Ramsay Health Care Limited · ASX:RHC
Ramsay Health Care — H1 FY2026 Earnings Presentation
51 slides from Ramsay Health Care's earnings presentation, Feb 26, 2026
Slide 1: 1H FY26 Results Presentation
People caring for people 1H FY26 Natalie Davis Results Presentation Managing Director Anthony Neilson For the six months ended 31 December 2025 and Group CEO 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 26 Febr
Slide 3: CEO Priorities
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 Patient, team and doctor NPS impr
Slide 4: Group Performance Overview
People caring for people Group Performance Overview Natalie Davis Managing Director and Group CEO
Slide 5: 1HFY26 Group financial performance
1HFY26 Group financial performance Underlying Group NPAT ³ growth of 8.1%² and EPS growth of 8.6%² reflected in higher H1 dividend Revenue1 Underlying EBIT ² Underlying NPAT ² ³ Reported NPAT ³ $9.3bn $536.7m $171.7m $160.7m +9.7% vs 1HFY25 +7.3% vs 1HFY25 +8.1% vs 1HFY25 +253.2% vs 1HFY25 Underlyin
Slide 6: Group underlying performance
Group underlying¹ performance Group underlying EBIT and NPAT performance driven by improving performance in Australian business Six months ended 31 December A$’m 2025 2024 Change Change cc² Australia 330.9 309.0 7.1% 7.1% Group underlying NPAT result (+9.1%cc) driven by: • 7.1% growth in Australian
Slide 7: Regional Performance
Regional Performance People caring for people
Slide 8: 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 8 1HFY26 Results Presentation Admissions
Slide 9: Australia
Australia Momentum building in core hospital business underpinned by growth in doctors, admissions, acuity and theatre utilisation Customers, People and Clinical Growth in admissions and Continued focus on cost Excellence at our heart utilisation efficiencies and capital discipline Patient NPS impro
Slide 10: Australia
Australia Growth driven by private admissions, increased acuity, improved indexation and cost management Six months ended 31 December A$’m 2025 2024 Change Revenue growth¹ (+ 8.2%) driven by: Revenue from customers¹ 2,641.0 2,440.6 8.2% • Admissions (ex-Peel Health Campus⁴) increased 3.1% Total seg
Slide 11: Australian activity trends
Australian activity trends¹ Strong growth in core Surgical and Day activity and higher inpatient acuity Admission growth by Service Admission growth by Funding Type Admission growth by Admission Type 11% 5.7% 2.7% 3.6% 2.4% 2.0% 1.5% 0.1% Maternity Surgical Medical Rehab Private Public Day Overnight
Slide 12: Australia
Australia Development investment focused on procedural capacity in major hospitals in growth corridors • Total capex $202m increased 24.7% compared to pcp reflecting significant developments in progress including Joondalup Private and Warringal • FY26 development capex range of $170-190m below prev
Slide 13: Australia
Australia Continued focus on delivery of multi-year transformation Focus areas Outlook • Continue activity growth momentum through implementation of data-led growth • EBIT growth momentum in Australia to continue driven by growth in activity in plans and strategies in our priority therapeutic areas
Slide 14: UK Region
UK Region Focus on performance improvement given NHS budgetary pressures UK Hospitals Elysium Focus on high acuity, private and operational Turnaround beginning to gain traction in a challenging excellence, with market headwinds on NHS activity market Continued high patient NPS (+89)¹ and clinical e
Slide 15: UK Hospitals
UK Hospitals NHS funding impacted activity at end of period, mitigated by higher acuity and a focus on operational excellence Six months ended 31 December A$’m 2025 2024 Change Change cc³ Revenue and other income 810.4 747.0 8.5% 3.5% Revenue growth (+3.5%cc) driven by: EBITDA 133.5 126.0 5.9% 1.1%
Slide 16: UK Hospitals
UK Hospitals Focus on private growth and operational excellence to mitigate NHS funding uncertainty Focus areas Outlook • Drive growth of PMI and self-pay activity to mitigate reduced NHS volumes, and • NHS activity outlook for 3QFY26 expected to remain negative compared to pcp ongoing focus on acui
Slide 17: Elysium
Elysium Turnaround underway to mitigate cost pressures and weak demand Revenue decline (-2.1cc%) driven by: Six months ended 31 December A$’m 2025 2024 Change Change cc³ • Lower occupancy with 2,022 paid beds down 5.2% and occupancy rate down 150bps to 85.6%, partially Revenue and other income 541.
