Spire Healthcare Group PLC

Latest Results (07.03.2026):

Spire Healthcare Group PLC — H1 2025 (interim results to 31 July 2025): Group revenue grew 4.9% y/y and adjusted EBITDA was £133.8m (+2.8% y/y; margin 16.8%). Adjusted PBT was £23.8m (down 11.2% y/y), adjusted free cash flow was £15.3m (down 17.7% y/y) and ROCE improved to 8.1% (up 50bps). Hospitals delivered solid top-line growth while Primary Care scale-up weighed on near-term margins; transformation programmes have delivered savings in H1 and are weighted to deliver further benefit in H2. FY25 guidance remains in-line with market expectations.

Group financials

Group revenue +4.9% y/y; adj. EBITDA £133.8m (+2.8% y/y) at a 16.8% margin; adj. PBT £23.8m (‑11.2% y/y). H1 reflects phasing of savings, higher depreciation/finance charges and investment in growth.

Cash flow & balance sheet

Adjusted free cash flow £15.3m (‑17.7% y/y). Cash balance impacted by capex phasing, transformation spend and one-offs (including settlement of a non‑controlling interest ~£5.2m); implied leverage around ~2.1–2.2x.

Hospitals performance

Hospital revenue £732.3m (+4.7% y/y) with adj. EBITDA £130.0m (17.8% margin) and adj. EBIT margin 10.2%. Volume +1.9% and ARPC +4.2%; efficiency savings >£10m delivered in H1 with further H2 benefits expected.

Private vs NHS patient trends

Private revenue modestly up (+0.8%) with ARPC +4.2% but volumes down ~2.4% (younger insured lives impact); PMI ARPC +5.4%. NHS revenue strong at +16.2% with volumes +13.0% and ARPC +4.2% (high‑acuity mix driving growth).

Primary Care

Primary Care revenue £64.4m (+6.5% y/y on a comparable basis). Adj. EBITDA £3.8m (down 14% y/y) reflecting new clinic start‑up costs; excluding new clinics core EBITDA grew >6% y/y and the business is described as capex‑light with referral benefits to hospitals over time.

Transformation & cost savings

Two major programmes underway: >£10m savings delivered in H1, targeting >£30m for FY25. Actions include ~400 colleague reductions (from July/August), centralising administration (36 hospital admin functions to 3 Patient Support Centres). H1 adjusting item charge £9.6m of a £13.0m annualised charge.

Investment & returns

H1 capex £51.2m (c.£27m growth/efficiency), investments include MRIs, robotic platforms and digitalisation. Group ROCE at 8.1% (improving); medium‑term ambition to exceed 10% ROCE through disciplined capex and M&A.

Outlook

FY25 guidance unchanged and trading in‑line with market expectations: mid‑single digit y/y group revenue growth targeted, continued delivery of >£30m transformation savings for the year, and adj. EBITDA/PBT guidance consistent with market expectations. Management continues to evaluate options to drive shareholder value.