- Recurring operating margin: 9.0%, in line with the annual target
- Operating profit up 12.5%
- Operating free cash flow: €24.3 million, a threefold increase in one year
- Significant improvement in leverage: 2.77x at December 31, 2025 (vs 3.41x at June 30, 2025)
- 2025-2026 outlook confirmed
Caissargues, March 18, 2026 - Groupe Bastide, a leading European provider of home healthcare services, published its 2025-2026 half-yearly results on December 31, 2025. Groupe Bastide's 2025-2026 half-yearly consolidated financial statements have been reviewed by the Group's Statutory Auditors and were approved by its Board of Directors on March 18, 2026. The half-yearly financial report will be published on the Group's website www.bastide-groupe.fr by March 31, 2026, at the latest.
| In € millions | H1 2024-2025 restated[1] | H1 2025-2026 published | Change |
| Revenue | 241.1 | 260.4 | +8.0% |
| EBITDA | 52.3 | 57.7 | +10.4% |
| EBITDA margin | 21.7% | 22.2% | |
| Recurring operating profit | 22.5 | 23.5 | +4.7% |
| Recurring operating margin | 9.3% | 9.0% | |
| Operating profit | 19.8 | 22.2 | +12.5% |
| Financial expense | (14.5) | (13.1) | |
| Income tax expense | (5.4) | (2.9) | |
| Net profit (loss) from continuing operations | (0.1) | 6.2 | NS |
| Net profit from discontinued operations | 2.3 | 24.4 | |
| Net profit | 2.2 | 30.6 | |
| Net profit, Group share | 0.6 | 29.5 | NS |
Organic growth of 8.2%
Revenue amounted to €260.4 million with organic growth[2] of 8.2% (8.0% as reported) in first half 2025-2026, driven by an excellent performance in home healthcare services and a solid performance in Homecare.
With revenue of €158.9 million, the more technical business activities, such as Respiratory and Nutrition-Perfusion-Stomatherapy, grew by 8.9% and 9.2% on an organic basis. Momentum remains excellent, particularly in the Respiratory and Diabetes businesses, driven by market share gains and structural growth within the sector. Organic growth stood at 11.0% (10.4% on a reported basis) in Respiratory care therapy, despite a 5% price cut in the sleep apnea segment effective since April 1, 2025, in France. The Nutrition-Perfusion-Diabetes-Stomatherapy business posted growth of 7.2%, driven by growth of 27.8% in the Diabetes business.
The Homecare business posted revenue of €101.4 million in first half 2025-2026, up 6.5%. The local authorities segment reported strong growth (up 12.2%), boosted by a robust performance in the more profitable rental business, as well as gains in a number of smaller markets and the contribution of one-off contracts.
Recurring operating margin of 9.0%
The gross margin[3] stood at 67.6% (compared with 68.4% in the first half of 2024-2025), driven primarily by the price cut in the sleep apnea segment, effective April 1, 2025, and by mix effects in certain segments.
EBITDA3 increased by 10.4% to €57.7 million. The EBITDA margin rose by 50 basis points to 22.2%, driven in particular by improved profitability in the Homecare business, which is now more focused on the more profitable equipment rental segment, and by measures implemented to optimize the cost structure. Payroll costs decreased by 140 basis points as a percentage of revenue, while external expenses remained stable.
Recurring operating profit3 was up 4.7% over the half-year, amounting to €23.5 million. The current operating margin stood at 9.0%, down 30 basis points compared with the first half of 2023-2024, in line with the Group's target for the full year.
Operating profit increased by 12.5% to €22.2 million. Non-recurring expenses amounted to €1.3 million, including litigation costs of €0.2 million and a loss on disposal of €0.5 million.
The cost of debt decreased significantly to €12.7 million (compared with €16.3 million in the first half of 2024-2025), driven by the reduction in debt resulting from asset disposals and the decline in the Euribor over the period. Financial expenses included €2.0 million in interest paid on lease obligations (IFRS 16). The cost of debt stood at 7,0% and does not yet reflect the upcoming decline in the financing margin resulting from the significant reduction in financial leverage at December 31, 2025. After taking into account other financial income and expenses (negative €0.4 million vs. positive €1.8 million in the first half of 2024-2025), the financial expense amounted to €13.1 million.
Net profit from continuing operations stood at €6.2 million (compared with a net loss of €0.1 million in first-half 2024-2025), after taking into account a €2.9 million tax expense.
Net profit from discontinued operations related to the sale of Baywater, a British subsidiary of Groupe Bastide sold on June 27, 2025, amounted to €24.4 million, including the gain on the sale.
This resulted in a net profit of €30.6 million and a net profit, Group share of €29.5 million.
Significant improvement in operating free cash flow, a reduction of €87 million in financial debt, and a significant improvement in financial leverage
Cash flow from operations came to €58.3 million, including a €5.2 million one-off improvement in working capital requirement, driven in particular by the collection of receivables from B2B customers.
It more than offsets net operating investments of €26.1 million over the period, which have returned to a normal level.
