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ORPEA Earnings Release 2025
1578_rns_2026-04-08_1bbc7fae-91e7-4ffe-a600-10d4e7c0f057.pdf
Earnings Release
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emeis
PRESS RELEASE
Puteaux, April 8, 2026
2025 Results
2025 targets exceeded
Improvements across all financial and operational indicators...
... as well as quality and satisfaction indicators
A favorable trend set to continue in the coming years ...
... with a financial structure that is now sustainably strengthened
2026 and medium-term targets confirmed
A recovery trajectory continuing across all key figures...
- Revenue up +6.1% on a like-for-like basis¹, with occupancy rates rising by an average of +1.8 percentage points year-on-year to 87.6%: a favorable trend continuing into early 2026
- EBITDAR² up by +19.2% on a like-for-like basis¹ exceeding guidance (between +15% and +18%)
- Performance driven by all business lines and regions (particularly in France and Germany)
- Momentum shows no sign of slowing: EBITDAR in the second half of the year up by +19%¹ over six months (vs. H1 2025)
- EBIT up by €171m to €173m in 2025 (vs. €2m in 2024)
- Net profit attributable to the Group remains negative (-€298m) but improves by +€114m
- Net current operating cash flow of €190m (vs. €15m in 2024) and FCF (free cash flow) of €347m in 2025 (vs. -€298 million in 2024)
... driven by very favorable quality indicators and commercial efficiency
- Resident satisfaction rate on the rise (93.4% vs. 90.4% in 2022) and resident Net Promoter Score rising sharply (41 at end-2025 vs. 18 in 2022)
- Significant increase in new resident admissions, up 10% in 2025 (vs. 2024) and up 21% vs. 2023 in France
- Improvement in 2025 in scores awarded by non-financial rating agencies (S&P, Sustainalytics, ISS)
A sustainably improved balance sheet structure
- €2.35bn in divestments³ finalised since mid-2022 or under agreement by the end of December 2025, excluding the divestment of the Swiss nursing home operations, which emeis no longer intends to finalise
- €3.15bn in new financing (average maturity of 5.5 years), enabling the refinancing of the Group’s entire bank debt
- Debt ratio⁴ is falling rapidly, now standing at 9.9x (pro forma Isernia⁵) at the end of 2025 compared with 19.5x at the end of 2024, with net debt (excluding IFRS 5, 9 & 16) down by €1bn year-on-year to €3.78bn³
Operational momentum set to continue in the coming years
- Confirmation of medium-term guidance: EBITDAR growth on a like-for-like basis¹ of between +12% and +16% on average (CAGR 2024–2028)
- For 2026: expected EBITDAR growth on a like-for-like basis¹ of over +10%, representing an expected average growth rate (CAGR) between 2024 and 2026 of over +15%¹. A trend now confirmed despite the risk of inflationary pressures on energy prices
¹ On a like-for-like basis (excluding contributions from operating segments disposed of during the period)
² Including €64 million in capital gains from real estate disposals in 2025 (vs. €28 million in 2024)
³ Including partial disposals
⁴ Net debt excluding IFRS 5 and 16 / EBITDA excluding IFRS 16
⁵ Pro forma figures following the completion of the real estate partnership (Isemia) on 14 January 2026
emeis - 12, rue Jean Jaurès 92813 Puteaux Cedex
www.emeis.com
PRESS RELEASE
| Key income statement aggregates - (in €m) | 2024 | 2025 | Change (%) |
|---|---|---|---|
| Average occupancy rate (%) - nursing homes | 85.2% | 87.2% | +2.0 pts |
| REVENUE | 5,636 | 5,895 | +4.6% |
| Staff costs | (3,802) | (3,949) | +3.9% |
| Other costs | (1,093) | (1,075) | -1.7% |
| EBITDAR^{6} | 740 | 872 | +17.7% |
| EBITDAR margin (%) | 13.1% | 14.8% | +1.7 pt |
| EBITDA | 694 | 833 | +20.0% |
| EBITDA margin (%) | 12.3% | 14.1% | +1.8 pt |
| Pre-IFRS 16 EBITDA | 245 | 380 | +55.1% |
| Pre-IFRS 16 EBITDA margin (%) | 4.3% | 6.4% | +2.1 pts |
| EBIT | 2 | 173 | +€175m |
| Other non-recurring income and expenses | (40) | (126) | ns |
| Net financial expenses | (321) | (312) | -2.8% |
| NET PROFIT ATTRIBUTABLE TO THE GROUP | (412) | (298) | +€114m |
| Key cash flow aggregates - (in €m) | |||
| --- | --- | --- | --- |
| Net Current Operating Cash Flow | 15 | 190 | +€175m |
| Recurring Free Cash Flow^{7} | (162) | (46) | +€116m |
| Free cash flow | (298) | 347 | +€645m |
| Key balance sheet aggregates - (in €m) | 2024 | 2025 | |
| --- | --- | --- | --- |
| Net financial debt (excluding IFRS 16, IFRS 5 and IFRS 9) | 4,775 | 4,484 | (€291m) |
| Cash position (excluding IFRS 5) | 524 | 349 | (€176m) |
| Net debt / EBITDA^{6} | 19.5x | 11.8x | -7.6x |
| (9.9x pro forma) | (-9.6x proforma) |
Laurent Guillot, Chief Executive Officer: "Our operational and strategic achievements in 2025 show that we are on track and even ahead of our commitments. We have exceeded our divestment targets, refinanced our debt and finalised the creation of the property company Isemia. At the same time, our operational performance has confirmed the strong recovery trend observed for nearly two years now. This trend is underpinned by the Group's improvement across all quality and satisfaction indicators, which is set to continue in the coming years. All these achievements have enabled us to exit the accelerated safeguard plan in record time", a powerful symbol of our Group's return to normality, and reinforces our short- and medium-term outlook, particularly in France. This performance, let us recall, was underpinned by a relationship of trust with our residents, our patients and their loved ones, now restored thanks to the unfailing commitment of the teams in our facilities.
It is with confidence that we can now look to the future and confirm our objectives for 2026 and the medium term. By becoming a Mission-Driven Company in June 2025, we have also opened a new chapter in the pursuit of an inclusive, sustainable and deeply human vision for society."
Press contacts
Isabelle HERRIER NAUYLE
Head of Media Relations &
Online Reputation
07 70 29 53 74
[email protected]
IMAGE 7
Charlotte LE BARBIER
06 78 37 27 60
[email protected] //
Investor Relations
Samuel Henry Diesbach
Head of Investor Relations
Capital Markets and Debt
[email protected]
Shareholder helpline
0 805 480 480
NEWCAP
Dusan ORESANSKY
01 44 71 94 94
[email protected]
About emeis
With nearly 83,500 experts and professionals in healthcare, nursing and support for the most vulnerable, emeis is present in around 20 countries and covers five areas of activity: psychiatric clinics, medical and rehabilitation clinics, nursing homes, home care and services, and assisted living facilities.
emeis welcomes nearly 280,000 residents, patients and beneficiaries every year. emeis is committed to addressing one of the major challenges facing our societies: the increase in the number of people made vulnerable by life events, old age or mental illness.
In June 2025, emeis became a mission-driven company, enshrining four commitments in its articles of association: to work to change perceptions of the most vulnerable and their loved ones in order to achieve true inclusion; to contribute to the fair recognition and attractiveness of our professions; to make caring for the most vulnerable a major contribution to local social ties and territorial cohesion; and innovate to contribute to care that respects the planet and living beings.
emeis, 50.3% owned by Caisse des Dépôts, CNP Assurances, MAIF and MACSF Epargne Retraite, is listed on Euronext Paris (ISIN: FR001400NLM4) and is a member of the SBF 120, CAC Mid 60 and CAC All-Tradable indices.
