Bastide Le Confort Médical (BLC) H1 2025 earnings summary

Executive summary

• Revenue for H1 2024/25 rose 4.0% year-over-year to €275.5M, driven by strong growth in respiratory assistance and diabetes, with homecare stable and organic growth at 8.5%.

• EBITDA increased 10.5% to €59.3M, with margin improving to 21.5%.

• Operating income margin improved to 9.1% of revenue, reflecting effective cost control and a record 80 bps increase.

• Net profit was €2.1M, down from €2.4M in H1 2023/24, impacted by higher financial costs and a one-off tax provision; group net income reported as €0.6M.

• Free cash flow from operations was strongly positive at €9.4M, compared to -€2.2M a year ago.

Financial highlights

• Revenue: €275.5M (+4.0% year-over-year); main growth in respiratory and diabetes segments.

• Operating income: €25.0M (9.1% margin), up from €21.9M (8.3%) in H1 2023/24.

• Gross margin improved by 120 bps to 68.4%, reflecting a favorable mix of services and equipment rentals.

• Financial expenses: €16.4M (vs. €13.0M), including €1.8M from refinancing costs.

• Net financial debt (IFRS 16): €394.6M at December 31, 2024, with available cash of €31.3M.

Outlook and guidance

• Full-year revenue target maintained at over €560M, with operating margin expected at or above 9.1%.

• Focus remains on deleveraging, strict working capital management, and targeted asset disposals.

• Regulatory risks monitored, especially regarding 2025 social security funding law and a 5% tariff cut on sleep apnea care from April 2025.