Ramsay Generale De Sante Sa · EURONEXT:GDS
Ramsay Generale De Sante Sa — Investor Day (September 2026)
125 slides from Ramsay Generale De Sante Sa's investor day presentation, Sep 17, 2026
Slide 1: Capital Markets Day 2026
Capital Markets Day 2026 17th September 2026 0
Slide 2: Disclaimer
DISCLAIMER This document was prepared by Ramsay Générale de Santé (“RGDS” or the “Company”) for the sole purpose of the presentation made to you on 17th September 2026. The information contained in this document has not been independently verified. To the fullest extent permitted by applicable law,
Slide 3: Framing the Day: Today's Objectives
FRAMING THE DAY: TODAY'S OBJECTIVES Framing the Building on Update on External Our Financial Environment: Strengths: What Makes Performance Market Introducing Us Unique? Today and Opportunity & Ambitions for Regulatory Tomorrow Landscape 2
Slide 4: Today's Presenters
TODAY’S PRESENTERS Pascal Clément Jérôme Dr Britta Dr Margareta Roché Lafaix Brice Wallgren Danelius Group Chief Group Chief Chief Executive Chief Executive Group Chief Executive Officer Financial Officer Officer France Officer Sweden Medical Officer 3
Slide 5: Today's Agenda
TODAY’S AGENDA Welcome reception 08:30 – 09:00am 16:30 – 17:00pm Introducing Ramsay Santé Group Pascal Roché I Group Chief Executive Officer 09:00 – 09:30am 17:00 – 17:30pm Strong market fundamentals Pascal Roché I Group Chief Executive Officer 09:30 – 09:40am 17:30 – 17:40pm Financial overview Clém
Slide 6: Introducing Ramsay Santé Group
Section 1 Introducing Ramsay Santé Group Pascal Roché Group Chief Executive Officer 5
Slide 7: Key Milestones Shaping the New Chapter in Ramsay Santé Group's Success Story
KEY MILESTONES SHAPING THE NEW CHAPTER IN RAMSAY SANTÉ GROUP’S SUCCESS STORY • As part of its strategic decision to focus on its core Australian hospitals business, Ramsay Health Care proposed to distribute Ramsay Santé shares to their shareholders (in-specie distribution) 20 February 2026 • Crédit
Slide 8: In-Specie Distribution Creates Opportunities for New Shareholders
IN-SPECIE DISTRIBUTION CREATES OPPORTUNITIES FOR NEW SHAREHOLDERS ALONGSIDE CRÉDIT AGRICOLE ASSURANCES A strengthened ownership structure… …anchored by a long-term shareholder 1 Current Ownership Expected ownership post-distribution2 1 1 Ramsay Health Care PREDICA PREDICA Shareholders • Crédit Agric
Slide 9: Ramsay Santé Group at a Glance
RAMSAY SANTÉ GROUP AT A GLANCE Pan-European Healthcare provider… …with market-leading presence… …and a broadly diversified revenue base By region (2026A) Premier brands # 1% Market share (in Revenues) 2% 2% 1 68% 2 €5,381m 491 ~1,000 27% Healthcare Operating facilities theatres By business segment (
Slide 10: Long-Standing Heritage of Market Leadership, Transformation, and Growth
RAMSAY SANTÉ GROUP: LONG-STANDING HERITAGE OF MARKET LEADERSHIP, TRANSFORMATION, AND GROWTH Ramsay Health Care and Crédit Agricole Acquisition of 12 Cosem centres in France, Assurances (through its subsidiary enhancing the Primary care platform Predica) acquired Groupe Proclif, laying the foundation
Slide 11: What Makes the Ramsay Santé Group Unique?
WHAT MAKES THE RAMSAY SANTÉ GROUP UNIQUE? Compelling European markets Favourable demographics, enduring secular trends and high barriers to entry 1 Leading Healthcare platform of scale with systemic relevance Mission-driven company with market leadership in core markets 2 Truly integrated care offer
Slide 12: Compelling European Markets, Favourable Demographics and High Barriers to Entry
COMPELLING EUROPEAN MARKETS, SUPPORTED BY FAVOURABLE 1 DEMOGRAPHICS, ENDURING SECULAR TRENDS AND HIGH BARRIERS TO ENTRY Key market trends Healthcare expenditure in Ramsay Santé Group’s geographies (in €bn) Ageing population 593 53 Prevalence of chronic diseases 503 39 64 +3.2% 406 46 86 2015-2025 CA
Slide 13: Leading Healthcare Platform of Scale with Systemic Relevance
LEADING HEALTHCARE PLATFORM OF SCALE WITH SYSTEMIC RELEVANCE 2 Leading position in core markets... ...with strong systemic relevance 1 2 1 out of 8 491 ~13m Surgeries in Ramsay Patient visits Facilities per year Santé’s facilities in France1 ~21% ~10% ~20% ~350 MSO private of Swedish population Onco
Slide 14: A Mission-Driven Company Creating Lasting Impact
A MISSION-DRIVEN COMPANY CREATING LASTING IMPACT FOR ALL STAKEHOLDERS 2 “Société à Mission” requirements in France “Raison d’être” Social & Environmental Mission Independent third-party (Purpose) in bylaws objectives committee verification (OTI) Ramsay Santé’s purpose: “Improving health through cons
Slide 15: Unique Integrated Care Offering Across the Patient Journey
UNIQUE INTEGRATED CARE OFFERING WITH MULTIPLE TOUCHPOINTS ACROSS 3 THE PATIENT JOURNEY… End-to-end care model spanning the patient pathway, …benefiting all stakeholders with a broad multi-specialty offering across geographies… Outpatient & Cross care Prevention Primary entry Hospital at-home funnel
Slide 16: Proven Model of Cross-Country Innovation