Slide 18: Elysium
Elysium Turnaround beginning to achieve positive impacts in challenging market Focus areas Outlook • New CEO Joe O’Connor commenced 12 January 2026 • Ongoing focus on performance improvement, expect the turnaround to continue to gain traction • Continued focus on delivering performance improvement p
Slide 19: Europe
Europe Progressing towards separation while continuing to focus on performance improvement France Nordics Demerger via Focus on cost control and Realise business potential in in-specie distribution efficiency to mitigate funding Sweden and turnaround headwinds Denmark and Norway Proposal to separate
Slide 20: Europe
Europe Reduced underlying loss despite funding headwinds Six months ended 31 December A$’m 2025 2024 Change Change cc⁶ Total revenue and other income 4,614.8 4,141.1 11.4% 2.5% Revenue growth (+2.5%cc) reflects: EBITDA 491.1 461.5 6.4% (2.2%) • French tariffs of 0.5%³ EBIT 105.0 101.3 3.7% (5.3%) •
Slide 21: Europe
Europe Focus on cost control, efficiency and cash generation, and realising business potential in Sweden Focus areas Outlook • Focus on cost control, operational efficiency, cash generation and disciplined capital • Activity growth in Europe expected to continue in the 2H, driven by day admissions,
Slide 22: Europe: Proposal to separate Ramsay Santé from Ramsay
Europe Proposal to separate Ramsay Santé from Ramsay Summary of proposal Strategic Rationale After completion of a comprehensive strategic review of Ramsay’s share • Simplification of Ramsay portfolio, enabling Management to focus on ownership in Ramsay Santé, the Board proposes to (subject to all a
Slide 23: Group Financials
People caring for people Group Financials Anthony Neilson Group Chief Financial Officer
Slide 24: FY25 Group financial performance
FY25 Group financial performance Underlying NPAT Growth +8.1% Underlying Net profit¹ +8.1% reflects: Six months ended 31 December A$’m 2025 2024 Change Change cc² • Activity growth across Australia and Europe combined with higher acuity across Australia and the UK, Underlying segment revenue & other
Slide 25: Cash flow statement
Cash flow statement Operating cash flow improvement driven by Australia, focus on cash generation across all regions Six months ended 31 December A$’m 2025 2024 Change EBITDA from continuing operations 1,118.4 1,051.6 6.4% • Operating cashflow +16.9% driven primarily by Changes in working capital (1
Slide 26: Consolidated Balance Sheet
Consolidated Balance Sheet Increase in capital employed driven by Australian developments A$'m 31/12/25 30/06/25 31/12/24 Working capital³ 787.9 596.5 897.9 • The impact of currency translation on the balance sheet Property plant & equipment 5,954.0 5,820.0 5,561.6 approximately ~$83.5m Intangible
Slide 27: Funding Group performance
Funding Group¹ performance Underlying performance delivered by Australia 6 months ended 31 December A$’m 2025 2024 Change Change cc⁵ Revenue and other income 4,763.6 4,438.0 7.3% 6.0% Underlying Net profit +5% reflects: EBITDAR 634.9 598.1 6.2% 5.2% • Driven by a 7.1% increase in underlying EBIT in
Slide 28: Funding Group - Debt and leverage
Funding Group¹ - Debt and leverage Leverage in target band, remains well supported by core Australian hospital cashflows Funding Group¹ – bank net debt2 and leverage ratio³ • Funding Group’s unsecured debt facilities are underpinned by the strong cash 6.0 4.00 flows generated by the Funding Group an
Slide 29: Ramsay Santé - Debt and leverage
Ramsay Santé - Debt and leverage Ramsay Santé bank leverage and debt metrics (IAS17) (€’bn) • Ramsay Santé remains supported by its own funding arrangements underpinned by secured loan facilities, with no recourse to the Ramsay Funding 5.40x 5.30x Group 4.70x • €391m of liquidity at 31 December 2025
Slide 30: Focus on capital management and cash flow
Focus on capital management and cash flow Improve capital allocation & Improve cash flow Maintain leverage & rating returns International portfolio • Revenue cycle management focus to enable faster Funding Group cash collection across all regions • Growth capital in Elysium paused in February 2025,
Slide 31: Capital expenditure
Capital expenditure Capex modified for current environment, UK and Santé spend lower in local currency Australia $’m UK Region £’m Ramsay Santé €’m Group A$’m Chart Title 418 403 376 202 162 148 85 122 144 78 102 17 20 32 36 34 77 10 33 39 37 4 29 32 9 12 8 5 10 11 15 3 7 4 5 3 193 201 193 49 44 67
Slide 32: CEO wrap-up
People caring for people CEO wrap-up Natalie Davis Managing Director and Group CEO
Slide 33: Priorities and outlook
Priorities and outlook CEO priorities FY26 results are expected to reflect: Focus on transformation of market leading Australian hospital business • EBIT growth momentum in Australia to continue driven by growth in activity¹ in • Continue activity growth momentum, focused on priority Therapeutic Are
Slide 34: Appendix
People caring for people Appendix
Slide 35: 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: $18.6bn • Ramsay reports its financial results on a Consolidated Group basis, with Foun
Slide 36: Breakdown by Region
