RAMSAY SANTE : Half-year results at the end of December 2025

About this update from Ramsay Generale De Sante Sa

PRESS RELEASE Paris, 25 th February 2026 Half-year results at the end of December 2025 Quality offering driving revenue growth, with continued efficiency supporting operational profitability Public funding to mitigate cost inflation still a challenge Delivering on our Mission & executing our strategy creates positive momentum Pascal Roché, CEO of Ramsay Santé says: "Driven by our ‘Yes We Care 2025’ commitment, we posted in the first half solid revenue growth of 3.3% to €2.6bn outlining the strength of our medical offering and the quality of care we deliver in each and every country. At the same time, we delivered a stable profitability, in spite of the anticipated shortfall of French revenue guarantee, proving the resilience of our operating model and the disciplined execution of our efficiency initiatives. The environment remains marked by ongoing funding pressures from public payors. This performance reflects the daily commitment of our teams and the strength of our partnership with healthcare professionals across our network. Looking ahead, we are focusing on our priorities: investing in innovation, strengthening operational excellence and maintaining financial discipline, to support sustainable and responsible growth, and prepare the next phase of our development. That is how we will keep delivering on our mission: Improving health through constant innovation.” The Board of Directors that met on 25 February 2026 approved the consolidated financial statements for the six-month period ended 31 December 2025. The consolidated financial statements have been subject to a limited review by the statutory auditors. KPIs – HY as December 2025 Significant events of the financial half-year Mermoz real estate refinancing:    On 30 July 2025, the Group has acquired the real estate of its Jean Mermoz facility in France (Lyon) through the payment of the €31m option available under the finance lease arrived at its term, and concomitantly has drawn €65m under a new 12-year mortgage loan secured by the property, hence increasing liquidity by c. €34m. Significant events after the closing of the financial half-year Capio enters into new St. Göran's contract in January 2026 : Subsequent to the half-year end, Capio has transitioned into a new contract to provide care at St. Göran's Hospital on behalf of the Stockholm region on 5 January 2026. As previously announced, Capio had been awarded this new contract on 22 October 2024, for a term of at least eight years, with the right for Region Stockholm to extend the agreement for a maximum of four years for a contract value, calculated over 12 years, amounting to EUR 4.8 billion (SEK 55 billion) with better price conditions. The transition has taken place according to plan. New step for Ramsay Santé in connection with Ramsay Health Care's proposal to distribute its shareholding in Ramsay Santé to its shareholders: On February the 20th, 2026, Ramsay Santé publicly noted the announcement by its shareholder, Ramsay Health Care Limited (RHC), of a proposed plan to distribute its 52.79% shareholding in Ramsay Santé to RHC’s own shareholders. RHC also indicated it is open to consider alternative options. Ramsay Santé’s Board of Directors has been duly informed of the proposal. Listed on Euronext Paris and a major player in private hospital care in France and Europe, Ramsay Santé highlighted that it has implemented its development strategy and built a market leading position independently of RHC, supported by a dedicated management team, clear governance framework, and a standalone balance sheet and financing structure independent from RHC. The proposal would mark a new step forward for Ramsay Santé, supported by a new and broader shareholding and driven by the talent and commitment of all its employees and medical partners. Ramsay Santé intends to continue rolling out its strategic roadmap based on investment in innovation, operational excellence and maintaining rigorous financial management. Commenting on the announcement, CEO Pascal Roché stated that the proposal would open a new chapter for Ramsay Santé, adding that the Group’s solid resources and positions allow it to approach this step with confidence and serenity, while remaining fully committed to delivering high-quality, innovative and accessible care in close collaboration with healthcare professionals and the regions. Terms and next steps: According to information released by RHC, the Proposal could be implemented during Q4 2026, subject to the required approvals. In accordance with applicable regulations, Ramsay Santé will initiate the information and consultation process with its employee representative bodies in a timely manner. The Group will keep the market informed of any significant developments, in accordance with its ongoing disclosure obligations. Comments on the half-year accounts, closed at 31 December 2025 Activity and revenue Ramsay Santé Group reported consolidated revenues of €2,589m, up 3.3% on a reported basis. Adjusted for changes in the consolidation scope and at constant currency exchange rates, revenues were up 2.3% (LFL). France total revenue growth has reached 1.9% and is mainly organic driven. France total admissions in our hospitals rose year-on-year reflecting sustained patient need for healthcare and the capacity of the group’s facilities to provide more quality care services in a competitive landscape: +2.5% in MSO (medicine, surgery and obstetrics) patient stays admissions driven by ambulatory care. Our French facilities managed approximately 350,000 emergency presentations this half-year confirming their major role in delivering on public service missions. (i) This growth of admissions combined with (ii) a limited price effect of +0,5% MSO tariff increase from March 2025 has been partly offset by (iii) a negative mix effect from higher growth of day patient volumes vs inpatient stays and (iv) as well as c. €2m impact of price cuts on imaging procedures. French total revenue growth also reflects the opening of 3 mental health day facilities in the period, the installation of 6 new imaging equipment since July 2025. Nordic countries reported total revenue grew by +6.4% benefitting from €26.4m (or 3.4%) favourable foreign exchange rate fluctuation (appreciation of SEK vs EUR versus the prior year period). Organic revenue growth in the Nordics was +2.8% on a like-for-like basis and at constant exchange rate. There was a solid organic growth