…BENEFITING FROM A PROVEN MODEL OF CROSS-COUNTRY INNOVATION 3 Locally developed core capabilities successfully scaled across countries Strengthened presence in primary care Key player in (acquisition of 12 ex-Cosem medical centres) Primary care in Sweden Established Primary care network (5 centres)
Slide 17: Partner of Choice for Patients, Payors, Doctors and Employees
PARTNER OF CHOICE FOR PATIENTS, PAYORS, DOCTORS AND EMPLOYEES… 4 Patients Payors Doctors and employees Best-in-class care across every stage of the Strategic healthcare partner to public Home for Healthcare talent, built on patient journey authorities, delivering essential healthcare professional de
Slide 18: Empowering Our People to Grow, Thrive, and Excel
…EMPOWERING OUR PEOPLE TO GROW, THRIVE, AND EXCEL 4 OUR PEOPLE Employer of choice Continuous learning Building future-ready Putting our people at the heart in Healthcare and development leaders of everything we do The workplace of choice for healthcare Culture of continuous learning – Building futur
Slide 19: A Trusted Voice Among Payors, Policymakers and Healthcare Leaders
A TRUSTED VOICE AMONG PAYORS, POLICYMAKERS AND HEALTHCARE LEADERS 4 Contributing to the Future At the Forefront of the of Healthcare Delivery Pandemic Response Works alongside public authorities to Instrumental to France’s COVID-19 response help advance Healthcare priorities through unprecedented pu
Slide 20: At the Forefront of Digi-Physical Care and AI Innovation
AT THE FOREFRONT OF DIGI-PHYSICAL CARE AND AI INNOVATION 5 Patients Management Capio Go Ramsay companion Ramsay Services • Seamless access to care anytime • Tailored care pathways at any place • Streamlined operations and optimised • Personalised care delivery resources • Greater patient empowerment
Slide 21: A Track Record of Solid Financial Performance
A TRACK RECORD OF SOLID FINANCIAL PERFORMANCE 6 Revenue (€m, % growth)1 Reported EBITDA (€m, % margin) LfL growth2 Margin excl. temporary grants4 +2.5% +2.3% 11.1% 11.5% 11.9% Reported growth Reported EBITDA margin CAGR 2024-26A +4.6% +3.3% 12.3% 11.9% 11.9% 5,381 +3.9% Nordics 5,208 4,980 1,712 1,6
Slide 22: Successfully Executed the Yes We Care 2025 Strategic Plan
SUCCESSFULLY EXECUTED THE “YES WE CARE 2025” STRATEGIC PLAN 6 Ramsay Santé Group today +41% patients’ visits Total number of visits, in thousands 13 000 9 200 Integrated and diversified platform delivering digi-physical solutions with superior quality outcomes 2021 2026 Organisation Culture +50% dig
Slide 23: Connecting Care 2030: Five Clear Pillars
CONNECTING CARE 2030: FIVE CLEAR PILLARS TO DRIVE THE NEXT PHASE OF 6 PROFITABLE GROWTH Quality care, at every step, for everyone Ensure active portfolio and contract management Ensure Accelerate additional Strengthen integrated profitable growth through and accessible new revenue streams healthcare
Slide 24: Highly Experienced Management Team
HIGHLY EXPERIENCED MANAGEMENT TEAM WITH DEEP INDUSTRY EXPERTISE 7 AND COMMITMENT TO THE FUTURE OF THE RAMSAY SANTÉ GROUP Corporate Leadership Pascal Roché Clément Lafaix Henrik Brehmer Dr Margareta Group Chief Group Chief Group Chief Strategy and Danelius Executive Officer Financial Officer Public A
Slide 25: Strong Market Fundamentals
Section 2 Strong Market Fundamentals Pascal Roché Group Chief Executive Officer 24
Slide 26: Healthcare Spending Continues to Outpace GDP Growth
HEALTHCARE SPENDING CONTINUES TO OUTPACE GDP GROWTH, PRESENTING A POWERFUL STRUCTURAL TAILWIND FOR RAMSAY SANTÉ GROUP Rising Healthcare spending 1 1 Healthcare expenditure as a % of GDP in Healthcare expenditure as a % of GDP in ~2.5x increase vs. 1970 ~2.4x increase vs. 1970 13,1 13,0 11,0 11,0 11,
Slide 27: Ageing Population and Concentration of Spending Drive Demand
AGEING POPULATION & CONCENTRATION OF SPENDING AMONG OLDER INDIVIDUALS CONTINUE TO DRIVE DEMAND FOR RAMSAY SANTÉ GROUP’S SERVICES… Ageing population Concentration of Healthcare spending in Population age split across Ramsay Santé Group geographies (in million)1 Healthcare spending by age (in France)
Slide 28: Rising Prevalence of Chronic Diseases and Therapeutic Innovation
...WITH LONG-TERM DEMAND FURTHER REINFORCED BY RISING PREVALENCE OF CHRONIC DISEASES AND CONTINUED THERAPEUTIC INNOVATION Prevalence of chronic diseases Therapeutic innovation & progress New therapies & technologies 80% of EU Healthcare expenditure is attributable to chronic diseases1 Minimally inva
Slide 29: Expanding Private Sector Capacity and Medical Graduates
EXPANDING PRIVATE SECTOR CAPACITY AND INCREASING NUMBER OF MEDICAL GRADUATES ARE KEY TO MEET FUTURE DEMAND Capacity constraints Expanding medical workforce Waiting times to see a doctor have increased over the past five years Number of medical graduates2 in France and Sweden (per 100k inhabitants) (
Slide 30: Patient-Centric Trends and Digitalisation Favour Private Providers
PATIENT-CENTRIC HEALTHCARE TRENDS AND DIGITALISATION ARE CREATING STRUCTURAL TAILWINDS FAVOURING PRIVATE PROVIDERS Patient empowerment and consumerisation Digitalisation of care pathways Healthcare choices are increasingly consumer-led 44% ofanpatients research providers before booking appointment 2
Slide 31: Private Providers Are a Systemic Backbone of Healthcare Systems
