BASTIDE: Half-year results 2023-2024: Organic growth of +5.7%, EBITDA up +7.5%, current operating income up in an inflationary context. 2023-2024 outlook confirmed – 03/20/2024 at 6:30 p.m.

Caissargues, March 20, 2024

* EBITDA: current operating profit + net allocations to depreciation and provisions

The half-year consolidated accounts for the 2023-2024 financial year – which were subject to a limited review by the Statutory Auditors – were approved by the Board of Directors of the Bastide Group on March 18, 2024. The presentation of the half-year results will be available on the Group’s website from 2:30 p.m. on March 21, 2024 in the “investors” section. The half-yearly financial report will be available on the website www.bastide-groupe.fr before March 31, 2024 and will be the subject of a press release making it available.

Turnover up +6.1%

Activity remained very dynamic on 1

^er

half-year 2023-2024 with growth of +6.1% including 5.7% organic growth

[1]

. Over the period, turnover amounted to €265.0 million.

The more technical activities (Respiratory, Nutrition-Perfusion-Stomatherapy) remained very dynamic and posted a turnover of €158.8 million, representing growth of +12.2% including +10.5% organically. . These strategic activities drive the Group’s growth and now represent 60% of total turnover.

The “Home Support” activity came to €106.2 million, down -0.6% organically (-1.6% in published data). While sales remain impacted by the inflationary context, rental activities remain solid and show a turnover of €38.1 million, up +4.5% over the half-year.

International activities represent nearly 18% of turnover for the half-year.

Current operating profit up despite the inflationary context

Over the half-year, in an inflationary context, the evolution of the product/service mix, following the Bastide Group’s strategic choice to develop its more technical activities, made it possible to significantly improve

the Group’s gross margin which increased by +110 basis points and reached 67.2%.

EBITDA increased by +7.5% to €53.6 million, representing a high margin of 20.2%, up +20 basis points,

despite a negative impact of personnel costs of -150 basis points explained both by salary inflation and by the significant growth recorded in home health services.

THE

current operating profit came to €21.9 million, up +2.1

%.

The current operating margin thus stands at 8.3%.

in line with the Group’s business plan.

Operating profit increased by +9.5%, to €20.7 million

. Non-current charges, halved compared to 1

^er

half-year 2022-2023, include various exceptional charges including restructuring costs of €0.4 million.

The financial result came to -€11.9 million (vs. -€6.9 million on 1

^er

half-year 2022-2023), including €1.1 million of IFRS 16 interest on rental obligations, under the mechanical impact of the cyclical rise in rates. The cost of the average gross debt thus stands at 6.2%.

Net income from continuing activities came to €3.6 million

after recognition of a tax charge of -€5.1 million.

Discontinued activities generated a net loss of -€1.2 million over the half-year, linked to the finalization of the sale of Livramedom.

Financial structure

Operating cash flows came to €34.3 million,

including an increase in Working Capital Requirement (WCR) of around €10 million, largely due to non-recurring items, including the cessation of community factoring (€6 million) and a one-off delay, resolved in January , receivables (€2 million).

Net operational investments amounted to €25.7 million, or 9.7% of turnover compared to 10.1% on 1

^er

semester 2022-2023. The control over investments is all the more remarkable as it takes place in a context of a sharp increase in rental activity, which is more capital intensive. These investments are in fact made up of 90% purchases or renewals of medical devices, then rented to the customer.

Operating free cash flow

(operating cash flow after cash flow from tangible and intangible investments and after repayment of rental debts/rent)

, comes to -€2.2 million. Excluding non-recurring items linked to WCR (stopping of factoring and late receivables), this comes out positive at +€5.8 million.

Over the half-year, the Group collected €12.7 million net linked to the management of its portfolio of activities, including the proceeds from the sale of Distrimed in December 2023 and the disbursements linked to the acquisitions of Oxigo and Occit’Perf, as well as additional prices paid on acquisitions in previous years and on the buyout of minority interests.

Net debt, excluding rental debt of €74.6 million, stood at €324.4 million as of December 31, 2023 for shareholders’ equity of €83.4 million. Available cash amounts to €35.8 million. Financial leverage (net financial debt

³

/restated annualized EBITDA

⁴

– excluding the impact of IFRS 16) comes to 3.43 ×, down compared to the leverage calculated as of June 30, 2023.

Outlook 2023-2024

Given the trends observed in its markets, the Bastide Group is confident in the continuation of its growth trajectory and confirms its objectives of an annual turnover of around €530 million at constant scope and a current operating margin at less equal to that achieved for the 2022-2023 financial year, i.e. 8.4%.

Debt reduction is the priority for the 2023-2024 financial year. Alongside the expected improvement in operational free cash flow in the second half of the year, the Bastide Group intends to accelerate its reduction in debt and continues to study possible asset sales which would no longer meet its strategy and would make it possible to externalize the creation of realized value.

NEXT MEETING

:

Publication of turnover for 3

^th

quarter 2023-2024

Wednesday May 15, 2024 after close of business

1

Organic growth calculated at constant exchange rate and at constant scope, restating 2023-2024 for the contribution of companies acquired less than 12 months ago and restating 2022-2023 for the contribution of assets sold less than 12 months ago

About Groupe Bastide Le Confort Médical

Created in 1977 by Guy Bastide, the Bastide Group is one of the main European players in home health care. Present in 8 countries, Bastide develops a permanent quality approach and is committed to providing medical devices and associated services that best meet the needs of patients in key health areas: diabetes, nutrition, perfusion, respiratory, stomatherapy and urology. . Bastide is listed on Euronext Paris (ISIN: FR0000035370, Reuters BATD.PA, – Bloomberg BLC: FP).

Alternative Performance Indicators (reconciliation)

[1]

Organic growth calculated at constant exchange rate and at constant scope, restating 2023-2024 for the contribution of companies acquired less than 12 months ago and restating 2022-2023 for the contribution of assets sold less than 12 months ago

[2]

Including -€8 million of non-recurring items (factoring shutdowns and late payment of receivables)

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