Website: www.emeis.com
www.emeis.com
emeis - 12 Rue Jean Jaurès, 92813 Puteaux Cedex
Page 2 on 19
PRESS RELEASE
1- Key items in the income statement at the end of 2025
All key figures in the Group's income statement show a very significant improvement compared with 2024.
| (in €m) | 2024 | 2025 | Change |
|---|---|---|---|
| REVENUE | 5,636 | 5,895 | +4.6% |
| Staff costs | (3,802) | (3,949) | +3.9% |
| Other costs | (1,093) | (1,075) | -1.7% |
| EBITDAR | 740 | 872 | +17.7% |
| EBITDAR margin (%) | 13.1% | 14.8% | +1.7 pt |
| Of which real estate gains | 28 | 65 | n/a |
| EBITDA | 694 | 833 | +20.0% |
| EBITDA margin (%) | 12.3% | 14.1% | +1.8 pt |
| Rent and other | (495) | (492) | -0.8% |
| Pre-IFRS 16 EBITDA | 245 | 380 | +55.1% |
| Pre-IFRS 16 EBITDA margin (%) | 4.3% | 6.5% | +2.1 pts |
| Depreciation and amortisation | (664) | (609) | -8.2% |
| Impairments and provisions | (29) | (51) | |
| CURRENT OPERATING PROFIT | 2 | 173 | +€171 m |
| Non-recurring | (40) | (126) | (€85 m) |
| Net finance costs | (322) | (312) | -3.2% |
| PROFIT BEFORE TAX | (360) | (264) | +€96 m |
| Tax expense | (29) | (34) | - |
| Share of profit in associates and joint ventures | (27) | (1) | - |
| Share attributable to minority interests | 3 | 0 | - |
| NET PROFIT ATTRIBUTABLE TO THE GROUP | (412) | (298) | +€114 m |
| Diluted earnings per share (in € per share) | (2.73) | (1.85) | n/a |
Operating margins are growing strongly in 2025, driven by continued organic revenue growth and control of operating expenses. EBITDAR margins are also rising across all geographical regions, with a significant contribution from France and Northern Europe.
On a like-for-like basis, the Group's EBITDAR is up by +19.2%, and EBITDA by +58% compared with 2024. This momentum continues into the second half of the year, with EBITDAR rising by +18.7% in the second half compared with the first.
As a percentage of revenue, the EBITDAR margin thus rose from 13.1% in 2024 to 14.8% in 2025, and even reached 15.8% in the second half of 2025, a significant increase of 2 percentage points compared with the first half.
EBITDA (excluding IFRS 16) rose sharply (+€135m), driven by strong operational momentum as well as effective control of rental costs in 2025 compared with 2024 (asset acquisitions, lease negotiations, disposals of facilities operations, etc.)
Consequently, recurring operating profit (EBIT) rose significantly (+€171m) and became largely positive, now reaching €173m, compared with just €2m a year ago, also benefiting from a reduction in amortization and despite an increase in provisions in France.
Non-recurring expenses, however, are temporarily high, thereby limiting the growth in net profit in 2025. They have increased by nearly €85m, notably due to costs related either to the closure of certain facilities in 2025 (mainly in France, Belgium and Germany) or to exceptional transactions in 2025 (refinancing announced in December 2025, the creation of the Isemia property company finalised in January 2026, and other disposals and projects of disposals).
Net profit attributable to the Group, although still negative in the first half of the year and impacted by temporary increases in non-recurring expenses and provisions, rose by €114m over the period, suggesting a favorable trend that is very encouraging for the coming six-month periods.
emeis
www.emeis.com
emeis - 12 Rue Jean Jaurès, 92813 Puteaux Cedex
PRESS RELEASE
2- Continued improvement in non-financial performance
Quality indicators trending very favorably, evidence of restored confidence
In 2025, indicators relating to the satisfaction of patients and residents, as well as their relatives, showed a very favorable trend.
The resident satisfaction rate measured in 2025 across the Group's facilities now stands at 93.5%, up by 40 basis points compared to 2024, and by more than 300 basis points compared to 2022. The overall satisfaction rate, including both residents and their relatives, has also risen significantly to 92.5% (compared with 90.3% in 2022). These indicators demonstrate the restoration of the relationship of trust that the emeis teams have built over recent years, thereby facilitating the recovery in occupancy rates that has been underway since then.
The Net Promoter Score (NPS), which also measures the satisfaction and loyalty of residents, patients and their relatives, is rising sharply. The residents' NPS reached 41 in 2025, which is 4 points higher than in 2024 and 23 points higher than in 2022. This significant improvement highlights the importance of the measures taken in recent years to restore confidence in the Group.
Furthermore, in terms of quality, ratings from the HAS (Haute Autorité de Santé) show that 99% of the Group's facilities in France fall into the top two categories (A and B), well above the sector average (78%).
| Quality | 2024 | 2025 |
|---|---|---|
| Satisfaction rate (residents) | 93,0% | 93,4% |
| Care satisfaction rate (residents) | 92,9% | 93,6% |
| Satisfaction rate regarding the activities offered and events organized (residents) | 90,9% | 91,3% |
| Satisfaction rate related to food (Nursing homes) | 87% | 88% |
| NPS (residents) | 37 | 41 |
| Quality of cares - Bedsore rate | 2,2% | 1,9% |
| Quality of care - Restraint rate (physical restraint) | 13,1% | 11,2% |
| HAS notation (Haute Autorité de Santé) | 3,89/4 | ns |
| % of facilities in the 2 best HAS categories | 99,0% | |
| % of facilities certified by an external organization/regulator (ISO9001 or equivalent) | 89% | 91% |
| Human Ressources | 2024 | |
| Turnover ratio | 28,4% | 26,2% |
| Absenteism | 8,7% | 9,2% |
| Employee's engagement rate | - | 62% |
| Work-related accident frequency rate | 21,2 | 23,1 |
| % of women on the Group executive Committee | 51% | 50% |
| % of Group employees in exposed functions trained in the anti-corruption management system | 69% | 69% |
| Others | 2024 | |
| % of facilities with a territorial anchoring initiative | 79% | 75% |
| % of facilities in countries with a research partnership with a university or college | 89,9% | 99,6% |
| % of Group suppliers who have signed the Responsible Purchasing Charter | 96% | 98% |
| Annual energy-related carbon intensities (scopes 1 & 2) | 26,71 kgCO2 eq/m³ | 24,29 kgCO2 eq/m³ |
At the same time, our indicators relating to the quality of care (rates of falls, pressure ulcers and physical restraints) have once again improved in 2025, placing us among the best in the sector.
www.emeis.com
emeis - 12 Rue Jean Jaurès, 92813 Puteaux Cedex
PRESS RELEASE
The Group has also reported an improvement in its non-financial indicators relating to human resources, particularly regarding staff turnover, and has published an 'employee' NPS for the first time.
Finally, on the 'climate' front, the carbon intensity of the facilities operated by the Group has fallen by nearly 9% this year.
Improvement in the Group's non-financial rating
Since the start of 2025, certain ratings issued by the non-financial rating agencies with which emeis is in constant dialogue have been updated.
- The risk level thus assigned to the Group by Sustainalytics is now classified as "medium" (vs. "high" at the start of 2024), an improvement of 26%.
- The ESG score assigned to the Group by S&P has improved by 7%, reaching a score of 32 (compared to 30 in 2024).
- The score issued by ISS in March 2026 marks a 9% improvement since the end of 2024 to 65.8 (vs. 60.4 in September 2024), enabling emeis to be rated B- (vs. C+ previously).
