Ramsay Health Care Limited · ASX:RHC
Ramsay Health Care — FY2025 Earnings Presentation
54 slides from Ramsay Health Care's earnings presentation, Aug 28, 2025
Slide 1: FY25 Results Presentation
FY25 Results Presentation Speakers Managing Director and Group CEO – Natalie Davis Acting Group CFO – Michael Hirner For the 12 months ended 30 June 2025
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 28 Augu
Slide 3: CEO key priorities
CEO key priorities Natalie Davis Managing Director and Group CEO 3 FY25 Results Presentation
Slide 4: CEO priorities
CEO priorities 1. Focus on 2. Strengthen capital 3. Evolve our culture transformation discipline and improve of ‘People caring for of market-leading capital returns across people’ to innovate Australian hospital the portfolio and drive performance business 4 FY25 Results Presentation
Slide 5: CEO priorities - Progress to date
CEO priorities - Progress to date Focus on transformation of Strengthen capital discipline Evolve our culture of ‘people market-leading Australian and improve capital returns caring for people’ to innovate hospital business across the portfolio and drive performance • PHI negotiations finalised for
Slide 6: New leadership structure in place
New leadership structure in place NOTE: On 1 July 2025, Samantha Dodd was appointed Acting Chief Operating Officer Australia until Stuart Winters commences; Greg Kennedy was appointed Acting Chief Commercial Officer Australia until Andrew Coombs commences. 6 FY25 Results Presentation Refer Appendix
Slide 7: Ramsay Australia 2030 Strategy
Ramsay Australia 2030 Strategy We are innovating to be Australia’s most trusted leading healthcare provider and to grow long-term shareholder value through the five pillars of our strategy Measures Patient NPS Clinical Outcomes Employee Engagement Doctor NPS 7 FY25 Results Presentation Admissions Gr
Slide 8: Multi-year Australian transformation, initial focus on hospitals
Multi-year Australian transformation, initial focus on hospitals 5 years (FY30+) 3-4 years (FY28-29) 2 years Realisation (FY26-27) Expand and innovate horizons Connect healthcare healthcare services Strengthen our core services Strategic hospital business vision Grow in priority catchments and thera
Slide 9: Group performance overview
Group performance overview Natalie Davis Managing Director and Group CEO 9 FY25 Results Presentation
Slide 10: FY25 Group financial performance
FY25 Group financial performance Revenue1 EBIT NPAT³ Reported NPAT⁴ Pre-non-recurring items2 Pre-non-recurring items2 Includes non-recurring items of ($281.3m)² $17.8bn $1.0bn $305.3m $24m +6.3% vs FY24 +0.8% vs FY24 +1.7% vs FY24 -97.3% vs FY24 EPS DPS Funding Group Leverage ROIC⁵ Pre-non-recurring
Slide 11: Underlying performance
Underlying¹ performance Driven by Australian and UK hospital businesses A$’m FY25 FY24 Change Change cc² Australia 575.5 569.3 1.1% 1.1% Group underlying result (+1.7%) driven by: • Solid results from core Australian and UK hospitals Ramsay UK 147.3 121.3 21.4% 16.9% partially offset by challenging
Slide 12: Funding Group performance
Funding Group¹ performance Funding Group delivered 6.5%cc underlying NPAT growth A$’m FY25 FY24 Change Change cc⁵ Revenue 8,976.5 8,414.3 6.7% 5.3% • Strong revenue growth (+5.3%cc) driven by activity EBITDAR 1,150.9 1,131.5 1.7% 0.4% growth in Australia and the UK, improved PHI revenue indexation a
Slide 13: Regional performance
Regional performance Natalie Davis Managing Director and Group CEO 13 FY25 Results Presentation
Slide 14: Australia
Australia Solid performance driven by private hospitals A$’m FY25 FY24 Change Revenue from customers¹ 4,864.3 4,663.0 4.3% Revenue growth (+ 4.3%) driven by: Total revenue 6,322.7 6,061.6 4.3% • Admissions (ex-Peel Health Campus²) increased EBITDA 816.6 802.4 1.8% 2.5% EBIT 560.2 572.5 (2.1%) • Imp
Slide 15: Australian activity trends
Australian activity trends Admissions growing above 3% in Surgical and Day, Private growth 2.7% Admission Trends vs PCP (ex-Peel¹) By Service By Funding Type By Admission Type – day vs inpatient 10% 10% 10% 6.4% 5% 5% 5% 2.7% Public 3.1% 3.2% 2.4% 2.2% 1.2% Maternity 0% 0% 0% Surgical Medical Rehab
