emeis (EMEIS) Q2 2026 TU earnings summary

Executive summary

• Half-year 2026 results showed strong operational and financial recovery, with revenue reaching €3.0bn, up 6.0% organically, and audited results presented two months earlier than previous years.

• EBITDAR rose 18.1% to €471m, EBITDA (excl. IFRS 16) up 46.3% to €228m, and EBIT up 83% to €187m compared to H1 2025.

• 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: 15.3% (+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.

• Net debt/EBITDA ratio improved to 8.7x at end of June 2026.

Outlook and guidance

• FY 2026 EBITDAR growth guidance raised to 12%-14% like-for-like, up from above 10% previously.

• Midterm EBITDAR CAGR expected between 12% and 16% for 2024–2028; revenue CAGR expected between 4% and 5%.

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