emeis (EMEIS) H1 2026 earnings summary

Executive summary

• First-half 2026 results exceeded expectations, with strong operational and financial recovery, robust performance across all markets, and audited results presented earlier than previous years.

• Revenue reached €3.0bn in H1 2026, up 6.0% organically year-over-year, driven by strong performance in nursing homes and international markets.

• Occupancy rates improved by 2.8 points to 89.8% (over 91% in mature markets), with all geographies contributing.

• Net result improved by €97m year-over-year, now at -€40m, approaching breakeven.

• Net debt reduced by €566m to €3.9bn, leverage ratio down to 8.7x from 15.4x a year ago.

Financial highlights

• Revenue: €3,011m (+6.0% organic growth year-over-year), EBITDAR: €471m (+18.1% LfL), EBITDA (excl. IFRS 16): €228m (+46.3% LfL), EBIT: €187m (+83.2% LfL).

• EBITDAR margin: 15.6% (+1.8pts), EBITDA margin (pre-IFRS 16): 7.6% (+2.2pts), EBIT margin: 6.2% (+2.7pts).

• Net income improved by €97m to -€40m.

• Free cash flow was negative at -€153m, impacted by one-time normalization effects.

• Cash position at €601m, with 55% of debt hedged or at fixed rate.

Outlook and guidance

• 2026 EBITDAR growth guidance raised to 12–14% like-for-like (previously >10%).

• Medium-term (2024–2028) targets: revenue CAGR of 4–5% and EBITDAR CAGR of 12–16%.

• Management expects continued improvement in occupancy, margins, and financial structure, with further deleveraging ahead.