3][10][13] Revenue and Activity - Revenue growth in France was 6.6%, supported by the acquisition of 12 Cosem primary care centers and an increase in patient volumes [6][21] - The company experienced a 3.2% organic sales growth, indicating solid underlying performance despite external pressures [3][5] - Total admissions in French hospitals rose, confirming the group's role in addressing the post-Covid backlog of elective care [7] Cost Management and EBITDA - EBITDA was impacted by a €25 million reduction in the French government's revenue guarantee and a €14.7 million decrease due to the government's withholding of the prudential coefficient [9][10] - Cost-saving measures, including reductions in agency staff and administrative costs, were implemented to counteract the financial pressures from inflation and funding cuts [3][10] - The EBITDA margin decreased to 11.3% from 12.0% year-on-year, reflecting the challenges faced in maintaining profitability [21] Cash Flow and Financing - Net cash flow from operating activities decreased to €282 million, down €50 million from the previous year, primarily due to unfavorable working capital variations [12][24] - The company's net financial debt as of March 31, 2025, was €3.86 billion, with a restated net leverage ratio of 5.7x, indicating a slight increase from the previous period [12][22] - The company repriced its senior debt facilities at more favorable margins, providing a long-term financing framework to support its strategic plan [4][12] Strategic Developments - The company is focused on expanding its integrated care services and enhancing patient experiences through digitalization and AI tools [3][13] - Ramsay Santé continues to engage with European governments to secure fair funding for the private healthcare sector, which plays a critical role in the overall healthcare system [13][15] - The group is investing over €200 million annually to support the evolution of care pathways across various domains [16]