emeis (EMEIS) Q4 2025 TU earnings summary

Executive summary

• 2025 marked a turning point with strong operational recovery, exceeding guidance for the second consecutive year, and clear evidence of improved satisfaction and quality indicators, including a 93.5% satisfaction rate and NPS of 41.

• Significant structural progress was made in divestment, debt reduction, and financial sustainability, with net debt (pro forma) down €1 billion and leverage ratio improved from 19.5x to 10.0x.

• Major disposals and refinancing initiatives led to a strengthened balance sheet and operational turnaround.

Financial highlights

• Organic revenue grew 6.1% year-over-year to €5,895 million, driven by price effect, occupancy gains, and new facilities, with nursing homes and international operations leading.

• EBITDAR rose 19.2% at constant perimeter, EBITDA (excl. IFRS 16) increased 56.5%, and free cash flow turned positive at €342 million.

• Net operating cash flow rose to €185 million from €15 million last year.

• Net debt (pro forma Isemia) reduced by €1 billion to €3.77 billion; leverage ratio improved to 10.0x.

• Disposals since mid-2022 totaled €2.45 billion, exceeding the €1.5 billion target.

Outlook and guidance

• Midterm guidance confirmed: EBITDAR CAGR of 12%-16% and revenue CAGR of 4%-5% (2024-2028) at constant perimeter.

• 2026 EBITDAR expected to grow at least 10% like-for-like.

• Continued focus on operational improvement, cost optimization, and maintaining positive price-cost spread.