Ramsay Health Care swings to H1 profit on Australian growth

Ramsay Health Care (ASX:RHC) announced a turnaround for the six months ended Dec. 31, 2025, underpinned by a robust performance in its core Australian operations.

The group reported a statutory net profit after tax of $160.7 million, a dramatic recovery from the $104.9 million loss recorded in the previous corresponding period.

Total revenue rose by 9.3% to reach $9.38 billion, reflecting increased theatre utilisation and a shift toward higher-acuity services.

The primary engine of growth was the Australian hospital business, where underlying EBIT margins improved alongside strong growth in admissions and inpatient days.

On a group level, underlying NPAT—a key measure of recurring profitability—increased by 8.1% to $171.7 million.

The result was supported by a 7.3% rise in underlying EBIT, which reached $536.7 million.

Ramsay noted progress in its portfolio optimisation, including selective site closures and the proposed acquisition of National Capital Private Hospital.

Capital discipline also improved, with the full-year capital expenditure range narrowed to $755–795 million following lower-than-expected spending in the first half.

The board determined a fully franked interim dividend of 42.5 cents per share, representing a 6.3% increase over the prior year.

Looking ahead, management expressed confidence in the "Ramsay Australia 2030" strategy to drive continued execution and clinical innovation across its global network.