Netcare stock: resilient demand supports FY 2026 outlook

Netcare said on 30 September 2026 that private healthcare demand remained resilient in the financial year ended 30 September, despite tighter medical-scheme controls. The South African hospital operator published the update through Sharenet, reproducing the company's JSE SENS announcement.

Patient activity and occupancy

Total paid patient days were expected to rise 1.6% in FY 2026, while acute paid patient days were forecast to increase 0.8%. Acute occupancy was expected to improve to 66.0% from 65.0% a year earlier, helped by capacity optimisation and the conversion and commissioning of 20 additional beds during the second half.

Mental-health paid patient days were expected to increase 8.2%, or 3.6% excluding the 87-bed Netcare Akeso Polokwane facility commissioned in March 2026. Mental-health occupancy was forecast to reach 72.7%, compared with 70.3% in FY 2025.

Revenue outlook and capital allocation

Netcare expected group revenue to increase 4.0% for FY 2026, with Hospital and Emergency Services revenue projected to rise 4.2%. Primary Care revenue was expected to decline 6.9% because of the non-renewal of a large occupational healthcare contract; excluding that effect, underlying Primary Care revenue was forecast to grow 5.8%.

Management also expected the normalised EBITDA margin to expand from 18.6% in FY 2025. The company applied ZAR 1.042 billion to repurchase 60.2 million ordinary shares at an average price of 1,724 cents per share. Netcare said audited FY 2026 results and its 2027 outlook were due on 23 November 2026.

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