Slides
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FY 2025 SALES & BUSINESS UPDATE 1 8 TH OF FEBRUARY 2026 Gaining momentum
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Disclaimer This presentation presents the Company's estimated financial and non-financial data for 2025. These data have been reviewed by the Company's Board of Directors on February the 17h and have not yet been subject to an audit by the Company's statutory auditors. The consolidated financial statements may therefore differ from these estimated financial data.
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emeis at a glance a leading global healthcare & senior care provider 3 5 Core Businesses International presence €5.9bn Revenue in 2025 (+6.1% organic growth) 93.5% customer satisfaction 1,000+ facilities Revenue by area NURSING HOMES HOMECARE & SERVICES ASSISTED LIVING POST - ACUTE CARE MENTAL HEALTH CARE Supportive shareholders CDC 22,4% MAIF 14,8% MACSF 7,4% CNP Assurances 5,6% Free float 49,8% France 41% Northern Europe 30% Central Europe 17% Southern Europe and Latam 8% Other geographies 4% Nursing homes 65% Clinics (1) 30% Others 5% Revenue by business 92k+ Beds in operation (1) Clinics : post - acute care + Mental health Care
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2025 in a nutshell: Guidance exceeded & financial structure strengthened An upward trajectory gaining momentum €5,895m Revenue +6.1% organic growth +19.2% LfL growth €872m EBITDAR €376m EBITDA (1) 4 €1.5bn initial ambition now reached and exceeded € 2.45 bn Disposals Achieved or secured Since mid 2022 Recovering operational performance • Occupancy rate up in all geographies in 2024 (+180 bps on average) to 87.6% (88.7% on mature perimeter) • Operating margins strong recovery in 12 months , EBITDAR up +19.2%, EBITDA (excl IFRS 16) up +56.5% • Cashflow strongly increased: Net operating CF to €185m (vs. €15m in 2024), FCF to €341m (vs. - €298m in 2024), recurring FCF turned positive in H2 - 25 excl. one - off exceptional financial expenses • EBITDAR in 2025 ahead of guidance by + €10m to +€30m • Mid term outlook reiterated • Revenue: CAGR (2024 - 2028) between +4% and +5% at constant perimeter (3) • EBITDAR: CAGR (2024 - 2028) between +12% and +16% at constant perimeter (3) • EBITDAR 2026 expected to grow more than +10% at constant perimeter (3) 2025 Guidance beaten + Positive momentum to be continued ahead +56.5% LfL growth • €2.45bn disposals achieved since mid 2022 or secured to date, well ahead of €1.5bn objective before end 25 • Bank debt fully refinanced, with €3.15bn new debts raised • Leverage ratio (Net debt/EBITDA (2) ) strongly decreased to 10.0x vs. 19.5x end 2024 Financial structure improvement - €1bn vs. end 2024 € 3.77 bn Net Debt (2) (1) excl . IFRS 16; (2) excl . IFRS 16 & Incl. IFRS 5, and including the impact from Isemia operation closed mid January 2026; (3) excl . the impacts from potential disposals of operating perimeter achieved or to be potentially achieved over the period
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2025, a turning point for emeis Operational targets exceeded Financial structure strengthened Laurent Guillot, CEO
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6 Leadership on quality & satisfaction criteria a clear improvement in all satisfaction metrics since 2022 91,8% 92,6% 90,4% 93,0% 93,5% 89,5% 90,5% 91,6% 2021 2022 2023 2024 2025 Satisfaction rate Satisfaction rate (all) only residents only relatives 21 34 39 18 37 41 23 31 37 2021 2022 2023 2024 2025 Net Promoter Score NPS (all) only residents only relatives FY 2025 SALES & BUSINESS UPDATE
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34,7 23,8 32,2 53,7 56,4 43 45,5 45,3 35,7 42,1 20,6 27,9 20,3 9,7 1,8 2,8 1,2 0,9 All sector Public players Non profit sector Private Groups emeis Breakdown per quality ratings (based on HAS notations) French Nursing homes per type of operator Cotation D (%) Cotation C (%) Cotation B (%) Cotation A (%) emeis stands out as a leader in quality within its industry Private players outperforming the sector … and emeis out performing private peers 7 FY 2025 SALES & BUSINESS UPDATE in % Sources: Matière Grise, December 2025 : Qualiscope & Haute Autorité de Santé 99% of emeis facilities in the 2 best rating categories … Vs. 90% for private groups in average … And 70% for public players Average HAS Score for emeis Nursing homes (France) 3.8/4 Well ahead of the sector average
