Press release Nantes, 26 March 2025 at 6pm



2024 annual results: targets met
LNA Santé, a company with a mission, strengthened by its
unique characteristics
Dynamics of the Growing Together 3 project

Organic development of business lines
Operating sales: €793.9m, + 6.7% organically adjusted


Solid operating results
Operating EBITDA: €146.4m, up 2.4
Net operating profit: €29.7m, +7.7

Real estate business back on track
Recovery in the 4th quarter of 2024, continuing into 2025
Targeted impairment losses at the end of 2024 on saleable property assets


Group debt under control
Total net financial debt: €377.7m (+3.0%)
Reduction in net operating debt: €111.7m (-11.0%)
Decline in operating leverage: 1.5x vs. 1.8x
Secured cash1 : €196m


Continued growth in 2025
Operating sales target: €845m, up 6%
Growth in operating profit from ordinary activities
Targeted acquisitions of operating licences
Ongoing transformation of the existing stock




1 Liquidity consists of gross cash plus confirmed but undrawn RCF lines.
"In a constrained and uncertain environment, the year 2024 was a rich and intense one for our professions.
With a wide range of dynamics, including the remarkable growth in home hospital care promoted by the
public authorities, the very good performance of nursing homes and the difficult implementation of the
reform of the pricing system for rehabilitation clinics, which penalised operators and caused concern for
patients, 2024 ended with a robust overall performance.

Driven by sustained healthcare needs, operating indicators remain buoyant in volume terms, from sales
to net profit, although margins have fallen significantly. These include the application on 1st January of
regulatory changes that are highly unfavourable for the financing of private medical and rehabilitation
establishments, and the effects chronic underfunding of inflation by the French health insurance system,
which accumulates and worsens each year.

This lack of public support weighs heavily on the economic situation operators and hampers their ability to
invest at a time when our entire profession is having to respond to massive healthcare needs, whether
arising from an ageing population, the prevalence of chronic diseases, the shift to ambulatory care or the
challenge of accessibility to primary care.

Throughout 2024, we succeeded in maintaining high occupancy rates in our nursing homes, across all
ranges, and in our rehabilitation care clinics. This good level illustrates the excellent match between our
offerings and demand from patients, residents and their family carers, and the guidelines set by the health
authorities. In particular, we have accelerated the roll-out of our HAH and day hospitalisation services to
meet the growing need for expert, local care.

These achievements were carried out within the framework of our commitments as a Mission-driven
Company and the dynamics of our "Growing Together 3" strategic project. Our action priorities in the 6
areas of GT#3 have enabled us to make concrete progress in 2024, with increased mobilisation of our
teams, as measured by the results of our annual survey. I would like to take this opportunity to thank all
the professionals at LNA Santé for their involvement in the quality of care, the social dynamic, regional
cooperation, the civic contributions of our establishments and the reduction of their environmental footprint.
However, the stakeholders in our project invite us to consider the progress we have made with humility,
as we still have a long way to go.

Driven by a sincere, day-to-day commitment to "treating and caring for vulnerable people", we will continue
to pursue our roadmap in 2025 with the same enthusiasm, ensuring balanced development of our
businesses between the transformation of our facilities and targeted acquisitions, to serve the healthcare
needs of the regions."

Willy Siret - Managing Director




LNA SANTE 2
RESULTS 2024

The Board of Directors of LNA Santé, a global healthcare player and company with a mission, meeting on
25 March 2025 under the chairmanship of Jean-Paul Siret, approved the consolidated financial statements
for the year ended 31 December 2024.


Growth in operating revenues and continued solid operating
profitability

GROUP
OPERATIONS
IFRS OPERATIONS + REAL ESTATE
In €m
2024 2023 Var. 2024 2023 Var.


