emeis (EMEIS) Q1 2026 TU earnings summary

Executive summary

• Revenue reached €1,509 million in Q1 2026, up 6.3% organically and 4.4% year-over-year, driven by occupancy recovery and price effects, with continued positive momentum from 2025.

• Occupancy rates improved across all regions, averaging 89.1% (+2.1 pts yoy), with nursing homes at 88.7% (+2.3 pts yoy), and strong improvements across all markets.

• Strong organic revenue growth in both nursing homes (+7%) and clinics (+4.9%) segments.

• International markets outpaced France in growth, especially in Germany, Central, and Southern Europe.

Financial highlights

• Organic revenue growth of 6.3% year-over-year, with price effect contributing +3.9% and occupancy rate +1.7%.

• Revenue increased in all geographies: France +4.8% organic, international markets +7.3%.

• Nursing homes contributed €990 million (+7% organic), clinics €519 million (+4.9% organic).

• Nursing homes occupancy rate rose by 2.3 pts to 88.7% vs. Q1 2025.

• Pricing effect contributed +3.9% to organic growth; occupancy rate increase added +1.6%.

Outlook and guidance

• Guidance for 2026 confirmed: EBITDAR growth >10% (constant perimeter), revenue CAGR 2024-2028 of 4-5%, and EBITDAR CAGR 2024-2028 of 12-16%.

• For 2026, EBITDAR expected to grow over 10% like-for-like, with 2024–2026 CAGR above 15%.

• Group has hedged 90% of 2026 energy expenses and 60% for 2027, limiting inflation impact.

• Positive momentum expected to continue, supporting confidence for 2026 and beyond.