Slide 16: Australia: performance acceleration, improved revenue indexation
Australia Focus on performance acceleration, with improved revenue indexation agreed for FY26 ‘Big 5’ Hospital Customers, People and Operations Initiatives in Clinical Excellence at our Higher revenue flight to accelerate Digital & Transformation heart indexation performance Reset Maintained strong
Slide 17: Australia: nationwide lift in theatre utilisation
Australia Growth data insights are enabling a nationwide lift in theatre1 utilisation2 Comprehensive insights supporting Utilisation strengthening as we expand Further opportunity to optimise theatre activity growth and theatre utilisation procedural capacity usage across the portfolio Utilisation v
Slide 18: Australia: development investment in procedural capacity
Australia Development investment focused on procedural capacity in major hospitals in growth corridors • Total capex below forecast range at $361.8m, up 26% Development capex (A$m) • Development investment focused on expanding procedural capacity in major hospitals in priority catchments. 6 theatre
Slide 19: Australia: focus areas and outlook
Australia Continued focus on our multi-year transformation Focus areas Outlook Accelerate performance Overall expect EBIT growth in Australia. Momentum in private • Develop data-led, nation-wide growth plans in our priority catchments hospitals is expected to continue; lower earnings expected from •
Slide 20: UK Hospitals
UK Hospitals Improved performance driven by NHS volume and focus on operational excellence A$’m FY25 FY24 Change Change cc³ Revenue 1,568.7 1,401.7 11.9% 7.2% Strong revenue growth (+7.2%cc) driven by: EBITDA 254.8 225.4 13.0% 8.6% • Admissions growth +4.3%. Strong NHS growth of 7.6%, EBIT 145.8 1
Slide 21: UK Hospitals: NHS partnerships and outlook
UK Hospitals Continue to build partnerships with the NHS, focus on operational excellence to mitigate headwinds Focus areas Outlook • Continue to partner locally with the NHS to reduce elective wait lists • As the #1 NHS private hospital services provider, Ramsay UK remains well positioned to suppor
Slide 22: Elysium
Elysium Lower occupancy rate, cost inflation and restructure impact margins A$’m FY25 FY24 Change Change cc³ Revenue 1,093.0 959.1 14.0% 9.2% Revenue growth (+9.2cc%) driven by: EBITDA 62.4 88.6 (29.6%) (31.8%) • 0.3% increase in average paid beds EBIT (41.7) 44.2 - - • 8.2% increase in average dai
Slide 23: Elysium Rapid Performance Improvement Plan
Elysium We have begun implementing the Elysium Rapid Performance Improvement Plan Reposition Reduce Neuro Central costs services Lift referrals and Optimise conversion portfolio rates Exceptional Care Improve delivered by Improve Operational Exceptional People financial Performance processes Measure
Slide 24: Elysium: focus areas and outlook
Elysium Taking action to improve performance, cost headwinds remain Focus areas Outlook • Focus on six priority areas designed to improve performance over next • Trusted provider to NHS and local ICBs1 with a high standard of clinical care 12-18 months focused on central costs, agency reduction, neu
Slide 25: Europe
Europe Funding not adequately reflecting inflation and quality A$’m and a full year contribution from FY25 FY24 Change Change cc⁷ Total revenue and other income 8,860.2 8,357.8 6.0% 4.0% Revenue growth (+4% cc) reflects: EBITDA 1,025.6 1,009.3 1.6% (0.6%) • Increased activity across France and Swed
Slide 26: Europe: focus areas and outlook
Europe Highly uncertain outlook for France, continue to advocate for fair tariffs for private hospitals Focus areas Outlook • Sustained advocacy for fair tariff outcomes • Ramsay Santé expects further growth in volume in FY26, notably day volumes • Focus on cost control, operational efficiency and c
Slide 27: Group Financials
Group Financials Mike Hirner Acting CFO 27 FY25 Results Presentation
Slide 28: FY25 Group financial performance
FY25 Group financial performance Australia and UK hospital businesses drive earnings Net profit¹ of $24m includes non-recurring items¹ of ($281.3m) including: A$’m FY25 FY24 Change Change cc² • $291m post tax impairment of UK region in H1 Total segment revenue & other income (less interest related
