emeis (EMEIS) H1 2024 earnings summary

Executive summary

• Revenue grew 9.2% year-over-year to €2,772 million, with organic growth at 8.9%, driven by higher occupancy rates and positive price effects across all geographies and activities.

• Operational performance is gradually improving, supported by transformation initiatives and a new governance structure.

• Net loss attributable to shareholders improved to -€257 million from -€371 million year-over-year, reflecting lower financial expenses and fewer non-recurring items.

• Net debt reduced to €4.4bn at end-June 2024, down nearly €4.8bn since end-2022.

• 2024 EBITDAR guidance reaffirmed at €700–730 million, with accelerated asset disposals planned.

Financial highlights

• H1 2024 revenue reached €2,772m (+9.2% yoy), with nursing homes up 11.6% and clinics up 5.1%.

• EBITDAR was €339m (+0.8% yoy), margin at 12.2% (down from 13.2% in H1 2023) due to higher personnel costs.

• EBITDA margin was 11.4%.

• Net financial expenses down 24% year-over-year, reflecting benefits from restructuring.

• Free cash flow improved by €111m to -€178m, reflecting lower capex and proceeds from disposals.

Outlook and guidance

• 2024 EBITDAR guidance confirmed at €700–730m (0% to +5% vs. 2023); pre-IFRS 16 EBITDA expected around €210m.

• €1.5bn in disposals targeted by end-2025, including real estate and operating assets.

• Focus remains on sustaining occupancy recovery, controlling operating expenses, and further strengthening the financing structure.