Revenue Growth
Group continuing operations revenue up 6% year-on-year; revenue per PPD grew 5.8% driven by a tariff increase of 5.1% and positive case mix.
Normalized Earnings and Profitability
Normalized earnings per share from continuing operations ~10% (normalized EPS reported at 10.1% pro forma); normalized EBITDA on continuing operations +4.7%.
Strong Cash Generation and Returns to Shareholders
Operating cash generation close to ZAR 4.6bn (up 23.8%); cash generation was 119.6% of EBITDA. Total shareholder distributions over the last 2 years ~ZAR 13bn; final dividend up 12% (ZAR 0.56) and total dividends for the year up ~12%.
Occupancy and Activity Recovery
Year average occupancy 69.7% with second-half occupancy slightly over 70%; PPD (patient day) growth ~1.1% for the year and top-performing cohorts showing stronger activity (top 20: PPD growth 1.3%; top 30: PPD growth 1.5%).
Strong Performance in Top Hospitals
Top 20 hospitals: occupancy 72%, revenue growth 7.4% and EBITDA growth 10.3%. Top 30 hospitals: occupancy 71%, revenue growth 7.2% and EBITDA growth 9.6%; top 30 account for ~96% of acute EBITDA.
Complementary Services Expansion
Complementary services revenue grew ~25% (including acquisitions); imaging and nuclear volumes increasing with 3 PET‑CTs expected in 2026 and cyclotrons awaiting regulatory sign-off; renal dialysis activity growth nearly 10% and Life Renal care moved to positive EBITDA in H2.
Balance Sheet Strength and Credit Rating
Net debt-to-EBITDA reported at 0.77 (including IFRS lease liabilities); credit rating improved to zaAAA. If Piramal liability treated as debt-like, net debt/EBITDA ~0.8 and management is comfortable with this leverage.
Growth and Capacity Additions
Greenfield 140-bed Life Paarl Valley project underway; brownfield additions: ~30 ICU/high-care beds and 39 general ward beds delivered during the year; plans to add a further 89 acute beds, 40 acute rehab beds, 20 renal stations and more imaging/cardiac labs in the coming year.