Emeis · EURONEXT:EMEIS
Emeis — H1 2026 Earnings Presentation
44 slides from Emeis's earnings presentation, Jul 30, 2026
Slide 1: H1-2026 Earnings: Exceeding expectations
H1-2026 EARNINGS Exceeding expectations 30TH OF JULY 2026
Slide 2: emeis at a glance
emeis at a glance a leading global healthcare & senior care provider 5 Core International presence Supportive Businesses shareholders Revenue by area Revenue by business NURSING HOMES Southern Home Care Europe Psychiatry 4% Central 7% 11% Europe HOMECARE & 18% France SERVICES 41% Post Acute 19% Nurs
Slide 3: A €5.6bn Real Estate portfolio at end 2025
A €5.6bn Real Estate portfolio at end 2025 Portfolio breakdown per €5.6bn geography (end-2025) 44% Ownership Real Estate portfolio % of beds operated by emeis in valuation at end 2025 assets owned by the Group (>38 €4,7bn Group share 000 beds) +1.5% 6.37% LfL valuation change Average rental yield (e
Slide 4: H1 2026 in a nutshell: Expectations beaten driving to guidance upgrade
H1 2026 in a nutshell: Expectations beaten driving to guidance upgrade An upward trajectory gaining momentum €3,011m €471m €380m € 187m € 3.9 bn Net Debt (2) Revenue EBITDAR EBITDA (1) EBIT - €0.6bn vs. end 2025 +6.0% organic growth +18.1% LfL growth +46.3% LfL growth +83.4% growth 8.7x leverage rat
Slide 5: Stepping up again
Stepping up again Laurent Guillot, CEO
Slide 6: Key achievements driving performance in H1
Key achievements driving performance in H1 Proactive management of health risks facing a severe flu season and heat waves (Vaccination campaigns, elevated A/C equipment ratios / safety measures reinforced / adapted nutrition, etc.) Marketing efficiency strongly improved for residents’ recruitment (n
Slide 7: Positive momentum on occupancy rates: Not fading out!
Positive momentum on occupancy rates : Not fading out! An upward trend in all markets (+2.8pts in 12 months) Average occupancy rate Recovery not fading out, and to be continued 89,8% 91% 88,1% at end of June 2026 87,0% 86,2% on mature perimeter 85,3% 83,8% 82,7% 81,3% 82,0% Average occupancy rates s
Slide 8: A strong flow through from sales to bottom line
A strong flow through from sales to bottom line Sales +6.0% Supportive momentum + €103m €3,0bn LfL growth H1 26 Vs. H1 25 to be continued ahead Price effect & occupancy rate further improvements EBITDAR +18% + €70m LfL growth €471m H1 26 vs. H1 25 Segmentation reviews to tailor emeis’ offers to resi
Slide 9: All key goals now embedded on the road to success
All key goals now embedded on the road to sucess Solid achievements: a favourable momentum Satisfaction rate to 93.4% (+3pts since 2022) Restoring confidence NPS to 41 (+23 since 2022) Average quality score HAS 3.8/4 (sector leader) On - going from 81% in 2021 to 89.8% in H1 2026 (+2.8pts over last
Slide 10: Guidance 2026 raised
Guidance 2026 raised Outperformance in H1 feeding confidence • H1 2026 beating operational expectation given stronger momentum on occupancy rates and efficient cost management • Demand for nursing homes already benefiting from preliminary signs of pressure in some international markets, with occupan
Slide 11: H1 2026 Operating performance: Exceeding expectations
H1 2026 Operating performance Exceeding expectations Jean -Marc Boursier, Deputy CEO
Slide 12: H1 2026 Key Figures
H1 2026 Key Figures Strong improvements on operating performance & financial structure Key P&L Figures - in €m H1 2025 H1 2026 Var LfL change Average occupancy rate (%) - Nursing homes 86,5% 89,4% +2,9pts Positive price and occupancy effects on all markets Revenue 2 908 3 011 +3,5% +6,0% 1 Internati
