Earnings release
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emeis - 12 Jean Jaurès Street, 92813 Puteaux Cedex 1 's page on 20 www.emeis.com PRESS RELEASE Puteaux, July 29, 2026 2026 Half-Year Results A first half ahead of expectations: 2026 targets raised Strong growth in operating margins (EBITDAR +18.1%1 and EBITDA +46.3%2 ), and a further increase in occupancy rates (+2.8 pts) Strong performance across all of the Group’s markets • Revenue rose sharply by +6.0% on a like-for-like basis, representing an increase of +€103 million … o particularly in Nursing Homes at +7.1% (clinics at +4.1%) o and internationally at +7.5% (France at +3.7%) • Occupancy rates rose by an average of +2.8 points (to 89.8%) and exceeded 90% in the second quarter alone, driven by improved sales performance (a +22% increase in the number of prospects3 compared to the first half of 2025) • A positive trend across all geographic regions, unaffected in the first half of the year by sanitary risks related to a severe flu season and the heat waves, thanks to proactive risk management by EMEIS facilities and teams Strong growth in operating margins and a significant improvement in net income • EBITDAR up +18.1% 1, or +€70 million, demonstrating effective control of operating expenses o Performance driven by all business segments and geographic regions (particularly in France and Germany) o As a percentage of revenue, the margin continues to show solid growth, although still below the Group’s targets. It improved by +1.8 pts compared to H1 2025, reaching 15.6%. Growth was particularly strong in Southern Europe and in France • EBITDA (excluding IFRS 16) rose by +46.3% on a like-for-like basis, or €70 million, to €228 million. This margin represents 7.6% of revenue compared to 5.4% in H1 2025, further evidence of effective control over lease expenses • EBIT grew by +83.3%, representing an increase of +€85 million to €187 million • Net Income Attributable to the Group remains negative (-€40M) but shows a significant improvement of +€97M since H1 2025 • Cash flow metrics were temporarily impacted by one-time effects related to the Group’s normalization (exit from the safeguard plan and normalization of supplier payment processes), as well as by the intentional reduction in the volume of disposals. While FCF was consequently negative in the first half of the year, recurring free cash flow remained broadly stable, as strong operational growth offset these temporary effects on working capital requirements in particular. Reduction in net debt and further improvement in the financial leverage ratio • Net debt stands at €3.9 billion, down -€0.6 billion since the end of 2025, as a result of the closing of the Isemia transaction and other disposals finalized since the start of the fiscal year. 55% of the Group’s debt is now hedged or at a fixed rate • The Debt-to-EBITDA4 ratio continues to decline rapidly, now standing at 8.7x (vs. 15.4x in H1 2025 and 11.8x at the end of 2025) First-half performance allows for an upward revision of the 2026 guidance • Revised 2026 guidance: EBITDAR growth on a like-for-like basis2is now expected to be between +12% and +14% for 2026 (previous guidance indicated growth of at least +10% in 2026) • Medium-term guidance confirmed: EBITDAR growth on a like-for-like basis2 between +12% and +16% on average (CAGR 2024–2028). 1 On a like-for-like basis (excluding contributions from operating segments disposed of during the period or held for sale) 2 On a like-for-like basis, excluding IFRS 16 3 In France 4 Net debt excluding IFRS 5 and 16 / EBITDA excluding IFRS 16 on a 12-month rolling basis
