LNA Santé (LNA) Q2 2025 TU earnings summary

Executive summary

• Operating revenue for H1 2025 reached €430.6 million, up 9.1% pro forma from 2024, reflecting strong growth across all business lines and geographies.

• High occupancy rates were maintained in both French and Belgian nursing homes, with notable expansion in hospitalisation at home (HAH) and outpatient care.

• Real estate activity was dynamic, with revenue nearly five times higher year-over-year, supporting the company's growth trajectory.

Financial highlights

• Q2 2025 operating revenue was €220.9 million, up 12.1% reported and 9.8% adjusted year-over-year.

• H1 2025 operating revenue grew 11.5% reported and 9.1% adjusted, with organic growth at 7.5% and external growth at 1.6%.

• Real estate revenue for H1 2025 was €15.8 million, up 375.8% year-over-year.

Outlook and guidance

• 2025 operating revenue target revised upward to €860 million, reflecting confidence in continued growth.

• Plans to launch two new HAH platforms in Caen and Rouen and pursue targeted acquisitions by late 2025 or early 2026.