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62% 52% 69% 55% 76% 64% Q1 23 Q2 23 Q3 23 Q4 23 Q1 24 Q2 24 Q3 24 Q4 24 Q1 25 Q2 25 Q3 25 Q4 25 2% 1% 8% 12% 17% 23% Jan Feb Mar Apr May June July Aug Sept Oct Nov Dec Jan Feb Mar Apr May June July Aug Sept Oct Nov Dec Jan Feb Mar Apr May June July Aug Sept Oct Nov Dec Improving processes for residents recruitment Illustrative case on French nursing homes perimeter Significant increase of prospects since 2023 … (+24% in 2025 vs. 2023) (+13% in 2025 vs. 2024) Entrance 2025 c.+10% vs. 2024 & +21% vs. 2023 Group rebranding Group rebranding Group rebranding 8 2023 2024 2025 … Largely driven by digital marketing strategy implementation % prospects from digital platforms A significant and regular improvement of transformation ratio (% of prospects visiting facilities becoming resident) 2023 2024 2025
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81,0% 81,6% 83,1% 85,7% 87,6% 79,7% 81,3% 82,2% 85,2% 87,2% 81,5% 83,0% 86,5% 87,6% 88,8% 2021 2022 2023 2024 2025 Group Nursing Homes Clinics Occupancy rates further improved in 2025 9 UP +1.9 PTS IN 12 MONTHS , AND ALMOST +7PTS SINCE 2021 Nursing homes +2.0pts in 12 months c.+7.6pts vs. 2021 Clinics +1.0pt in 12 months +7.3pts vs. 2021 Supportive momentum Occupancy rate growth to be continued FY 2025 SALES & BUSINESS UPDATE
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204 245 376 2023 2024 2025 EBITDA (in €m) 5198 5636 5895 2023 2024 2025 Sales (in €m) +14.9 % * LfL since 2023 Solid momentum booked so far… to be continued 10 In €m In €m Supportive momentum to be continued ahead Price effect & occupancy rate further improvements Operating costs to be kept under control & rationalized Adapting processes to changing rules / implementing tools for efficiency incl. AI S egmentation reviews to tailor emeis’ offers to resident needs and purchasing power Action plans on less performing facilities / sharing best practices / adjusting offer to local needs +6.1% LfL growth 2025 FY 2025 SALES & BUSINESS UPDATE c.+90 % ** LfL since 2023 +56,5% LfL growth 2025 * +8.3% in 2024 and +6.1% in 2025 ** +20.1% in 2024 and +56.5% in 2025
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EBITDAR €872m +19.2% at constant perimeter EBITDA ( excl IFRS 16) €376m ( +56.5% at constant perimeter ) Guidance 2025 beaten by €10/30m … 11 Sales €5,895m +4.6% yoy / +6.1% organic EBITDAR 2025 +15% to +18% vs. 2024 (constant perimeter ) FY 2025 published + €10m/ + €32m above 2025 guidance Guidance 2025 FY 2025 SALES & BUSINESS UPDATE
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… fueling confidence for 2026 & beyond 12 Positive momentum to be continued ahead Revenue CAGR 2024 - 2028 +4% to +5% (constant perimeter *) EBITDAR CAGR 2024 - 2028 +12% to +16% (constant perimeter *) EBITDAR 2026 >+10% EBITDAR growth in 2026 (constant perimeter *) Guidance 2026 + FY 2025 SALES & BUSINESS UPDATE * excl . perimeters sold over the period
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€2.45bn disposals since mid 2022 vs. €1.5bn disposals initial target from mid 2022 to end 2025 now largely exceeded €2.45bn Already sold since mid 2022 or secured to date o.w . €1.1bn to be cashed in post dec - 2025 (incl. €761M received in Jan 26) Disposals achieved or secured … 273 FY 2025 SALES & BUSINESS UPDATE €1.36bn €2.45bn €761m €328m Cashed in 2022-2025 Isemia (Jan 26) Secured & closing expected post 2025 Total secured €703m cashed in during 2025 Property 85% Operating 15% 13