Sales figures 793.9 719.8 + 10.3% 806.6 736.1 + 9.6%

EBITDA 146.4 143.0 + 2.4% 153.6 148.8 + 3.3%

as % of sales 18.4% 19.9% - 142 bp 19.0% 20.2% - 116 bp

EBITDA excluding IFRS16 71.5 71.2 + 0.5% 81.4 79.5 + 2.4%

EBITDA excluding IFRS16 as % of
9.0% 9.9% - 87 bp 10.1% 10.8% - 71 bp
sales

EBIT (Current operating income) 67.1 63.8 + 5.2% 69.0 65.0 + 6.2%

as % of sales 8.4% 8.9% - 41 bp 8.6% 8.8% - 27 bp

Operating profit 65.1 61.3 + 6.2% 62.4 63.0 - 0.9%

Financial result - 20.8 - 18.9 + 10.2% - 28.3 - 25.7 + 10.2%

Profit before tax 44.3 42.4 + 4.4% 34.1 37.3 - 8.6%

Group net profit 29.7 27.6 + 7.7% 21.8 23.4 - 6.8 %

as % of sales 3.7% 3.8% - 9 bp 2.7% 3.2% - 48 bp


The audit procedures on the consolidated and parent company financial statements have been completed. The certification reports will be issued in April 2025.



Sales growth in all business lines Operations

By 2024, operating sales had risen by 10.3% on a reported basis to €793.9m. Adjusted growth came to
7.9% (including a 6.7% organic component), after neutralising the reclassification of financing for social
measures under Ségur 1 & 2 and Rider 32, which concerns RC clinics only.

In a challenging environment, this further increase in business in 2024 is in line with a sustained trajectory
of organic growth since the end of the COVID pandemic. Since 2021, the Enterprise has posted annual
organic growth of more than 5% in its businesses, reflecting the quality of the services it offers both to
LNA SANTE 3
residents in its nursing homes and to patients in its specialist clinics or at home. This is reflected in high
occupancy rates across all our businesses.

The levels of activity in 2024 for each type of establishment are as follows:

Level of activity 2024 2023 Var.
Occupancy rate - Medical-social
Ehpad in France 94,1% 94,3% -0.2 pt
Nursing home in Belgium 93,8% 91,8% +2.0 pts

Number of patients - Healthcare
Hospitalisation at home (HAH) 1,083 869 +25%
RC/PSY France (number of patients/day in day hospital) 1,039 977 +6%
Surgery (number of stays) 2,604 2,399 +9%



Performance was particularly strong in HAH (+25%) and day hospitalisation (+6%), driven by changes
in medical practices favouring sequential expertise and local care. LNA Santé is part of a positive drive to
improve access to care for patients by offering them more appropriate and less restrictive support solutions
for pathologies requiring coordinated interventions by specialists with complementary expertise.

The growth in hospital at home services is based not only on the development of the Saint-Sauveur HAH
service, acquired in June 2024, but also on increased use of expert care at home in all the regions in which
it is located.

With regard to nursing homes, LNA Santé has high occupancy rates in both France and Belgium, which
are higher than those observed in the sector.

By 2024, operating revenue will have risen to €793.9m, with overall adjusted growth of + 7.9% and
adjusted organic growth of + 6.7%, analysed as follows:

▪ Revenue from nursing homes (Medico-Social France) came to €300.8m, a purely organic increase
of +5.4%, driven by the indexation of accommodation and care tariffs determined by the public
authorities;
▪ Adjusted growth for France was 9.8%, to €447.5m. On an organic basis, taking into account the
reclassification of Ségur 1 & 2 and rider 32 social measures funding, growth reached 7.8%, benefiting
from the dynamism of HAH and day hospital services;

▪ The International Trade sector continued its growth trajectory with sales up 5.3% to €38.9m;

▪ The balance of €6.8m relates mainly to kindergardens.




LNA SANTE 4
Real estate business back on track

Real estate sales will reach 12.7 M€ in 2024, down 22.5% on 2023.

This downward trend was reversed in the 4th quarter, with sales for the period of
€6.2m, up 131.5%, driven by the ramp-up of bookings for new projects launched at the beginning of 2024.
LNA Santé expects property sales to continue to recover in 2025.

