emeis (EMEIS) Q2 2025 TU earnings summary

Executive summary

• Revenue reached €2.9bn in H1 2025, up 6.2% organically year-over-year, led by nursing homes and improved occupancy rates across all geographies.

• EBITDAR rose 20% like-for-like versus H1 2024, and EBITDA (excluding IFRS 16) increased 79% like-for-like, reflecting operational recovery and cost control.

• €1.15 billion in asset disposals completed or secured since mid-2022, with over €2 billion more under discussion, supporting deleveraging and exceeding the €1.5 billion target.

• Occupancy rates increased to 87% overall, with nursing homes at 86.5%, up 1.9 points year-over-year.

• Achieved 'mission-driven company' status in June 2025, reinforcing social, societal, and environmental commitments.

Financial highlights

• H1 2025 revenue: €2,908m (+4.9% year-over-year, +6.2% organic).

• EBITDAR: €401m (+18.4% year-over-year, +19.5% like-for-like); EBITDA (excl. IFRS 16): €158m (+71.6% year-over-year, +79.3% like-for-like).

• Net debt stable at €4.78bn; cash position at €398m at end of June 2025.

• Net debt/EBITDA (LTM, excl. IFRS 16) reduced from 19.5x to 15.4x.

• Recurring free cash flow improved to -€49m in H1 2025 from -€131m in H1 2024, though still negative.

Outlook and guidance

• 2025 EBITDAR expected to grow 15–18% at constant perimeter versus 2024.

• EBITDA (excl. IFRS 16) guidance for 2025 set at €245m (+20% vs 2023).

• Positive momentum in occupancy and pricing expected to continue, supporting further margin recovery.

• Disposal target of €1.5 billion by end-2025 is on track and likely to be exceeded.

• Medium-term demand outlook strong due to aging population and shortage of care beds.