emeis (EMEIS) Q3 2026 TU earnings summary

Executive summary

• 9M 2026 revenue reached €4,543m, up 6.0% like-for-like and 3.5% reported; occupancy rose 2.9 pts YoY to 90.2%.

• Growth was led by nursing homes and international markets; 2026 EBITDAR growth guidance was reiterated at 12%–14%.

• Management priorities include sustaining momentum and converting it into lasting margin, cash-flow and balance-sheet improvement.

Financial highlights

• 9M revenue increased from €4,388m to €4,543m; reported growth was 3.5%, while organic/LfL growth was 6.0%.

• LfL growth contributions were price +3.5%, occupancy in mature facilities +1.8% and ramp-up of recently opened facilities +0.7%.

• Revenue mix was 66% nursing homes and 30% clinics; international operations represented 60% of revenue and France 40%.

Outlook and guidance

• FY 2026 LfL EBITDAR growth guidance remains 12%–14%, raised from above 10% after H1 results.

• Year-end 2026 net debt leverage excluding IFRS 16 is expected at 8.1x–8.5x; the deleveraging trajectory is ahead of medium-term targets.

• 2024–2026 EBITDAR CAGR is projected at 16%–17%; 2024–2028 targets are 4%–5% LfL revenue CAGR and 12%–16% LfL EBITDAR CAGR.

• Nursing-home payroll costs are expected to remain controlled, with negotiated salary increases incorporated and workforce measures supporting cost discipline.

• Further bed openings are expected, particularly in the Netherlands; French growth is limited to selective M&A amid very marginal new authorizations.