LNA Santé Dividend:
History, Yield and Outlook

A reliable dividend is only meaningful when it is backed by solid financial fundamentals. Three key indicators deserve particular attention.

Payout Ratio: A Conservative Distribution Policy

LNA Santé distributes approximately 30% of its FY2025 net income as dividends. This conservative payout ratio is broadly in line with that of comparable listed companies that pay dividends.

Such a policy sends a positive signal: the Company rewards shareholders while retaining sufficient financial resources to fund future growth, reduce debt and pursue selective acquisition opportunities. Conversely, an excessively high payout ratio could indicate greater financial vulnerability.

Financial Leverage: Significant Headroom

As of 31 December 2025, operating debt stood at €107 million, corresponding to an Operating Leverage ratio of 1.4x.

This level remains well below the 4.25x covenant agreed with LNA Santé's banking partners, providing substantial financial flexibility and supporting the Company's ability to maintain dividend payments even during periods of economic uncertainty.

Free Cash Flow Coverage

With a cash payout ratio below 10%, the dividend is comfortably covered by free cash flow generation.

Ultimately, sustainable dividends are supported by cash generation rather than accounting profits. LNA Santé distributes only a small proportion of the cash it generates, reinforcing the long-term sustainability of its dividend policy.

LNA Santé’s dividend policy is closely linked to its shareholder structure. More than 60% of the company’s voting rights are held by its founding families, executives and employees. Regular dividend distributions therefore contribute to preserving this long-term ownership and governance structure, notably by enabling these shareholders to meet their financing obligations.

A stable core shareholder base

La répartition du capital de LNA Santé présente une configuration rare parmi les sociétés cotées de taille comparable :

• The founding families, united around the entrepreneur who has led the project since its inception, hold more than 30% of the voting rights. Their continued presence in the company’s capital since its IPO in 2006 reflects a strategy built for the long term.
• More than 2,500 LNA Santé professionals collectively hold nearly 10% of the share capital. This employee share ownership, which has grown significantly since 2022, reflects strong collective commitment and a natural alignment between the interests of employees and shareholders.
• Overall, the founding families, executives, long-standing partners and employees represent more than 60% of the voting rights and more than 50% of the share capital. This structure safeguards LNA Santé’s independence and supports the continuity of its strategic direction.