The ratings from S&P (32), ISS (65.8) and Sustainalytics (21.6) are already above the sector average.
Your Voice employee survey
The first edition of the annual Your Voice @emeis employee survey – your voice matters! (January 7 – 31, 2025) achieved a 48% response rate (up to 80% in some countries such as Ireland and Poland) and over 42,000 comments. The engagement level stands at 62%, with generally positive perceptions compared to external benchmarks: recognition (+9 points), quality of leadership (+5 points), mutual support and team spirit (+4 points), training and development (+5 to +8 points).
Whilst ensuring adequate resources in a context of scarcity remains a challenge, this first edition demonstrates an encouraging level of engagement, particularly within a Group where most employees are not connected.
100% of the results have been shared with the teams and are being rolled out according to the '3 x 3' principle (3 actions at 3 levels: country / region / facilities). In France, for example, more than 750 actions are currently underway.
emeis
www.emeis.com
emeis - 12 Rue Jean Jaurès, 92813 Puteaux Cedex
Page 5 on 19
PRESS RELEASE
3- Revenue: sustained growth in 2025, driven by nursing homes and international operations
At the end of December 2025, the Group's revenue stood at nearly €5.895 billion, up +6.1% on an organic basis¹⁰. This increase reflects a combination of three factors, all of which are favorable:
- A positive price effect, supporting organic growth by 3.3%
- An increase in the average occupancy rate of +1.8 percentage points, contributing +1.7% to organic growth
- Contribution from new facilities opened since early 2024, still in the ramp-up phase (+1%)
| in €m | Q4 2024 | Q4 2025 | Change | o/w organic | 2024 | 2025 | Change | o/w organic |
|---|---|---|---|---|---|---|---|---|
| France | 616 | 621 | +0,8% | +1,0% | 2,381 | 2,416 | +1,5% | +1,7% |
| ow. Nursing homes | 291 | 289 | -0,6% | -0,1% | 1,113 | 1,139 | +2,3% | +2,6% |
| ow. Clinics & others | 326 | 332 | +1,9% | +1,9% | 1,268 | 1,277 | +0,7% | +1,0% |
| Northern Europe | 422 | 457 | +8,3% | +9,7% | 1,630 | 1,778 | +9,1% | +10,6% |
| ow. Germany | 244 | 259 | +6,4% | +8,0% | 946 | 1,018 | +7,6% | +9,5% |
| Central Europe | 252 | 250 | -0,8% | +6,4% | 966 | 987 | +2,2% | +7,0% |
| Southern Europe and Latam | 114 | 119 | +4,4% | +7,9% | 434 | 471 | +8,6% | +9,6% |
| Other geographies | 58 | 60 | +2,1% | +3,6% | 225 | 242 | +7,7% | +9,7% |
| Total revenue | 1,463 | 1,507 | +3,0% | +5,0% | 5,636 | 5,895 | +4,6% | +6,1% |
| Nursing Homes | 944 | 982 | +4,0% | +6,7% | 3,621 | 3,853 | +6,4% | +8,1% |
| Clinics + others | 518 | 525 | +1,3% | +2,0% | 2,015 | 2,042 | +1,3% | +2,5% |
Sustained growth across the portfolio of nursing homes
This organic revenue growth reflects the ongoing recovery of emeis’s business, which began nearly two years ago and is now bearing fruit. Since mid-2022, the Group has focused in particular on segmenting its offering to better meet the needs of its residents and patients. emeis has also stepped up its efforts regarding the quality of care and the care pathways for its residents. These efforts have been accompanied by the launch of a new brand, signalling the Group’s renewal.
This momentum is driven primarily by nursing homes (accounting for nearly two-thirds of the Group’s business), where revenue grew by 8.1% on an organic basis, driven by a significant rise in the average occupancy rate (up 2 percentage points over 12 months).
Particularly strong organic growth in Northern Europe and Southern Europe & Latin America
Performance was particularly strong in non-domestic European markets (+9.4% on a like-for-like basis), benefiting from significant pricing effects (notably in Germany and Austria) and a marked increase in occupancy (in Austria, the Netherlands and Spain). The contribution from recent openings was mainly seen in the Netherlands and Spain.
In France, the momentum continues in nursing homes. It is more modest in clinics, although the final quarters of 2025 are encouraging. Within this scope, organic performance has gradually improved, quarter by quarter in 2025. Whilst the change in revenue on a like-for-like basis within this scope was -2.7% in the first quarter, it now stands at +1% for the full year, evidence of a gradual recovery, particularly in terms of private rooms.
It should also be noted that revenue growth in Central Europe (+2.2%) is understated by the disposal of the Group’s operations in the Czech Republic, which were removed from the Group’s scope on 31 March 2025. On a like-for-like basis, revenue in this region rose by +7.0%.
emeis
¹⁰ Including a 'constant number of days' adjustment relating to the calendar difference between 2024 and 2025 (2024 is a leap year)
www.emeis.com
emeis - 12 Rue Jean Jaurès, 92813 Puteaux Cedex
PRESS RELEASE
4- Occupancy rate: favorable momentum continues
| Average Occupancy rates | Quarterly | Yearly | ||||||
|---|---|---|---|---|---|---|---|---|
| Q4 2024 | Q4 2025 | Var. | T4 2025 (organic excl. openings) | 2024 | 2025 | Var. | HI 2025 (organic excl. openings) | |
| France | 86,8% | 88,4% | +1,6pt | 89,1% | 86,1% | 87,8%* | +1,7pt | 88,0% |
| Nursing Homes | 83,8% | 85,6% | +1,8pt | 86,7% | 82,8% | 84,7%* | +1,9pt | 84,9% |
| Clinics | 91,8% | 93,1% | +1,3pt | 93,1% | 91,6% | 93,0%* | +1,4pt | 93,0% |
| Northern Europe | 84,7% | 87,6% | +2,9pt | 88,3% | 83,6% | 86,4%* | +2,8pt | 87,4% |
| Germany | 84,6% | 87,9% | +3,3pt | 88,0% | 83,7% | 86,7%* | +3,0pt | 87,3% |
| Central Europe | 91,5% | 92,9% | +1,4pt | 93,3% | 90,5% | 92,4%* | +1,9pt | 92,7% |
| Southern Europe & Latam | 85,1% | 88,5% | +3,4pt | 92,6% | 86,9% | 87,8%* | +0,9pt | 92,6% |
| Other Geographies | 76,8% | 76,3% | -0,5pt | 78,1% | 76,2% | 77,7%* | +1,5pt | 79,2% |
| Total | 86,2% | 88,2% | +2,0pt | 89,4% | 85,8% | 87,6%* | +1,8pt | 88,7% |
| Average Occupancy Rates | Q4 2024 | Q4 2025 | Var. | T4 2025 (organic excl. openings) | 2024 | 2025 | Var. | HI 2025 (organic excl. openings) |
| Nursing Homes | 85,9% | 88,1%* | +2,2pt | 89,5% | 85,2% | 87,2%* | +2,0pt | 88,5% |
| Clinics | 87,3% | 88,5%* | +1,1pt | 89,0% | 87,8% | 88,8%* | +1,0pt | 89,5% |
| Total | 86,2% | 88,2% | +2,0pt | 89,4% | 85,8% | 87,6%* | +1,8pt | 88,7% |
The Group's average occupancy rate rose by 1.8 percentage points year-on-year to reach 87.6% in 2025, continuing the gradual recovery in this metric that began in early 2024. This recovery is mainly driven by nursing homes, whose average occupancy rate rose by 2.0 percentage points year-on-year, now standing at 87.2% (vs. 85.2% at the end of 2024 and 82.1% at the end of 2023).