PRIVATE PROVIDERS ARE A SYSTEMIC BACKBONE OF THE HEALTHCARE SYSTEMS, DELIVERING HIGHER-QUALITY CARE AT LOWER COST The critical role of private Healthcare Enhance freedom of choice Ensure better territory coverage Foster healthy competition & efficiency 36% of MSO volumes delivered 33% of French hosp
Slide 32: Financial Overview
Section 3 Financial Overview Clément Lafaix Group Chief Financial Officer 31
Slide 33: Setting the Context for FY24-26 Financial Performance
SETTING THE CONTEXT FOR THE GROUP’S FY24-26 FINANCIAL PERFORMANCE Structurally Key drivers: • Ageing population +2.9% +2.2% growing • Rising prevalence of chronic diseases Hospital funding (ONDAM) Primary care market Healthcare • Medical technology advancements CAGR 2023-25 CAGR 2023-25 demand • Ris
Slide 34: Scalable Platform with Diversification Across Specialties and Regions
RAMSAY SANTÉ - SCALABLE PLATFORM WITH ATTRACTIVE DIVERSIFICATION ACROSS SPECIALTIES AND REGIONS Revenue 2026A Reported EBITDA 2026A €5,381m +3.9% €638m 11.9% € € Revenue 2026A Revenue CAGR Reported EBITDA Reported EBITDA 2024A-2026A 2026A margin 2026A By region By specialty By region 4% 4% 5% 30% 32
Slide 35: Ramsay Santé Operates with Two Different Earning Models
RAMSAY SANTÉ OPERATES WITH TWO DIFFERENT EARNING MODELS France Nordics % of % of revenue revenue Care services Tariffs fixed annually by French authorities ~82% Capitation-based revenue: a fixed fee per listed Revenues (total: 100%) Revenues (total: 100%) (tariff-regulated) Primary care (Sweden) ~31
Slide 36: Resilient Revenue Growth Across Every Region and Specialty
RESILIENT REVENUE GROWTH ACROSS EVERY REGION AND SPECIALTY… Revenue by region (in €m) Revenue by specialty3 (in €m) CAGR 2024-26A CAGR 2024-26A +2.7% +13.4% +5.6% +4.4% +1.7% +1.8% +3.9% 5 381 +3.9% 5 208 4 980 +19 +10 +9 5 381 +153 +20 1 608 1 712 +4.3% 03 1 573 +190 02 4,980 01 3 669 • French MSO
Slide 37: Limited Tariff Uplift, Driven by Continued Volume Increase
…IN A CONTEXT OF LIMITED TARIFF UPLIFT, DRIVEN BY CONTINUED INCREASE IN VOLUMES Total CAGR 2024-26A: +3.9% o/w organic: 2.4% +3.3% Reported 5,381 +4.6% +51 Growth +119 +3 +23 5,208 +78 +126 Group: +2.3% €m France1: +1.9% Nordics: +3.1% 4,980 Group: +2.5% France1: +3.5% Nordics: +0.5% FY24 2 Organic
Slide 38: Profitability Improvement Excluding Temporary Grants
PROFITABILITY IMPROVEMENT (EXCL. TEMPORARY GRANTS) DRIVEN BY ACTIVITIES EXPANSION AND PERFORMANCE PLAN DESPITE CONSTRAINED TARIFF ENVIRONMENT Reported EBITDA Volume Positive volume momentum driving Margin excl. sustained profitability improvement 11.1% 11.5% 11.9% temporary grants1 Margin 12.3% 11.9
Slide 39: Successful Delivery of Performance Plan Initiatives (1/2)
SUCCESSFUL DELIVERY OF PERFORMANCE PLAN INITIATIVES, WITH FURTHER UPSIDE STILL UNTAPPED (1/2) Revenue initiatives Cost initiatives Reported EBITDA Main initiatives Description impact (2026A) Total Accelerated delivery in 2026 €80m Medicine day care and A preventive pathways Develop medicine day care
Slide 40: Successful Delivery of Performance Plan Initiatives (2/2)
SUCCESSFUL DELIVERY OF PERFORMANCE PLAN INITIATIVES, WITH FURTHER UPSIDE STILL UNTAPPED (2/2) A Medicine day care and preventive pathways C Procurement optimisation Medicine day care improving care and quality pathways for patients, and Improved savings on Primary care pharma costs: remaining fully
Slide 41: Targeted Development Capex Deployment
TARGETED DEVELOPMENT CAPEX DEPLOYMENT PRIORITISING HIGH-IMPACT INVESTMENTS 2024A – 2026A net capex1 (in €m) Recent strategic investment highlights Gross capex % of revenue 4.3% 3.6% 3.6% Imaging scaling AI continued incorporation with implementation of 25 new imaging into medical imaging, interventi
Slide 42: Pre-IFRS 16 Leverage Decreased from 4.9x to 4.7x
PRE-IFRS 16 LEVERAGE HAS DECREASED FROM 4.9X IN JUNE 2024 TO 4.7X IN JUNE 2026 Jun-24A Jun-26A Net 4.9x 4.7x (0.2x) vs. Leverage1 June 2024 EBITDA pre-IFRS 16 €352m • Structurally negative working capital as payors’ DSO is shorter than suppliers’ DPO, generating a natural cash inflow €350m EBITDA •
Slide 43: Strengthened Balance Sheet with Extended Debt Maturities
STRENGTHENED BALANCE SHEET POSITION WITH EXTENDED DEBT MATURITIES FOLLOWING THE SUCCESSFUL JUN-26 REFINANCING Enhanced flexibility (i) Successful Simplification of the with extension of More than 85% of refinancing of senior financial structure, senior debt maturities gross financial debt is debt fo
Slide 44: €1.5bn Real Estate Portfolio of Flagship Assets
€1.5BN REAL ESTATE PORTFOLIO OF FLAGSHIP ASSETS PROVIDING FINANCIAL FLEXIBILITY €1.5bn1 of real estate portfolio A portfolio of flagship assets in strategic locations Surface breakdown by ownership structure Owned surface breakdown by location in France Lower operating As of 30 June 2026 As of 30 Ju
Slide 45: Ideally Positioned for Next Phase of Profitable Growth
RAMSAY SANTÉ IS IDEALLY POSITIONED TO EMBARK ON ITS NEXT PHASE OF PROFITABLE GROWTH Demonstrated Margin resilience Proven execution Successful Jun-26 track record of growth supported by successful know-how and an refinancing, providing across every region implementation and ingrained culture of bala
