How did Ramsay Santé (ASX:RHC) perform in its nine-month earnings report for 2026?

Ramsay Santé reported a 3.1% increase in revenue to €4 billion, driven by strong demand in France and solid performance in the Nordic regions. Operational profitability also improved, with EBITDA rising 4.4% to €460 million.

Is Ramsay Santé profitable based on these latest results?

While operational profitability (EBITDA) is positive and growing, the company still reported a net loss of €28 million for the nine-month period. However, this is a significant improvement from the previous year, representing a €26 million reduction in losses.

What were the key drivers behind the 12.3% EBITDA jump in Q3?

The sharp rise in third-quarter EBITDA was primarily due to disciplined cost control and "rigorous efficiency programmes" across all geographic segments.

How much debt does Ramsay Santé have and is the leverage improving?

The company’s financial health is stabilising, with net leverage falling to 5.1x, down from 5.7x in March 2025. This improvement in the debt-to-EBITDA ratio was supported by debt refinancing activities that successfully lowered overall financing costs.

What are the biggest risks facing Ramsay Santé (ASX:RHC) shareholders right now?

The primary risk is "tariff lag," where public funding and government tariffs fail to keep pace with high inflation and rising operating costs. Additionally, the company remains sensitive to regulatory changes and labour unrest in France, as evidenced by the practitioner strikes in January 2026.

Ramsay Santé revenue climbs despite inflationary pressures

Written by Liezl GambePublished May. 8 2026Last Updated May. 8 2026

Ramsay Santé, a European integrated care provider and part of the Ramsay Health Care Group (ASX:RHC), logged financial fundamentals in its latest nine-month earnings report.

The group reported a 3.1% increase in revenue to €4 billion, bolstered by strong performance in the Nordics and a steady demand for high-quality medical services in France.

The growth was further supported by positive price indexation and the strategic integration of the St Göran contract.

Operational profitability showed marked improvement, with 9M EBITDA rising 4.4% to €460 million, representing an 11.6% margin.

These gains were driven by rigorous efficiency programmes and enhanced productivity, which offset a €20 million shortfall in French revenue guarantees and the disruptive impact of medical practitioner strikes in early 2026.

The third quarter saw a 12.3% rise in EBITDA, reflecting disciplined cost control across all geographies.

The company’s financial health continues to stabilise, with net losses narrowing to €28 million—a €26 million year-on-year improvement—following debt refinancing and lowered financing costs.

Net leverage also improved to 5.1x, down from 5.7x in March 2025.

While the group continues to struggle with insufficient public funding to match rising inflation, the success of the "Yes We Care" programme has provided a platform for its upcoming strategic plan.