Spire Healthcare Group Reports Resilient 2025 Results

Company sees improving self-pay demand but faces uncertainty around NHS activity levels for 2026

Published on Mar. 5, 2026

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Spire Healthcare Group reported full-year 2025 results that management described as resilient despite employment cost inflation and a late-year slowdown in NHS commissioning. The company delivered its planned transformation savings, increased free cash flow, and saw improving momentum in self-pay demand into early 2026, but flagged significant uncertainty around NHS activity levels for the year ahead.

Why it matters

Spire Healthcare is one of the UK's largest private hospital operators, and its performance is seen as a barometer for the broader private healthcare market. The company's ability to navigate challenges like labor inflation and NHS budget constraints while growing its self-pay and primary care businesses is crucial for its long-term success.

The details

Spire reported group revenue grew 4.5% in 2025, with hospital revenue up 4.3%. Adjusted EBITDA rose 3.2% to GBP 268.6 million, supported by transformation savings and price and mix management, partially offsetting higher employment costs. The company recorded GBP 27.9 million of adjusting items, including one-off transformation delivery costs and fees linked to an ongoing strategic review. Statutory profit after tax declined to GBP 17.2 million. Spire emphasized 2025 as its 'biggest year of change yet,' delivering a GBP 30 million savings plan, including moving administration into patient support centers to improve customer experience. The company also continued expanding its primary care business and investing in surgical robots to enhance clinical capabilities.

  • Spire reported full-year 2025 results on March 5, 2026.

The players

Spire Healthcare Group

A leading private hospital operator in the UK, providing a range of medical treatments and services.

Justin Ash

Group Chief Executive of Spire Healthcare Group.

Harbant Samra

Chief Financial Officer of Spire Healthcare Group.

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What they’re saying

“We must not let individuals continue to damage private property in San Francisco.”

— Robert Jenkins, San Francisco resident (San Francisco Chronicle)

What’s next

The company said it expects NHS revenue to be down about 25% in the first quarter of 2026 due to activity management plans, but it expects approximately 4% growth in private revenue in Q1, with self-pay up around 6%. For the full year 2026, Spire is targeting adjusted EBITDA 'broadly in line with 2025' as it navigates the uncertain NHS environment.

The takeaway

Spire Healthcare's resilient 2025 performance, driven by its transformation initiatives and growing self-pay and primary care businesses, highlights the company's ability to adapt to challenges in the UK healthcare market. However, the significant uncertainty around NHS activity levels in 2026 remains a key concern for the company's short-term outlook.