It should be noted that these occupancy rates would be higher if only mature facilities were considered. Excluding facilities opened in 2024 and 2025, the Group's average occupancy rate would be 88.7%. The difference between the overall average occupancy rate and that measured for mature facilities is particularly significant in Southern Europe (87.8% overall and 92.6% for mature facilities) due to the significant weight of recently opened facilities, mainly at the end of 2024.
Although the levels achieved still fall short of the Group's ambitions, the momentum of the recovery is encouraging and confirms the favorable trend the Group is on for the coming financial years, which is set to continue into early 2026.
- In France (41% of the Group's revenue), the average occupancy rate rose by 1.7 percentage points to 87.8%. In French nursing homes, the occupancy rate (84.7%) was up by 1.9 percentage points compared with 2024.
- In Northern Europe (30% of the Group's revenue), the occupancy rate continues to rise at a steady pace, increasing by 2.8 percentage points to 86.4%. This positive momentum reflects the ongoing recovery of business in Germany, with an annual improvement rate remaining at nearly +3 percentage points, as well as the ramp-up of recently opened facilities in the Netherlands.
- In Central Europe (17% of the Group's revenue), occupancy rates now exceed 92% on average, returning to pre-Covid levels, with a solid year-on-year increase of nearly 2 percentage points.
- In Southern Europe & Latin America (8% of the Group's revenue), the improvement is also notable here, although masked by the impact of recently opened facilities, mainly in the final quarter of 2024. Excluding recently opened facilities, the occupancy rate stands at 92.6% across the region.
emeis
www.emeis.com
emeis - 12 Rue Jean Jaurès, 92813 Puteaux Cedex
PRESS RELEASE
5- Operating margins: strong growth in EBITDAR and EBITDA (excluding IFRS 16), which did not slow in the second half of the year, driven by France and Northern Europe
| in €m | 2024 | 2025 | % change | % Var. LFL |
|---|---|---|---|---|
| Revenues | 5 636 | 5895 | +4,6% | +6,1% |
| Staff costs | -3 802 | -3 949 | +3,9% | +4,6% |
| Other costs | -1 093 | -1 075 | -1,7% | -0,7% |
| EBITDAR** | 740 | 872 | +17,7% | +19,2% |
| in % of revenues | 13,1% | 14,8% | +1,6 pt | +1,7 pt |
| External rental costs | -495 | -492 | -0,8% | -0,1% |
| Pre IFRS 16 EBITDA** | 245 | 380 | +55,1% | +58,3% |
| in % of revenues | 4,3% | 6,4% | +2,1 pts | +2,2 pts |
*Excl. Change in prederme € (excl. 9 equals LFL) (1) (2) (3) (4) (5) (6) (7) (8) (9) (10)
| H1 2025 | H2 2025 | % Var. |
|---|---|---|
| 2 908 | 2 987 | 2,7% |
| -1 960 | -1 989 | +1,5% |
| -546 | -529 | -3,2% |
| 401 | 471 | +17,3% |
| 13,8% | 15,8% | +2,0 pts |
| -243 | -249 | +2,3% |
| 158 | 222 | +40,5% |
| 5,4% | 7,4% | +2,0 pts |
**In % of revenues (excl. 9 equals LFL) (1) (2) (3) (4) (5) (6) (7) (8) (9)
The positive trend in revenue (+6.1% on a like-for-like basis) had a very favorable impact on operating margins in 2025, with increases on a like-for-like basis (adjusted for the impact of operational disposals) of +19.2% for EBITDAR, and +58% for non-IFRS 16 EBITDA year-on-year.
- The two main geographical regions contributing to the Group's EBITDAR growth are Northern Europe (Germany and the Netherlands), up by +30%, and France (+15%).
- The second half of the year showed a significant improvement over the first half, with a growth rate of +17.3% (and +18.7% on a like-for-like basis), and an EBITDAR margin now approaching 16%.
| EBITDAR (in €m) | 2024 | 2025 | Var. 12 months | Var. 12 months constant perimeter |
|---|---|---|---|---|
| France | 241 | 278 | +15,3 % | +15,1 % |
| in % of sales | 10,1 % | 11,5 % | +1,4 pts | +1,4 pts |
| Northern Europe | 238 | 310 | +29,9 % | +29,9 % |
| in % of sales | 14,6 % | 17,4 % | +2,8 pts | +2,8 pts |
| Central Europe | 191 | 188 | (1,5)% | +3,7 % |
| in % of sales | 19,7 % | 19,0 % | (0,7) pts | (0,6) pts |
| Southern Europe & Latam | 45 | 49 | +9,3 % | +9,3 % |
| in % of sales | 10,3 % | 10,4 % | +0,1 pts | +0,1 pts |
| Other countries | 27 | 20 | ns | ns |
| Headquarters (incl. capital gains on property disposals) | (1) | 28 | ns | ns |
| Group EBITDAR | 740 | 872 | +17,7 % | +19,2 % |
| in % of sales | 13,1 % | 14,8 % | +1,6 pts | +1,7 pts |
| H1 2025 | H2 2025 | Var 6 months constant perimeter | ||
| --- | --- | --- | ||
| 123 | 155 | +26,4 % | ||
| 10,2 % | 12,6 % | |||
| 147 | 163 | +10,6 % | ||
| 16,7 % | 17,9 % | |||
| 94 | 94 | +4,1 % | ||
| 19,7 % | 19,0 % | |||
| 23 | 26 | +12,7 % | ||
| 9,7 % | 10,8 % | |||
| 17 | 3 | ns | ||
| (2) | 31 | ns | ||
| 401 | 471 | +18,7 % | ||
| 13,8 % | 15,8 % | +2,0 pts |
These results thus reflect the impact of operational growth, bolstered by the control of operating expenses, the growth of which remains, particularly in France, significantly lower than that of revenue. Consequently, over 50% of the increase in revenue is passed on to EBITDA (excluding IFRS 16).
It should be noted, however, that in Ireland (2.6% of revenue), emeis operations were impacted in 2025 by a controversy, following which seven facilities had to temporarily suspend admissions. To date, all of these facilities have reopened, but their occupancy rates and therefore their operational performance have inevitably deteriorated over the period.
The EBITDAR margin rose by 1.7 percentage points on a like-for-like basis, although still below the Group's target, now standing at 14.8% of revenue for the full year, and approaching 16% of revenue for the second half alone (nearly 20% in Central Europe, 18% in Northern Europe and 13% in France).
As a percentage of revenue, the EBITDA margin (excluding IFRS 16) rose by 2.1 percentage points year-on-year, now standing at 6.4%. For information, in the second half of the year alone, this figure had already reached 7.4%.
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PRESS RELEASE
The increase in EBITDAR in 2025 is partly driven by higher capital gains on disposals, which reached €64m (vs. €28m in 2024). Excluding this contribution, which was higher than usual this year due to a significant volume of real estate disposals, EBITDAR growth remains high, at +15% on a like-for-like basis.
6- Divestments: a divestment plan significantly exceeded, with nearly €2.35bn¹¹ in divestments completed since mid-2022 or secured by the end of 2025
Since mid-2022, the volume of disposals and partial disposals completed or signed to date amounts to nearly €2.35 bn¹¹,¹² compared with a volume of €916m at the end of 2024, thus far exceeding the Group’s initial target of achieving a disposal volume of €1.5 bn.
These disposals consist mainly of real estate transactions, but also include certain disposals of operating assets. Of this total, nearly €1bn¹² remained to be received as at the end of December 2025, including €761m¹³ relating to the Isemia real estate partnership, announced in September 2025 and finalized in January 2026.
