• Continued focus on transformation of market-leading Australian hospital business
• Strengthened capital discipline and improved capital returns across the portfolio
• Evolving culture of 'people caring for people' to innovate and drive performance

Ramsay Health Care has delivered a strong 1H FY26 result, with underlying NPAT growth of 8.1% and EPS growth of 8.6%. The Australian business performed well, with 7.1% growth in EBIT reflecting good activity growth, higher levels of acuity, combined with improved PHI indexation and cost management. This was partially offset by a decline in Joondalup Health Campus contribution due to a new funding mechanism, which was partially mitigated by operational actions. The Ramsay Sante business saw improved EBIT and a reduced net loss, with growth in Sweden and performance improvement actions partially offsetting the impact of lower funding in France. Elysium's performance was down on the prior corresponding period, but initiatives are gaining traction. The company continues to focus on transformation of the market-leading Australian hospital business, strengthening capital discipline and improving capital returns across the portfolio, and evolving its culture of 'people caring for people' to innovate and drive performance. Key priorities include progress on the Ramsay Australia 2030 strategy, with a focus on growth, efficiency, and clinical excellence. The company expects FY26 Australian development capex to be below the lower end of previous guidance, with a focus on higher utilization of existing capacity within catchments.

Ramsay expects EBIT growth momentum in Australia to continue, driven by growth in activity in priority therapeutic areas, revenue indexation, cost focus and partial mitigation of the impact of the new funding mechanism at Joondalup. Full year capex is expected to be $385-400m, with a development capex range of $170m-190m, down from previous guidance of $200-250m, due to strengthened capital discipline and ongoing focus on higher utilization of existing assets.

Ramsay remains focused on continuing activity growth momentum through implementation of data-led growth plans and strategies in priority therapeutic areas and catchments, optimizing the portfolio and services within and across catchments, and driving operational excellence to increase theatre utilization, improve labour efficiency, and create further procurement savings. The company will also prioritize digital and data investments to support growth, revenue cycle management, workforce, and procurement.