Caissargues, October 22, 2025 - Groupe Bastide, a leading European provider of home healthcare services, has announced its 2024-2025 annual results at June 30, 2025. The 2024-2025 annual consolidated financial statements were approved by the Board of Directors at its meeting on October 21, 2025. The Statutory Auditors have audited the financial statements and the annual financial report will be available on the website www.bastide-groupe.fr/en by October 31, 2025.
In accordance with IFRS 5, discontinued operations sold or in the process of being sold (Sodimed, Promefa, CICA Plus, Medsoft, Cicadum, Dyna Médical, Dorge and Baywater) are excluded from the scope of continuing operations and presented in the financial statements under net profit/loss from discontinued operations. For purposes of comparison, the Group is presenting the 2023-2024 financial statements pro forma for the same scope of discontinued operations.
| In € millions | 2023-2024 pro forma | 2024-2025 published (IFRS 5) | Change |
| Revenue | 461.9 | 491.2 | +6.3% |
| EBITDA | 93.5 | 104.2 | +11.4% |
| EBITDA margin | 20.3% | 21.2% | |
| Recurring operating profit | 39.3 | 44.2 | +12.6% |
| Recurring operating margin | 8.5% | 9.0% | |
| Operating profit | 34.7 | 39.2 | +12.9% |
| Financial expense | (21.6) | (28.7) | |
| Income tax expense | (6.6) | (6.5) | |
| Net profit from continuing operations | 6.5 | 4.0 | -37.8% |
| Net loss from discontinued operations | (5.3) | (2.5) | |
| Net profit | 1.2 | 1.6 | +29.3% |
| Net profit/(loss), Group share | (0.9) | 0.5 |
The following table shows how revenue and recurring operating profit compare with the objectives set at the beginning of the fiscal year prior to the year's disposals. The Group is perfectly in line with its objectives.
| In € millions | Continuing operations | Discontinued operations | Total | Guidance |
| Annual revenue | 491.2 | 69.5 | 560.7 | At least 560 |
| Recurring operating profit | 44.2 | 6.6 | 50.9 | |
| Recurring operating margin | 9.0% | 9.6% | 9.1% | 9.1% |
Organic revenue growth of 8.0%
Revenue amounted to €491.2 million for the 2024-2025 fiscal year (up 6.3% compared with 2023-2024 revenue pro forma), with organic growth[1] of 8.0%, driven by the strong momentum of home healthcare services and a stronger return to growth in Homecare.
With revenue of €299.5 million, the more technical business activities, such as Respiratory and Nutrition-Perfusion-Stomatherapy-Diabetes, grew by 10.6% on an organic basis and represent 61% of the Group's activities. The Respiratory and Diabetes businesses delivered a particularly solid performance, with organic growth of 12.8% and 24.1% respectively, driven by Groupe Bastide's market share gains and structural growth within the sector.
Homecare revenue totaled €191.8 million, up 4.3% on an organic basis. Rental activities, the most profitable and one of the Group's priority development areas, are the segment's main growth driver. At the same time, in-store equipment sales are also returning to growth.
Recurring operating margin of 9.0%
Gross margin[2] improved by 100 basis points over the 2024-2025 fiscal year, to 67.8%, driven by the strengthening of home healthcare services and a more favorable equipment sales/rental mix in the Homecare business.
EBITDA2 increased by 11.4% to €104.2 million. The margin improved by 90 basis points to 21.2%.
Recurring operating profit2 was up 12.6%, amounting to €44.2 million. Recurring operating margin amounted to 9.0%, up 50 basis points compared to the previous year.
This performance testifies to the impact of initiatives launched to improve the Group's margins, through greater efficiency in the Homecare business, where efforts are focused on the more profitable equipment rental segment, streamlining of support functions and cost control. In an environment marked by the growing importance of more technical home healthcare services, the increase in payroll costs remained contained at 5.0% for the year, or 29.5% of revenue compared with 29.9% for the previous year.
Operating profit increased by 12.9% to €39.2 million. Net non-recurring expenses came to €5.0 million, including litigation costs of €2.8 million, restructuring costs of €0.8 million and a €0.6 million loss on disposal of property, plant and equipment and intangible assets.
Financial expense came to €28.7 million (versus €21.6 million in the 2023-2024 fiscal year), reflecting the impact of the debt refinancing in July 2024, which extended the maturity of the debt. Financial expense includes €2.0 million in interest paid on lease obligations (IFRS 16) and €1.8 million in exceptional non-cash financial expenses linked to refinancing. The improvement in leverage recorded at December 31, 2024 has reduced the cost of debt by 25 bps since fourth-quarter 2024-2025.
