RAMSAY SANTE : Unaudited interim results at end March 2026

About this update from Ramsay Generale De Sante Sa

PRESS RELEASE Paris, 7 th May 2026 Unaudited interim results at end March 2026 Solid fundamentals driving revenue growth, with strengthened efficiency gains lifting operational profitability Public funding to mitigate cost inflation still a challenge Success of Yes We Care paves the way for upcoming strategic plan Pascal Roché, CEO of Ramsay Santé says: "The quarter ending 31 March 2026 reflects the continued strength of our model, with a cumulated revenue growth of 3.1% after 9 months to €4.0bn driven by the best-in-class quality of our offering and sustained volume momentum. Building on this solid top-line performance, profitability improved at an even faster pace, with Group EBITDA after 9 months up 4.4% to €460m, demonstrating both the effectiveness of our efficiency initiatives and the resilience of our operations in a demanding environment with flat French MSO tariffs and the impact of a 3-day French medical practitioners strike protesting government measures. We also successfully commenced the new St Göran contract on 5 January 2026, continuing to deliver high-quality care to the population of Stockholm and beyond. We are now approaching the completion of Yes We Care, which has delivered strong results. Our next phase will build on this momentum in continuity, going further and deeper in our initiatives.” The Board of Directors that met on 7 May 2026 approved this unaudited trading update for the nine-month period ended 31 March 2026. KPIs – 9-months interim period to 31 March 2026 (1)    Adjusted of a reclassification of € -25.3 m on revenue and +€ 25.3 m on purchased consumables, with no impact on EBITDA. Significant events of the period 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’s information and consultation process with its employee representative bodies is now closed. The Group will keep the market informed of any significant developments, in accordance with its ongoing disclosure obligations. Capio enters into new St. Göran's contract in January 2026 : 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. 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. Comments on the unaudited interim accounts, for the 9-months as of 31 March 2026 Activity and revenue Ramsay Santé Group reported consolidated revenues of €3,981m, up 3.1% on a reported basis. Adjusted for changes in the consolidation scope and at constant currency exchange rates, revenues were up 1.9% (LFL). France total revenue growth has reached 1.5% 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: +1.7% in MSO (medicine, surgery and obstetrics) patient stays admissions driven by ambulatory care. Our French facilities managed approximately 514,000 emergency presentations this 9-month period confirming their major role in delivering on public service missions. The growth in admissions was curtailed by the impact from a 3-day strike by medical practitioners in January 2026, however partly offset by a good momentum observed at the end of the March quarter with a probable catch-up of part of lost volumes. This growth of admissions combined with (i) a limited price effect of +0,5% MSO tariff increase from March 2025 and nil MSO tariff increase from January 2026 and (ii) the cancellation of the CICE coefficient not applied to January and February 2025 last year and now embedded in the tariff base adding c. €9m, have 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. €5m impact of price cuts on imaging procedures. French total revenue growth also reflects the opening of 3 mental health day facilities in the period and the installation of 10 new imaging equipment since July 2025. Nordic countries total reported revenue grew by +6.6% benefitting from €46m (or 3.8%) favourable foreign exchange rate fluctuation (appreciation of SEK vs EUR versus the prior year period). Organic revenue growth in the Nordics was +2.6% on a like-for-like basis and at constant exchange rate. There was a solid organic growth in Sweden underpinned by (i) 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; (ii) growing volumes in St Göran with a reduced length of stay, despite a temporary impact in Q3FY26 from seasonal virus occurrence, the continued ramp-up of its new maternity, and the contribution from the new St Göran contract since January 2026 at improved terms; and (iii) sustained demand in our Swedish elderly care and orthopaedics clinics. EBITDA Ramsay Santé Group's consolidated EBITDA has increased +€19.4m to €460.4m (or +4.4% year-on-year). The Group's EBITDA has been delivered on the back of resilient organic volume growth, realised into sustainable operating results through disciplined focus on productivity. The EBITDA growth more than compensated the end of the French government's revenue guarantee from 1 January 2025, representing a €19.4m shortfall vs. the same period last year. Public funding otherwise received through revisions of French tariffs 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 increase both EBITDA by €19m and EBITDA margins by +0.2pts to +11.6% 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 €134.0m, up €18.5m year-on-year. Higher leased assets depreciation expense arising from the effect of rent indexation and revisions 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 €6.8m, mainly made of facilities restructuring costs and fees and transaction and integration costs. Financial result and net result after tax The cost of net financial debt amounted to €137.8m, vs. €147.4m 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 consecutive August 2024 and February 2025 refinancing. Net other financial expenses amounted to €2.0m vs. €11.3m in Mars 2025 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 instrument matured in October 2024). The Group’s share of net loss for the 9-months period ended 31 March 2026 amounted to €(27.9)m, improving €26.3m from the net loss of €(54.2)m in March 2025. Restated aggregates: Reported EBITDA of €460.4m (+€19.4m vs. last half-year) in accordance with IFRS16 excludes contracted operating or non-financial lease expenses for €212.5m (vs. €202.7m 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 €13m increase in operating cash flow stems from the EBITDA growing by €19m. Change in other non-current assets increases from the prior period is impacted by an expected one-off €26m deposit payment incidental to the set-up of the new St Göran contract, and is compensated by a favourable variation in working capital movements by €24m notably reflecting timing differences in both periods of the repayment of French State cash advances in relation to the late publication of the March 2025 and the January 2026 tariffs, as well as receivables’ collection efforts. Tangible and intangible capital expenditure net of disposals of €113.0m for this period is lower than last year’s period €116.6m 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 €86.2m 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 €216.2m on 31 March 2026 and reported IFRS net debt was €3,723.0m. Restated net debt amounts to €1,807.7m to be compared with €1,934m on 31 March 2025. Restated net leverage amounts to 5.1x at the end of March 2026, improving vs. 5.7x as of March 2025. 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)    Adjusted of a reclassification of €-25.3m on revenue and +€25.3m on purchased consumables, with no impact on EBITDA. (2)    of which standard lease debt (€1,914.2m as of Mar26 and €1,972.4m as of Jun25) and financial lease debt (€154.0m as of Mar26 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 9-months period ended 31 March 2026 vs. the previous year corresponding period in €m (1)    Adjusted of a reclassification of € - 25.3 m on revenue and +€ 25.3 m on purchased consumables, with no impact on EBITDA. Glossary Unaudited financial results as of March 31, 2026 (1)    Adjusted of a reclassification of € -25.3 m on revenue and +€ 25.3 m on purchased consumables, with no impact on EBITDA. Attachment

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