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Embedded improvement of financial structure Net debt (excl. IFRS 16 and IFRS 5) decreased by - €300m in 2025, and - €1bn on proforma basis (incl. Isemia deal – closing date in Jan 26) Leverage ratio improving with a strong mome n tum , given cumulative impacts from recovering operating performances and disposals achievements 14 €4 775m €4 475m €3 775m 2024 2025 2025 proforma Net debt 24,5x 19,5x 15,4x 11,9x 10,0x H1 2024 2024 H1 2025 2025 2025 proforma Leverage Ratio (ND/EBITDA) (excl. IFRS 16 & 5) Further decrease ahead (covenant < 6.5x by 2029) - €1bn - 9.5x FY 2025 SALES & BUSINESS UPDATE * proforma: including the impacts from the closing of Isemia Real Estate transactions * *
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Bank exposure now fully refinanced with €3.15bn new debt raised Refinancing the existing bank exposure ⚫ €3.15bn refinancing package, enabling full repayment of former financing (A, B, C, and D loans) and early exit from safeguard proceedings ⚫ New structure includes pari - passu: ( i ) €2.2bn Term Loan, (ii) €400m Bonds, and (iii) €550m New Money, extending average maturity to ~5 years and reshaping the debt profile 15 Debt maturity schedule 1 In € bn (1) excl . Factors and incl. PIK ( capitalized interests ) €3.15bn new debts ( €2.75bn bank debt o.w . €200M to be drawn Jan 27 + €400M bond) 5.5 years maturity ( Average Group’s debt maturity raised +2.5y, now at 5. 1 years ) Average cost E+247bp cash 2 (2) For new financings in average , and 363pb including PIK Avg . Cost of debt post refinancing 4.9% (3) Spot end of dec . 25 0,9 2,5 0,2 0,1 0,1 0,2 0,40,3 0,1 0,2 0,4 1,6 1,6 0,3 2026 2027 2028 2029 2030 2031 >2031 Debt schedule largely reinforced (incl. PIK / excl. factor) Debt schedule end of Dec. 2025 (before refinancing and before Isemia) Debt schedule end of Dec. 2025 - proforma (incl. refinancing and Isemia) (3) Including PIK, with EURIBOR 3M at 2.03%
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All key goals now embedded on the road to sucess Solid achievements in 2025 opening a favourable momentum Disposal plan > €1.5bn between mid 2022 and end 2025 Reducing leverage Raising occupancy back to market standards €2.4bn achieved or secured to date (more to come …) o.w > €1.1bn still to be cashed in from 2025 (incl. €761m in Jan 26) From €9bn end 2022 to €3.8bn 1 Leverage ratio 24x H1 - 24 / 19.5x end - 24 11.9x end - 25 / 10.0x 1 (… to be continued …) from 81% in 2021 to 87.6% in 2025 (> 90% expected in 2028/2029) (+1.8 pts in 2025 vs. 2024, c.+7pts vs. 2021) Operating margin recovery EBITDAR up +19.2% lfl in 25 / EBITDA up +56.5% lfl in 25 Momentum to be continued … EBITDAR CAGR 2024 - 2028 between +12% and +16% EBITDAR 2026 > +10% growth lfl On - going … much more to come ahead … Balance sheet maturity normalization Refinancing announced Monday 10th of N ovember 2025 Closing the 18th of december 2025 Restoring confidence Satisfaction rate to 93.5% (+3pts since 2022) NPS to 41 (+23 since 2022) Average quality score HAS 3. 8 /4 ( sector leader) 16 1 incl the contribution from the real estate partnership ( Isemia ) secured in sept 2025 and finalized in Jan.2026 ( closing date: 14th of january 2026)
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FY 2025 operating performance Exceeding expectations Jean - Marc Boursier, Group CFO
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Preliminary FY 2025 Key Figures G uidance 2025 beaten Improvement on both operating performance & financial structure 18 1 2 Positive price and occupancy effects on all markets Dynamics mostly driven by nursing homes Strong operational improvement Guidance 2025 exceeded Net debt down - €0.3bn And - €1bn proforma (Real Estate partenership – Isemia ) 3 3 + 2 Rapid reduction of leverage ratio 19.5x end 2024 to 10.0x end 2025 (proforma Isemia ) FY 2025 SALES & BUSINESS UPDATE Unaudited figures at end 2025 in m€ 2024 2025 Change % organic Guidance 2025 Occupancy rate (nursing homes) 85,2% 87,2% +2,0 pts Revenues 5 636 5 895 +4,6% +6,1% Nursing Homes 3 621 3 853 +6,4% +8,1% Clinics & others 2 015 2 042 +1,3% +2,5% EBITDAR* 740 872 +17,8% +19,2% vs. +15% to +18% in % of revenues 13,1% 14,8% +1,7 pt EBITDA (excl. IFRS 16)* 245 376 +53,4% +56,5% in % of revenues 4,3% 6,4% +2,0 pts FCF -298 342 +640 Net Debt (before IFRS adjustments) 4 775 4 475 -300 Net Debt proforma Isemia (real estate partnership closed in Jan 26) 4 775 3 775 -1 000 Net Debt/EBITDA** 19,5x 11,9x -7,6x Dette nette / EBITDA** proforma Isemia 10,0x -9,5x * of which € 64 m capital gains on disposals in 2025 vs . € 28 m in 2024 ** Net debt (excl. IFRS 5 & 16), EBITDA excl. IFRS 16