In 2025 alone, a total of €703 m from disposals was received, comprising:
- €538 m from real estate disposals finalized since the start of the year. Less than 40% of these were carried out as ‘sale and leasebacks’ with a yield of less than 5.9%. The majority of real estate disposals took place in France (57%), Switzerland (25%) and Netherlands (11%), and were generally finalized in line with market values as at the end of 2024.
- €165 m in disposals of operational assets, mainly in the Czech Republic (also in Italy and Belgium)
At the end of 2025, nearly €1 billion¹² in secured disposals remained to be received, including:
- €761 million relating to the “Isemia” real estate partnership¹⁴, which was received on 14 January 2026
- And €216 million from other operational and real estate disposals
Now that the disposal plan has been significantly exceeded, the Group’s financial structure has been considerably and sustainably strengthened, and emeis’s operational performance confirms a favorable trend quarter after quarter, the Group intends to be particularly selective regarding any further disposals in the coming financial years.
Update on the process of divesting nursing homes in Switzerland
The real estate component of this transaction has been successfully completed, with the sale for €159 million of the facilities of seven care homes previously owned by emeis to two institutional real estate investors.
With regard to the operational aspect of the transaction, following an internal review, emeis has determined that the sale of its nursing home operations in Switzerland is no longer in the company’s best interests.
emeis therefore no longer intends to finalise this transaction.
Update on the process to divest operations in the Latin America region
emeis has also initiated a process aimed at divesting all its activities in Latin America¹⁵. These divestments are expected to be carried out progressively, mainly during 2026, and to a lesser extent in 2027. By the end of December 2025, nearly 5% of the total had already been finalised, mainly concerning real estate assets.
Thus, of the €328 m in other operational and real estate disposals that were under agreement at the end of December 2025 and due to be finalised, it is currently anticipated that only €216 m will be received.
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¹¹ Amount expressed as net sale proceeds before repayment of associated debts, including the operational disposals of Latvia and Age Partner in 2023, Chile in 2024 and the Czech Republic finalised in 2025, and excluding the operation of nursing homes in Switzerland
¹² Amount excluding the operation of nursing homes in Switzerland (see progress update on this page)
¹³ €703 million received on 14 January 2026, net of miscellaneous costs (transfer fees and taxes, advisory fees, etc.)
¹⁴ See procedures of 23 September 2025 and 14 January 2026
¹⁵ Less than 1% of 2025 revenue, non-material EBITDAR
PRESS RELEASE
7- Cash flow at the end of December 2025: Cash flow showing a significant improvement
| In €m | 2024 | 2025 | Chg. |
|---|---|---|---|
| EBITDA pre-IFRS 16 | 245 | 380 | +55.1% |
| Maintenance and IT Capex | (143) | (166) | +16% |
| of which maintenance capex | (104) | (116) | +12% |
| of which IT | (39) | (50) | +28% |
| Other current operating cash flows | (87) | (25) | -71% |
| of which Changes in working capital & Miscellaneous | (59) | (22) | -63% |
| of which tax paid | (28) | (3) | -88% |
| Net Current Operating Cash Flow | 15 | 190 | +€175 m |
| Interest Expense | (177) | (236) | +33% |
| of which "upfront fees" | (23) | n/a | |
| Recurring free cash flow | (162) | (46) | +€116 m |
| Development Capex | (154) | (92) | -40% |
| Non-recurring items | (130) | (117) | -10% |
| Asset portfolio management | 149 | 602 | +305% |
| of which real estate disposals | 286 | 404 | +41% |
| of which Other disposals / investments / charges and taxes | (138) | 198 | n/a |
| Free cash flow | (298) | 347 | +€645 m |
| Change in equity - cash portion | 390 | - | n/a |
| Isemia transaction (closing January 2026) 13 | - | 703 | n/a |
| Reduction (+) in Net Financial Debt (Isemia pro forma) - cash impact | 92 | 1,049 | |
| Impacts of changes in scope (debt), exchange rates and other factors | (191) | (56) | |
| Reduction (+) in Net Financial Debt (pro forma Isemia) | (99) | 994 |
The figures as at the end of December 2025 show a very significant improvement in cash flow aggregates.
- Current net operating cash flow $^{16}$ stands at €190 million in 2025, 12.5 times higher than last year (€15 million in 2024). This recovery in cash flows is mainly due to the operational turnaround, with very strong growth in EBITDA (excluding IFRS 16), but also to effective management of working capital and a tax refund of around €16m.
- Recurring FCF $^{17}$ (recurring free cash flow) has also improved significantly (+€116m). It remains negative (-€46m in 2025) due to exceptional financial expenses linked mainly to the refinancing of bank debt (upfront fees) and early repayment penalties. Excluding these items, recurring FCF is positive (€22 million) for the second half of 2025 alone, further evidence of the ongoing operational recovery. It is expected that maintenance and IT investments will increase temporarily in the coming financial years, in order to accelerate the modernisation of the Group's facilities and optimise IT management tools, thereby enhancing the Group's performance trajectory.
- FCF $^{18}$ (free cash flow) rose sharply over the financial year (+€645m), standing at €347m in 2025 (vs. -€298m in 2024), benefiting from the significant volume of disposals carried out during the financial year.
It should be noted that this FCF does not take into account the Isemia transaction, the completion of which in mid-January 2026 will reduce the Group's net debt by a further €703 million (net of transfer costs and advisory fees), bringing the total reduction to over €1 bn since the end of 2024.
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PRESS RELEASE
8- Net debt down sharply and a significantly improved leverage ratio
Liability management was historically active in 2025, enabling the Group’s financial structure to be strengthened on a sustainable basis. Combined with the sharp recovery in operating margins—which, although still below their normative levels, showed strong growth over the year—and a significant divestment programme, the Group’s net debt¹⁹ fell by €1bn²¹ year-on-year. The financial leverage ratio (Net Debt / EBITDA²⁰) improved significantly, falling from 19.5x at the end of 2024 to 9.9x at the end of 2025 (including Isemia)²¹.
The average cost of spot debt at the end of December 2025 was 4.9%²², with an average maturity of around 5.1 years.
€3.15 billion in new financing²³, enabling the refinancing of the Group’s entire bank debt
In total, €3.15 bn in new financing was secured with an average maturity of 5.5 years and an average spread over EURIBOR of 247 bps²⁴. The financing secured thus enables the early repayment of the former A, B, C and D loans, the outstanding balance of which at the end of October 2025 stood at approximately €2.9bn. This repayment also enabled the Group to exit the accelerated safeguard plan in record time.
Extensions and new factoring programmes providing nearly €300 million in additional liquidity
The Group has set up several new factoring programmes (or extensions of existing programmes) between the end of June and the end of October 2025, securing an additional €289 million in liquidity for the Group.
A staggered repayment schedule that strengthens the Group’s financial structure in the long term
The refinancing of the Group’s entire bank debt significantly extends the maturity of the Group’s debt, bringing it to nearly 5 years, and substantially improves its repayment schedule, as illustrated below.
€1 bn reduction in net debt and a significant improvement in the leverage ratio (pro forma Isemia transaction)
The Group’s debt has improved significantly both in terms of volume and debt ratio during the financial year.
On a pro forma basis for the Isemia real estate partnership, finalised on January 14, 2026, net debt at the end of 2025 stands at €3,781, million (excluding IFRS 16, IFRS 5 and IFRS 9 adjustments), representing a decrease of around €1 billion compared with the end of 2024. This reduction incorporates the effect of the completion of the Isemia transaction (€761m²⁵), but does not take into account other disposals that have now been secured. Excluding the adjustment related to the Isemia transaction, net debt (excluding IFRS 5, 9 and 16 adjustments) is down by €291m.