Net profit from continuing operations stood at €4.0 million, after taking into account a €6.5 million tax expense. Net loss from discontinued operations came in at €2.5 million for the year.
This resulted in a net profit of €1.6 million and a net profit, Group share of €0.5 million.
Operating free cash flow doubled
Cash flow from operations came to €101.8 million, benefiting from a €5.2 million improvement in working capital thanks to more efficient management of inventories and trade receivables.
Operating investments amounted to €60.1 million for the year, largely financed by cash flow from operations. This figure includes around €9.0 million in non-recurring investments, a portion of which is linked to the start of the new contract recently won in British Columbia, Canada.
Operating free cash flow (cash flow from operations after cash flows related to net acquisitions of property, plant & equipment and intangible assets and after repayment of lease liabilities), came to a positive €23.3 million, more than double that of the 2023-2024 fiscal year (€10.2 million). Excluding non-recurring investments, operating free cash flow would have amounted to around €32 million, covering all net interest (€30.0 million).
In the 2024-2025 fiscal year, the Group collected €2.0 million net from its operations within the scope of consolidation, including €10.9 million in proceeds from asset disposals, minority interest buyouts (negative €6.3 million) and earn-outs paid on previous years' acquisitions (negative €0.7 million). Proceeds from the disposal of Baywater Healthcare will be recognized in the first half of the 2025-2026 fiscal year.
Net debt IFRS 16 (excluding the impact of the Baywater disposal) stood at €385.7 million at June 30, 2025 (including €56.7 million in lease liabilities), compared with €385.0 million at June 30, 2024, and notably includes €8.0 million in costs related to setting up the new structured credit facility in July 2024. Available cash stood at €25.5 million.
Ongoing improvement in the Group's leverage
In July 2024, Groupe Bastide secured its medium-term financing and extended the maturity of its debt by setting up a new financing contract for €375 million, more than 90% of which is repayable at maturity, as from the 2029-2030 fiscal year.
The new debt is subject to compliance with a leverage ratio, Net debt (IFRS 16)/EBITDA3, with an authorized threshold of 4.5x at December 31, 2024, 4.25x from December 31, 2025 and 4.00x from June 30, 2027. At June 30, 2025, post IFRS 16 financial leverage stood at 3.41x, an improvement on the leverage of 3.64x at June 30, 2024 and significantly below the authorized threshold of 4.50x.
At the same time, the finalization of the disposal of Baywater Healthcare in the first half and the return of investments to a normal level will enable a significant reduction in financial leverage, expected to be below 3.00x by December 31, 2025. This significant improvement will strengthen the Group's financial structure and should generate an estimated €5 million reduction in financial expenses (at constant 3-month Euribor) over the full year.
2025-2026 outlook
Business will remain buoyant in the 2025-2026 fiscal year, driven by the excellent momentum of home healthcare services and continued growth in Homecare. Groupe Bastide cautiously anticipates revenue of at least €510 million, with margin around 9.0%, thanks to rigorous cost management. These objectives take into account the full-year impact of the 5% price cut in the sleep apnea segment, effective April 1, 2025, and a further 4% reduction scheduled to take effect on April 1, 2026.
Building on this positive trajectory, the Group is moving confidently into the next few years with increased financial flexibility and growth prospects that remain positive.
NEXT PUBLICATION:
First-quarter 2025-2026 revenue on Thursday, November 13, 2025 after the close of trading.
About Groupe Bastide Le Confort Médical
Created in 1977 by Guy Bastide, Groupe Bastide is a leading European provider of home healthcare services. Present in 8 countries, Bastide develops a permanent quality approach and is committed to providing medical devices and associated services that best meet patients' needs in key health areas: diabetes, nutrition, infusion, respiratory care, stomatherapy and urology. Bastide is listed on Euronext Paris (ISIN: FR0000035370, Reuters BATD.PA, - Bloomberg BLC: FP).
CONTACTS
| Groupe Bastide | Actus Finance | |
| Vincent Bastide/Olivier Jourdanney T. +33 (0)4 66 38 68 08 www.bastide-groupe.fr | Analyst-Investor Hélène de Watteville T. +33 (0)1 53 67 36 33 | Press - Media Déborah Schwartz T. +33 (0)1 53 67 36 35 |
[1]Organic growth calculated at constant exchange rates and based on a comparable scope of consolidation: 2023-2024 figures restated for the contribution of assets sold within the last 12 months and assets classified as held for sale (see sales reconstitution in appendix).
[2] See definition in appendices of the PDF documents.
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