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5 636 5 895 98 189 57 -67 -18 2024 Occupancy Price effect Openings Net disposals, closings, restructuring, acquisitions (1) Change effect & others 2025 Strong Revenue growth supported by price effect and occupancy improvement 19 Price effect +3. 3 % Occupancy rate + 1 .7% Positive drivers supporting organic growth at the Group level Nursing homes + 8.1 % Clinics & others * + 2 .5% Nursing homes and clinics well oriented Openings + 1 .0% Organic growth +6.1% (2) +4.6% yoy (1) Of which €22m revenues in 2025 related to activities sold mostly in Czech Republic and senior residences (vs. €68m in 2024) * incl. home care(2) Including a “constant number of days” adjustment related to the calendar difference between 2024 and 2025 (leap year 2024)
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Revenue up in all geographies Positive price and occupancy effect on all markets International markets & Nursing homes are still leading the momentum 20 Strong momentum on nursing homes and non domestic markets Strong price effect , especially in Germany & Austria where reaching +4% to +7% Occupancy improved notably in Austria , Belgium and Spain where reaching +2% to +3% New openings strongly contributed to growth in the Netherlands and, to a lesser extent in Spain 1 - Other geographies : includes Ireland, Poland , UK, China in €m France 2,381 2,416 +1,5% +1,7% ow. Nursing homes 1,113 1,139 +2,3% +2,6% ow. Clinics & others 1,268 1,277 +0,7% +1,0% Northern Europe 1,630 1,778 +9,1% +10,6% ow. Germany 946 1,018 +7,6% +9,5% Central Europe 966 987 +2,2% +7,0% Southern Europe and Latam 434 471 +8,6% +9,6% Other geographies 225 242 +7,7% +9,7% Total revenue 5,636 5,895 +4,6% +6,1% Nursing Homes 3,621 3,853 +6,4% +8,1% Clinics + others 2,015 2,042 +1,3% +2,5% o/w organic 2024 2025 Change FY 2025 SALES & BUSINESS UPDATE (1)
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International markets and nursing homes still outperforming … … but encouraging momentum seen in France 21 +1,7% +9,4% +8,1% +2,5% France International Nursing homes Clinics & Others LfL growth per geography & per business +3,6% +3,2% +3,6% +2,6% Change Q1-25 vs. Q1-24 Change H1-25 vs. H1-24 Change 9m-25 vs. 9m-24 Change FY 25 vs. FY 24 Nursing homes France +3,7% -2,7% -0,8% +0,6% +1,0% Change Q1-25 vs. Q1-24 Change H1-25 vs. H1-24 Change 9m-25 vs. 9m-24 Change FY 25 vs. FY 24 Clinics France INTERNATIONAL MARKETS & NURSING HOMES DRIVING THE MOMENTUM … … BUT POSITIVE DYNAMICS SHOWN ON FRENCH MARKET French Clinics , have shown an improving mometum , quarters after quarters , after relatively weak start of the year LfL growth on French nursing homes muted by one - off revenu booked in Q4 - 2024. Would nearer +4% otherwise . * Other geographies : includes Ireland, Poland , UK, China FY 2025 SALES & BUSINESS UPDATE
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82,4% 86,4% 85,2% 87,8% 87,2% 88,8% Nursing Homes Clinics FY 23 FY 24 FY 25 85,4% 79,4% 87,3% 84,2% 86,1% 83,5% 90,5% 87,0% 87,8% 86,4% 92,4% 87,8% France Northern Europe Central Europe Southern Europe & Latam FY 2023 FY 2024 FY 2025 Occupancy rates: Strong dynamics continues From 83.3% in 2023 to 85.8% in 2024 and 87.6% in 2025 22 • Occupancy rates up everywhere , even in southern europe despite important new openings end 2024 • A still significant room for further improvement ahead +170 bps +290 bps +190 bps +80 bps +200 bps +100 bps Occupancy rates excl . n ew o penings 88.7% Occupancy rates per Geography Occupancy rates per Business Yoy change FY 2025 SALES & BUSINESS UPDATE
