Life Healthcare (LHC) FY25 – Results Snapshot

Diluted HEPS from continuing operations decreased from 93.4cps (restated) to -93.9cps. Normalised EPS from cont. ops increased from 91.1cps to 100.3cps.
Turnover from continuing operations +6.0% y-y to R25.1bn.
Total expense growth of 19.8% y-y to R25.9bn, with expenses-to-sales up to 103.3% (FY24: 91.4%). Expenses increased due to the fair value adjustment of R2 881m relating to the Piramal liability (expected to be settled in 1H26) and impairments of R211m.
OPM declined from 9.8% to -2.0%.
Dividend of 56cps (FY24: 50cps). Special dividend of 235cps was paid on 22 September 2025 in relation to the disposal of Life Molecular Imaging (LMI).
LMI was disposed of for up to USD755m, of which USD 355m was received upfront. The balance is contingent on future sales of LMI products through to 2034.
Gross debt decreased from R4.4bn to R3.9bn in FY25, with net cash increasing from R2.5bn to R3.8bn.
Paid Patient Days (PPD) growth of 1.1% y-y, resulting in an occupancy of 69.7% (FY24: 69.0%). Excluding asset optimisation, PPD growth of 2.2% y-y, and occupancy of c. 72%.