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www.emeis.com emeis - 12 Jean Jaurès Street, 92813 Puteaux Cedex 2 's page on 20 Key income statement aggregates - (in M€) H1 2025 H1 2026 Change Like-for-like Average occupancy rate (%) - Nursing homes 86.5% 89.4% +2.9 pts REVENUE 2,908 3,011 +3.6% +6.0% EBITDAR* 401 471 +17.5% +18.1% EBITDAR Margin (%) 13.8% 15.6% +1.8 pt EBITDA 380 461 +21.4% EBITDA Margin (%) 13.1% 15.3% +2.2 pts EBITDA (pre-IFRS 16) 158 228 +44.3% +46.3% Pre-IFRS 16 EBITDA margin (%) 5.4% 7.6% +2.2 pts EBIT 102 187 +83.2% Non-recurring (79) (35) -55.1% Net Financial Expenses (160) (178) +11.5% NET INCOME ATTRIBUTABLE TO THE GROUP (137) (40) +€97m Net income per share (in €) (0.85) (0.25) Key Cash Flow Aggregates - (in M€) H1 2025 H1 2026 Net Current Operating Cash Flow 62 57 (5 M€) Recurring Free Cash Flow ** (45) (40) +5 M€ Free Cash Flow (FCF) 26 (153) (179 M€) Key Balance Sheet Aggregates - (in M€) FY 2025 H1 2026 Net financial debt (excluding IFRS 16, 9, and 5) 4,484 3,918 (€566 m) Net Debt / EBITDA*** 11.8x 8.7x -3.1x (*) including capital gains from real estate disposals of €23 million in H1 2026 vs. €5 million in H1 2025 (**) Free cash flow before financing, development Capex, disposals/acquisitions, and non-recurring items (***) Net debt excluding IFRS 16, 9, and 5; EBITDA excluding IFRS 16. Laurent Guillot, Chief Executive Officer: “emeis’ performance in the first half of the year reflects the strong momentum the Group has built. The significant increase in our occupancy rate, both internationally and in France, combined with rigorous management of our operating expenses, allows us to continue on our path of improving our operating performance at a sustained pace and to raise our EBITDAR growth target for 2026. These results confirm the effectiveness of our business strategy and the remarkable dedication of our teams to support the most vulnerable. In recent days, our teams have once again demonstrated their unwavering commitment in response to the emergency situation in Gironde. I would like to express my deepest gratitude and full support to them during this difficult time.” Press Contacts Isabelle HERRIER NAUFLE Director of Media Relations & Online Reputation 07 70 29 53 74 isabelle.herrier@emeis.com IMAGE 7 Charlotte LE BARBIER 06 78 37 27 60 clebarbier@image7.fr // Investor Relations Samuel Henry Diesbach Director of Investor Relations & Capital Markets Samuel.henry-diesbach@emeis.com Shareholder Toll-Free Number 0 805 480 480 NEWCAP Dusan ORESANSKY 01 44 71 94 94 emeis@newcap.eu About emeis With nearly 83,500 experts and professionals in healthcare, nursing, and support services for the most vulnerable, emeis operates in some 20 countries and spans five business segments: psychiatric clinics, medical and rehabilitation clinics, nursing homes, home care and services, and assisted living facilities. Each year, emeis serves nearly 280,000 residents, patients, and service recipients. emeis is committed to addressing one of the major challenges facing our societies: the growing number of people made vulnerable by life’s setbacks, advanced age, or mental illness. In June 2025, emeis became a mission -driven company, enshrining four commitments in its articles of incorporation: to work toward changing perceptions of the most vulnerable and their loved ones to foster true inclusion; to contribute to the fair recognition and attractiveness of our professions; to make caring for the most vulnerable a major contribution to local social ties and territorial cohesion; and to innovate in order to contribute to care that respects the planet and all living things. emeis, 50.3% owned by Caisse des Dépôts, CNP Assurances, MAIF, and MACSF Epargne Retraite, is listed on Euronext Paris (ISIN: FR001400NLM4) and is a constituent of the SBF 120, CAC Mid 60, and CAC All-Tradable indices. Website: www.emeis.com
