--- title: "Asklepios Group interim report H1 2026 Germany; EBITDA 323.4m" sdDatePublished: "2026-08-28T13:24:00Z" source: "https://www.asklepios.com/.dam/jcr:7e0d6644-951f-4055-8248-e99f614b82f1/ASK_Konzern_2026_H1_Zwischenbericht_final_en_gesichert_26-08-26.pdf" topics: - name: "health care provider" identifier: "medtop:20000278" - name: "healthcare policy" identifier: "medtop:20000479" - name: "hospital" identifier: "medtop:20000462" - name: "financial statement" identifier: "medtop:20000180" - name: "corporate earnings" identifier: "medtop:20000178" - name: "public finance" identifier: "medtop:20000608" locations: - "Ortenaukreis" - "Bavaria" - "Aschaffenburg" - "Apolda" - "Hamburg" - "Gießen" - "Marburg an der Lahn" - "Belgium" - "Greece" - "Netherlands" - "Germany" --- Asklepios Group interim report H1 2026 Germany; EBITDA 323.4m Asklepios Kliniken GmbH & Co. KGaA I Interim Report H1 2026 1 January to 30 June 2026 03 GROUP 04 Key data H1 2026 05 Foreword by the Management Board 07 GROUP MANAGEMENT REPORT 08 Key figures of the ASKLEPIOS Group 09 Business performance in the first half of 2026 10 Results of operations, financial position and net assets 14 Forecast and report on risks and opportunities 15 CONSOLIDATED FINANCIAL ­STATEMENTS 16 Consolidated income statement 17 Consolidated statement of comprehensive income 17 Consolidated statement of cash flows 18 Consolidated statement of financial position 20 Consolidated statement of changes in equity 21 Notes to the consolidated financial statements 35 IMPRINT 04 Key data H1 2026 05 Foreword by the Management Board As Germany’s leading family-owned hospital operator, our Group comprises around 160 healthcare facilities, where over 73,000 employees care for almost 3.9 million patients every year. We are committed to patient‑centred care. Quality, ­innovation, and social responsibility are the core guiding principles that shape our business decisions. REVENUE in EUR million PREVIOUS YEAR: 3,148.1 3,297.8 PATIENTS PREVIOUS YEAR: 1,931,218 2,086,056 KEY DATA EBITDA in EUR million PREVIOUS YEAR: 299.2 323.4 NET DEBT RATIO 31 DECEMBER 2025: 2.5x 2.4x H1 2026 5 GROUP Foreword by the Management Board GROUP MANAGEMENT REPORT CONSOLIDATED FINANCIAL STATEMENTS ASKLEPIOS H1 / 2026 Foreword by the Management Board Dear stakeholders, Dear employees, “The future depends on what we do in the present.” This oft-cited quote by Mahatma Gandhi aptly captures the challenges facing the German healthcare system – and us as a leading private healthcare provider. The decisions being made today will shape the medical care of tomorrow – its quality, accessibility and, not least, its economic viability. The developments seen in the first half of 2026 show just how far-reaching these changes are. The hospital reform has entered a new phase. Policy guidelines are now leading to concrete structural decisions, and regulatory requirements are shaping everyday practice. Service groups, specialisation, the shift towards outpatient care, hybrid DRGs and cross-sector care are transforming the hospital landscape and forcing many healthcare facilities to make decisions with far-reaching consequences. The reforms are designed to strengthen the healthcare system’s long-term performance and future viability. At the same time, the past few months have shown that the success of the reforms depends not only on political objectives, but above all on whether they can be implemented in a practical and economically viable way. The financial situation of many hospitals remains strained. Recent industry surveys indicate that the sector’s economic conditions have not improved sus­ tainably, despite growing inpatient and outpatient volumes. Moreover, few providers expect any noticeable relief in the coming months. The Statutory Health Insurance Contribution Rate Stabilisation Act is also limiting the financial flexibility of healthcare providers. This affects healthcare facilities at a time of profound transformation, requiring substantial investment in specialisation, digitalisation and new care delivery structures. At the same time, many hospitals are facing consider­ able liquidity