The leverage ratio (Net debt/EBITDA²⁶) has, for its part, improved significantly, standing at 9.9x pro forma²⁷ at the end of 2025 compared with 15.4x at the end of June 2025 (19.5x at the end of 2024). This favorable trend is set to continue in the coming quarters.
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¹⁹ Excluding IFRS 5, 9 and 16
²⁰ Net debt excluding IFRS 5, 9 and 16, EBITDA excluding IFRS 16
²¹ Pro forma figures for the Isemia real estate partnership, finalised on 14 January 2026
²² incl. PIK and based on a 3-month EURIBOR of 2.05%
²³ See press release of 18 December 2025
²⁴ And 363 basis points all-in, including capitalised PIK (Payment in Kind) interest
²⁵ €703 million received on 14 January 2026 net of miscellaneous costs (transfer fees and taxes, advisory fees, etc.)
²⁶ Net debt excluding IFRS 5, 9 and 16, EBITDA excluding IFRS 16
²⁷ Pro forma for the Isemia transaction, otherwise 11.8x
PRESS RELEASE
To illustrate the future trend, emeis has agreed to a covenant on its bank debt securing a reduction path for this aggregate and requiring a ratio of less than 6.5x from 2029 onwards, thereby allowing for projections of rapid improvement in this indicator in the coming financial years, particularly due to the expected improvement in the Group’s operating margins.
The cash position stood at €349m²⁸ at the end of 2025 (vs. €524m at the end of December 2024). By the end of January, this had improved to €692m.
9- Property valuation at the end of 2025: slight increase in valuations on a like-for-like basis
On a like-for-like basis, the valuation of emeis’s real estate portfolio in 2025 is up compared with 2024 (+1.5% on appraised values including duties, +2.0% for the nursing home portfolio). This slight increase reflects stable capitalisation rates and a slightly favorable ‘business’ effect, reflecting the improved operational outlook, and appears to confirm that the cycle likely bottomed out at the end of 2024.
- In France, this momentum is partly tempered by the rise in stamp duty in 2025. Whilst the year-on-year change in appraised values (including stamp duty) is up by +0.4%, it declines very slightly by -0.3% excluding stamp duty.
- In other geographical areas, valuations show an increase in values everywhere compared with the end of 2024. Generally speaking, values are rising significantly where they were stabilising last year. They are now stable where they were still trending downwards in 2024.
- In Northern Europe, property values have risen modestly (+0.6%) following a decline of around -3% in 2024
- The change in value is more significant in other markets. In Central Europe, values are up by +2.7% on a like-for-like basis, and by +4.1% and +4.5% in Southern Europe and other regions.
The total value of emeis’s real estate portfolio at the end of 2025, based on independent real estate valuations, stands at €5.6 billion²⁹ (of which €4.7 billion was subject to valuation at the end of 2025), compared with a portfolio value of €6.2 billion at the end of 2024.
The 10% decrease in the real estate portfolio on a like-for-like basis reflects the impact of significant property disposals finalised in 2025, either through purely property disposals or through transactions involving operational entities including certain property assets, mainly in Central Europe and France.
| in €bn | 2024 | 2025 | LFL change (%)
Incl. duties | YoY change | Cap rates (Net / Excluding Duties) | |
| --- | --- | --- | --- | --- | --- | --- |
| | | | | | 2024 | 2025 |
| France | 3.0 | 2.7 | +0.4% | -10.5% | 6.4% | 6.4% |
| Northern Europe | 1.0 | 1.0 | +0.6% | -3.2% | 5.7% | 5.7% |
| Central Europe | 0.9 | 0.7 | +2.7% | -24.3% | 6.7% | 7.2% |
| Southern Europe and Latam | 0.8 | 0.8 | +4.1% | -0.2% | 6.1% | 5.9% |
| Other regions | 0.4 | 0.4 | +4.5% | +3.9% | 6.9% | 7.4% |
| Total | 6.2 | 5.6 | +1.5% | -10.0% | 6.33% | 6.38% |
This portfolio represents nearly 44% of the total number of beds operated by the Group at the end of 2025.
49% of this portfolio is located in France, 18% in Northern Europe, 12% in Central Europe, and 15% in Southern Europe.
*Excluding emeis adjustments
**Excluding emeis, including the Isemia scope taken at 100%
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PRESS RELEASE
10- 2026 guidance and medium-term outlook
The medium-term outlook for the Group's key markets is particularly promising for care and support services for the most vulnerable members of society.
The population of seniors aged over 75 is expected to grow by more than 30% within the next 10 years, representing 14% of the population. The structural supply shortfall in the nursing home markets will consequently worsen each year, reaching a shortfall of around 550,000 beds by 2030 and 800,000 beds by 2035 across emeis's five main markets. To illustrate the scale of this future supply shortfall, the French market currently has a total of 650,000 beds.
The prevalence of mental health conditions and chronic illnesses is also continuing to rise significantly, creating a further risk of insufficient supply in the coming years.
This situation of major shortage provides the emeis Group with solid visibility for the coming years, with supply matching rapidly growing demand.
In the medium term, emeis confirms its expectations up to 2028, anticipating that the recovery trend observed since mid-2024 and largely confirmed in 2025 will continue.
- The compound annual growth rate (CAGR) of revenue on a like-for-like basis³⁰ is expected to be between +4% and +5% between 2024 and 2028
- The Group's average annual growth rate (CAGR) for EBITDAR on a like-for-like basis²⁵ is expected to be between +12% and +16% between 2024 and 2028
In the shorter term, for 2026; the trend observed in 2025 will continue, driven by the combined effects of a recovery in occupancy rates, the capture of favorable price effects and better control of operating costs.
It should be noted that emeis's strategy has helped reduce the Group's sensitivity to potential inflationary pressures, should these arise in an uncertain global geopolitical context.
The Group has thus been able to hedge nearly 90% of its energy costs (electricity and gas) for 2026, and nearly 60% for 2027, based on rates lower than those in 2025.
For the record, electricity and gas costs represent nearly 2.5% of the Group's revenue in 2025. Less than 40% of these costs relate directly to energy consumption and are therefore linked to market movements (the remainder corresponding to fixed transmission costs or taxes). The direct impact of rising energy prices is therefore very limited on the Group's margin in 2026.
In addition, emeis has entered into debt hedging arrangements. To date, nearly 30% of the Group's debt is at a fixed rate or is covered by hedging instruments.
Consequently, emeis is currently in a position to confirm that it is maintaining its targets for the financial year, as set out here.
- In 2026, the Group therefore anticipates EBITDAR to rise by more than 10% year-on-year compared with 2025 (on a like-for-like basis, excluding the effects of operational disposals already completed or due to be completed in 2026).
- This guidance brings the average annual growth rate of EBITDAR on a like-for-like basis²⁵ between 2024 and 2026 to at least +15%, suggesting a trajectory that would be at the upper end of the medium-term target range as described above.
emeis
30 Offsetting the impact of divested operating scopes over the period
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PRESS RELEASE
APPENDICES
As part of this announcement, a web conference, hosted by Laurent Guillot (Chief Executive Officer) and Jean-Marc Boursier (Chief Financial Officer), is scheduled for 8 April at 11:00 (CEST). The presentation given during the web conference will be made available online simultaneously, and a recording of the web conference will subsequently be available on the Company's website.
CONSOLIDATED FINANCIAL STATEMENTS AS AT THE END OF DECEMBER 2025
The emeis Group's annual consolidated financial statements for 2025 were approved by the Board of Directors on 7 April 2026.
