• 7.9% organic growth
• Recurring operating margin of 9.2%, above target
• Strong increase in net profit Group share to €58.1 million
• Operating free cash flow up €16 million to €38  million
• Free cash flow of €148 million
• €135 million reduction in net debt and leverage ratio lowered to 2.37x

2026-2027 outlook

• Revenue exceeding €500 million with a stable recurring operating margin

Caissargues, October 21, 2026 – Groupe Bastide, a leading European provider of home healthcare services, has announced its 2025-2026 annual results at June 30, 2026. The 2025-2026 annual consolidated financial statements were approved by the Board of Directors at its meeting on October 20, 2026. 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, 2026.

Organic growth of 7.9% in 2025-2026

Revenue amounted to € 482.4 million with organic growth[2] of +7.9% (+7.7% as reported) in 2025-2026, driven by an excellent performance in “Home healthcare services” and a solid performance in “Homecare”.

The more technical business activities (Respiratory care, Nutrition-Infusion-Stomatherapy) grew by 9.5% and 9.9% on an organic basis, with revenue amounted to €280.8 million. Momentum remains excellent, particularly in the Respiratory (up 11.1% on an organic basis) and Diabetes (up 24.3% on an organic basis) businesses, driven by market share gains and structural growth within the sector.

The Homecare business posted revenue of €201.7 million, up 5,2%, 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 9.2%, above target of 9.0%

Gross margin[3] stood at 67.6% % (compared with 67.4% in 2024-2025), driven by a positive business mix effect reflecting the growing share of Home Healthcare Services (PSAD) in revenue and the improvement in the margin of the Home Healthcare business, offsetting price cuts in the sleep apnoea segment (-5% since 1 April 2025 and -4% since 1 April 2026).

EBITDA³ reached €107.9 million, up 9.9%, with an EBITDA margin of 22.4%, up 50 basis points, supported by strong performance in the rental businesses and the gradual implementation of transformation initiatives aimed at sustainably enhancing the Group's operational performance. As a percentage of revenue, personnel expenses decreased by 40 basis points, while external expenses remained stable.

Recurring operating profit³ amounted to €44.2 million for the financial year, up 7.4%. The current operating margin stood at 9.2%, stable compared with 2024-2025 and above the full-year target of 9.0%.

Net profit from continuing operations quadrupled

Operating profit amounted to €38.7 million, up 5.7%. Non-recurring expenses totalled €5.6 million, including litigation costs of €2.1 million and a €1.0 million provision on equity investments.

Gross financial debt costs decreased significantly by €7.3 million over the financial year, to €23.3 million, including €2.1 million in IFRS 16 interest on lease liabilities (€2.0 million in 2024-2025). This positive trend reflects the sharp reduction in debt driven by asset disposals and improved operating free cash flow, as well as the decrease in the financing margin resulting from improved financial leverage and the decline in Euribor over the period. The cost of debt stood at 6.8%, compared with 7.1% in 2024-2025.

After taking into account other financial income and expenses (-€0.7 million vs. +€2.0 million in 2024-2025), net financial expenses amounted to €24.1 million, compared with €28.6 million in 2024-2025.

Net profit from continuing operations quadrupled over the financial year, rising from €2.5 million in 2024-2025 to €10.0 million in 2025-2026, after recognition of an income tax expense of €4.6 million.

Net profit from discontinued operations, mainly reflecting the proceeds from the disposal of Baywater in October 2025 and Experf in June 2026, amounted to €49.7 million.

Net profit consequently rose to €59.7 million, with net profit attributable to the Group reaching €58.1 million, compared with €0.4 million in the previous financial year.

€16 million increase in operating free cash flow and net financial debt reduced by €135 million

Cash flow from operations amounted to €106.7 million, including a one-off €8.7 million improvement in working capital requirements, driven in particular by an improvement in trade receivables in the Homecare business.

It more than cover net operating investments of €49.8 million over the period, in line with the Group's normalised investment level.

Operating free cash flow[4] (cash flow from operations after net cash flows from tangible and intangible investments and after repayment of lease liabilities) improved significantly, increasing by €16.0 million over the financial year to €38.4 million, equivalent to 1.5 times net cash interest paid over the period (€24.9 million).

Over the financial year, the Group also recorded €110.0 million in net cash proceeds from asset disposals, mainly Baywater and Experf.

Operating free cash flow and asset disposal proceeds enabled the early repayment of part of the Group's debt. Net financial debt consequently stood at €250.9 million (including €46.0 million in lease liabilities) as of 30 June 2026, down €134.7 million year on year. Available cash amounted to €48.2 million as of 30 June 2026.

As a result, the “IFRS 16 net financial debt / EBITDA” leverage ratio4 improved significantly, falling from 3.41x as of 30 June 2025 to 2.37x as of 30 June 2026, well below the permitted threshold of 4.25x.

2026-2027 outlook

Driven by the sector's structural growth and a favourable positioning to continue gaining market share, Groupe Bastide intends to capitalise on its organic growth potential and confirms its revenue target of at least €500 million in 2026-2027.

Despite inflationary pressure on certain cost items and with no significant further price adjustments expected at this stage for the financial year, the Group aims to maintain its current operating margin at the level achieved in 2025-2026, while continuing to exercise tight cost control.

In addition, 2026-2027 will benefit from the full-year impact of the reduction in financial leverage achieved in 2025-2026, resulting in a further estimated €2 million reduction in financial expenses (at constant Euribor rates).

Following a phase of business portfolio transformation and balance sheet strengthening, Bastide intends to focus its efforts on three strategic priorities:

• Continue transforming its operating model and organisation to sustainably enhance efficiency and performance;
• Sustain organic growth momentum, driven by the structural growth of its markets and further market share gains;
• Develop new drivers of growth and value creation, notably through targeted development initiatives and potential selective external growth opportunities.

The Group's asset disposal programme has now been substantially completed. Bastide nevertheless retains the option to pursue further targeted portfolio disposals, in line with a disciplined capital allocation approach.

In parallel, the Group will continue to focus on cash generation, with the aim of maintaining a sound financial position and preserving the financial flexibility required to implement its strategy.

(The appendices - financial statements and alternative performance indicators - are available in the PDF document)

NEXT PUBLICATION :

Q1 2026-2027 revenue on Thursday, November 13, 2026 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 seven 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).

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[1] Comparative figures as of 30 June 2025 have been restated following the reclassification of certain activities as “Discontinued Operations” in accordance with IFRS 5.

^[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