Full Year 2026 Ramsay Health Care Limited Earnings Call Transcript
Key Points
- Underlying EBIT grew 11.8% and underlying NPAT increased 22.9% in constant currency, with all regions reporting EBIT growth.
- Australian business delivered 11.2% underlying EBIT growth and a 30 basis point margin improvement, driven by high acuity growth and cost management.
- Funding group leverage decreased to 1.83 times, below the target range, with all funding group businesses net cash flow positive.
- The proposed separation of Ramsay Sante is on track, with a shareholder vote in November 2026, expected to simplify the portfolio and improve focus.
- Elysium's turnaround gained traction, delivering 43% underlying EBIT growth through site closures and cost reduction, with a positive cash flow.
- NHS funding headwinds in the UK led to an 8% decline in NHS activity, requiring mitigation through private growth and cost management.
- France continues to face a difficult funding environment, partially offset by performance improvements but still a drag on Ramsay Sante.
- The Joondalup Public Campus funding change had a negative impact of approximately $26 million, though partially mitigated.
- Increased investment in IT and technology (A$10-15 million) in FY27 will be a headwind to margin expansion in Australia.
- Net zero emissions targets were revised, pushing the timeline from 2040 to 2050, reflecting challenges in supplier engagement and commercial environment.
Good morning, everyone, and welcome to Ramsay Healthcare's full-year results presentation for the 12 months ending June 30, 2026.
I'm Natalie Davis, the Managing Director and Group CEO, and I'm joined today by our Group CFO, Anthony Nielsen.
Today, we will share our financial results and the significant progress we have made over the past year in transforming the business.
I'm pleased that we are maintaining high patient NPS scores and clinical excellence in every region, building transformation momentum in the Australian business and improving performance and capital returns across the group.
I'd like to thank our incredible people and our clinicians who dedicate themselves to our patients and are the foundation of our success.
Turning to slide 4, we've made good progress delivering against our three key priorities: first, the multi-year transformation of our market-leading Australian hospital business second, strengthening capital discipline
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