The operating result (EBITDA) of hospitals stabilizes in 2025, after years of decline. At 7.2%, EBITDA remains just above the threshold for a healthy operating result. Despite rising staff costs, the average net result has not deteriorated. In 2025, hospitals invested even less than in previous years. It is necessary for hospitals to invest more in the coming years, and it is inevitable that capital charges will rise. An improvement in the operating result is needed to absorb and finance increasing capital charges.