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79,7% 80,1% 81,6%82,5% 83,4% 84,6%85,4% 85,9% 87,9% Q1 Q2 Q3 Q4 Occupancy ratio Germany per quarter (organic perimeter) 2023 2024 2025 82,7% 81,8% 81,8% 83,8%83,6% 83,8% 85,6% Q1 Q2 Q3 Q4 Occupancy ratio France per quarter (Nursing homes - organic perimeter) 2023 2024 2025 82,8% 91,6% 83,7% 84,7% 93,0% 86,7% France Nursing homes* France Clinics Germany Occupancy rates - France & Germany 2024 2025 Positive momentum on emeis’ largests markets Quarterly gaining momentum in France from Q2 2024, and steady pace in Germany Constant and steady recovering pace both in France and Germany +180 bps +140 bps +300 bps 23 FY 2025 SALES & BUSINESS UPDATE * incl. serviced residence
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24 13,1% 13,8% 15,8% 2024 H1 2025 H2 2025 EBITDAR Margin Operating expenses under control , supporting operating margins +1.7pt 2025 vs. 2024 +2.5pts 2025 vs. 2024 In % of sales In % of sales In % of sales 67,5% 67,0% 2024 2025 Staff costs - 0.5pt 19,4% 18,2% 2024 2025 Other costs - 1.2pt 8,8% 8,0% 2024 2025 Rents - 0.8pt 3,9% 4,3% 6,8% 2023 2024 2025 EBITDA Margin (excl. IFRS-16) FY 2025 Sales & business update +2pts H2 25 vs. H1 25 +2.5pts H2 25 vs. H1 25
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205 245 376 2023 2024 2025 EBITDA (excl. IFRS 16) (in €m) 696 740 872 2023 2024 2025 EBITDAR (in €m) 5 198 5 636 5 895 2023 2024 2025 Revenue (in €m) 25 + €132m + €131m +19.2% LfL +56.5% LfL +6.1% LfL A positive dynamics from top line that largely flew into operating margins growth FY 2025 SALES AND BUSINESS UPDATE + €259m (1) 1 - of which €64m capital gains on Property disposals in 2025 vs. €28m in 2024 (1)
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-351 -131 -31 -44 20 H2-23 H1-24 H2-24 H1-25 H2-25 All cash flow turned positive Net operating CF positive since H2 24, FCF since H1 25, Recurring FCF since H2 25 26 -73 -12 27 62 122 H2-23 H1-24 H2-24 H1-25 H2-25 -457 -178 -120 26 316 H2-23 H1-24 H2-24 H1-25 H2-25 Net operating CF (EBITDA+/ - WCR change - maintenance & IT capex - taxes) Recurring FCF (Net operating CF – financial expenses ) FCF ( Recurring FCF – dev capex – non recurring items + disposals ) FY 2025 SALES & BUSINESS UPDATE (1) (2) (1) Incl. in H2 24 the disposals of financial derivative instruments for 30M €, would thus be - €61m restated from this one off contribution (2) Excl . one - off Upfront fees related to refinancing & early repayment penalties for c. €35m
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Property & operating disposals Beating expectations Jean - Marc Boursier, Group CFO
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€2.45bn disposals since mid 2022 €1.5bn disposals initial target from mid 2022 to end 2025 now largely exceeded €2.45bn Already sold since mid 2022 or secured to date o.w . €1.1bn to be cashed in post dec - 2025 (incl. €761m received in Jan 26) Disposals achieved or secured … … now well above initial targets > €1.5bn Target over that period Disposals target mid 2022 - end 2025 of €1.5bn FY 2025 SALES & BUSINESS UPDATE
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Real Estate disposals achieved in 2025 or secured at year - end 29 FY 2025 SALES & BUSINESS UPDATE Netherlands 11% Spain 1%Ireland 2% Poland 1% France 57% Switzerland 25% others 3% REAL ESTATE DISPOSALS €1.5BN CLOSED IN 2025 OR SECURED AT YEAR END €538m cash - in during 2025 Premium over book value : c. 68m € 36% made of « sales & lease back » + €761m Real Estate Partnership / Isemia Cashed - in the 14th of January 2026 + €216m secured and to cash - in post 2025 67% « sales & lease back » REAL ESTATE DEALS CLOSED IN 2024 Average yield : 5.9% on S&LB deals
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€761m from , a new branded real estate vehicle opened to third party investors ( closing 14th of J anuary 2026) A €1.22bn GAV real estate vehicle , over a total group portfolio of €6.2bn at end 2024 30 New vehicle dedicated to Healthcare Real Estate operated by emeis 68 assets €1.22bn GAV c.6% rental yield 48% Nursing Homes 52% Clinics France 68% Germany 19% Spain 13% Key elements of the operation • Preferred securities to be bought by third party investors around year end for €761m representing c.62% of the fair value of the assets at end 2024 • Investors to receive a minimum 6% dividend / year, targeting in - fine 12% IRR • 5 to 7 years p artenership , but could be shorten at the hand of emeis if relevant • Vehicle, with autonomous governance is to remain fully controlled by emeis , will thus be fully consolidated by the Group • Several potential exit scenarios at the end of the partnership, including new equity partners, repurchase or full disposal FY 2025 SALES & BUSINESS UPDATE