Slide 29: Underlying trading performance by half
Underlying¹ trading performance by half Stronger 2H in Europe, lower impact from reduced French government funding A$’m 1H 2H FY25 Australia 309.0 266.5 575.5 Variance between 1H and 2H trading driven by: Ramsay UK 74.0 73.3 147.3 • 2H in Australia seasonally weaker half combined with 6mths of Peel
Slide 30: Consolidated Balance Sheet
Consolidated Balance Sheet Key movements A$'m 30/06/25 31/12/24 30/06/24 Working capital (665.5) (186.6) (465.5) • AUD depreciation vs. € and £ inflated balance sheet by Property plant & equipment 5,820.0 5,561.6 5,383.6 ~$380m Intangible assets 6,431.1 6,112.1 6,139.9 • ROCE in constant curren
Slide 31: Cash flow statement
Cash flow statement Improvements in working capital drive operating cashflow A$'m FY25 FY24 Change EBITDA from continuing operations 2,159.4 2,125.7 1.6% Changes in working capital 200.0 (32.9) - • Operating cash flow +14.5% benefited from improved cash collection in France Finance costs (592.0) (58
Slide 32: Funding Group - Debt and leverage
Funding Group¹ - Debt and leverage Leverage remains within target range Funding Group¹ – bank net debt3 and leverage ratio4 (As at 30 June 2025) • Funding Group’s unsecured debt facilities are underpinned by the strong cash flows generated by the Funding Group and the ownership of the 6.0 4.00 major
Slide 33: Ramsay Santé - Debt and leverage
Ramsay Santé - Debt and leverage Ramsay Santé bank leverage and debt metrics (AASB117) (€’bn) (As at 30 June 2025) • Ramsay Santé remains supported by its own funding arrangements underpinned by secured loan facilities, with no recourse to the Ramsay Funding Group 5.40x 4.90x 4.70x • €551m of liquid
Slide 34: Capital expenditure
Capital expenditure Pipeline modified for current environment Capital expenditure by region FY25 Group capital expenditure by type (A$’m) (A$’m) 296 368 362 739 777 287 276 57 240 56 176 175 Routine & Compliance Other Growth FY24 FY25 FY24 FY25 FY24 FY25 FY24 FY25 Digital & Data & IT hardware Develo
Slide 35: CEO priorities
CEO priorities Natalie Davis Managing Director and Group CEO 35 FY25 Results Presentation
Slide 36: Priorities and outlook
Priorities and outlook CEO priorities FY26 results are expected to reflect: • Focus on transformation of market leading Australian hospital business • Activity growth in all regions¹ • Strengthen capital discipline and improve capital returns across the • Overall, the Australian business expects gro
Slide 37: Appendix
Appendix 37 FY25 Results Presentation
Slide 38: Recent Executive Team appointments
Recent Executive Team appointments Andrew Coombs - Chief Commercial Officer – Australia Andrew will lead Ramsay’s commercial partnerships, including health funds and public systems, as well as our health services businesses including pharmacy, mental health and home health services. He’ll also overs
Slide 39: Funding structure
Funding structure Consolidated Group Funding Group¹ Ramsay Santé Consolidated Group Consolidated Group³ • Comprised of Ramsay Health Care Limited and all its subsidiaries. Paul Ramsay Public Shareholders Revenue: $17,836.7m • Ramsay reports its financial results on a Consolidated Group Foundation ba
Slide 40: Australian hospital portfolio
Australian hospital portfolio 47 owned facilities generating EBITDAR of $734.5m pre overhead cost allocation1 Licenced Theatres, Proc. Emergency New South Wales Facility Type Owned / Leased Beds Rooms, Cath Labs Department Queensland Facility Type Owned / Leased Licenced Theatres, Proc. Beds Rooms,
Slide 41: Funding Group Balance Sheet
Funding Group Balance Sheet A$'m 30/06/2025 31/12/2024 30/06/2024 Working capital 71.6 99.9 (1.3) 3,838.0 3,670.3 3,539.7 • The depreciation of the A$ against the £ over the Property plant & equipment 12mths inflated the balance sheet by ~$310m Intangible assets 2,863.9 2,805.8 2,937.5 • ROCE i
Slide 42: Non-Recurring Items