Slide 46: Strategy
Section 4 Strategy Pascal Roché Group Chief Executive Officer 45
Slide 47: Successful Execution of Previous Strategic Plans
SUCCESSFUL EXECUTION OF PREVIOUS STRATEGIC PLANS, LAYING THE FOUNDATION FOR BEST-IN-CLASS MEDICAL OUTCOMES AND PROFITABLE GROWTH Ramsay Santé in 2030 Ramsay Santé Unlock the full potential of our in 2025 platform, creating sustainable value Ramsay Santé Create a robust platform Recognised leader in
Slide 48: Successful Execution of Yes We Care 25
SUCCESSFUL EXECUTION OF “YES WE CARE 25”, ESTABLISHING RAMSAY SANTÉ AS A LARGE-SCALE, DIVERSIFIED AND INTEGRATED PAN-EUROPEAN PLATFORM More integrated, More contact More patients More facilities diversified and balanced with patients 2021 2026 Total number of visits (#m) Total number of care facilit
Slide 49: Connecting Care 2030: Strategic Roadmap
“CONNECTING CARE 2030”: STRATEGIC ROADMAP TOWARDS MORE PROFITABLE GROWTH Quality care, at every step, for everyone Ensure active portfolio and contract management Ensure Accelerate additional Strengthen integrated profitable growth through and accessible new revenue streams Healthcare offering Embra
Slide 50: Leveraging Ramsay Santé's Global Capabilities
LEVERAGING ON RAMSAY SANTÉ’S 7 GLOBAL CAPABILITIES Medical Excellence People Data & AI Innovating in Healthcare to meet the Strengthening execution with Establishing a data- and AI-powered changing needs of patients strategic hiring, upskilling, and foundation for strategic decision-making culture b
Slide 51: Ensuring Active Portfolio and Contract Management
ENSURING ACTIVE PORTFOLIO AND CONTRACT MANAGEMENT Make the most of the MSO network in France Deliver high performance under St Göran’s new contract Contract successfully renewed for 8 years (4-year extension), Network rationalisation • Optimising the facility network through consolidation and starti
Slide 52: Strengthening Integrated and Accessible Healthcare Offering
STRENGTHENING INTEGRATED AND ACCESSIBLE HEALTHCARE OFFERING Strengthen regional presence through further expansion of Grow MSO and Imaging & Radiology the Primary care network Strengthen MSO centres of excellence Through Greenfields and selective and accretive bolt-ons Develop volumes and accelerate
Slide 53: Further Driving Development of Integrated Care Chains
FURTHER DRIVING THE DEVELOPMENT OF INTEGRATED CARE CHAINS… Build recurring patient relationships to drive sustainable, repeatable One integrated pathway, present at every patient touchpoint and predictable patient volumes Cross care % of Group internal referrals1 Prevention Primary entry Hospital Ou
Slide 54: Embracing Digital Transformation of Healthcare Delivery
…BY EMBRACING DIGITAL TRANSFORMATION OF HEALTHCARE DELIVERY Pursue digitalisation of care Living Labs, a new approach designed to AI assistance to patient EMR enhancement pathways: tele-tools and remote care benefit caregivers and patients Simplify patients’ Primary care pathway Incubators of talent
Slide 55: Continuing to Focus on Cost Initiatives
CONTINUING TO FOCUS ON COST INITIATIVES Select examples of cost initiatives • “Choosing Wisely” for procurement, in close collaboration with the medical community Procurement optimisation • Rationalisation of the supplier base • Increased frequency of local purchasing committees with doctors • Mix o
Slide 56: Accelerating Development of New Revenue Streams
ACCELERATING THE DEVELOPMENT OF NEW REVENUE STREAMS ADDRESSING PATIENTS’ NEEDS Develop new initiatives in France Develop new initiatives in Sweden Expand home-based care Reinvent Occupational health • Develop new preventive corporate health offering through Qurant’s Occupational health digital platf
Slide 57: Quality Care, at Every Step, for Everyone
QUALITY CARE, AT EVERY STEP, FOR EVERYONE Quality Patient “Choosing Patient International Innovation, of care safety safety Wisely” collaborations research and training Continue improving Keep the client Avoid tests and Pursue international Leverage and scale pathway transparent interventions with l
Slide 58: Break
Break 57
Slide 59: Medical Excellence
Section 5 Medical Excellence Dr Margareta Danelius Group Chief Medical Officer 58
Slide 60: At the Forefront of Medical Excellence and Quality of Care
RAMSAY SANTÉ IS AT THE FOREFRONT OF MEDICAL EXCELLENCE AND QUALITY OF CARE Why medical excellence and quality of care are critical How Ramsay Santé masters it Enhance patients’ medical outcomes and care experience Medical Increase patient loyalty excellence at the core Best-in-class Strengthen reput
Slide 61: Medical Excellence at the Core of Platform Organisation
MEDICAL EXCELLENCE AT THE CORE OF RAMSAY SANTÉ PLATFORM ORGANISATION Results-driven medical Best practice sharing excellence organisation across countries & activities • Global CMO team steering medical quality • Leverage platform organisation to improve quality of care Continuous focus on innovatio
Slide 62: Highest Quality of Care Proven by Certifications and Rankings