Operating free cash flow[4] (cash flow from operations after cash flows related to acquisitions of property, plant & equipment and intangible assets and after repayment of lease liabilities), was strongly positive at €24.3 million, compared to €7.0 million for first-half 2024-2025, covering all net financial expenses of €13.5 million.
In the first half of the year, the Group recorded €76.2 million in net proceeds from asset sales, notably Baywater, which were allocated to the early repayment of part of the financing.
Net debt was down significantly at €298.7 million at December 31, 2025 (including €54.3 million in lease liabilities), compared with €385.7 million at June 30, 2025. Available cash stood at €25.5 million at December 31, 2025.
As a result, the financial leverage ratio, "Net debt (IFRS 16)/EBITDA"4, improved significantly, falling from 3.41x as of June 30, 2025, to 2.77x at December 31, 2025, well below the authorized threshold of 4.25 effective December 31, 2025, and 4.00 effective at June 30, 2027.
2025-2026 outlook
Building on this excellent performance in the first half of the year, Groupe Bastide confidently confirms its revenue target of at least €510 million and operating margin target of around 9.0% for the 2025-2026 fiscal year, despite the new 4% price cut effective from April 1, 2026, in the sleep apnea segment.
Financial expenses are expected to continue to decline in the second half of the year, driven by the lower financing margin resulting from the reduction in financial leverage.
In addition, the Group remains open to value-driven asset disposals in order to continue strengthening its financial structure.
NEXT PUBLICATION:
Third-quarter 2025-2026 revenue on Thursday May 14, 2026 after 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 |
Alternative performance indicators (reconciliation)
| In € millions | H1 2024-2025 | H1 2025-2026 |
| Published revenue | 275.2 | 260.4 |
| Removal of Baywater from the scope of consolidation | -23.4 | |
| Removal of CICA Plus from the scope of consolidation | -0.8 | |
| Removal of Cicadum from the scope of consolidation | -2.3 | |
| Removal of Belgian entities from the scope of consolidation | -4.9 | |
| Removal of Medsoft from the scope of consolidation | -3.0 | |
| Restated revenue | 241.1 |
| Gross margin (€ millions) | H1 2024-2025 | H1 2025-2026 |
| Revenue | 241.1 | 260.4 |
| - Cost of goods purchased | 76.2 | 84.5 |
| = Gross margin | 164.9 | 175.9 |
| Recurring operating profit (€ millions) | H1 2024-2025 | H1 2025-2026 |
| Operating profit | 19.8 | 22.2 |
| + Other non-recurring expenses | 5.0 | 3.5 |
| - Other non-current assets | 2.3 | 2.2 |
| = Recurring operating profit | 22.5 | 23.5 |
| EBITDA (€ millions) | H1 2024-2025 | H1 2025-2026 |
| Recurring operating profit | 22.5 | 23.5 |
| + Net depreciation, amortization and provisions | 29.8 | 34.2 |
| = EBITDA | 52.3 | 57.7 |
| Operating free cash flow (€ millions) | H1 2024-2025 | H1 2025-2026 |
| Cash flows from operating activities | 42.6 | 58.3 |
| - Net cash flows from/(used in) financing activities | 27.4 | 26.1 |
| - Lease liabilities repaid (IFRS 16) | 8.2 | 7.9 |
| = Operating free cash flow | 7.0 | 24.3 |
| Net debt (€ millions) | 30/06/2025 | 31/12/2025 |
| Bond issue | 25.5 | 25.5 |
| + Long-term borrowings and loans | 317.8 | 241.7 |
| + Borrowings and short-term bank debt | 11.1 | 2.5 |
| - Cash and cash equivalents | 25.5 | 25.5 |
| = Net debt | 329.0 | 244.3 |
| Net debt (IFRS 16) (€ millions) | 30/06/2025 | 31/12/2025 |
| Net debt | 329.0 | 244.3 |
| + Lease liabilities | 56.7 | 54.3 |
| + Deferred payment obligations on shares in subsidiaries | 5.2 | 5.2 |
| = Net debt (IFRS 16) | 402.5 | 303.9 |
| Post IFRS 16 LTM leverage = Net debt (IFRS 16)/(IFRS 16 EBITDA + normalized contribution from acquisitions) | 30/06/2025 | 31/12/2025 |
| Net debt (IFRS 16) (€ millions) | 402.5 | 303.9 |
| IFRS 16 EBITDA | 118.0 | 109.7 |
| Post IFRS 16 leverage | 3.41 | 2.77 |
Detailed statements in pdf documents.
[1]H1 2024-2025 scope excludes Baywater, CICA Plus, Cicadum, Medsoft, Dyna Medical, Dorge Medical.
[2]Organic growth calculated at constant exchange rates and on a like-for-like basis: 2024-2025 figures restated for the contribution of assets sold within the last 12 months and assets classified as held for sale.
[3] See definition in appendices.
[4] See definition in appendices.
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https://www.actusnews.com/documents_communiques/ACTUS-0-97090-communique-rs-2025-2026_v3-eng.pdf
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