Breakdown by Region 1H FY26 Reported NPAT includes items of ($11m) 1H FY26 (A’$m) Australia UK Europe Total Group excluded from the underlying result: Net profit on disposal of non-current assets and businesses - - 2.6 2.6 Impairment of carrying value of assets - (1.9) - (1.9) • Acquisition, dispos
Slide 37: Reconciliation from Underlying to Statutory Results
Reconciliation from Underlying to Statutory Results Consolidated Group EBIT Reconciliation Consolidated Group NPAT Reconciliation Group Underlying EBIT ($A’m) 536.7 Group Underlying Profit after tax and non-controlling interests ($A’m) 171.7 Net profit on disposal of non-current assets and businesse
Slide 38: Australian hospital portfolio
Australian hospital portfolio 47 owned facilities generating EBITDAR of $764.5m pre overhead cost allocation1 Licenced Theatres, Proc. Emergency New South Wales Facility Type Owned / Leased Beds Rooms, Cath Labs Department Queensland Facility Type Owned / Leased Licenced Theatres, Proc. Beds Rooms,
Slide 39: Ramsay Santé - Balance Sheet
Ramsay Santé - Balance Sheet A$'m 31/12/25 30/06/25 31/12/24 Working capital 244.7 88.0 383.0 Property plant & equipment 2,026.8 1,982.0 1,891.3 Intangible assets 3,522.0 3,567.2 3,306.3 • Currency translation had a material impact to the Current & deferred tax assets 9.1 7.1 13.0 face value in ~A
Slide 40: Funding Group - Balance Sheet
Funding Group- Balance Sheet A$'m 31/12/25 30/06/25 31/12/24 Working capital 543.2 508.5 514.7 Property plant & equipment 3,927.2 3,838.0 3,670.3 Intangible assets 2,795.1 2,863.9 2,805.8 • The impact of currency translation ~$138.4m Current & deferred tax assets 217.4 198.7 163.1 Other assets/(li
Slide 41: Ramsay Health Care
nn EN Ramsay Health Care
Slide 42: 1HFY26 Results Presentation Speech
26 February 2026 Ramsay Health Care 1HFY26 Results - Presentation Speech Good morning and welcome to Ramsay Health Care’s financial results for the six months to 31 December 2025. My name is Natalie Davis and I am joined today by Anthony Neilson our Group CFO who commenced with Ramsay in late Novemb
Slide 43: Slide 6 - Group Underlying Performance
Slide 6 - Group Underlying Performance Slide 6 shows the underlying performance across each region and the contribution to the Funding Group 1 and the Consolidated Group result. Australia was the key driver reporting underlying EBIT growth of 7.1%, supported by good activity growth, higher acuity, i
Slide 44: Slide 9 - Australia – Momentum building in core hospital business
Slide 9 - Australia – Momentum building in core hospital business Turning to Slide 9 and through all the change underway, it is important to reinforce that our patients, people and clinical excellence remain at the heart of what we do and how we operate. We have leveraged Ramsay’s strong reputation
Slide 45: Slide 12 - Australia – Development investment
Slide 12 - Australia – Development investment focused on procedural capacity in major hospitals in growth corridors We remain disciplined with our capex spend in Australia where it is focused on projects with good returns and strategic value. On Slide 12, the major development projects in the half w
Slide 46: Slide 15 - UK Hospitals
Slide 15 - UK Hospitals Turning to the Acute hospital business result on Slide 15 the business delivered 3.5% revenue growth in constant currency, driven by a higher acuity case mix, increased private pay admissions and tariff indexation. NHS admissions slowed and declined in Q2 as NHS budgetary con
Slide 47: Slide 20 - Europe – Reduced underlying loss despite funding headwinds
Slide 20 – Europe – Reduced underlying loss despite funding headwinds Turning to Ramsay Santé’s results on Slide 20 and the business delivered a 4.4% increase in Underlying EBIT in constant currency driven by a strong result from the Nordics region, in particular, the performance in Sweden. This was
Slide 48: Slide 25 - Cashflow Statement
Slide 25 - Cashflow Statement Operating cashflow on Slide 25 improved +16.9% to $350m for the period, driven by the performance of Australia and lower tax paid than the pcp (previous corresponding period) which included the sale of Ramsay Sime Darby. Improving our cash conversion is one of our key p
Slide 49: Slide 28 – Funding Group Debt and leverage
Slide 28 – Funding Group Debt and leverage Moving to Funding Group debt and leverage on Slide 28. Given the separate funding arrangements of the Funding Group and Ramsay Santé, looking at the Group’s consolidated leverage is not a meaningful metric. The Funding Group shows leverage excluding Santé a
Slide 50: Slide 31 - Capital Expenditure
Slide 31 - Capital Expenditure Looking at capital expenditure in more detail on Slide 31, our focus is on capital discipline, with capex modified for the current environment with both UK and Ramsay Santé spend lower in local currency. Group capital expenditure increased $27m between periods (in cons
Slide 51: Investors & analysts
Investors & analysts: Media: Kelly Hibbins Barbara Cox Group Head of Investor Relations Chief Communications Officer +61 414 609 192 +61 403 090 913 HibbinsK@ramsayhealth.com CoxB@ramsayhealth.com