in Sweden underpinned by primary care activity benefitting from a long-term increasing trend of listed patients, additional volumes from light emergency centres taken over since January 2025 and increased remuneration for extended care responsibility assumed; as well as growing volumes in St Göran with a reducing length of stay and the continued ramp-up of its new maternity, and sustained demand in our Swedish elderly care and orthopaedics clinics. EBITDA Ramsay Santé Group's consolidated EBITDA has stabilised at €284.8m (or +0.1% year-on-year). The Group's EBITDA growth has been negatively impacted by the end of the French government's revenue guarantee from 1 January 2025, representing a €20m shortfall vs. the same period last year. Public funding otherwise received through French tariff increases and various public payors in the Nordics still only partially covered inflation from medical staff salary and wages as well as overall procurement and outsourced services price increases, putting pressure on operating margins. Productivity efforts and cost control across all geographies already initiated last year have been reinforced and were essential for the Group operations to offset cost inflation and maintain EBITDA stable compared to the same time last year. The corresponding actions range from increasing staffing productivity, optimising medical purchases and consumption, to saving on administrative costs and carefully adjusting hiring structure (eg. agency staff), while also pursuing revenue development initiatives such as in day medicine and imaging. Operating profit and non-current items Underlying current operating profit amounted to €67.8m, up €1.7m year-on-year. Higher leased assets depreciation expense arising from the effect of rent indexation and the impact of a stronger SEK vs the EUR were offset by lower fixed assets depreciation. Other non-current income and expenses represent a net expense of €5.1m, including: The previous year period shows a €3.9m expense mainly composed of facilities restructuring charges. Financial result and net result after tax The cost of net financial debt amounted to €90.8m, vs. €95.8m in the previous comparable period. The lower interest costs result from the decrease in the senior debt margin post February 2025 refinancing in this period, and old borrowing costs write-off in the prior period further to the August 2024 refinancing. Other financial income and expenses amount to €2.2m vs. €9.0m in December 2024 which included a €7.2m expense from non-cash mark to market movements on an interest rate swap hedging arrangement (this impact did not reoccur since as this particular swap matured in October 2024). The Group’s share of net loss for the half year ended 31 December 2025 amounted to €(34.9)m, improving €8.2m from the net loss of €(43.1)m in December 2024. Restated aggregates: Reported EBITDA of €284.8m (+€0.2m vs. last half-year) in accordance with IFRS16 excludes contracted operating or non-financial lease expenses for €138.5m (vs. €134.3m last year) which are instead recorded as amortisation of the right-of-use asset and interest on the lease debt. The table below shows restated P&L aggregates deriving from reported aggregates that have been restated from the IFRS16 impact on operating rents or non-financial rents (please refer to glossary for further details) P&L aggregates restated from the IFRS16 impact on operating rents or non-financial rents (refer to glossary) Cash-flow and financing Compared to the last period, the €47.3m decrease in operating cash flow, starting from a flat EBITDA, comes mainly from an unfavourable variation in working capital movements by €(43.0)m. This results mainly from the repayment of all French State cash advances (extended due to the late publication of March 2025 tariffs) that were still outstanding as at 30 June 2025. Tangible and intangible capital expenditure net of disposals of €75.3m for this half-year is lower than last half-year’s €78.2m thanks to tighter selection of capex proposals. It included maintenance and optimisation, as well as improvement on our portfolio of clinics and imaging equipment. The Group actively manages its portfolio of assets and where practical reallocates capital to its development priorities. The financing cash outflow of the period is reduced by €85.6m overall including notably a €35m new debt drawn by refinancing the Mermoz real estate in France (€65m new mortgage loan less €31m lease acquisition option payment), and €11m borrowing costs paid as part of last year’s refinancing not reoccurring. Cash and cash equivalents amounted to €205.9m on 31 December 2025 and reported IFRS net debt was €3,757.1m compared with €3,647.5m on 30 June 2025. Restated net debt amounts to €1,845.2m compared with €1,675.4m on 30 June 2025. Restated net leverage amounts to 5.3x at the end of December 2025, improving vs. 5.4x as of December 2024. About Ramsay Santé Ramsay Santé is the European leader in private hospitalisation and primary care. With 40,000 employees and 10,000 practitioners, the group welcomes 13 million patients each year in 492 facilities across five countries (France, Sweden, Norway, Denmark and Italy). As a mission-driven company, Ramsay Santé covers the entire care pathways in medicine, surgery, obstetrics, medical and rehabilitation care, mental health and primary care centres, with constant innovation to improves everyone's health and ensures equitable access to secure and qualitative care. Facebook: https://www.facebook.com/RamsaySante   Instagram: https://www.instagram.com/ramsaysante   Twitter: https://twitter.com/RamsaySante   LinkedIn: https://www.linkedin.com/company/ramsaysante   YouTube: https://www.youtube.com/c/RamsaySante Code ISIN and Euronext Paris: FR0000044471   Website:  www.ramsaysante.fr Investor / Analyst Relations          Press Relations Clément Lafaix          Brigitte Cachon Tél. +33 1 87 86 21 52        Tél. +33 1 87 86 22 11 [email protected]          [email protected] Summary of results (1) of which standard lease debt (€1,912.3m as of Dec25 and 1972.4m as of Jun25) and financial lease debt (€157.5m as of Dec25 and €186.8m as of Jun25) Breakdown of revenue by operating segment Note : The table above details the contributions of the various operating segments to the Group's consolidated revenue . Changes in revenue between the half-year ended 31 Dec. 2025 vs. the previous corresponding period in €m Glossary Half-year financial results as of December 31, 2025 Attachment

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