This report does not constitute a rating action. Gruppo San Donato’s (GSD) year-to-date performance remains aligned with our expectations, characterized by continued revenue growth and margin expansion. In the first half of 2026, revenues increased 3.3%, driven by rising volumes from public-insured (revenues up 3.6% year-over-year [yoy]) and private-insured (up 6.6%) patients from both inpatient (+2.2%) and outpatient (+10.3%) activities. Notably, Polish sales grew 13.6% yoy, reflecting the successful integration of Scanmed and AHP completed in 2025. Reported EBITDA margins reached approximately 15.5% as of June 30, 2026, a 120-basis-point improvement compared to the prior year. During the first half of 2026, the company paid a €50 million dividend to its parent company, Papiniano SpA, an outflow that we did
