emeis (EMEIS) Investor presentation summary

Business overview and market trends

• Operates over 1,000 facilities with 94,500 beds across 21 countries, generating €2.9bn revenue in H1 2025, up 6.2% organically.

• Core activities include nursing homes (65% of revenue), clinics (30%), and mental health services, with a strong European focus.

• Demographic trends, such as a growing senior population and rising chronic illness, drive long-term demand, with a projected 30% increase in seniors over 75 in Europe within 10 years.

• Significant supply shortfall in nursing home beds expected, with 800,000 new beds needed by 2035 in key European markets.

• High barriers to entry due to regulatory constraints and licensing requirements across main geographies.

Operational recovery and performance

• Customer satisfaction rates rose to 93% in 2024, with NPS improving to 37; quality of care and operational standards enhanced.

• Occupancy rates increased by 1.8 points year-on-year to 88% in Q3 2025, with nursing homes reaching 87% and clinics also improving.

• Revenue reached €2,908m in H1 2025 (+6.2% organic), EBITDAR €401m (+20% LfL), and EBITDA €158m (+79% LfL).

• Operating margins and cash flow improved, with free cash flow turning positive at €26m in H1 2025.

• Staff turnover and absenteeism rates declined, and operational expenses were kept under control, supporting margin recovery.

Financial structure and disposals

• Over €2.4bn in asset disposals achieved or secured since mid-2022, exceeding the €1.5bn target, with further deals pending.

• Net debt (excl. IFRS 16 & 5) decreased by €233m in H1 2025, with a further reduction of €700m expected from a new real estate partnership.

• Leverage ratio improved from 19.5x at end-2024 to 15.4x in H1 2025, with a proforma target of 13.1x after real estate transactions.

• Full refinancing of bank exposure completed with €3.15bn new debt, extending average maturity to 5 years and reshaping the debt profile.

• Capital structure now features a stable, mission-aligned shareholder base and strengthened governance.