Slide 13: A non-fading out momentum everywhere
A non - fading out momentum … everywhere +2.8 pts to 89.8% in H1 - 26 (and 91.1% on mature perimeter) Given process on going for non - core activities disposals, activity breakdown is reviewed as follows : Northern Europe now includes UK & Ireland / Central Europe now includes Poland / Southern Euro
Slide 14: Nursing homes' positive momentum still going on
Nursing homes’ positive momentum still going on Strong momentum in Germany and France, emeis largest markets France – Nursing homes (excl. RSS) Occupancy ratio France per quarter Quarterly occupancy rates (Nursing homes+ RSS) (2023-2026) 87,9% 87,9% 87,2% c.+2,5pts 84,8% excl. adjustment 85,6% on ca
Slide 15: Outperformance in revenue growth
Outperformance in revenue growth Given strong price effect and occupancy rate recovery In €m Organic growth +6.0% 19 (1) - 68 51 7 Positive drivers supporting organic growth at the Group level Price effect 95 +3.4% Occupancy rate 3 011 + 1.8% +3.5% Openings (2025 & 2026) 2 908 yoy + 0 .8% H1 2025 Pr
Slide 16: Revenue up across all of the Group's business segments
Revenue up across all of the Group's business segments Strong momentum on Nursing Homes • Supported by a material increase in occupancy rates 66% of total (+2.9pts) in H1, following an already strong momentum seen Group revenue in 2025 and 2024 … • … combined with positive price effect , and an incr
Slide 17: Revenue up across all of the Group's Geographies
Revenue up across all of the Group’s Geographies International markets still outperforming • Double digit organic growth in some markets (Spain, the Netherlands and Poland) 59% of total • Strong Price effects in Austria, Germany and Spain Group revenue • Outperformance in occupancy rate in Italy, Po
Slide 18: Operating expenses under control, supporting operating margins
Operating expenses under control , supporting operating margins +1.8pt vs. H1 25 - 0.4pt - 1.5pt In % of sales In % of sales (excl. IFRS 16) +2.2pts - 0.1pt vs. H1 25 In % of sales H1 2026 EARNINGS 18
Slide 19: A solid momentum on EBITDAR driven by Germany & France
A solid momentum on EBITDAR driven by Germany & France In €m +17.4% yoy +18.1% at constant perimeter EBITDAR H1-25 / H1-26 growth by geography 19 +24% +11% 6 +8% 11 Czech republic activities 13 sold end of Q1 2025 +21 % All markets positively & Independent senior housings in Nov.25 contributed to EB
Slide 20: Margin expansion program: BOOST
Margin expansion program: “BOOST” Target: OPEX reduction by c. 2% per year on French perimeter & to be deployed abroad PROGRAM OVERVIEW LEVERS Examples are illustrative and not exhaustive Boost is a cross - functional transformation program launched in France to improve operational performance, stre
Slide 21: From EBITDAR to EBIT
From EBITDAR to EBIT A virtuous flow - through from EBITDAR to EBIT (in €m) H1 2025 H1 2026 Var. LfL EBITDAR EBITDAR Excl. Capital gains on property disposals 396 448 +13,2% +14,4% Capital gains on property disposals 5 23 & EBITDA (excl. IFRS 16) EBITDAR 401 471 +17,5% +18,1% Strong operational mome
Slide 22: From EBIT to Net Result
From EBIT to Net Result EPS at (25cts), up + €0.6 vs. H1 25 (in €m) H1 2025 H1 2026 Var. EBIT 102 187 +83,3% Non - recurring items Non recurring Items (79) (35) +€43m Mostly related to Isemia operation in H1 26 Financial expenses (160) (178) (€18m) Net income before tax (137) (27) +€110m Income tax
