Wrap Text
Voluntary update on FY 2026 trading
NETCARE LIMITED CLINDEB INVESTMENTS LIMITED
(Registration number 1996/008242/06) (Registration number 1991/001634/06)
JSE ordinary share code: NTC Issuer code: BICI
ISIN: ZAE000011953 (“Clindeb”)
JSE preference share code: NTCP
ISIN: ZAE000081121
A2X share code: NTC
(“Netcare” or the “Group”)
Voluntary update on FY 2026 trading
Netcare is pleased to provide a voluntary update on high-level operational performance indicators for the
year ending 30 September 2026 (“FY 2026”). Further details on FY 2026 will be provided in the annual results
to be released on or about Monday, 23 November 2026.
Reference is also made to the year ended 30 September 2025 (“FY 2025”), the six months ended 31 March
2026 (“H1 2026”) and the six months ending 30 September 2026 (“H2 2026”).
Salient features
• Total Paid Patient Days (“PPD”) growth of c.1.6%(1).
• Acute PPD growth of c.0.8%(1).
• R1 042 million returned to shareholders in share buybacks.
Demand for private healthcare proved resilient during FY 2026 in an operating environment that was
impacted by interventions by medical schemes to strengthen their solvency positions. These interventions
included benefit changes, downgrading scheme options to lower-cost preferred provider network options and
tighter managed healthcare protocols, which impacted activity levels across the acute hospital portfolio.
Notwithstanding these changes, the Group remains on track to deliver the FY 2026 guidance communicated
at the H1 2026 results in May 2026.
Total PPD for FY 2026 are expected to increase by 1.6%(1).
Acute activity strengthened in H2 2026, in line with expectations and consistent with typical seasonality,
supported by ongoing capacity optimisation initiatives, including the conversion and commissioning of an
additional 20 beds during H2 2026. As a result, acute PPD for FY 2026 are expected to increase by c.0.8%(1).
In FY 2026, the average number of beds in use in the acute hospital portfolio decreased against the
comparative period, primarily due to the period that beds were out of commission for renovations and the
conversion of beds into higher-acuity disciplines. As a result, full year acute occupancy is expected to improve
by 1.0% to c.66.0%(1) (FY 2025: 65.0%(1)), driven by the reduced beds in use and increased activity.
For FY 2026, mental health PPD are expected to increase by c.8.2% (c.3.6% excluding the 87-bed Netcare
Akeso Polokwane facility commissioned in March 2026).
Demand for mental health services remains robust; occupancy for FY 2026 is expected to improve to c.72.7%
(c.72.9% excluding Akeso Polokwane) from 70.3% in FY 2025.
Group financial performance
The Group’s financial performance in H2 2026 is expected to exceed that of H1 2026, supported by increased
activity, sustained operational efficiencies, the continued realisation of the digital dividend, and the positive
impact of the share buyback programme.
Revenue in the Hospital and Emergency Services segment is expected to increase by c.4.2% for FY 2026.
As previously communicated, the prior year non-renewal of a large occupational healthcare contract impacted
reported revenue growth in the Primary Care segment, resulting in a c.6.9% decline in revenue for FY 2026.
Excluding the impact of this contract, underlying revenue in the Primary Care segment is expected to increase
by c.5.8%. The impact of the non-renewal of this contract is reflected at Group level, with total Group revenue
expected to increase by c.4.0% for FY 2026.
The disciplined balance between price and volume, together with increased activity levels and tight
management of operating costs, supported further margin expansion, with the Group’s normalised EBITDA
margin expected to increase year-on-year from the already strong base of 18.6% achieved in FY 2025.
In line with Netcare’s capital allocation strategy of returning excess cash to shareholders, the Group
continued with its share buyback programme. For FY 2026, R1 042 million has been applied to repurchase
60.2 million ordinary shares at an average price of 1 724 cents per share. At the end of September 2026,
the Group had 1 140.4 million shares in issue, net of 224.2 million treasury shares (FY 2025: 1 191.8 million
shares in issue, net of 172.8 million treasury shares). The weighted average number of shares in issue for
FY 2026 is 1 171.6 million (FY 2025: 1 223.7 million). Since the commencement of the share buyback
programme in September 2023, Netcare has bought back 209.2 million shares (14.5% of total ordinary shares
in issue on 30 September 2023) at an average price of 1 400 cents per share.
Results announcement
Further details on the Group's financial performance for FY 2026 and the outlook for the 2027 financial year
will be provided in the Group’s audited results due to be released on or about Monday, 23 November 2026.
Normalised numbers exclude the impact of exceptional items. The normalised information is the responsibility
of the directors of Netcare, has been prepared for illustrative purposes only and, because of its nature, may
not fairly present Netcare’s financial position, changes in equity, results of operations or cash flows.
The information presented in this announcement reflects the Group's latest estimates of its financial results
and related metrics for FY 2026 and has not been reviewed or reported on by Netcare's external auditors.
Footnote:
1. In December 2024, a fire occurred at the 358-bed Netcare Pretoria East Hospital, affecting activity in multiple wards and seven theatres.
As a result, certain disciplines experienced temporary disruptions while restoration efforts were underway. Accordingly, paid patient day
and occupancy metrics for FY 2026 and FY 2025 have been reported excluding this facility.
30 September 2026
Sponsor
Nedbank Corporate and Investment Banking, a division of Nedbank Limited
Debt Sponsor to Clindeb
The Standard Bank of South Africa Limited
Date: 30/09/2026 08:30:00
Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited ('JSE').
The JSE does not, whether expressly, tacitly or implicitly, represent, warrant or in any way guarantee the truth, accuracy or completeness of
the information published on SENS. The JSE, their officers, employees and agents accept no liability for (or in respect of) any direct,
indirect, incidental or consequential loss or damage of any kind or nature, howsoever arising, from the use of SENS or the use of, or reliance on,
information disseminated through SENS.
Sharenet Sites 
