emeis (EMEIS) H2 2025 earnings summary

Executive summary

• 2025 marked a turning point with operational and financial recovery, exceeding targets and strengthening the financial structure, with revenue up 6.1% like-for-like and EBITDAR up 19.2%.

• Net profit remained negative at -€298m but improved by €114m year-over-year, mainly due to high non-recurring items.

• Net debt reduced by €1bn to €3.8bn, supported by €2.35bn in disposals and €3.15bn in new financing.

• Occupancy rates improved to 87.6%, with nursing homes leading the recovery and strong momentum in France and Germany.

• Resident satisfaction reached 93.5% and Net Promoter Score rose to 41, with improved ESG ratings and new mission-driven commitments.

Financial highlights

• Revenue reached €5,895m (+6.1% like-for-like, +4.6% reported), driven by price effects, occupancy, and new facility ramp-up.

• EBITDAR grew 19.2% like-for-like to €872m, EBITDA margin rose to 19.2%, and EBIT increased by €171m to €173m.

• Net operating cash flow increased to €190m; free cash flow improved to €347m.

• Capital gains from asset disposals contributed €64m to EBITDA.

• Net debt/EBITDA improved to 9.9x pro forma (down from 19.5x in 2024).

Outlook and guidance

• 2025 guidance exceeded, with EBITDAR €10–30m above target.

• 2026 EBITDAR expected to grow over 10% like-for-like, with a CAGR of 12–16% for 2024–2028.

• Revenue CAGR for 2024–2028 projected at 4–5%.

• 90% of 2026 energy costs hedged, reducing inflation risk.

• Confident in further operational improvement and leverage reduction, aiming for a ratio below 6.5x by 2029.