Solid operating performance, while factoring in inflation and pricing reform

For the first time, the 2024 financial year includes the effects of the pricing reform in RC clinics. At the
same time, the underfunding within the ONDAM of the impact of inflation on personnel costs and
purchases automatically leads to an erosion of margins.

In order to cope with this economic climate, LNA Santé has relied on the fundamentals of its business plan
to deliver services with a high level of medical expertise in renovated care and accommodation facilities
offering maximum comfort and quality. This ambition has enabled us to continue to grow sales, keep
operating costs under control and defend our margins, which are under considerable pressure in the
profession.

Consolidated EBITDA rose by 3.3% to €153.6m in 2024, giving a margin of 19.0%, down just 1.2 points
on the same period last year.
Performance breaks down as follows:
▪ In the French Medical and Social Care sector, the margin was 25.5% of sales, an increase of 0.4 ,
due to favourable effects of price increases authorised by the Ministry, but held back by inflation;
▪ in the French Healthcare sector, the margin was 15.3% of sales, down 1.6 points, due to the reform
of the RC pricing system, which under-financed the structural increase in activity as well as specialised
care, and lowered the EBITDA margin of the RC/PSY division by 2.4 points;
▪ in the International Business Line sector, the margin was 16.1%, down 1.8 points, due to higher
structural costs in Poland, profiled for a higher level of activity expected from 2025.

The EBITDA margin was 21.3% of sales, compared with 22.1% last year, down 0.8 points due to the
aforementioned changes in the pricing system for RC clinics

Excluding IFRS 16 (after deduction of rents), the Operating EBITDA margin was 9.0%, down 87 basis
points, of which 20 basis points related to the new accounting method for social measures. The EBITDA
margin before IFRS 16 for sites operating at full capacity was a solid 11.2%. Adjusted for the change
in accounting presentation, the margin was 11.4%, 10 basis points higher than in 2023 .

EBIT (earnings before interest, taxes, depreciation and amortisation) was €69.0m in 2024, up 6.2% year-
on-year, giving a margin of 8.6%

Operating profit for 2024 was €62.4m, down 0.9% on the previous year. This includes higher non-recurring
costs than in 2023, including targeted real estate depreciation of €4.4m . The Operating Profit breaks down
into a profit of €65.1m (up 6.2% on the previous year) for the Operations business and a loss of €2.7m
(compared with a profit of €1.6m in 2023) for the real estate business.



LNA SANTE 5
Total interest expense will be €28.3m in 2024, compared with €25.7m in 2023, an increase of 10.2%.
This change is due to the rise in interest rates and the increase in outstanding works and debt in the real
estate business.

The tax charge fell by €2.0m to €11.0m, giving an effective tax rate of 32.3% compared with 34.9% last
year.

Net profit (Group share) came to €21.8m, giving a net margin of 2.7%, down 0.5 points on the same
period last year. This change is mainly due to non-recurring costs in the real estate business and the
higher cost of borrowing in 2024. Net profit attributable to the Group's operating activities rose by + 7.7%
(or + €2.1m) to €29.7m at the end of 2024, giving a resilient net margin of 3.7% of sales.


A solid financial structure


GROUP
OPERATIONS OPERATIONS + REAL
IFRS
ESTATE
In €m
2024 2023 2024 2023


Total shareholders' equity 350.8 323.8 323.6 308.5

Deferred tax liabilities 85.4 82.4 83.5 82.0

OWN FUNDS 436.1 410.2 407.1 390.5

Financial liabilities 197.5 195.0 435.8 427.8

Derivative financial assets -2.1 -4.3 -2.1 -4.4

Commitments on property leases - - 19.1 20.6

Internal current accounts Operations/Real estate -9.5 9.9 - -

Cash and cash equivalents -74.3 -75.2 -75.1 -77.2

NET DEBT 111.7 125.4 377.7 366.8

Adjusted leverage ratio 1.54 1.76

Gearing 0.23 0.28


The audit procedures on the consolidated and parent company financial statements have been completed. The certification reports will be issued in April 2025.