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€165m operational disposals cashed in during 2025 31 FY 2025 SALES & BUSINESS UPDATE Full disposal of : - emeis’ activities in Czech Republic - French independant Serviced Residences - Individual facilities in Italy and Belgium 1.8% of the Group’s 2024 EBITDAR 2.5% of the Group’s 2024 EBITDA ( excl . IFRS 16) OPCO DISPOSALS +French Senior Residences 7 facilities in operation , 100 employees Sold in Q4 - 2025 Representing the entire independant senior residences in France Non significant contribution at the Group level operating margins Czech Republic (Nursing homes) 17 facilities , 2,200 beds Sold in Q1 - 2025 + Individual facilities 6 underperforming facilities sold in 2025, in Italy and in Belgium
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Cash position and net debt at end 2025 Landmark achievements on financial structure Jean - Marc Boursier Group CFO
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4 775 4 475 3 775 24 35 199 42 - 600 - 700 Net Debt end 2024 (1) Disposals/Acquisitions cashed in Recurring FCF excl. Upfront fees Upfront fees (one off) Development Capex & non recurring Others Net Debt end 2025 (1) Real Estate partnership (Isemia), closed Jan 2026 Proforma Net Debt end 2025 (1) F inancial structure strongly improved in 2025 33 Further decrease expected … … mostly from the €761M contribution from the new Real Estate Vehicle , expected to be cashed in around year end … … and others operations on going , already secured or in very advanced negotiations H1 - 25 Net debt proforma of the Real Estate partnership c. €3,7bn 19.5x 11.9x 10.0x Leverage ratio (Net Debt /EBITDA) Net debt (excl. IFRS 16 and IFRS 5) decreased by c. - €300m in 12 months … … and - €1bn proforma of the real estate partnership Isemia ( closing mid Jan.26) In €m Real Estate Partnership Isemia announced in Sept - 25 & closed in Jan 26 FY 2025 SALES & BUSINESS UPDATE FCF: + €342m (1) excl . IFRS 16 & 5 (2) Change effects , finance lease , factor reserve (3) €761m invested by Farallon Capital Europe & TwentyTwo Real Estate – stamp duties , taxes and transaction fees (2) (3)
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Leverage ratio rapidly enhanced in 12 months , with further improvement embeded ahead 34 205 245 376 2023 2024 2025 EBITDA (excl. IFRS 16) €4 775m €4 475m €3 775m 2024 2025 2025 proforma Net debt (excl. IFRS 16 & 5) 24,5x 19,5x 15,4x 11,9x 10,0x H1 2024 2024 H1 2025 2025 2025 proforma Leverage Ratio (ND/EBITDA) (excl. IFRS 16 & 5) Further decrease ahead (covenant < 6.5x by 2029) Already below covenant by end 2026 (<12x) FY 2025 SALES & BUSINESS UPDATE
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Bank exposure now fully refinanced with €3.15bn new debt raised Refinancing the existing bank exposure ⚫ €3.15bn refinancing package, enabling full repayment of existing financing (A, B, C, and D loans) and early exit from safeguard proceedings ⚫ New structure includes pari - passu: ( i ) €2.2bn Term Loan, (ii) €400m Bonds, and (iii) €550m New Money, extending average maturity and reshaping the debt profile Detailed debt schedule pro forma of the refinancing (as of December 31, 2025) 35 50 100 1 132 1 094 400 - - - 200 383 - - 126 12 37 15 14 26 89 57 53 42 37 24 142 57 47 52 46 49 78 155 €0,3bn €0,1bn €0,2bn €0,4bn €1,6bn €1,6bn €0,3bn 2026 2027 2028 2029 2030 2031 >2031 Echéancier de la dette à fin 2025 (Intérêts PIK inclus / hors affacturage) Tranche 1 Tranche 2 (bonds) Tranche 3 other debts Finance lease Mortgage loans Avg . Cost of debt post refinancing 4.9% (1) Spot end of dec . 25 Average maturity at end 2025 5. 1 years (2) (1) Including PIK, with EURIBOR 3M at 2.03% (2) Excl . factor Debt maturity Schedule (incl. PIK / excl . Factor)
