Ramsay Health Care Limited · ASX:RHC
Ramsay Health Care — FY2026 Earnings Presentation
53 slides from Ramsay Health Care's earnings presentation, Aug 27, 2026
Slide 1: People caring for people - FY26 Results Presentation
People caring for people Natalie Davis Managing Director and Group CEO FY26 Anthony Results Presentation Neilson For the twelve months ended 30 June 2026 Group CFO
Slide 2: Important Information
Important Information The information in this presentation is general background information about Ramsay Health Care Limited and its subsidiaries (together, the Ramsay Group), with respect to the Ramsay Group’s business and operations, financial position and strategies and is current as at 27 Augu
Slide 3: Table of contents
Table of contents 4 5 8 Progress Group Regional to date Overview Performance 26 36 37 Group Group Appendix Financials Outlook 3
Slide 4: Delivering on CEO Priorities
Delivering on CEO Priorities Transformation momentum in Stronger capital discipline Evolving our culture ‘people market-leading Australian and improving capital returns caring for people’ to innovate hospital business across the portfolio and drive performance Activity growth 3.3%¹, growth in admi
Slide 5: FY26 Group Financial Performance
FY26 Group Financial Performance +11.8% EBIT and +22.9% NPAT underlying growth, Funding Group Leverage <2.0x Revenue1 Underlying EBIT ² Underlying NPAT ² ³ Reported NPAT ³ $18.6bn $1,162m $364m $329m +4.2% (cc) vs FY25 +11.8% (cc) vs FY25 +22.9%(cc) vs FY25 +1,283.9%(cc) vs FY25 Underlying EPS² DPS
Slide 6: Underlying Performance
Underlying¹ Performance Underlying EBIT and NPAT performance driven by Group underlying NPAT result (+22.9% cc) and Funding Group (+17.9% cc) driven by: improved performance across all regions • 11.2% Underlying EBIT growth in Australia driven by good activity growth, higher levels of acuity and th
Slide 7: Regional Performance
People caring for people Regional Performance
Slide 8: Australia
Australia Transformation building momentum, with improved patient experience and clinical excellence Customers, People ‘Big 5’ Initiatives Progress against and Clinical Excellence Gaining Traction 2030 Strategy, whilst at our heart maintaining capital discipline Patient NPS improved +1.3 to 73.6
Slide 9: Australia
Australia EBIT and margin growth driven by activity and acuity, Revenue growth¹ (+ 8%) driven by: improved indexation and cost management • Admissions⁴ increased 3.3% • Overnight IPDAs⁴ ⁵ +3.0% vs overnight admissions + 2.3% reflecting higher level of acuity in surgical, Twelve months ended 30 June
Slide 10: Improving industry fundamentals, with hospital coverage growing, and payout ratio beginning to improve
Improving industry fundamentals, with hospital coverage growing, and payout ratio beginning to improve Private health insurance coverage growing Payout ratio1 beginning to improve Insured Persons with Hospital % of Population Hospital Benefits / Key Market Trends Cover, millions (LHS) covered (RHS)
Slide 11: Ramsay Australian activity trends
Ramsay Australian activity trends¹ Strong growth in core Surgical and Day activity and higher inpatient acuity Admission growth by Service⁵ Admission growth by Funding Type Admission growth by Admission Type 9.5% 4.1% 3.8% 3.8% 3.2% 2.8% 2.7% 2.3% Maternity 0.1% 3 Surgical Medical Rehab Private Publ
Slide 12: Data insights and sales force uplift supporting growth
Data insights and sales force uplift supporting growth in VMOs, complex therapeutic activity and theatre utilisation Growth focus: Data insights and sales Utilisation increased ~+90bps in Continued focus on force uplift supporting activity growth, FY26 while we added 22 new theatres/ increasing thea
Slide 13: Australia capex
Australia capex Development investment focused on procedural capacity in major hospitals in growth corridors • Total capex $365m flat on pcp, below original full year forecast $410-440m due to lower than forecast development capex reflecting focus on utilisation of existing facilities and timing of
Slide 14: FY27: Focus on continuing performance momentum
