Group profit growth and shareholder return
Reported 7.3% growth in underlying EBIT and 8.1% growth in underlying NPAT for the half. Board declared a fully franked dividend of $0.425 per share, up 6.3%, representing a 60% payout ratio of underlying earnings.
Strong Australian performance driving results
Australia delivered underlying EBIT growth of 7.1%, customer revenue up 8.2% and private hospital revenue up 8.7%. Core surgical admissions increased 5.7% (day admissions outpacing overnight), inpatient activity and case acuity rose, and EBIT margins (ex-Joondalup) improved by ~40 basis points. Theatre utilization improved (c.1.3% 12-month rolling improvement).
Operational progress and transformation momentum
Group executive refresh complete and multiyear transformation underway. Patient, doctor and people NPS improved; 23% growth in clinical trials activity; 23 new theatres/procedure rooms scheduled in FY26; targeted 'Big 5' hospital initiatives and pilot programs delivering cost efficiencies. Digital and data OpEx on track to be at or below FY25 spend.
Cashflow, refinancing and leverage management
Operating cash flow improved 16.9% to $350m. Funding Group leverage excluding Ramsay Sante is 2.22x (within target <2.5x). Successfully refinanced syndicated debt, extending tenure and reducing margin by 30bp; weighted average cost of debt down c.20bp since 30 Jun 2025. Majority of debt hedged (c.65% hedged) at below current spot base rates.
Ramsay Sante and Nordics momentum
Ramsay Sante delivered a 4.4% increase in underlying EBIT in constant currency, driven by strong Swedish performance. New multi-year contract at St. Goran commenced 5 Jan 2026 on improved terms to support Nordic results.
Proactive capital allocation and de-risking moves
Management progressing proposed in‑specie distribution (demerger) of Ramsay Sante to simplify group focus. Development CapEx guidance trimmed (Australia development CapEx now $170m–$190m; Group CapEx reduced to $755m–$795m, $40m below prior range) reflecting disciplined capital allocation and utilization-first approach. Proposed acquisition of National Capital Private Hospital expected to be EPS accretive in first 12 months.