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Property portfolio valuation at end 2025 B ottoming out Laurent Guillot, CEO
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A €5.6bn Real Estate portfolio at end 2025 37 €5.6bn Real Estate portfolio valuation at end 2025 44% Ownership % of beds operated by emeis in assets owned by the Group (>38 000 beds) 6.37% Average rental yield (excl. duties) at end - 2025 (stable at constant perimeter) +1.5% LfL valuation change vs. end - 2024 (based on valuation incl. duties) Portfolio breakdown per geography (end - 2025) FY 2025 SALES & BUSINESS UPDATE France 49% Northern Europe 18% Central Europe 12% Southern Europe 15% Other geography 6%
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A €5.6bn Real Estate portfolio at end 2025 confirming cyclical lows likely to have been reached end 2024 38 6,2 5,6 0,1 0,1 -0,7 0,0 -0,1 Property valuation end 2024 Disposals Acquisition & Dev capex Yield effect Business effect others (incl. stamp duties increase and change of perimeter) Property valuation end 2025 +1.5% Like - for - like - 11% Net selling ( deleveraging ) Cap rate stabilization in 2025 + Business plan improvement + «one year closer » from the demographic wave - 10% yoy FY 2025 Sales & business update
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39 Appraisal Valuation slightly up (+1.5% LfL ) France & Norther Europe flattening , other locations already driven upward 0,4% 0,6% 2,7% 4,1% 4,5% France Northern Europe Central Europe Southern Europe Other geography Valuation change lfl per geography* (% change in 12m) 6,4% 5,7% 6,7% 6,1% 6,9% 6,4% 5,7% 7,2% 5,9% 7,4% France Northern Europe Central Europe Southern Europe & Latam Other geography Cap rate change in 2025 vs. 2024 Stable cap rate + Business plan improvement = Valuation upwards +1.5%* LfL in 2025 following - 25% LfL in 2021 - 2024 France flattening, despite increasing stamp duties (slight increase otherwise) Supportive momentum in Central & Southern Europe. Yield compression in Southern Europe + improving business plan perspectives for operations * Lfl valuation change incl. duties ( would be +1.2% excl . Duties for the whole group, and - 0.3% for france )
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Key takeaways Laurent Guillot, CEO
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Key takeaways 41 GUIDANCE 2025 BEATEN : STRONG MOMENTUM ON OPERATING MARGINS & CASH - FLOW • EBITDAR in 25 +19.2% up ( organic ) / EBITDA ( excl . IFRS 16) +56.5% ( organic ), well above guidance for 2025 • France & Germany largest contributors to EBITDAR growth • Very strong increase in Net Operating cash flow, Recurring FCF, and FCF CONTINUATION OF BUSINESS RECOVERY • Revenue +6.1% on organic basis, benefiting from strong momentum on Nursing homes • Occupancy rates up +1.8pt to 87.6% (+2.0pts on Nursing homes) • Solid improvement of satisfaction and quality score DISPOSAL TARGET LARGELY EXCEEDED • €2.45bn disposals achieved or secured to date since mid 2022 • More than €1.4bn cashed in since the early 2025 ( o.w €761m in the beginning of 2026) STRENGTHENING OF THE FINANCIAL STRUCTURE • Net debt down - €1bn vs. end 2024 proforma (incl. Isemia operation closed the 1 4 th of january ) • Net Debt / EBITDA rapid improvement , from 19.5x end 2024 to 10.0x proforma • €3.15bn new financing raised (5 years average maturity ), reinforcing mid /long term financial structure 1 2 3 4 IMPROVED VISIBILITY FOR 2026, AND SUPPORTIVE MID TERM OUTLOOK CONFIRMED • Mid term outlook reiterated • Revenue: CAGR (2024 - 2028) between +4% and +5% at constant perimeter • EBITDAR: CAGR (2024 - 2028) between +12% and +16% at constant perimeter • EBITDAR 2026 expected to grow > +10% at constant perimeter 6 • Appraisal valuations have started to recover cautiously in 2025 (+1.5% lfl )… • … after several years of downward adjustments 5 REAL ESTATE VALUATION BOTTOMING OUT?
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w ww.emeis.com THANK YOU!
