RHÖN-KLINIKUM Aktiengesellschaft (0NQH), one of Germany's largest hospital groups, has reported its results for the first nine months of 2026, posting consolidated revenue of EUR 1,303.8 million and treating 764,248 patients across its network. Consolidated profit rose to EUR 32.7 million from EUR 25.1 million in the same period of 2025, with EBITDA climbing to EUR 83.9 million. The company maintained full-year guidance of approximately EUR 1.7 billion in revenues whilst flagging significant regulatory uncertainties stemming from ongoing German hospital reform legislation.

Key Points

  • RHÖN-KLINIKUM Aktiengesellschaft (0NQH), a German maximum- and intermediate-care hospital group and member of the ASKLEPIOS Group
  • Nine-month 2026 consolidated revenue reached EUR 1,303.8 million, up from EUR 1,262.1 million in the same period of 2025
  • EBITDA rose to EUR 83.9 million (9M 2025: EUR 71.8 million); full-year EBITDA guidance set at EUR 110–125 million
  • Investors may be watching the impact of the Hospital Reform Adjustment Act and GKV Contribution Rate Stabilisation Act on 2026 earnings

Patient Volumes and Revenue Growth Across RHÖN-KLINIKUM's Hospital Network in 2026

Between January and September 2026, RHÖN-KLINIKUM treated 764,248 patients on an inpatient and outpatient basis across its hospitals and medical care centres, representing an 8.3% increase on the 705,830 patients recorded in the equivalent 2025 period. The company attributed the improvement primarily to higher capacity utilisation at its clinics and medical care centres, together with growth in outpatient activity. The operating result also benefited from a 3.25% billing surcharge on hospital services, accounted for under "other income" through October 2026 and designed to offset prior-year increases in personnel and non-personnel costs.

EUR 74.7% Equity Ratio Underpins Investment in Photon-Counting CT Technology and Frankfurt Hybrid Theatre

The announcement highlights RHÖN-KLINIKUM's equity ratio of 74.7%, which the company states provides a solid foundation for optimising care structures. Two investments are cited specifically: a photon-counting computer tomograph commissioned at Universitätsklinikum Marburg, making RHÖN-KLINIKUM the only German hospital group operating four newest-generation units of this kind; and a new hybrid operating theatre at Klinikum Frankfurt (Oder), expanding treatment capabilities for the Ostbrandenburg region's maximum care facility. The company operates five highly specialised facilities and employs over 19,100 staff.

Full-Year 2026 Guidance of EUR 1.7 Billion Revenue Subject to German Hospital Reform Risks

RHÖN-KLINIKUM confirmed full-year 2026 revenue guidance of EUR 1.7 billion within a range of plus or minus 5%, alongside EBITDA guidance of EUR 110 million to EUR 125 million. The company flagged material uncertainty from two pieces of German legislation: the Hospital Reform Adjustment Act (KHAG), which entered into force on 15 April 2026, and the Statutory Health Insurance Contribution Rate Stabilisation Act, adopted by the German Federal Parliament on 10 July 2026. Both measures are expected to place hospitals under greater short-term financial pressure, and the company stated it cannot yet reliably forecast their combined impact on full-year outcomes.