LNA Santé
LNA Santé share price 11/09 32.5€ (+0.31%)

Investing in LNA Santé

LNA Santé is a publicly listed French healthcare company with a stable ownership structure combining founding families, management and employee shareholders. Operating at the heart of long-term healthcare trends—including population ageing, the rising prevalence of chronic diseases and the shift towards community-based care—the Company offers investors exposure to a sector supported by enduring structural demand.

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Why Invest in Healthcare?

Healthcare is one of the few sectors that combines long-term demand, structural growth and strong public policy support.

Unlike many cyclical industries, demand for healthcare services is driven by demographic and epidemiological trends that are largely independent of economic cycles. This gives the sector its defensive characteristics and resilience during periods of market volatility.

In France, three long-term trends continue to support healthcare demand:

  • Population ageing – According to official projections, the number of elderly people requiring nursing home care is expected to increase significantly by 2030.
  • The growing prevalence of chronic diseases – More than 15 million people in France live with a recognised long-term medical condition, representing over 20% of the population.
  • The development of alternatives to traditional hospital care – Home Hospitalisation (Hospitalisation à Domicile – HAD) continues to expand, reflecting the healthcare system's increasing focus on delivering complex care closer to patients' homes.

 

Key Facts

  • Significant growth in demand for elderly care by 2030
  • More than 20% of the French population lives with a chronic disease
  • Home Hospitalisation activity increased by 6% in 2025

Healthcare remains a structurally attractive investment sector, supported by predictable long-term demand and favourable demographic trends. Like all regulated healthcare operators, however, providers remain exposed to changes in public reimbursement and pricing policies.

Pourquoi investir dans LNA Santé

LNA Santé at a Glance

LNA Santé is a French healthcare company listed on Euronext Paris (Compartment B) under the ticker LNA (ISIN: FR0004170017).

As of 31 December 2025, LNA Santé operated 87 healthcare facilities representing nearly 10,000 beds and places across four complementary activities:

  • Nursing homes (EHPADs)
  • Medical Rehabilitation Hospitals (SMR)
  • Mental Health & Surgery
  • Home Hospitalisation (HAD)

This diversified business model is one of the Company's key strengths, providing balanced exposure across complementary healthcare markets and enhancing the resilience of its earnings profile.

Key Figures (as of 31 December 2025)

  • Operating revenue : €878.5 million (+10.6%)
  • Healthcare facilities : 87
  • Beds and places : nearly 10,000
  • Daily Home Hospitalisation patients : : More than 1,300
  • Net cash position : : €94.7 million
  • Available liquidity : : €225 million

Why Invest in LNA Santé?

LNA Santé présente une combinaison d'atouts structurels qui en font une valeur unique dans le secteur de la santé

① A Diversified and Resilient Business Model

LNA Santé operates across four complementary healthcare activities whose growth drivers reinforce one another.

This diversification has enabled the Company to continue delivering strong growth despite temporary demographic pressures affecting the nursing home market. In 2025, operating revenue increased by more than 10%, supported by the continued expansion of day rehabilitation services and Home Hospitalisation.

 

② Financial Discipline

LNA Santé follows an asset-light strategy, temporarily owning healthcare real estate during development projects before transferring ownership to specialist investors.

This approach limits leverage, preserves financial flexibility and enables the Company to focus capital allocation on healthcare operations and future growth.

At year-end 2025:

  • Operating debt: €107 million
  • Operating leverage: 1.4x
  • Banking covenant: 4.25x

The Company also reported improving margins during the second half of the year together with continued growth in free cash flow generation.

LNA Santé maintains a balanced capital allocation policy, combining shareholder returns with continued investment in future growth. Its dividend payout ratio remains close to 30% of net income.

 

③ Long-Term Governance

LNA Santé benefits from a distinctive ownership structure within the French listed healthcare sector.

  • Founding families hold more than 30% of voting rights.
  • More than 2,500 employees collectively own close to 10% of the Company's share capital.
  • Together, founding families, management, long-term partners and employee shareholders represent more than 60% of voting rights and over 50% of the share capital.

This alignment between management and shareholders supports long-term decision-making and reduces incentives to prioritise short-term financial performance over operational quality and sustainable value creation

④ A Clear Strategic Roadmap

LNA Santé's strategy is guided by ” Grandir Ensemble 3” (Growing Together 3), the Company's strategic plan through 2027.