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2025 Revenue breakdown H1 2025 EARNINGS 43 in €m France 616 621 +0,8% +1,0% 2 381 2 416 +1,5% +1,7% ow. Nursing homes 291 289 -0,6% -0,1% 1 113 1 139 +2,3% +2,6% ow. Clinics & others 326 332 +1,9% +1,9% 1 268 1 277 +0,7% +1,0% Northern Europe 422 457 +8,3% +9,7% 1 630 1 778 +9,1% +10,6% ow. Germany 244 259 +6,4% +8,0% 946 1 018 +7,6% +9,5% Central Europe 252 250 -0,8% +6,4% 966 987 +2,2% +7,0% Southern Europe and Latam 114 119 +4,4% +7,9% 434 471 +8,6% +9,6% Other geographies 58 60 +2,1% +3,6% 225 242 +7,7% +9,7% Total revenue 1 463 1 507 +3,0% +5,0% 5,636 5,895 +4,6% +6,1% Nursing Homes 944 982 +4,0% +6,7% 3,621 3,853 +6,4% +8,1% Clinics + others 518 525 +1,3% +2,0% 2,015 2,042 +1,3% +2,5% 2024 2025 Change o/w organic FY Figures o/w organic Quarterly figures Change Q4 2024 Q4 2025
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2025 average occupancy rate H1 2025 EARNINGS 44 France 86,8% 88,4% +1,6pt 89,1% 86,1% 87,8% +1,7pt 88,0% Nursing Homes 83,8% 85,6% +1,8pt 86,7% 82,8% 84,7% +1,9pt 84,9% Clinics 91,8% 93,1% +1,3pt 93,1% 91,6% 93,0% +1,4pt 93,0% Northern Europe 84,7% 87,6% +2,9pt 88,3% 83,6% 86,4% +2,8pt 87,4% Germany 84,6% 87,9% +3,3pt 88,0% 83,7% 86,7% +3,0pt 87,3% Central Europe 91,5% 92,9% +1,4pt 93,3% 90,5% 92,4% +1,9pt 92,7% Southern Europe & Latam 85,1% 88,5% +3,4pt 92,6% 86,9% 87,8% +0,9pt 92,6% Other Geographies 76,8% 76,3% -0,5pt 78,1% 76,2% 77,7% +1,5pt 79,2% Total 86,2% 88,2% +2,0pt 89,4% 85,8% 87,6% +1,8pt 88,7% Q2 2025 (organic excl. openings) Quarterly Average Occupancy rates Var. Yearly 2024 2025 Var. H1 2025 (organic excl. openings) Q4 2024 Q4 2025
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2024 Total from disposed perimeters 2024 Proforma Revenue 5 636 68 5 568 EBITDAR 741 12 728 in % of sales 13,1% 18,1% 13,1% EBITDA 245 5 240 in % of sales 4,3% 7,2% 4,3% 2025 Total from disposed perimeters 2025 Proforma Revenue 5 890 22 5 868 EBITDAR 872 4 868 in % of sales 14,8% 19,1% 14,8% EBITDA 376 0 375 in % of sales 6,4% 1,2% 6,4% Constant perimeter references 45 Constant perimeter restated from operationnal disposals achieved in 2024 and 2025 ( Czech Republic and Senior serviced residences in France) LfL EBITDAR Growth in 2025 +19.2% LfL EBITDA Growth in 2025 +56.5%
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✓ A relevant deal structure, favored over S&LB, given current cyclical trough on Healthcare Real Estate markets, likely to be bottoming out. ✓ A deal structure that allows emeis to keep the benefits from the expected upside for the coming years on Real Estate valuation and value creation ✓ A minimum remuneration of 6% for the investors per year … ✓ … with further vehicle performance and value creation to be shared between investors and emeis. Isemia : a n innovative and relevant operation for the Group 46 A strategic operation for emeis, and an optimized deal given real estate markets bottoming out from cyclical trough ✓ €761m cash in further strengthening emeis’ Balance Sheet with ✓ Immediate reduction of Group Net debt by c. - €700m ✓ Leverage ratio will immediately be improved significantly at closing - A fully controlled and fully consolidated vehicle - A direct deleveraging impact at the closing date - Emeis to retain a significant part of the mid term value creation potential - First step for the future Real Estate strategic partner of emeis Group ✓ A strategic vehicle to partner emeis core business over the long term ✓ In the medium / long term, this vehicle should attract new investors and become the real estate operator that will meet emeis' real estate needs. ✓ A new innovative vehicle, designed to provide real estate solutions to enable emeis, as an operator, to seize the opportunities offered by the sharp increase in care needs that we anticipate over the next decade Strengthening financial structure Strategic move Opportunistic deal
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DISCLAIMER This document contains forward - looking statements that involve risks and uncertainties, including information incorporated by reference, regarding the Group’s expected growth and profitability in the future that may significantly impact the expected performance indicated in the forward - looking statements . These risks and uncertainties relate to factors that the Company cannot control or accurately estimate, such as future market conditions . Any forward - looking statements made in this document express expectations for the future and should be regarded as such . Actual events or results may differ from those described in this document due to a number of risks or uncertainties described in Chapter 2 of the Company's 2024 Universal Registration Document, its amendments and section 2 . 3 of the Company's Half - Year Financial Report, all of which are available on the Company's website and on the website of the French financial markets authority ( Autorité des marchés financiers ) ( www . amf - france . org ) . 47