emeis (EMEIS) Q1 2026 TU earnings summary

Executive summary

• Q1 2026 revenue reached €1,509 million, up 6.3% organically year-over-year, driven by higher occupancy and price effects, with strong contributions from both nursing homes (+7%) and clinics (+4.9%).

• Occupancy rates improved across all regions, averaging 89.1% (+2.1 pts yoy), with nursing homes at 88.7% (+2.3 pts yoy), and strong recovery in Spain and Italy.

• International markets outpaced France in growth, especially in Germany, Central, and Southern Europe.

• Major asset disposals in Q1 2026 generated €815 million, including €761 million from the Isemia transaction and €54 million from real estate sales.

• Nursing homes and clinics both benefited from operational improvements and one-off items, with clinics seeing a significant one-off tariff increase in France.

Financial highlights

• Organic revenue growth of 6.3% in Q1 2026, with price effect contributing 3.9% and occupancy rate 1.6%-1.7%.

• France revenue grew 4.8% organically; international revenue rose 7.3% organically.

• Nursing homes contributed €990 million (+7% organic), clinics €519 million (+4.9% organic).

• Profit on disposal from asset sales reached €12 million in Q1.

• Nursing homes occupancy rate rose by 2.3 pts to 88.7% vs. Q1 2025.

Outlook and guidance

• Guidance for 2026 confirmed: EBITDA/EBITDAR growth of at least 10% on a like-for-like basis.

• Medium-term outlook targets organic EBITDAR CAGR of 12%-16% between 2024 and 2028, and revenue CAGR of 4-5%.

• Group has hedged 90% of 2026 energy expenses and 60% for 2027, limiting inflation impact.

• Management remains confident in achieving or exceeding these targets based on Q1 performance.