Non-Recurring Items FY25 (A’$m) Australia UK Europe Total Group FY25 NPAT¹ includes non-recurring items² of ($281.3m) including: Net profit on disposal / acquisition of development assets, non-current assets & businesses 2.9 - 2.9 5.8 Impairment of carrying value of assets (16.3) (306.7)¹ (3.9) (32
Slide 43: Sustainability strategy
Sustainability strategy Ramsay is driving action across three pillars: Healthier People, a Thriving Planet and Stronger Communities 70+ NPS Clinical excellence Diversity 800+ In Australia Sustained 50% Maintained high Net More than 800 Promoter Scores in increased the female representation employees
Slide 44: Questions
Questions 44 FY25 Results Presentation
Slide 45: ASX Announcement: FY25 Results Presentation Speech
ASX ANNOUNCEMENT 28th August 2025 Ramsay Health Care FY25 Results - Presentation Speech Good morning and welcome to Ramsay Health Care’s financial results for the twelve months to 30th June 2025. My name is Natalie Davis, and I am joined today by our acting CFO Mike Hirner. Slide 4 – CEO priorities
Slide 46: Speech: evolving our culture of people caring for people
We are evolving our culture of ‘people caring for people’ to innovate and drive performance. I am very proud of our team, as we maintained high patient NPS scores and clinical excellence across the Group. And lastly, to support the delivery of our refreshed Australia 2030 strategy and ongoing transf
Slide 47: Speech: Multi-year transformation, initial focus on hospitals
Slide 8 – Multi-year transformation, initial focus on hospitals On slide 8, we segment our multi-year Australian transformation into horizons, with an initial focus on strengthening our core hospital business. This includes delivering: • Catchment growth • Centres of excellence nationally in cardiac
Slide 48: Speech: Funding Group Performance
Slide 12 - Funding Group Performance Turning to slide 12 and the Funding Group, which is essentially our Australian and UK businesses, reported a 6.7% increase in revenue driven by activity increases in both regions combined with improved indexation from PHI negotiations and higher UK tariffs. Under
Slide 49: Speech: Australia performance acceleration
Slide 16 – Australia - Focus on performance acceleration, with improved revenue indexation agreed for FY26 Moving to slide 16. Importantly, we have maintained our high NPS and patient satisfaction scores, with NPS improving slightly relative to last year, with NSW and Queensland leading the way. We
Slide 50: Speech: Australia focus areas and outlook
Slide 19 – Australia - Focus Areas and Outlook Turning to the key focus areas and outlook for Australia. Overall, we expect EBIT growth in Australia in FY26, driven by ongoing momentum in the private hospital portfolio as part of our multi-year performance acceleration journey. We are focused on imp
Slide 51: Speech: Elysium
Slide 22 – Elysium - lower occupancy rate, cost inflation and restructure impacts margins Slide 22, While Elysium reported an increase in revenue, a lower than forecast ramp up in occupancy at sites opened over the course of the year and lower occupancy at some existing sites, combined with the impa
Slide 52: Speech: Europe focus areas and outlook
Slide 26 – Europe - Focus Areas and Outlook Ongoing political and economic events in France, in particular fiscal pressures on the budget, create an uncertain outlook for the remainder of this calendar year. The base indexation for the tariff year commencing 1st March 2025 is 0.5%. Ramsay Santé will
Slide 53: Speech: Cash flow statement and debt
Slide 31 - Cashflow Statement Operating cash flow improved 14.5% over the prior period, primarily reflecting improved cash collections in France. Free cashflow increased 3%, reflecting a 14.3% decline in capex spend in local currency by Ramsay Santé offset by an increase in capex spend in Australia
Slide 54: Speech: CEO priorities and outlook
Slide 35 – CEO - Priorities and Outlook Slide 36 – Group Priorities and Outlook Thanks Mike So as you’ve just heard, in FY25 we outlined clear priorities for Ramsay Group that we have made good progress on, but there is a lot more to do. To recap, our strategic priorities remain: • Transforming our