The audit procedures for the consolidated and annual accounts and the verification work on the sustainability information are currently being finalised. The audit reports on the consolidated accounts and the annual accounts will be issued following the verification of the management report and the completion of our procedures relating to the annual and consolidated accounts presented in accordance with the Single European Electronic Reporting Format.
The report on sustainability information will be issued at the same time
1. Consolidated income statement (reconciliation: pre-IFRS 16 and post-IFRS 16)
| 31/12/2024 | 31/12/2025 | |||||
|---|---|---|---|---|---|---|
| (in million euros) | Pre IFRS 16 | IFRS 16 impact | Post IFRS 16 | Pre IFRS 16 | IFRS 16 impact | Post IFRS 16 |
| REVENUE | 5 636 | - | 5 636 | 5 895 | - | 5 895 |
| Personnel costs | (3,902) | - | (3,802) | (3,949) | - | (3,949) |
| As a % of revenue | -67,5% | n.a. | -67,5% | -67,0% | n.a. | -67,0% |
| Other costs | (1,104) | 11 | (1,093) | (1,088) | 14 | (1,075) |
| As a % of revenue | -19,6% | n.a. | -19,4% | -18,5% | n.a. | -18,2% |
| EBITDAR | 729 | 11 | 740 | 858 | 14 | 872 |
| % EBITDAR | 12,9% | n.a. | 13,1% | 14,6% | n.a. | 14,8% |
| External rental costs | (485) | 439 | (46) | (478) | 440 | (38) |
| EBITDA | 245 | 450 | 694 | 380 | 453 | 833 |
| % EBITDA | 4,3% | n.a. | 12,3% | 6,4% | n.a. | 14,1% |
| Depreciation, amortisation and charges to provisions | (371) | (322) | (693) | (362) | (298) | (660) |
| EBIT | (120) | 129 | 4 | 18 | 155 | 173 |
| As a % of revenue | -2,2% | n.a. | 0,0% | 0,3% | n.a. | 2,9% |
| Net financial result | (196) | (125) | (322) | (187) | (125) | (312) |
| Other non-recurring operating income and expenses | 49 | (89) | (40) | (88) | (38) | (126) |
| Profit / (loss) before tax | (273) | (87) | (360) | (256) | (8) | (264) |
| Income tax | (47) | 18 | (29) | (34) | (0) | (34) |
| Share in profit / (loss) of associates and JV | (27) | - | (27) | (1) | - | (1) |
| NET PROFIT | (347) | (69) | (415) | (291) | (8) | (299) |
| Profit / (loss) attributable to non-controlling interest | 3 | (0) | 3 | 0 | 0 | 0 |
| NET PROFIT ATTRIBUTABLE TO SHAREHOLDERS | (343) | (69) | (412) | (290) | (8) | (298) |
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PRESS RELEASE
2. Consolidated Balance Sheet
| Consolidated balance sheet (in million euros) | 31/12/2024 | 31/12/2025 |
|---|---|---|
| Non-current assets | 11 529 | 10 929 |
| Goodwill | 1 306 | 1 307 |
| Intangible assets, net | 1 660 | 1 655 |
| Property, plant and equipment, net | 4 474 | 4 126 |
| Assets in progress | 513 | 501 |
| Right of use assets | 2 780 | 2 768 |
| Non-current financial assets | 115 | 129 |
| Deferred tax assets | 680 | 444 |
| Current assets | 1 562 | 1 382 |
| Cash and cash equivalents | 519 | 337 |
| Assets held for sale | 318 | 177 |
| TOTAL ASSETS | 13 409 | 12 488 |
| 31/12/2024 | 31/12/2025 | |
| Equity attributable to emeis' shareholders | 1 725 | 1 408 |
| Total consolidated equity | 1 722 | 1 408 |
| Non-current financial liabilities | 9 064 | 8 513 |
| Long-term financial debt | 4 704 | 4 358 |
| Long-term lease liabilities | 3 273 | 3 299 |
| Long term provisions | 285 | 254 |
| Provisions for pensions and other employee benefit obligations | 71 | 64 |
| Deferred tax liabilities | 731 | 538 |
| Current financial liabilities | 2 508 | 2 473 |
| Short-term financial debt | 516 | 411 |
| Short-term lease liabilities | 366 | 358 |
| short term provisions | 11 | 10 |
| Trade payables | 406 | 542 |
| Tax and payroll liabilities | 509 | 516 |
| Current tax liabilities | 48 | 40 |
| Other payables, accruals and prepayments | 651 | 595 |
| Liabilities held for sale | 116 | 94 |
| TOTAL LIABILITIES | 13 409 | 12 488 |
3. Simplified consolidated balance sheet
| (in millions of euros) | 31/12/2024 | 31/12/2025 |
|---|---|---|
| Net tangible fixed assets (*) | 4,987 | 4,626 |
| Assets held for sale | 318 | 177 |
| Right-of-use assets (IFRS 16) | 2,780 | 2,768 |
| Net intangible assets | 1,660 | 1,655 |
| Goodwill | 1,306 | 1,307 |
| Equity of the consolidated group | 1,722 | 1,408 |
| Gross financial debt (excluding IFRS 16) | 5,220 | 4,769 |
| Of which current financial liabilities | 516 | 411 |
| Cash and cash equivalents | 519 | 337 |
| Net financial debt (excluding IFRS 16) | 4,701 | 4,432 |
| Lease liabilities (IFRS 16) | 3,639 | 3,657 |
| Of which short-term lease liabilities | 366 | 358 |
(*) of which assets under construction: €513m at the end of 2024 and €501m at the end of 2025
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PRESS RELEASE
- Cash flow statement excluding IFRS 5 (reconciliation between pre-IFRS 16 and post-IFRS 16)
| in Km | 31/12/2025 Pre-IFRS 16 | IFRS 16 Impact | 31/12/2025 Post-IFRS 16 |
|---|---|---|---|
| EBITDA | 380 | 453 | 833 |
| Maintenance and IT Capex | (166) | - | (166) |
| Other current operating cash flows (including changes in working capital) | (25) | 4 | (21) |
| Net Current Operating Cash Flow | 190 | 457 | 647 |
| Interest Expense | (236) | (125) | (360) |
| Recurring free cash flow | (46) | 332 | 286 |
| Development Capex | (92) | - | (92) |
| Non-recurring items | (117) | - | (117) |
| Asset portfolio management | 602 | 15 | 617 |
| Free Cash Flow (FCF) | 347 | 348 | 695 |
| Reduction (+) in Net Financial Debt | 347 | 348 | 695 |
| Financing in June 2022 and 2023 – tranches A/B/C/D | (3,227) | - | (3,227) |
| Refinancing 2025 – tranches 1–3 | 2,958 | - | 2,958 |
| Other Debt Raising / Repayments | (247) | (348) | (595) |
| Net cash flow | (170) | - | (170) |
| Changes in scope of consolidation and foreign exchange effects - Impact on cash flow | (6) | - | (6) |
| Cash and cash equivalents at year-end (excluding IFRS 5) | 349 | - | 349 |
| Cash and cash equivalents under IFRS 5 | (12) | (12) | |
| Closing cash balance (incl. IFRS 5) | 337 | 337 |
- ON A LIKE-FOR-LIKE BASIS
Guidance is defined on a like-for-like basis, neutralising the effects on revenue and operating margins of operational disposals completed to date since the start of the 2024 financial year.