LNA SANTE 6
Total shareholders' equity was €323.6m, €15.1m higher than at 31 December 2023. The change is
mainly due to the inclusion of 100% of net profit for the year (€22.9m) and the dividend for the period
(€6.1m).

At 31 December 2024, net financial debt stood at €377.7m. This was €10.9m higher than at the end of
2023, due to the financing requirements for the transformation of the real estate portfolio.

Net operating debt at end-December 2024 was €111.7m, €13.7m lower than at end-December 2023. It
represents less than 30% of the Group's net debt. Operating leverage stood at 1.54x at 31 December
2024, an improvement of 0.22x on the previous year. This was well below the banking covenant of 4.25x.
Operating gearing was 23%, a 5 points improvement on the 125% authorised at the end of 2023.

These solvency indicators illustrate the robustness of LNA Santé's financial structure, which makes
controlling its debt a key factor in its strategic independence and development.

At 31 December 2024, the Company has cash resources of €75.1m, including €74.3m for the Operations
activity. LNA Santé also has additional drawing lines from its RCF for €121m, giving it good visibility to
finance future targeted external growth operations.



Proposed dividend 2024

A dividend of €0.65 per share will be proposed at the next Annual General Meeting on 18 June 2025. This
represents a payout ratio of 31%, with the balance of earnings reinvested in the company's business plan
and the development of its activities.


Continued organic growth in 2025

In 2025, LNA Santé will continue to roll out its roadmap in accordance with its strategic project Growing
Together #3, which sets out an ambition for sustainable development in all the financial and non-
financial components of its business model.

LNA Santé's priorities for 2025 include :

▪ Activate the patient inclusion and experience system in RC clinics and HAHs;
▪ Deploy Non-Medication Interventions and the nutrition/mobility policy in all NH;
▪ Achieve 2/3 of QHV commitments and 100% of those relating to occupational risk prevention;
▪ Carry out the recovery plan for the RCs to adapt their organisation to the reform of the pricing system;
▪ Building a health data warehouse to improve medical practices ;
▪ Ensure the launch of our 3 new HAH territories (Caen, Eure-et-Loir, Rouen) ;
▪ Enhance real estate specifications on low-carbon, biodiversity and climate adaptation .

Faced with the difficulties encountered with a penalising RC pricing system and a changing economic
environment, the Company is confident in its ability to adapt and execute.


LNA SANTE 7
For 2025, the Enterprise is reiterating its business forecast, targeting organic growth of 6%, which will
be based on 8,586 Cruise Regime beds at the end of 2024 (vs. 8,376 beds at the end of 2023) and will
generate operating revenue of €845m, excluding new developments.

At the same time, LNA Santé confirms that the real estate business will continue to pick up in 2025,
particularly as a result of the completion of off-plan programmes launched at the beginning of 2024 (piece
2 of the RC clinic in Meaux, construction of the Jardins de l'Ourcq nursing home in Meaux, etc.).

For 2025, LNA Santé anticipates an increase in recurring operating income.

In the longer term, LNA Santé plans to reach cruising speed with 2,800 beds by 2031, of which 1,100 are
in operation and in the restructuring phase, as well as 1,700 beds and places authorised and to be installed
over the next few years.

In order to finance new developments, LNA Santé will be able to rely on its solid financial structure, while
continuing to control its debt in 2025 with a projected operating leverage of between 1.5x and 2.0x.




Warning

This press release contains forward-looking statements that involve risks and uncertainties concerning the
Group's future growth and profitability. As a result, future results may differ from those indicated in the
forward-looking statements. These risks and uncertainties are related to factors that the Company can
neither control nor estimate precisely, such as future market conditions, regulatory changes, etc. The
forward-looking information contained in this document constitutes indicative expectations for a future
period and should be regarded as such. Actual results, both in terms of turnover and profitability, may differ
from those described in this press release due to a certain number of risks or uncertainties described in
Chapter 2 of LNA Santé's 2024 Universal Registration Document and available on its website and that of
the AMF (www.amf-france.org).