HIGHEST QUALITY OF CARE PROVEN BY CERTIFICATIONS, EXTERNAL RANKINGS…. Outperforming private and public operators Over-represented in reference Le Point Top-50 rankings HAS certification campaign outcomes (Jun-2026) Share of total private Share of Ramsay Santé Share of hospitals marked as certified o
Slide 63: Patients' Satisfaction
…AND PATIENTS’ SATISFACTION Strong patient satisfaction across countries, recognised through high and improving NPS score Group Net Promoter Score1 (2025) Net Promoter Score by geography (2025) 73 NPS2 74 France +2pts vs. 2023 69 Sweden -100 0 +30 +70 +100 71 Norway Good Great Excellent 83 Denmark >
Slide 64: Best-in-Class Clinical Quality KPIs
BEST-IN-CLASS CLINICAL QUALITY KPIS, VALIDATING RAMSAY SANTÉ’S MEDICAL EXCELLENCE STRATEGY In-hospital Post-hospitalisation ST myocardial infarction in-hospital mortality rate Post digestive hernia surgery readmission rate Measured over 2021-2023 Measured over 20241 9,7% 2,5% 66% 1,3% 48% 3,3% lower
Slide 65: Leader in Medical Research
LEADER IN MEDICAL RESEARCH, A FOUNDATION FOR CLINICAL EXCELLENCE AND PHYSICIAN ATTRACTION 1 out of 5 of Ramsay Santé’s doctors are involved in research (1,500 doctors in France) Group Including research partnerships 10,000 patients included in 770 clinical studies (since 2022) with Pharma companies
Slide 66: Continuous Investment and Innovation in Care Practices (1/2)
CONTINUOUS INVESTMENT AND INNOVATION IN THE GROUP’S CARE PRACTICES (1/2) Share of stays with a complication after robotic prostatectomy Introduction of Enables greater cutting precision and clinical 31 12,7% efficacy across multiple specialties (digestive robots installed robotic surgery oncological
Slide 67: Innovation in Care Practices (2/2): Clinical Networks
CONTINUOUS INVESTMENT AND INNOVATION IN THE GROUP’S CARE PRACTICES (2/2) – FOCUS ON CLINICAL NETWORKS Clinical networks of excellence: launched in 2024, leveraging the European platform to share Creates knowledge expertise across select specialties, improving outcomes for patients and the Group for
Slide 68: Enhancing Quality of Care Through Health Prevention
ENHANCING QUALITY OF CARE THROUGH HEALTH PREVENTION Ramsay Santé Foundation Prevention outcomes exceeding for Prevent2Care national standards Ramsay Santé’s 1st incubator for preventive Healthcare startups and non-profits Hypertension patients reaching blood pressure target ≤140 / 90 mm HG Measured
Slide 69: At the Forefront of Digital and AI, Optimising Patient Care
RAMSAY SANTÉ IS AT THE FOREFRONT OF DIGITAL AND AI, CONTINUOUSLY OPTIMISING PATIENT CARE AND OUTCOMES Imaging for mammography – Health data warehouse Shift from conventional to AI-powered France's first health data lake to unify all patient data Before After across the entire patient pathway, from P
Slide 70: A Closer Look at France
Section 6 A Closer Look at France Jérôme Brice Chief Executive Officer France 69
Slide 71: #1 Private Healthcare Provider in France, in a >€100bn Market
RAMSAY SANTÉ IS THE #1 PRIVATE HEALTHCARE PROVIDER IN FRANCE, 1 Market OPERATING IN A DYNAMIC >€100BN MARKET Full care Mental Primary MSO Imaging rehabilitation health care ~84.7 Total market ~39,04 size ~12,7 ~11,0 (€bn, 2024) ~8,23 +3% +1–2% +3% +5–7% Total private ~20,9¹ CAGR5 CAGR5 CAGR5 CAGR5 m
Slide 72: Institutionalised Regulatory Framework Creating High Barriers to Entry
INSTITUTIONALISED REGULATORY FRAMEWORK WITH DEFINED PRIORITIES, 2 Regulations CREATING HIGH BARRIERS TO ENTRY AND ENHANCING LONG-TERM VISIBILITY • Centralised Healthcare governance with nationwide funding allocation Ministry • Setting the national strategic direction for the future of Healthcare of
Slide 73: Funding Growth and Reimbursement Uplift Parity
FUNDING GROWTH AND REIMBURSEMENT UPLIFT PARITY ACROSS PUBLIC 2 Regulations AND PRIVATE HOSPITALS Funding Framework Hospital ONDAM evolution (€bn) Budget for national health spending is set on an annual basis and ONDAM: ~€274bn1 CAGR (2019-26): +4.5% published in December of T-1 (preceding year) 106
Slide 74: MSO Reliant on Activity-Based Public Reimbursement
MSO REMAINS RELIANT ON ACTIVITY-BASED PUBLIC REIMBURSEMENT, WITH 2 Regulations LOW OOP SPENDING REPRESENTING A SIGNIFICANT GROWTH OPPORTUNITY Share of MSO revenue (%) DRG-based framework (T2A) Activity-based funding Public Health Insurance (CNAM) remains the main payor, with short payment delays
Slide 75: Reimbursement Rates Yet to Reflect Inflationary Costs
REIMBURSEMENT RATES HAVE YET TO FULLY REFLECT INFLATIONARY 2 Regulations COSTS, WHILE MSO ACTIVITY VOLUMES CONTINUE TO GROW STRONGLY Prudential coef. reversal 100% 100% 100% 50% 100% 0% 0% ? 6.4% +6,4% Ségur +5,3% 0.2% +5.3% CICE Private effect3 impact4 sector +2,5% 6.2% +1,3% DRG tariff +0,5% +0,6%
Slide 76: Market Leader in the French Healthcare Sector
RAMSAY SANTÉ IS A MARKET LEADER IN THE FRENCH HEALTHCARE SECTOR… 3 Operations France at a glance Geographical footprint Region #1 ~21% 7 ~26% ~82% 4 Lille Private MSO private market Hospital provider share in France 3 2 3 28 Region ~16% ~48% #1 in Île de 45 Paris France 2 ~750k ~1.2m 4 4 3 surgeries
Slide 77: Best-in-Class Services Across Multiple Patient Touchpoints
