Optima Health Exceeds FY26 EBITDA Expectations by 10% Following PAM Acquisition

Procurement matter settled: £4.7 million recognised as other income

The previously disclosed procurement issue has been resolved. Optima recognised £2.3 million of other operating income in H1 FY26 and a further £2.4 million in H2 FY26. That is £4.7 million for the year.

Important nuance: this is disclosed as “other operating income”. Whether any of this features in adjusted EBITDA depends on the company’s exact definition, which is not set out here. Either way, it supports FY26 reported profit and cash generation optics, but investors should treat it as one-off in nature rather than recurring trading profit.

Key figures and milestones at a glance

FY26 adjusted EBITDA consensus	£18.1 million
Company guidance vs consensus	c.10% ahead
Indicative implied EBITDA (my calc)	c.£19.9 million
Other operating income recognised H1 FY26	£2.3 million
Other operating income recognised H2 FY26	£2.4 million
Total other operating income in FY26	£4.7 million
Medium-term revenue target	£200 million
Medium-term adjusted EBITDA target	£40 million
PAM acquisition completion	26 March 2026
Team and clinical footprint	More than 2,000 staff including 1,250 clinicians, 50+ clinics
Operations	UK and Ireland

Why this looks positive for shareholders

Beating expectations matters. Markets price shares based on forecasts, so any credible beat tends to nudge sentiment the right way. The company is also leaning into growth with PAM, which should enlarge its share of a market it calls attractive and growing.

The near-term setup is helpful: strong H2 trading, a recently settled procurement matter, and a larger platform that can absorb overheads more efficiently. If management can execute on the promised synergies and keep organic momentum going, those medium-term targets start to look more tangible.

But keep the caveats in mind

• Unaudited and high level: No FY26 revenue or cash detail here. We will need the Q2 trading update for the full picture.
• One-offs vs underlying: £4.7 million of other operating income supported FY26. It is not disclosed whether this is included in adjusted EBITDA, so treat it carefully when judging underlying run-rate.
• Integration risk: PAM closed late in the year. Synergy delivery is promised but unquantified. Timelines, costs to integrate, and client retention will matter.
• Targets vs trajectory: £200 million revenue and £40 million adjusted EBITDA are ambitious. Investors should look for stepping stones – quarterly momentum, margin progression, and evidence of synergy capture.

What to watch in the next update

• Clear FY26 numbers: revenue, adjusted EBITDA, cash flow, and any split between organic performance and one-offs.
• Synergy roadmap: scope, quantum, timing, and one-off integration costs tied to PAM.
• Growth commentary: pipeline and retention in core public and private sector customers in the UK and Ireland.
• Definition detail: explicit reconciliation of adjusted EBITDA and treatment of other operating income.

My take

This is a tidy, confidence-building update from Optima Health (AIM: OPT). Beating EBITDA expectations by about 10% is a meaningful signal, and the PAM deal adds heft in a market where scale matters. The settlement-driven other income is helpful this year but should be treated as non-recurring when assessing the underlying engine.

From here, it is all about execution. If management can quantify and deliver the “significant” synergies, protect service quality across 50+ clinics and 1,250 clinicians, and keep organic demand ticking up, the medium-term £40 million EBITDA target does not look far-fetched. I will be watching the Q2 trading update closely for the detail behind today’s upbeat headlines.