Slide 23: Cashflow statement
Cashflow statement Operating performance & one offs related to normalization process in €m H1 2025 H1 2026 Var. Var (€m) Operating performance EBITDA Excl. IFRS 16 158 228 44% 70 EBITDA +44% Maintenance Capex & IT (60) (74) 23% (14) Financial exp. -10M€ Maintenance Capex (40) (50) 26% (10) IT (20) (
Slide 24: Cash flows: operational contribution vs temporary adjustments
Cash flows : Positive contribution from operational performance Negative from temporary adjustments related to normalisation step for the Group In €m Net Operating cashflow Recurring FCF Operating Transitional impact Operating Transitional impact contribution from normalization EBITDA contribution f
Slide 25: Disposals: €875m cashed in during H1 2026
Disposals: €875m cashed in during H1 2026, and €156m to be finalized ahead €1bn cashed in during H1 26, or secured at end of Latam June 26 Disposal process (incl €761m from Isemia ) on - going € 156 m to be cashed in ahead 70% o.w €25m before year end 5.3% yield on S&L B secured Secured 15% 30% Cash
Slide 26: Net debt decreased by -€566m in 6 months
Net debt decreased by - €566m in 6 months Net debt change last 6 months -€566m 27 164 4 484 -746 33 40 -85 3 918 Net debt (excl Isemia Other disposals Recurring FCF * Development Non recurring Others Net debt (excl IFRS 16, 5 & 9) partenership & Acquisitions Capex items IFRS 16, 5 & 9) end 2025 June
Slide 27: Leverage ratio rapidly enhanced in 12 months
Leverage ratio rapidly enhanced in 12 months, with further improvement to come ahead EBITDA (excl. IFRS 16) Leverage Ratio +2.5x since H1-24 24,5x (ND/EBITDA) 228 (excl. IFRS 16,9 & 5) 158 +46% LfL 19,5x 92 15,4x H1 24 H1 25 H1 26 11,8x Net debt (excl. IFRS 16,9 & 5) 8,7x €4 777m Further decrease €4
Slide 28: Debt structure well tailored for the years ahead
Debt structure well tailored for the years ahead Debt maturity schedule on the 30th of June 2026 (Incl. PIK interest / excl. Factor) Other debts (EuroPP, Schuldschein) €1,6bn €1,6bn 1% 53 37 80 24 Finance Leases 383 8% Mortgage 10% Bank Debt (T1 & 3A) Other bank debts 54% (incl. factoring) 1 132 13%
Slide 29: Key takeaways
Key takeaways Laurent Guillot, CEO
Slide 30: Key takeaways
Key takeaways emeis’ performance beating expectations: Guidance raised STRONG BUSINESS MOMENTUM IN H1 1 • Revenue +6.0% on organic basis, benefiting from strong momentum on Nursing homes and international markets • Occupancy rates up +2.8pts to 89.8% (and 91% on mature perimeter) OPERATING MARGINS S
Slide 31: Appendices
Appendices
Slide 32: H1 2026 P&L vs. H1 2025
H1 2026 P&L vs. H1 2025 30/06/2025 30/06/2026 Pre IFRS IFRS 16 Post IFRS Pre IFRS IFRS 16 Post IFRS (in million euros) 16 impact 16 16 impact 16 REVENUE 2 908 - 2 908 3 011 - 3 011 Personnel costs (1 960) - (1 960) (2 019) - (2 019) As a % of revenue -67,4% n.a. -67,4% -67,1% n.a. -67,1% Other costs
Slide 33: Balance sheet at end of June 2026
Balance sheet at end of June 2026 Consolidated balance sheet (in million euros) 31/12/2024 31/12/2025 Non-current assets 11 529 10 836 Equity attributable to emeis’ shareholders 1 725 2 108 Goodwill 1 306 1 308 Total consolidated equity 1 722 2 108 Intangible assets, net 1 660 1 673 Property, plant
Slide 34: H1 2026 Cashflow statement