To date, the businesses divested during this period mainly concern operations in the Czech Republic and senior care homes in France.
| 2024 | Total scope of operations divested | 2024 Pro forma | |
|---|---|---|---|
| Revenue | 5,636 | 68 | 5,568 |
| EBITDAR | 741 | 12 | 728 |
| as a % of sales | 13.1% | 18.1% | 13.1% |
| EBITDA | 245 | 5 | 240 |
| as a % of sales | 4.3% | 7.2% | 4.3% |
| 2025 | Total areas sold | 2025 Pro forma | |
| --- | --- | --- | --- |
| Revenue | 5,890 | 22 | 5,868 |
| EBITDAR | 872 | 4 | 868 |
| as a % of sales | 14.8% | 19.1% | 14.8% |
| EBITDA | 380 | 0 | 380 |
| as a % of sales | 6.5% | 1.2% | 6.5% |
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PRESS RELEASE
- Methodology for calculating pre-IFRS 16 EBITDAR and EBITDA
| (in millions of euros) | 31/12/2024 | 31/12/2025 |
|---|---|---|
| Operating profit | (38) | 48 |
| Offsetting of non-recurring operating income and expenses | 40 | 125 |
| Current operating profit | 2 | 173 |
| Offsetting of depreciation, amortisation and provisions | 693 | 660 |
| EBITDA | 695 | 833 |
| Elimination of rental expenses | 46 | 38 |
| EBITDAR | 741 | 872 |
| IFRS 16 lease payments | (449) | (453) |
| Rent excluding IFRS 16 | (46) | (38) |
| EBITDA PRE-IFRS 16 | 245 | 380 |
- 's disclosure regarding alternative performance measures
| Income statement aggregates excl. IFRS 16 | FY 2024 | FY 2025 |
|---|---|---|
| EBITDA pre IFRS16 | 245 | 380 |
| Rental IFRS 16 | 449 | 453 |
| EBITDA margin pre IFRS 16 | 4,3% | 6,4% |
| Recurring operating profit pre IFRS 16 | (126) | 18 |
| Recurring operating margin pre IFRS 16 | -2,2% | 0,3% |
| Cash Flow excl. IFRS 16 | FY 2024 | FY 2025 |
| --- | --- | --- |
| Operating cash flow [pre IFRS 16] | 23 | 227 |
| Net Investment cash flows [pre IFRS 16] | (140) | 340 |
| Net financing flows [pre IFRS 16] | (9) | (748) |
| Change in cash | (126) | (181) |
| Cash-flow Consolidated | FY 2024 | FY 2025 |
| --- | --- | --- |
| Cash flow from operations (after tax) | 566 | 706 |
| Other current operating flows (incl. change in WCR and Income tax) | (94) | (25) |
| Net cash generated from operating activities | 472 | 680 |
| Cash flow from investing and development | (140) | 354 |
| Net cash from financing activities | (458) | (1 216) |
| Change in cash | (126) | (181) |
- Cash flow reconciliation
| (in million euros) | 31/12/2024 | 46022 |
|---|---|---|
| Net cash flow from operations | 472 | 680 |
| Neutralisation IFRS 16 PAL impact | (449) | (453) |
| Net cash flow from operations Pre IFRS 16 | 23 | 227 |
| Change in WCR - Reclassification of cash flows from investing activities | 9 | 5 |
| Reclassification of financial items | - | - |
| Reclassification of non-current items | 130 | 117 |
| Additional reimbursement of IFRS 16 debt and other | (3) | 8 |
| Maintenance and IT investments | (143) | (166) |
| NET CURRENT OPERATING CASH-FLOW | 15 | 190 |
| (in million euros) | 31/12/2024 | 46022 |
| --- | --- | --- |
| Net cash flow from operations | 15 | 190 |
| Investment Capes | (154) | (92) |
| Non-current items | (130) | (117) |
| Assist portfolio Management | 149 | 602 |
| Financial result | (177) | (236) |
| FREE CASH-FLOW BEFORE FINANCING | (298) | 347 |
emeis
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PRESS RELEASE
9. Maturity schedule for gross financial debt as at the end of December 2025³¹
Debt maturity schedule at year end 2025 - pro forma Isemia
(Incl. P9K interest / excl. Factor)
Debt maturity schedule at year end 2025
(Incl. P9K interest / excl. Factor)
10. Information on capital
| 31/12/2025 | 31/12/2024 | |||
|---|---|---|---|---|
| Number of shares | Diluted | Number of shares | Diluted | |
| Average number of shares issued | 161 272 909 | 161 272 909 | 157 460 271 | 157 460 271 |
| Treasury shares | (167 141) | (167 141) | (84 226) | (84 226) |
| Other shares | 1 683 504 | 1 251 697 | ||
| Shares related to the exercice of options (BSA) | 432 986 | |||
| Diluted average number of shares | 161 105 768 | 162 789 272 | 157 377 717 | 159 062 400 |
emeis
³¹ For tranche 3, the RCF (€200 million, maturing in 2029) may only be drawn down from 1 January 2027
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Page 18 on 19
PRESS RELEASE
DEFINITIONS
| Organic growth | The Group’s organic revenue growth comprises:
1. The change in revenue (N vs N-1) of existing facilities resulting from changes in their occupancy rates and daily rates;
2. The change in revenue (N vs N-1) of facilities that were restructured or whose capacity was increased in N or N-1;
3. Revenue generated in year N by facilities established in year N or year N-1, and the change in revenue from recently acquired facilities over a period in year N equivalent to the consolidation period in year N-1. |
| --- | --- |
| EBITDAR | Recurring operating profit before net depreciation, amortisation and provisions and before rental expenses
On a like-for-like basis, EBITDAR growth is restated to exclude the contribution from operating entities disposed of during the period |
| EBITDA | EBITDAR net of rental expenses on contracts with a term of less than one year
On a like-for-like basis, EBITDA growth is adjusted for the contribution of the operating segments disposed of during the period |
| Pre-IFRS 16 EBITDA
Or EBITDA excluding IFRS 16 | EBITDAR net of lease expenses on contracts with a term of less than one year and net of payments made under lease contracts of more than one year falling within the scope of IFRS 16
On a like-for-like basis, the growth in pre-IFRS 16 EBITDA is adjusted for the contribution from the operating segments disposed of during the period |
| Net financial debt | Long-term financial debt + short-term financial debt – Cash and marketable securities (excluding lease liabilities) – IFRS 16, excluding IFRS 5 and 9 |
| Net current operating cash flow | Cash flow generated by operating activities, net of current maintenance and IT investments. Net current operating cash flow corresponds to the sum of pre-IFRS 16 EBITDA, the change in working capital, income tax paid, and maintenance and IT investments |
| Recurring free cash flow | Net current operating cash flow less net financial expenses. (EBITDA excluding IFRS 16 – Maintenance and IT investments – Other current operating cash flows (Change in working capital and taxes) – Interest expense) |
| Free cash flow / FCF | Net cash flow after taking into account current and non-current items, all investments, interest expenses related to debt, and the positive or negative balance arising from transactions on the asset portfolio. Net Free Cash Flow before Financing corresponds to the sum of Net Current Operating Cash Flow, development investments, non-current items, net income and/or costs related to the management of the asset portfolio, and financial expenses |
DISCLAIMER
This document contains forward-looking information involving risks and uncertainties regarding the Group's future growth and profitability, which may result in actual results differing significantly from those indicated in the forward-looking information. These risks and uncertainties relate to factors that the Company cannot control or estimate with precision, such as future market conditions. The forward-looking information contained in this document constitutes expectations regarding a future situation and should be treated as such. Subsequent events or actual results may differ from those described in this document due to a number of risks and uncertainties described in Chapter 2 of the Company's 2024 Universal Registration Document and in the 2025 half-yearly financial report, available on the Company's website and that of the AMF (www.amf-france.org).
emeis
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emeis - 12 Rue Jean Jaurès, 92813 Puteaux Cedex