…DELIVERING BEST-IN-CLASS SERVICES ACROSS MULTIPLE 3 Operations PATIENT TOUCHPOINTS 1 Medicine, Surgery & Obstetrics 78% Rehabilitation 7% Mental health 7% in private Orthopaedic, #1 Ophthalmologic & Cardiac Surgery #3 in private Rehabilitation #2 private player in Mental health ~30% of FCR activity
Slide 78: First-Mover in Regional Cluster-Based Healthcare Delivery
FIRST-MOVER IN REGIONAL CLUSTER-BASED HEALTHCARE DELIVERY 3 Operations A strong network organised in clusters Key advantages Before cluster strategy Pioneer of the Standalone facilities offering similar care profiles Enhancement of medical regional cluster model care pathways Only player leveraging
Slide 79: Cluster Strategy in Action: The Lille Metropolitan Area
CLUSTER STRATEGY IN ACTION: THE LILLE METROPOLITAN AREA 3 Operations Transfer of activities A Decade of Transformation: From Independent Sites to Coordinated Centres of Excellence 1 2 Maternity Neurosurgery care Val de Lys Clinic (Tourcoing) 3 4 Tourcoing Bariatric Cardiology La Victoire Clinic care
Slide 80: Partner of Choice for Top Talent
PARTNER OF CHOICE FOR TOP TALENT 3 Operations Our People are at the core of what we do Ramsay Santé is one of the largest employers and private healthcare recruiters in France Employees Doctors ~28,400 employees contributing to ~7,000 independent doctors chose Ramsay Santé’s mission Ramsay Santé 420
Slide 81: France's Right-to-Win
FRANCE’S RIGHT-TO-WIN: UNIQUE CAPABILITIES UNDERPINNING SUCCESS 3 Operations Largest integrated network in Quality of care #1 network in France, supported by a unique cluster Consistently delivered superior patient outcomes strategy and best-in-class services across multiple through medical exce
Slide 82: Pioneers Profitable New Care Pathways
RAMSAY SANTÉ PIONEERS PROFITABLE NEW CARE PATHWAYS TO ADDRESS 3 Operations UNMET PATIENT NEEDS Digital tools Select care pathway initiatives... Primary care Hospital Day-care medicine for in hospital care Imaging and pathways Radiotherapy Primary care as reference physician pathway to divert non-urg
Slide 83: Driving Operational Excellence Through Targeted Initiatives
RAMSAY SANTÉ DRIVES OPERATIONAL EXCELLENCE THROUGH A BROAD 3 Operations RANGE OF TARGETED INITIATIVES Standardised Where It Matters, Local Where It Counts Maximised OR utilisation Workforce efficiency Procurement excellence • Continued diligent monitoring of OR utilisation • Reduced reliance on temp
Slide 84: Actively Manages Portfolio to Improve Outcomes and Efficiency
RAMSAY SANTÉ ACTIVELY MANAGES ITS PORTFOLIO TO IMPROVE MEDICAL 3 Operations OUTCOMES AND EFFICIENCY Network rationalisation Refocus of medical offering Activity transfer and closure Optimising the facility network through consolidation and Reallocating capacity towards growth specialties to Streamli
Slide 85: Embeds Digital Tools to Streamline Processes
RAMSAY SANTÉ EMBEDS DIGITAL TOOLS TO STREAMLINE OPERATIONAL 3 Operations AND ADMINISTRATIVE PROCESSES Ramsay Santé Digital Solutions Suite AI-powered Electronic Medical Records Improved admission process At the heart of the patient care pathway, Invoicing and from pre-admission coding quality with t
Slide 86: Connecting Care 2030 – France
CONNECTING CARE 2030 – FRANCE 4 Strategy Ensure Ensure Ensure Ensure Ensure • Continued alignment of • Strengthen care • Optimisation of • "Choosing Wisely" • Establishment of a fully specialty offerings with pathway development operational processes holistic cost and integrated Virtual evolving pat
Slide 87: A Closer Look at Sweden
Section 7 A Closer Look at Sweden Dr Britta Wallgren Chief Executive Officer Sweden 86
Slide 88: Favourable Market Fundamentals and Leading Position in Sweden
FAVOURABLE MARKET FUNDAMENTALS AND A LEADING POSITION TO 1 Market CAPTURE GROWING HEALTHCARE DEMAND Primary care Specialist care Private Health Insurance1 Total market size ~22.7 (€bn, 2024) ~5.9 ~0.3 +4% +4% +3% CAGR2 CAGR2 CAGR2 Total private market size (€bn) ~2,8 ~2,5 ~2,3 ~2,1 2024 2030E 2 ~0.3
Slide 89: Publicly Funded, Decentralised Healthcare System
PUBLICLY FUNDED, DECENTRALISED HEALTHCARE SYSTEM EMPOWERING 2 Regulations REGIONAL CARE DELIVERY Swedish Healthcare system at a glance Care guarantee concept Under Sweden's statutory care guarantee, citizens are entitled to timely access to care 21 No enforcement mechanism or penalties for regio
Slide 90: Five Provider Types Underpin Sweden's Healthcare Delivery Model
FIVE PROVIDER TYPES UNDERPIN SWEDEN’S HEALTHCARE DELIVERY MODEL 2 Regulations Swedish provider landscape by type of services High 7 university hospitals covering all disease areas and advanced care Including St Göran Hospital ~20 county hospitals covering most disease areas Cost of care ~40 smaller
Slide 91: Tenders and Patient-Choice Schemes as Key Reimbursement Mechanisms
TENDERS AND PATIENT-CHOICE SCHEMES ARE THE KEY PUBLIC 2 Regulations REIMBURSEMENT MECHANISMS FOR PRIVATE HEALTHCARE PROVIDERS… Private Healthcare provision Private Healthcare Public reimbursement framework Insurance / OOP Regional tenders (LOU1) ‘Patient’s free choice’ (LOV2) Private Health Insuranc
