emeis (EMEIS) Q1 2025 earnings summary

Executive summary

• Q1 2025 saw strong organic revenue growth of 6.2%, with group average occupancy rate rising by 2 percentage points year-over-year to 87.0%, and mature perimeter reaching 88.0%.

• Revenue reached €1,445 million, up 5.2% year-over-year, driven by price increases, higher occupancy, and new facilities.

• Nursing homes and international markets led growth, with non-French markets posting double-digit organic gains.

• Over €1 billion in asset disposals secured since mid-2022, supporting debt reduction and future flexibility.

• France remained stable overall, while clinics underperformed due to non-recurring effects and fewer full hospitalization days.

Financial highlights

• Organic revenue grew 6.2% year-over-year, with price effect +3.7%, occupancy +1.8%, and new facilities +0.8%.

• Q1 2025 revenue was €1,445 million, up from €1,374 million in Q1 2024 (+5.2%).

• Nursing homes posted 9.5% organic revenue growth; clinics declined 2.7% organically in France.

• International segments delivered organic growth rates between 9.5% and 13.8%.

• EBITDAR/EBITDA expected to increase 15–18% in 2025 on a like-for-like or constant perimeter basis.

Outlook and guidance

• 2025 guidance confirmed, expecting EBITDAR/EBITDA to rise 15–18% like-for-like, excluding OpCo disposals.

• Operational recovery is expected to continue, supported by higher occupancy, favorable pricing, and cost control.

• Asset disposals target €1.5 billion by end-2025, with €1.03 billion already secured.

• Medium-term outlook remains positive due to demographic trends and supply shortages in care markets.