H1 2026 Cashflow statement 30/06/2026 30/06/2026 In M€ Impact IFRS16 Pré. IFRS16 Post IFRS16 EBITDA 228 234 462 Maintenance and IT capex (74) - (74) Other current operating flows (incl. change in WCR) (97) - (97) Net current operating cash flow 57 234 290 Cost of debt (97) (63) (160) Recurring Free
Slide 35: Revenue per geography H1 2026
Revenue per geography H1 2026 It should be noted that, as part of its financial reporting, the Group is changing the geographic breakdown of its operations effective January 1, 2026, to better align with emeis’ strategy of focusing on selective European markets. Going forward, emeis will report usin
Slide 36: Occupancy rates per geography (H1 2026)
Occupancy rates per geography (H1 2026) Quarterly Half Year Average Occupancy rates H1 20256 Q2 2025 Q2 2026 Var. S1 2025 S1 2026 Var. (organic excl. openings) France 87,3% 90,0% +2,7pt 87,5% 89,9% +2,4pt 89,9% Nursing Homes 83,7% 87,9% +4,2pt 83,7% 87,5% +3,8pt 87,5% Clinics 93,4% 93,3% -0,1pt 94,0
Slide 37: EBITDAR per Geography
EBITDAR per Geography Var. 12 EBITDAR (in €m) H1 2025 H1 2026 LfL change months France 123 148 +20,3 % +20,8 % in % of sales 10,2 % 12,0 % +1,8 pts +1,8 pts Northern Europe 158 171 +8,2 % +8,4 % in % of sales 16,4 % 16,8 % +0,4 pts +0,4 pts Central Europe 99 106 +7,1 % +10,8 % in % of sales 19,1 % 1
Slide 38: Geographical Breakdowns on previous segmentation
Geographical Breakdowns on previous segmentation Occupancy rates H1 2025 H1 2026 Var. in % France 87,5% 89,9% +2,4pt Nursing Homes 83,7% 87,5% +3,8pt Revenue Clinics 94,0% 93,7% -0,3pt Northern Europe 85,4% 88,6% +3,2pt H1 2025 H1 2026 Change in €m Germany 85,5% 88,9% +3,4pt France 1 191 1,229 +3,2%
Slide 39: Constant perimeter (at end 2025)
Constant perimeter (at end 2025) 2024 Disposed perimeter 2024 Proforma Revenue 5 636 68 5 568 EBITDAR 741 12 728 in % of sales 13,1% 18,1% 13,1% EBITDA 245 5 240 in % of sales 4,3% 7,2% 4,3% 2025 2025 Disposed perimeter Proforma Revenue 5 890 22 5 868 EBITDAR 872 4 867 in % of sales 14,8% 19,1% 14,8
Slide 40: Disposals in H1 2026 on collateral perimeter
Disposals in H1 - 2026 on collateral perimeter Transaction price excl. Transaction From end 2025 to 30/06 Asset Location Duties date GAV end 2025* Debt associated Tranche 1 & 2 15 12 0,4 MAZDA 2 Netherlands 5 févr-26 3 T'Bisschoppenhofje Belgium 3 mars-26 0 0,4 Alverca Portugal 3 févr-26 2 Póvoa de
Slide 41: Capex per type
Capex per type Capex breakdown per type in m€ 33 43 Next 6 months 50 c.€60m dev capex 40 c.€130m maintenance capex & IT 20 24 H1 2025 H1 2026 IT Capex Maintenance Capex Dev/ Capex H1 2026 EARNINGS 41
Slide 42: Net debt at end of June 2026
Net debt at end of June 2026 in €m Other debts (EuroPP, Schuldschein) Bank debt 2 558 1% Bond debt 400 Finance Leases 8% RCF - Bank Debt (T1 & 3A) Mortgage 54% 10% Other debt 675 Mortgage debts 486 Other bank debts Financial Leases 400 (factoring) 13% Gross financial debt (excl. IFRS) end of june 20
Slide 43: Shareholding structure and number of shares
Shareholding structure and number of shares Shareholding Structure End of June-26 June 2026 Number of Diluted shares Average number of shares issued 161 440 050 161 440 050 Treasury shares (1 175 220) (1 175 220) Other shares 1 807 949 Diluted average number of shares 160 264 830 162 072 779 H1 2026
Slide 44: Disclaimer
This document contains forward - looking statements that involve risks and uncertainties, including information incorporated by reference, regarding the Group’s expected growth DISCLAIMER and profitability in the future that may significantly impact the expected performance indicated in the forward