pressure. This makes it all the more important that the nec­ essary structural reforms are backed by reliable and adequate funding. At the same time, the increasing use of hybrid DRGs is accelerating the clear shift towards outpatient care and bringing about lasting changes to healthcare structures. This will require significant adaptations to both service processes and the broader healthcare framework. Looking ahead, this transformation must be managed in a clinically sound way, while ensuring providers can continue to deliver high-quality care economically. Additional regulatory and documentation requirements tie up resources. At the same time, limited refinancing options, persistent inflationary pressures and rising administrative requirements further restrict the financial scope of many hos-pitals. Going forward, it will be essential to strike a sustainable balance between quality of care, economic viability and the healthcare mandate, while ensuring that regulatory requirements remain aligned with the economic realities of the providers. 6 GROUP Foreword by the Management Board GROUP MANAGEMENT REPORT CONSOLIDATED FINANCIAL STATEMENTS ASKLEPIOS H1 / 2026 It is precisely under these conditions that the strength of our hospital network proves particularly valuable. Together with RHÖN-KLINIKUM AG and MEDICLIN AG, our network combines medical expertise, a regional presence and entrepreneurial sta-bility. The regional clusters established over the past year have already proven their effectiveness. By pooling medical expertise and fostering synergies across the care delivery chain, they help improve service quality across the regions they serve. This brings about structures that meet the requirements of increasingly specialised and integrated healthcare delivery. Digitalisation is also changing the underlying basis of medical care at an ever-faster pace. Data is becoming a decisive factor for quality, efficiency and innovation. By steadily expanding our digital infra­ structure, we make medical knowledge more accessible, manage processes more intelligently and enable new forms of care. Modern data platforms, AI-based applications and digital networking create new opportunities to reduce the workload of our staff, improve processes and further enhance the care we provide to our patients. One truth remains unchanged: people are, and will remain, the foun­ dation of a high-performing healthcare system. The quality of care does not start with technology or processes, but with the people who assume responsibility, make deci-sions and always put the needs and care of patients first. Through their professional excellence, compassion and per-sonal commitment, they shape the quality of the care we provide. More than 73,000 team members uphold this standard every day. Their dedication and tireless efforts are the beating heart of ASKLEPIOS and deserve our heartfelt appreciation. The success of any reform is ultimately determined by the people who devote themselves to providing the best possible care, day in, day out. This understanding of who we are is what will continue to guide our actions going forward. Together, we will continue on this path with prudence, innovation and entrepreneurial responsibility, guided by our belief that sustainable healthcare is possible where medical excellence, economic responsibility and humanity converge. The Management Board of Asklepios Kliniken GmbH & Co. KGaA Hamburg, 27 August 2026 08 Key figures of the ASKLEPIOS Group 09 Business performance in the first half of 2026 10 Results of operations, financial position and net assets 14 Forecast and report on risks and opportunities 8 GROUP GROUP MANAGEMENT REPORT Key figures of the ASKLEPIOS Group CONSOLIDATED FINANCIAL STATEMENTS ASKLEPIOS H1 / 2026 Key figures of the ASKLEPIOS Group 6 months 2026 6 months 2025 Change in % Number of patients 2,086,056 1,931,218 +8.0 Cost weights 327,112 315,369 +3.7 Number of beds 31,653 31,179 +1.5 Employees (full-time equivalents) 54,650 52,488 +4.1 in EUR million 6 months 2026 6 months 2025 Change in % Net cash flow from operating activities 301.3 230.5 +30.7 Revenue 3,297.8 