FY27: Focus on continuing performance momentum ‘Big 5’ Hospital Initiatives Growth Procurement Revenue Cycle Management Workforce Doctor recruitment, theatre and Rollout of ‘Switch and Save’ Transformation mobilisation and quick Workforce planning and robot utilisation continued focus data tool to e
Slide 15: Australia
Australia Continued focus on delivery of multi-year transformation Focus areas Outlook Continue growth, utilisation focus and operational efficiency • Australia targeting incremental yoy EBIT growth (Including and excluding improvements with ‘Big 5’ Hospital Operations Initiatives – growth, National
Slide 16: UK Region
UK Region Focus on performance improvement in our UK businesses mitigating NHS weak demand UK Hospitals Elysium Focus on high acuity, private and operational Turnaround beginning to gain traction in a excellence mitigating NHS headwinds challenging market NHS volumes declined in FY26 by 8%, with act
Slide 17: UK Hospitals
UK Hospitals +10.3% EBIT growth driven by focus on private volumes, higher acuity and operational excellence Revenue growth (+0.9%cc) driven by: Twelve months ended 30 June A$’m 2026 2025 Change Change cc³ • Improved average revenue per case (+6.7%), reflecting Revenue and other income 1,567.4 1,56
Slide 18: UK Hospitals
UK Hospitals Focus on higher acuity, growth in private work and operational efficiencies Focus areas Outlook • Continued focus on private growth (self pay and PMI) • Expect growth in EBIT in FY27 driven by higher acuity, growth in private volumes and ongoing operational efficiencies • Continue to wo
Slide 19: Elysium
Elysium Revenue (- 4.2% cc) driven by: Turnaround underway to right size capacity • Activity levels in acute and rehab. remain soft reflecting change in NHS approach to demand and mitigate cost pressures • 6.8% reduction in paid beds and flat average occupancy rate partially mitigated by average da
Slide 20: Elysium
Elysium Focused on ongoing delivery of turnaround plan Focus areas Outlook Delivering performance improvement plan including ongoing • Expect growth in EBIT in FY27 as Elysium continues delivery of its reductions in the cost base, and maintaining available beds to reflect local turnaround plan deman
Slide 21: Europe
Europe On track with separation plans, continuing to focus on performance improvement Demerger via in-specie France Nordics distribution progressing to Focus on operational Realise business potential in shareholder vote in November initiatives to mitigate funding Sweden headwinds Proposal to separ
Slide 22: Europe
Europe Reduced underlying loss despite funding headwinds Twelve months ended 30 June A$’m 2026 2025 Change Change cc⁶ Revenue growth (+3.2% cc) reflects: Total revenue and other income 9,275.5 8,802.8 5.4% 3.2% • 2026 French tariffs of 0%³ EBITDA 1,068.5 1,025.6 4.2% 2.7% • No revenue guarantee (€2
Slide 23: Europe
Europe Focus on profitable growth and performance improvement initiatives in all regions Focus areas Outlook • The implementation of efficiency plans both in France and the Assuming the proposed separation of Ramsay Santé is approved by Nordics coupled with restructuring actions flowing from the rev
Slide 24: Proposal to separate Ramsay Santé from Ramsay
Proposal to separate Ramsay Santé from Ramsay Process for separation of Ramsay Santé on track, with shareholder vote on 24 November Strategic Rationale The proposal to separate recognises the Summary of proposal fundamentally different geographic focus, strategies and capital profiles of Ramsay and
Slide 25: 'Ramsay Cares' - People, Planet and Community Progress
‘Ramsay Cares’ - People, Planet and Community Progress Net Zero Emissions Target update Ramsay remains on track with both our 2030 Scope 1 and 2 greenhouse gas (GHG) emission targets and 2028 supplier engagement targets. Ramsay is committed to working with its partners to understand and address GHG
Slide 26: Group Financials
People caring for people Group Financials Anthony Neilson Group Chief Financial Officer
Slide 27: FY26 Group financial performance
FY26 Group financial performance Underlying result reflects momentum in Australia and Underlying Net Profit¹ (+22.9% cc) reflects: focus on operational improvement programs • Transformation momentum in Australia underpinned by activity growth, higher acuity, improved utilisation and revenue indexati