Slide 92: Reimbursement Models Across Primary and Specialty Care
…WITH DIFFERENT REIMBURSEMENT MODELS ACROSS PRIMARY AND 2 Regulations SPECIALTY CARE Regions have two main routes to procure healthcare Primary care Specialty care Price parity between Regulatory framework public & private Regulatory framework Capitation-based Public-private Private providers have f
Slide 93: Premier Swedish Healthcare Platform with Nationwide Coverage
PREMIER SWEDISH HEALTHCARE PLATFORM WITH NATIONWIDE COVERAGE… 3 Operations Key highlights Geographical footprint #1 ~10% Private of Swedish population listed Healthcare provider in Capio’s Primary care centres 3 235 ~1m Proximity Care Facilities patients 3 3 4 2 €1,466m ~15,000 119 People working Re
Slide 94: Integrated Services Across the Full Care Continuum
…OFFERING INTEGRATED SERVICES ACROSS THE FULL CARE CONTINUUM 3 Operations Proximity Specialist St Göran’s Elderly & Care Orthopaedics Clinics Hospital Mobility Care Partner Primary care Orthopedics, Ophthalmology, Emergency hospital Geriatric care, home Partnerships for diagnostics, Ment
Slide 95: Sweden's Right-to-Win
SWEDEN'S RIGHT-TO-WIN: UNIQUE CAPABILITIES UNDERPINNING SUCCESS 3 Operations Largest integrated network in Best-in-class quality of care #1 network in Sweden, with strong regional hubs and World-class patient satisfaction (NPS 69) the most comprehensive integrated care offering St Göran Hospit
Slide 96: St Göran Hospital: A Flagship Healthcare Success Story
ST GÖRAN HOSPITAL: A FLAGSHIP HEALTHCARE SUCCESS STORY 3 Operations Nationally recognised as an essential partner St Göran Hospital Favourable new contract terms secured and reference for the authorities Stockholm's only private hospital with In 2024, Capio successfully secured an emergency departme
Slide 97: Unlocking Value Through the GHP Acquisition
RAMSAY SANTÉ GROUP UNLOCKING VALUE THROUGH THE GHP ACQUISITION 3 Operations Transaction overview Acquisition rationale Integration highlights March 2022: Ramsay Santé Group launched ~€240m offer for GHP Specialty Care Expanding the Nordic footprint Facilities integrated into Capio and specialty port
Slide 98: Leading the Shift Towards Seamless Digi-Physical Care
THE GROUP IS LEADING THE SHIFT TOWARDS SEAMLESS 3 Operations DIGI-PHYSICAL CARE... Seamless interface “I need help!” Patient Needs Guidance Capio Go Different time Same time Same time Time and place pre-arranged Self Care (specialist, Different place Different place Same place pharmacy & other) Digi
Slide 99: Enhancing Convenience, Accessibility and Efficiency
...ENHANCING CONVENIENCE, ACCESSIBILITY AND EFFICIENCY FOR 3 Operations ALL STAKEHOLDERS Concrete examples of digitalisation projects can be found within each dimension… ...delivering measurable benefits ~275% increase in digital contacts Total number of digital visits, in thousands 927k Patient Sel
Slide 100: Connecting Care 2030 – Sweden
CONNECTING CARE 2030 – SWEDEN 4 Strategy Ensure Ensure Ensure Ensure Ensure • Delivery of superior • Expansion of geographic • Expansion of Healthcare • “Choosing Wisely” medical • Development of PHI outcomes under St Göran’s coverage to promote offering into new care chain and admin approach throug
Slide 101: Closing Remarks
Section 8 Closing Remarks Pascal Roché Group Chief Executive Officer Clément Lafaix Group Chief Financial Officer 100
Slide 102: FY26-FY29 Ambition for Growth Despite Constrained Tariff Environment
FY26 - FY29 AMBITION FOR GROWTH DESPITE CONSTRAINED TARIFF ENVIRONMENT Strengthen the core and Capture a share of the Create lasting value Navigate a challenging develop new initiatives in growing market through a unique offering environment high-value segments Leveraging an integrated, Benefiting f
Slide 103: Actionable Levers to Improve Profitability
MULTIPLE IDENTIFIED AND ACTIONABLE LEVERS TO IMPROVE PROFITABILITY Continued portfolio optimisation to drive structural margin improvement via: Active management • Better capacity utilisation of the Group’s portfolio • Activity mix aligned to evolving patient demand • A leaner, more efficient networ
Slide 104: Operational and Financial Discipline to Drive Cash Flow
OPERATIONAL & FINANCIAL DISCIPLINE TO DRIVE CASH FLOW GENERATION • Footprint optimisation through portfolio and cluster initiatives • Ambitious capex policy, prioritising high- impact investments to strengthen portfolio • Normalisation of rents following the St d quality and ensure long-term profita
Slide 105: Key Levers to Drive Ongoing Deleveraging
KEY LEVERS TO DRIVE ONGOING DELEVERAGING Gradual margin 2026 – 2029 improvement – Disciplined Improved Continued sustained notably through active working capital topline growth portfolio management, capital allocation requirements deleveraging performance initiatives and digital transformation Sourc
Slide 106: Short and Mid-Term Financial Outlook
SHORT AND MID-TERM FINANCIAL OUTLOOK FY2027 FY2029 Revenue growth1 (%) Between 2.0% and 3.0% ~3.0% per annum2 € Reported EBITDA Stable margin margin (%) vs. 2026 Gradual margin improvement Gross capex as % of Revenue ~4.0% of Revenue on average over the period Net debt3 / EBITDA (x) (pre-IFRS 16) Co
