emeis (EMEIS) Q4 2025 TU earnings summary

Executive summary

• 2025 marked a turning point with strong business recovery, operational targets exceeded, and a sustainably improved balance sheet, driven by restructuring and quality improvements since 2022.

• Revenue grew 6.1% organically, with occupancy rates rising to 87.6% and clear evidence of operational turnaround.

• Customer and resident satisfaction reached record highs, with a 93.5% satisfaction rate and NPS of 41, reflecting restored trust and improved service quality.

• Major disposals and refinancing initiatives led to a €1 billion reduction in net debt and leverage ratio improvement from 19.5x to 10.0x.

Financial highlights

• Revenue reached €5,895 million (+6.1% organic), with strong contributions from nursing homes and international operations.

• EBITDAR rose 19.2% at constant perimeter, and EBITDA (excl. IFRS 16) increased 56.5% year-over-year.

• Free cash flow turned positive at €342 million, a €640 million improvement from last year.

• Net debt (pro forma Isemia) reduced by €1 billion to €3.77 billion; leverage ratio improved to 10.0x from 19.5x.

• Disposals since mid-2022 totaled €2.45 billion, exceeding the €1.5 billion target.

Outlook and guidance

• Midterm guidance reiterated: EBITDAR CAGR of 12%-16% and revenue CAGR of 4%-5% at constant perimeter through 2028.

• For 2026, EBITDAR expected to grow at least 10% like-for-like.

• Conservative assumptions for public funding in France, with self-help measures driving further improvement.