Slide 28: Cash flow statement
Cash flow statement Australia and UK businesses free cashflow positive • Operating cashflow reflects a 46% improvement in operating cashflow in the Funding Group offset by a Twelve months ended 30 June A$’m 2026 2025 Change negative working capital variance in Ramsay Santé EBITDA from continuing ope
Slide 29: Consolidated Balance Sheet
Consolidated Balance Sheet ROCE improving, reflecting earnings growth and capital discipline A$'m 30/06/26 31/12/25 30/06/25 • The net impact of currency translation is ~$300m; Working capital³ 728.3 787.9 596.5 Property plant & equipment 5,701.4 5,954.0 5,820.0 • Working capital movements in Ramsa
Slide 30: Funding Group performance
Funding Group¹ performance Transformation momentum in Australia and benefits of operational improvements in the UK Underlying Net Profit +17.9% cc reflects: 12 months ended 30 June A$’m 2026 2025 Change Change cc⁴ • 11.2% growth in Underlying EBIT in Australia driven by activity, improved utilisatio
Slide 31: Funding Group - Cashflow, Debt and Leverage
Funding Group¹ - Cashflow, Debt and Leverage Focus on cashflow drives lower leverage • Australia and the two UK businesses were net cashflow Twelve months ended 30 June A$’m 2026 2025 Change positive for the year EBITDA from continuing operations 1,240.1 1,133.8 9.4% • Growth in EBITDA underpinned b
Slide 32: Ramsay Santé - Debt and leverage
Ramsay Santé - Debt and leverage Leverage maintained at 4.70x, reflecting focus on financial discipline • Ramsay Santé remains supported by its own funding arrangements Ramsay Santé – bank net debt1 and leverage ratio2 underpinned by secured loan facilities, with no recourse to the Ramsay Funding Gr
Slide 33: Focus on capital management and cash flow drives lower Funding Group leverage
Focus on capital management and cash flow drives lower Funding Group leverage Improve capital allocation Maintain leverage within Improve cash flow & returns target range and rating Capital expenditure in the UK lower than pcp Australia and both UK businesses Funding Group and Europe flat to pcp
Slide 34: Capital expenditure
Capital expenditure Group capex down 6.1% (cc)¹ reflecting disciplined approach to new investment Group A$’m Australia $’m UK Region £’m Ramsay Santé €’m Chart Title 362 365 777 734 729 149 144 296 205 197 143 203 25 17 36 70 69 88 23 57 74 73 41 12 56 21 19 9 10 61 20 8 11 6 6 8 368 385 384 158 86
Slide 35: CEO Outlook
People caring for people CEO Outlook Natalie Davis Managing Director and Group CEO
Slide 36: Priorities and outlook
Priorities and outlook Continued focus on delivering priorities Focus areas Outlook Deliver transformation of market leading Assuming the proposed separation of Ramsay Santé is approved by shareholders, Ramsay Santé will be reported Australian hospital business as a discontinued business in the 1H a
Slide 37: Appendix
People caring for people Appendix
Slide 38: Funding structure
Funding structure Consolidated Group Funding Group¹ Ramsay Santé Consolidated Group • Comprised of Ramsay Health Care Limited and all its subsidiaries. Consolidated Group³ Paul Ramsay Public Shareholders Revenue: $18.7bn • Ramsay reports its financial results on a Consolidated Group basis, with Foun
Slide 39: Reconciliation of FY26 Result from Underlying to Statutory
Reconciliation of FY26 Result from Underlying¹ to Statutory Consolidated Group EBIT Reconciliation Consolidated Group NPAT Reconciliation Group Underlying EBIT ($A’m) 1,162.2 Group Underlying Profit after tax and non-controlling interests ($A’m) 364.1 Net profit on disposal of non-current assets and
Slide 40: Items Excluded from Underlying EBIT and NPAT
Items Excluded from Underlying EBIT and NPAT FY26 Reported NPAT includes items of ($34.9m) excluded from the underlying result: • Net profit on the disposal of non-current assets and businesses including a $14m profit on the disposal of Ramsay Australia's ~10% shareholding in FY26 (A’$m) Australia
Slide 41: Australian hospital portfolio
