emeis (EMEIS) Q4 2024 TU earnings summary

Executive summary

• 2024 revenue rose 8.4% year-over-year to €5,636m, with organic growth of 8.3–8.4%, led by nursing homes and improved occupancy rates.

• EBITDAR reached €740m (+6% year-over-year), and EBITDA (excl. IFRS 16) was €245m (+20% year-over-year), both exceeding guidance.

• Occupancy rates improved by 2.7 pts to 85.8%, with price effects contributing +4.8% to sales growth.

• Operational recovery accelerated in H2 2024, with margins rebounding and key satisfaction and staff stability metrics improving.

• Over €900m in asset disposals completed or secured since mid-2022, supporting deleveraging and capital allocation goals.

Financial highlights

• Revenue: €5,636m in 2024 (+8.4% vs. 2023), driven by price effect (+4.8%), occupancy (+1.8%), and new openings (+1.6%).

• EBITDAR: €740m (+6% vs. 2023), above €710–730m guidance; EBITDA (excl. IFRS 16): €245m (+20% vs. 2023), above €210m guidance.

• Net debt (excl. IFRS 16) at €4,781m at end 2024, up from €4,676m in 2023; cash position at €524m.

• Real estate portfolio valued at €6.1bn, down -4.8% year-over-year, indicating a likely cyclical trough.

Outlook and guidance

• EBITDAR/EBITDA for 2025 expected to increase by 15–18% at constant perimeter, continuing the recovery trend.

• Disposals target of €1.5bn by end 2025, with €916m already achieved or secured and over €2bn under discussion.

• Continued improvement in occupancy rates and positive pricing momentum anticipated for 2025.

• CapEx will decrease further, focusing on maintenance and IT modernization to drive productivity.

• Non-recurring costs in 2025 expected to be only a few tens of millions of euros, much lower than previous years.