emeis (EMEIS) H1 2025 earnings summary

Executive summary

• H1 2025 marked a significant operational and financial turnaround, with organic revenue up 6.2% year-over-year, driven by nursing homes and improved occupancy rates across all geographies.

• EBITDAR rose 18.5% to €401m, with EBITDA (excl. IFRS 16) up 72% to €158m, reflecting robust operational recovery and margin expansion.

• Net loss attributable to shareholders reduced by €120 million year-over-year, but remained negative at -€137 million.

• Over €2.1bn in disposals achieved or secured since mid-2022, exceeding the €1.5bn target, including a €761m real estate partnership.

• Free cash flow turned positive for the first time in a decade, reflecting improved operational efficiency and cost control.

Financial highlights

• Revenue reached €2,908m (+6.2% organic, +4.9% yoy); EBITDAR: €401m (+18.5% yoy); EBITDA (excl. IFRS 16): €158m (+72% yoy).

• EBITDAR margin at 13.8% (+1.6pts yoy); EBITDA margin (excl. IFRS 16) at 5.4% (+2.1pts yoy).

• Net operating cash flow and free cash flow turned positive at €62m and €26m, respectively.

• Net debt (excl. IFRS 16 & IFRS 5) at €4.8bn; pro forma net debt expected below €3.8bn after real estate deal.

• Net debt/EBITDA ratio improved to 15.4x (from 19.5x at Dec 2024), with further reduction to ~13x expected post-transaction.

Outlook and guidance

• 2025 EBITDAR expected to grow 15–18% like-for-like; revenue CAGR 2024–2028 expected at 4–5%, EBITDAR CAGR at 12–16%.

• Medium-term outlook is positive, supported by demographic trends and structural supply shortages in core markets.

• Operational recovery trajectory confirmed, with further margin improvement anticipated.