Its priorities include:

  • Delivering high-quality patient care
  • Driving organic growth
  • Pursuing selective acquisitions
  • Improving access to healthcare services across local communities

This roadmap provides investors with clear visibility on the Company's long-term development strategy.

In a challenging environment, LNA Santé continues to demonstrate the relevance of its strategic choices, the quality of its highly specialised healthcare offering and the resilience of its corporate project. We remain fully committed to delivering our Grandir Ensemble 3 strategy and creating sustainable value for patients, residents and local communities

Damien Billard
Chief Executive Officer, LNA Santé

LNA Santé shares:
practical information

Before making any investment decision, investors are advised to consult the Finance section of the LNA Santé website, which provides access to all regulatory and financial information.

PEA and PEA-PME eligibility

As a company listed on Euronext Paris and headquartered in France, LNA Santé shares are eligible for both the French Plan d’Épargne en Actions (PEA) and PEA-PME equity savings plans.

Dividend policy

LNA Santé seeks to maintain a balance between shareholder returns and financing future growth, with a payout ratio of around 30% of earnings. The increase in the dividend, from €0.65 for the 2024 financial year to €0.95 for the 2025 financial year, primarily reflects the growth in earnings over the period.

Information relating to the dividend, including the amount, ex-dividend date and payment date, is available in the Investors section of the official LNA Santé website and in regulatory announcements filed with the AMF (Autorité des marchés financiers – French Financial Markets Authority).

Learn more

Key share information

  • Market: Euronext Paris, Compartment B
  • Ticker / ISIN: LNA / FR0004170017
  • IPO date: June 2006
  • Number of shares: 10,709,416
  • Share form: Registered shares. Double voting rights are automatically granted to registered shares held for at least two years.
  • Liquidity agreement manager: ODDO BHF
  • Equity research coverage: ODDO & Cie, Portzamparc, CIC

Comment devenir actionnaire LNA Santé ?

L'action LNA Santé est négociable sur Euronext Paris via tout intermédiaire financier agréé proposant l'accès aux marchés réglementés. Selon votre situation et vos objectifs patrimoniaux, vous pouvez investir dans différentes enveloppes fiscales.

Via un compte-titres ordinaire (CTO)

Le compte-titres ordinaire permet d'acquérir des actions LNA Santé sans plafond de versement. Les plus-values et dividendes sont soumis au régime fiscal de droit commun (prélèvement forfaitaire unique ou option pour le barème progressif).

Via un PEA ou PEA-PME

En tant qu'action  éligible au PEA et au PEA-PME, l'action LNA Santé peut être logée dans ces enveloppes fiscales avantageuses. Le PEA est plafonné à 150 000 € de versements, le PEA-PME à 225 000 €. La détention simultanée d'un PEA et d'un PEA-PME est autorisée (plafond cumulé de versements : 225 000 €), à condition de ne pas loger le même titre dans les deux enveloppes simultanément. La détention de deux PEA classiques simultanés reste en revanche interdite. Éligibilité PEA et PEA-PME à confirmer auprès de votre intermédiaire financier avant toute opération.

Gestion des actions au nominatif

La Société Générale (Service aux Émetteurs, 32 rue du Champ de Tir, BP 81236, 44312 Nantes Cedex 3) a été mandatée par LNA Santé pour gérer les comptes de ses actionnaires au nominatif pur.

Contact : 0 825 820 000

Stay informed as an LNA Santé shareholder

LNA Santé regularly publishes its financial results, press releases and reference documents.

➜ LNA Santé Investor Relations
➜ Investor Relations Contact: ri@lna-sante.com | +33 (0)2 40 16 17 92
➜ AMF Regulatory Publications

In Summary

LNA Santé stands out among listed healthcare companies through a combination of four structural strengths: a sector in which demand is driven by long-term demographic trends, a diversified and resilient business model, proven financial discipline, and independent family governance aligned with a long-term vision.

For investors focused on fundamentals, LNA Santé shares offer exposure to a sector with strong long-term prospects, through an operator that has demonstrated its ability to navigate a demanding environment without compromising either the quality of care or the strength of its balance sheet. Regular financial publications and the Investor Relations section of the official website provide detailed information to track the company’s progress.

Find out more

➜ LNA Santé Investor Relations
Financial results, shareholding structure and regulatory publications
➜ AMF Regulatory Publications
Official filings and reference documents
➜ DREES – French Directorate for Research, Studies, Evaluation and Statistics
Data on population ageing and projections of loss of autonomy