Slide 107: Capital Markets Day 2026: Closing Remarks
CAPITAL MARKETS DAY 2026: CLOSING REMARKS Strong Healthcare A unique positioning based on A proven track record of market potential diversification and integrated care best-in-class medical outcomes A new 2030 strategic plan leveraging Long-lasting A solid financial this positioning to focus on prof
Slide 108: Thank you
Thank you 107
Slide 109: Q&A
Q&A 108
Slide 110: A Closer Look at Norway & Denmark
Appendix A A closer look at Norway & Denmark 109
Slide 111: Norway: Sizeable Healthcare Market with Growing Private Demand
SIZEABLE HEALTHCARE MARKET WITH GROWING PRIVATE DEMAND DRIVEN BY PUBLIC SYSTEM CONSTRAINTS Market snapshot Regulatory overview ~€46bn1 Regulatory framework Latest developments Healthcare expenditure Tax-funded universal 4 Regional Health National Health and Health Reform healthcare system, Authoriti
Slide 112: Norway: Established Market Leader with Growth Runway
ESTABLISHED MARKET LEADER WITH SIGNIFICANT GROWTH RUNWAY Norway at a Glance National Leader in Private Healthcare €129m Leading private Healthcare Revenue 2026A Leading national brand provider in Norway 2 ~15-20% ~2% / ~8% Group / Nordics Private market share revenue share 2026A Integrated Primary a
Slide 113: Denmark: Growing Market with Private Healthcare Demand
GROWING MARKET WITH PRIVATE HEALTHCARE DEMAND UNDERPINNED BY RISING PHI AND SELF-PAY PENETRATION Market snapshot Regulatory overview Regulatory framework Latest developments ~€39bn¹ Healthcare expenditure Tax-funded universal 5 regions manage National Healthcare Patients' rights further healthcare s
Slide 114: Denmark: High-Quality Healthcare Platform
HIGH-QUALITY HEALTHCARE PLATFORM POSITIONED TO CAPTURE FUTURE GROWTH Denmark at a Glance Integrated Healthcare Platform €118m Leading private Healthcare Revenue 2026A Leading national brand provider in Denmark 5 ~18% ~2% / ~7% Group / Nordics Private market share revenue share 2026A 7 5 hospitals an
Slide 115: Additional Details on Financial Profile
Appendix B Additional details on financial profile 114
Slide 116: Group P&L Statement
GROUP P&L STATEMENT FYE 30-Jun - in €m 2024A1 2025A1 2026A Revenues 4,980 5,208 5,381 % growth 5.9% 4.6% 3.3% Personnel cost (2,571) (2,656) (2,735) Purchased consumables (1,038) (1,124) (1,151) Other operating income and expenses (535) (571) (632) o/w Temporary grants 60 20 - Taxes and duties (144)
Slide 117: Cash Impact of Lease Debt and Capex
CASH IMPACT OF LEASE DEBT AND CAPEX Lease debt cash-flow impact EBITDA after capex & lease debt payment FYE 30-Jun - in €m 2024A 2025A 2026A FYE 30-Jun - in €m 2024A 2025A 2026A Operating lease payment 259 273 288 Reported EBITDA 611 621 638 Finance lease payment 54 59 54 (-) Operating lease payment
Slide 118: Group Cash Flow Statement
GROUP CASH FLOW STATEMENT FYE 30-Jun - in €m 2024A 2025A 2026A Reported EBITDA 611 621 638 Non-cash items relating to recognition and reversal of provisions (13) (4) (8) Other non-current income and expenses paid (15) (17) (17) Change in other non-current assets and liabilities (22) (23) (19) Cash f
Slide 119: Group Balance Sheet
GROUP BALANCE SHEET FYE 30-Jun - in €m 2024A 2025A 2026A Goodwill and other intangible assets 2,290 2,293 2,274 Property, plant and equipment 974 936 931 Right of use assets (IFRS 16) 1,925 2,028 1,904 Investments in associates and non-current fin. assets 147 160 255 Deferred tax assets 92 115 129 N
Slide 120: Glossary
td EN Ramsay Santé Appendix C Glossary
Slide 121: Glossary – List of Acronyms and Abbreviations (1/4)
Glossary – list of acronyms and abbreviations (1/4) Abbreviation English Local AC Contractualisation Support Aide à la Contractualisation AI Artificial Intelligence ARS Regional Health Agency Agence Régionale de Santé ASIC Australian Securities and Investments Commission ASX Australian Securities Ex
Slide 122: Glossary – List of Acronyms and Abbreviations (2/4)
Glossary – list of acronyms and abbreviations (2/4) Abbreviation English Local EMR Electronic medical record EU European Union EUR Euro Euro PP Euro private placement FCR Full Care Rehabilitation Soins médicaux de réadaptation FFS Fee-for-Service FHP French Federation of Private Hospitals and Clinic
Slide 123: Glossary – List of Acronyms and Abbreviations (3/4)
Glossary – list of acronyms and abbreviations (3/4) Abbreviation English Local LOV Act on Systems of Choice Lagen om valfrihetssystem MIG Public Interest Mission Missions d’Intérêt Général MIGAC Public Interest Missions and Contracting Support Missions d’Intérêt Général et d’Aide à la Contractualisa
Slide 124: Glossary – List of Acronyms and Abbreviations (4/4)
Glossary – list of acronyms and abbreviations (4/4) Abbreviation English Local SEK Swedish Krona SG&A Selling, General and Administrative expenses SKR Swedish Association of Local Authorities and Regions Sveriges Kommuner och Regioner T2A DRG-based framework Tarification à l'activité TLB Term Loan B
Slide 125: Ramsay Santé
| IN Ramsay Sante
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