LNA Santé (LNA) H2 2024 earnings summary

Executive summary

• Achieved operating sales of €793.9m in 2024, up 10.3% year-over-year, surpassing the €750m target, with adjusted organic growth of 6.7%.

• High occupancy rates in nursing homes and clinics, with strong expansion in home hospital care (+25%) and day hospitalisation (+6%).

• EBITDA margin excluding IFRS 16 was 9.0%, slightly below last year due to sector underfunding and cost inflation.

• Net profit (group share) rose 7.7% to €29.7m, maintaining a stable net margin of 3.7%.

• The company navigated regulatory and inflationary pressures, maintaining solid operating results and advancing its strategic project.

Financial highlights

• Operating sales: €793.9m (+10.3% vs 2023); adjusted organic growth: +6.7%.

• EBITDA (excl. IFRS 16): €71.5m (+0.5%); margin: 9.0% (-87bp year-over-year).

• Net profit (group share): €29.7m (+7.7%); net margin: 3.7%.

• Operating leverage improved to 1.54x (vs 1.76x end 2023); gearing at 0.23.

• Closing cash position: €75m, with €121m undrawn RCF.

Outlook and guidance

• 2025 guidance: operating sales of €845m (excl. acquisitions), organic growth +6.0%.

• Pre-IFRS16 EBITDA margin at cruising sites targeted between 10% and 11%.

• Operating leverage expected between 1.5x and 2.0x.

• Real estate recovery expected to continue, with new projects and bed capacity expansion planned.

• Focus on patient experience, non-medication interventions, and real estate sustainability.