emeis (EMEIS) H2 2024 earnings summary

Executive summary

• 2024 saw a strong operational recovery, with sharp improvement in H2, beating guidance and confirming the recovery trajectory.

• Revenue reached €5,636m in 2024, up 8.4% year-over-year, with 8.3% organic growth, driven by price effects and improved occupancy rates.

• Occupancy rates improved to 85.8% in 2024, up 2.7 percentage points from 2023, with further gains in early 2025.

• EBITDA and EBITDAR exceeded 2024 guidance, driven by strong H2 performance.

• Over €900m in asset disposals completed or secured since mid-2022, supporting balance sheet strengthening.

Financial highlights

• Revenue: €5,636m (+8.4% yoy); EBITDAR: €740m (+6.3% yoy); EBITDA (excl. IFRS 16): €245m (+20.1% yoy), all exceeding guidance.

• Net result (Group share) at -€412m, a significant improvement from -€1,355m in 2023 (excluding exceptional items).

• Net operating cash flow turned positive at €15m, up €101m from last year.

• Recurring free cash flow improved by €262m to -€162m; free cash flow before financing improved by €448m to -€298m.

• Net debt stable at €4.7bn; liquidity at €524m at year-end.

Outlook and guidance

• EBITDAR for 2025 expected to grow by 15–18% at constant perimeter, continuing positive momentum.

• Positive sales growth and cost control expected to drive further margin improvement.

• Asset disposal target of €1.5bn by end-2025 reaffirmed, with over €900m already achieved and €2bn under discussion.

• Favorable demographic trends and rising mental health needs support long-term growth.