Australian hospital portfolio 44 owned facilities generating EBITDAR of $808.6m pre overhead cost allocation1 Theatres, Theatres, Owned / Emergency Owned / Emergency New South Wales Facility Type Leased Licenced Beds Proc. Rooms, Department Queensland Facility Type Leased Licenced Beds Proc. Rooms,
Slide 42: Funding Group Balance Sheet
Funding Group- Balance Sheet A$'m 30/06/26 31/12/25 30/06/25 Working capital 496.4 543.2 508.5 • The net impact of currency translation ~$300m. Property plant & equipment 3,881.6 3,927.2 3,838.0 Intangible assets 2,717.7 2,795.1 2,863.9 • Working capital movement reflects focus on cash collection i
Slide 43: Ramsay Santé - Balance Sheet
Ramsay Santé - Balance Sheet A$'m 30/06/26 31/12/25 30/06/25 Working capital 232.0 244.7 88.0 • Movements in individual balance sheet items have Property plant & equipment 1,819.9 2,026.8 1,982.0 been impacted by currency movements over the year. Intangible assets 3,257.8 3,522.0 3,567.2 Current &
Slide 44: People caring for people
People caring for people nn aN Ramsay Health Care
Slide 45: Ramsay Health Care FY26 Results - Presentation Speech
27 August 2026 Ramsay Health Care FY26 Results - Presentation Speech Good morning everyone, and welcome to Ramsay Health Care's full year results presentation for the twelve months ended 30 June 2026. I am Natalie Davis, the Managing Director and Group CEO, and I am joined today by our Group CFO, An
Slide 46: Final fully franked dividend of 48.5 cents per share
• The Board has determined a final fully franked dividend of 48.5 cents per share, which is up 21.3% taking the full year dividend to 91 cents per share up 13.8% on the prior period and represents a payout ratio of 60.3% of underlying earnings. These results highlight the momentum building across ou
Slide 47: Improving industry fundamentals
We were also able to lower supply costs as a percentage of revenue through procurement savings by approximately 50bps. Our portfolio optimisation efforts have continued, with four sites closed and excess land holdings put up for sale. Slide 10 – Improving industry fundamentals Before moving to the k
Slide 48: Australia capex and FY27 openings
In total we opened 22 theatre and procedure rooms during the period. The increase in routine & maintenance capex reflects an investment in existing facilities to ensure strategically located sites are fit for purpose in the future and continue to meet high clinical, safety and amenity standards. In
Slide 49: UK Hospitals: Focus areas and Outlook
Slide 18 – UK Hospitals: Focus areas and Outlook Turning to the outlook on Slide 18 and we expect Ramsay UK to deliver EBIT growth in FY27 with the focus on: • Driving higher acuity and growth in private medical insurance (PMI) and self-pay activity; • Ongoing delivery of efficiency transformation p
Slide 50: Europe: Focus on profitable growth and performance improvement initiatives
Slide 23 – Europe: Focus on profitable growth and performance improvement initiatives in all regions Turning to Slide 23 Ramsay Santé’s focus in FY27 will include: • Cost control, efficiency, and cash generation; • Growing profitable activity, including growth in Sweden and the full year impact of t
Slide 51: FY26 Group Financial Performance
Slide 27 – FY26 Group Financial Performance Moving to our Group financial performance on Slide 27, important to note that all regions reported EBIT growth in local currency, reflecting positive transformation momentum in Australia and a focus on operational improvement programs across all regions. T
Slide 52: Funding Group leverage and earnings drivers
This result was driven by underlying EBIT growth across all businesses, with an improved performance in Australia of +11.2% in underlying EBIT, a +10.3% underlying EBIT contribution from our UK Acute business and a +43.5% increase in underlying EBIT for Elysium. The result included a: • 7.3% increas
Slide 53: Capital expenditure and FY27 forecast
These activities and focus on improved results drove an improvement in the Funding Group ROCE by 124bps in constant currency to 14.8%. Slide 34 – Capital expenditure Turning to Slide 34 and group capital expenditure was A$734.2 million, a decrease of 6.1% in constant currency reflecting: • Disciplin