Next publication:

Sales for 1st quarter 2025: 6 May 2025 at market close


About LNA Santé :

LNA Santé is a family business based in Nantes, founded in 1990. Our business is caring for people who
are frail or losing their independence. As a global healthcare operator with 9,000 professionals in 86
establishments (surgical, rehabilitation and mental health clinics, hospitals at home, nursing homes, health
centres and kindergardens) and as a company with a mission, we are committed to working together to
take concrete action in response to health, social and environmental issues.

For more information, please consult the website: www.lna-sante.com

LNA shares are listed in compartment B of Eurolist by Euronext Paris
ISIN code: FR0004170017.
LNA SANTE 8
Contacts:




Communication Investor and business
Damien Billard Denis Bley press relations
Deputy DG Finance +33 (0)1 80 81 50 00 J. Gacoin / V. Boivin
+33 (0)2 40 16 17 92 info@capvalue.fr +33 (0)1 75 77 54 65
contact@lna-sante.com lnasante@aelium.fr




Shareholders' Helpline (Tuesdays and Thursdays from 2pm to 4pm): 0 811 04 59 21




LNA SANTE 9
Glossary

NH : Nursing Homes
Free Cash Flow corresponds to cash flow from
RC : Rehabilitation Care operating activities less sustaining capital
expenditure and interest paid, and excluding
HAH : Hospital At Homes changes in WCR (which can have a significant
impact on the property cycle in either direction).
The cruising phase corresponds to beds that
comply with LNA Santé's operating plan (quality EBIT corresponds to Recurring Operating Profit
of care, target size of establishment, new state of (ROP). It is derived from operating profit adjusted
real estate, trained and involved management, for other income, expenses and provisions for
efficient organisation). Facilities undergoing liabilities and charges that are unusual or material
restructuring or in the opening phase are in nature.
facilities taken over or opened approximately 1
year ago, undergoing renovation and/or EBITDA (Earnings Before Interest, Taxes,
expansion to bring them up to Group standards Depreciation and Amortisation) corresponds to
(cruising speed). operating profit before other operating income
and expenses, depreciation, amortisation and
The International Sectors segment includes NH provisions, after allowances and reversals for
in Belgium and clinics in Poland. impairment in value of property inventories.

The Medico-Social France sector covers the Net financial debt: Gross financial debt,
activity of nursing homes in France. excluding lease obligations introduced by
IFRS16, less cash and cash equivalents and
The Sanitary/healthcare France sector covers derivative assets, plus property leasing
the activities of the RCs, psychiatry, surgery and commitments.
HAH.
Net financial debt from operations: gross
Organic sales growth corresponds to the financial debt from operations, excluding rental
change in sales: obligations within the meaning of IFRS 16, plus
• between N-1 and N of establishments existing equity contributed to property, less cash and cash
in N-1, equivalents and derivative assets.
• between N-1 and N for establishments
opened in N-1 or N, Net cash consists of cash and cash equivalents
• between N-1 and N of establishments less bank overdrafts.
restructured in accordance with LNA Santé
specifications or whose capacity increased in Operating leverage is the ratio of net operating
N-1 or N, debt to operating EBITDA excluding IFRS16.
• in N compared with the equivalent period in
N-1 for establishments acquired in N-1. Operating gearing is the ratio of net operating
debt to adjusted operating equity.
For 2024, adjusted growth, or its organic
component, is adjusted for the impact on the Adjusted operating equity represents
SMR clinics business of the reclassification of the consolidated operating equity, excluding the
financing of social measures (Ségur 1 & 2 and impact of IFRS16, plus operating deferred tax
rider 32) included in sales in 2024 whereas they liabilities, excluding the impact of IFRS16,
were recorded as a reduction in personnel costs relating mainly to the valuation of operating
in 2023. intangible assets.

LNA SANTE 10