3,148.1 +4.8 EBITDA 323.4 299.2 +8.1 EBITDA margin 9.8% 9.5% EBIT 159.7 146.1 +9.3 EBIT margin 4.8% 4.6% EAT 90.2 86.3 +4.6 EAT margin 2.7% 2.7% Investments in property, plant and equipment and intangible assets 180.1 160.8 +12.0 Share in revenue 5.5% 5.1% Interest coverage factor (EBITDA/net interest income) 8.2x 8.0x in EUR million 30 June 2026 31 December 2025 Change in % Total assets 7,495.4 7,301.0 +2.7 Equity 2,449.6 2,373.8 +3.2 Equity ratio 32.7% 32.5% Financial liabilities including lease liabilities 2,715.3 2,694.2 +0.8 Net debt ratio 2.4x 2.5x For computational reasons, rounding differences of ± one unit (EUR, %, etc.) may occur in the tables. 9 GROUP GROUP MANAGEMENT REPORT Business performance in the first half of 2026 CONSOLIDATED FINANCIAL STATEMENTS ASKLEPIOS H1 / 2026 Business performance in the first half of 2026 From January to June 2026, ASKLEPIOS treated a total of 2,086,056 patients (previous year: 1,931,218) in its healthcare facilities. During the first half of 2026 the ASKLEPIOS Group generated revenue of EUR 3,297.8 million (previous year: EUR 3,148.1 million). EBITDA in the first six months of the financial year stood at EUR 323.4 million, thus exceeding the level of the same period last year (previous year: EUR 299.2 million). The EBITDA margin was 9.8% (previous year: 9.5%). The employee benefits expense ratio increased to 70.3% (previous year: 68.1%). The absolute employee benefits expense increased by EUR 175.4 million or 8.2% to EUR 2,318.2 million, which in addition to the increase in staffing numbers was attributable to wage increases. The cost of materials ratio, at 22.9% in the first half of 2026, recorded a slight decline compared with the previous year’s level (previous year: 23.6%). The other operating expense ratio of 8.4% was nearly at the previous year’s level (previous year: 8.3%). Overall, consolidated net income (EAT) in the period from January to June 2026 was EUR 90.2 million (previous year: EUR 86.3 million). The earnings trend was also influenced by depreciation in the amount of EUR 163.7 million (previous year: EUR 153.1 million) and a negative interest result in the amount of EUR 39.4 million (previous year: EUR 37.6 million). The EAT margin came to 2.7% (previous year: 2.7%). During the first half of 2026, net cash flow from operating activities totalled EUR 301.3 million (previous year: EUR 230.5 million). Capital expenditure including government grants amounted to EUR 180.1 million and thus 5.5% of revenue (previous year: EUR 160.8 million, 5.1% of revenue). 10 GROUP GROUP MANAGEMENT REPORT Results of operations, financial position and net assets CONSOLIDATED FINANCIAL STATEMENTS ASKLEPIOS H1 / 2026 Results of operations, financial position and net assets Results of operations in EUR million 6 months 2026 in % 6 months 2025 in % Revenue 3,297.8 100.0 3,148.1 100.0 Other operating income 375.4 11.4 299.2 9.5 Cost of materials 755.7 22.9 743.1 23.6 Employee benefits expense 2,318.2 70.3 2,142.8 68.1 Other operating expenses 275.8 8.4 262.2 8.3 EBITDA 323.4 9.8 299.2 9.5 Depreciation and amortisation 163.7 5.0 153.1 4.9 EBIT 159.7 4.8 146.1 4.6 Income from equity investments 0.0 0.0 0.1 0.0 Net interest income -39.4 -1.2 -37.6 -1.2 Income taxes -30.1 -0.9 -22.3 -0.7 Consolidated net income for the period (EAT) 90.2 2.7 86.3 2.7 During the first six months of 2026, ASKLEPIOS generated consoli­ dated revenue of EUR 3,297.8 million (previous year: EUR 3,148.1 million), an increase of 4.8% compared with the previous year’s level. 78.9% of revenue (previous year: 78.1%) was generated in acute care hospitals, 21.1% (previous year: 21.9%) in post-acute and rehabilitation clinics as well as in other social welfare facilities. Other operating income totalled EUR 375.4 million (previous year: EUR 299.2 million). 11 GROUP GROUP MANAGEMENT REPORT Results of operations, financial position and net assets CONSOLIDATED FINANCIAL STATEMENTS ASKLEPIOS H1 / 2026 Development of case numbers 6 months 2026 6 months 2025 Absolute change Relative change in % Number of inpatient cases 412,964 395,014 +17,950 +4.5 Number of outpatient cases 1,673,092 1,536,