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www.emeis.com emeis - 12 Jean Jaurès Street, 92813 Puteaux Cedex 3 's page on 20 1- Key items in the income statement: Significant improvement across all key metrics (in M€) H1 2025 H1 2026 Chg. REVENUE 2,908 3,011 +3.5% Personnel expenses (1,960) (2,019) +3.0% Other Costs (546) (521) -4.6% EBITDAR 401 471 +17.5% EBITDAR Margin (%) 13.8% 15.6% +1.8 pt Of which real estate gains 5 23 n/a EBITDA 380 461 +21.4% EBITDA Margin (%) 13.1% 15.3% +2.3 pts EBITDA (pre-IFRS 16) 158 228 +44.3% Pre-IFRS 16 EBITDA Margin (%) 5.4% 7.6% +2.2 pts Depreciation and amortization (303) (290) -4.3% Impairments and Provisions 25 15 -38.0% CURRENT OPERATING INCOME (EBIT) 102 187 +83.3% Non-recurring (79) (35) -55.1% Net financial expenses (160) (178) +11.4% INCOME BEFORE TAXES (137) (27) +110 M€ Income tax expense 0 (8) - Share of earnings in associates and joint ventures (1) (0) - Income from discontinued operations or operations held for sale 0 (5) - NET INCOME ATTRIBUTABLE TO THE GROUP (137) (40) +97 M€ Diluted Net Income per Share (in € per share) (0.85) (0.25) n/a Operating margins are growing strongly in 2026, driven by continued like -for-like revenue growth (+6.0%) and effective control of operating expenses. EBITDAR margins are also rising across all geographic regions, with a significant contribution from France and Northern Europe, as well as strong growth in Southern Europe . Growth on a current scope basis stands at +3.5%, marginally reduced by operational disposals in 2025 ( senior living facilities in France and operations in the Czech Republic, as well as the ongoing disposal process of operations in Latin America and Asia (IFRS 5 reclassification )). On a current scope basis, the Group’s EBITDAR thus rose by +17.5% (+€70m) compared to the first half of 2025. As a percentage of revenue, the EBITDAR margin now stands at 15.6%, representing an increase of +1.8 pts over the past 12 months. EBITDA (excluding IFRS 16) also rose sharply (+44.3%, or €70 m), benefiting from strong operational momentum as well as effective management of lease expenses (asset acquisitions, lease negotiations, disposals of facilities, etc.). As a result, recurring operating income (EBIT ) rose significantly (up by +€85m to €187m), representing growth of +83.3% over 12 months. For the record, this figure stood at just €102m a year ago and was negative in 2024. Net income attributable to the Group, although still negative in the first half of the year , is approaching breakeven at -€40 million. It improved by €97 m compared to the first half of 2025 , benefiting from the marked improvement in operating performance as well as effective control of operating, rental, and financial expenses, suggesting a very encouraging trend for the coming half-years.
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www.emeis.com emeis - 12 Jean Jaurès Street, 92813 Puteaux Cedex 4 's page on 20 As a preliminary note, it should be noted that, as part of its financial reporting, the Group is changing the geographic brea kdown of its activities effective January1, 2026, to better align with emeis’s strategy of focusing on various European markets. Going forward, emeis will report using the following breakdown5 : - The Northern Europe region includes Germany, the Netherlands, Belgium, Ireland, the United Kingdom, and Luxembourg - The Central Europe region includes Austria, Switzerland, Poland, Slovenia, and Croatia - The Southern Europe region includes Spain, Italy, and Portugal, but no longer includes Latin America - The “Other Regions” category thus includes the remaining operations in China and Latin America The breakdown of revenue, EBITDAR, and occupancy rates by region is provided in the appendix to this press release, along with the previous geographic breakdown that was in effect until now. 2- Revenue: organic growth of +6.0%, driven by nursing homes (+7.1%) and international operations (+7.5%) As of the end of June 2026, the Group’s revenue stood at €3, 011m, up +6.0% on a l fl basis, continuing the trend seen in 2025 and reflecting sustained momentum, particularly in the nursing home segment (+7.1% lfl) and internationally (+7.5% lfl). On a current scope basis, revenue grew by +3.5%, impacted by the disposals of operations in the Czech Republic (end of March 2025) and senior living facilities in France (early November 2025 ), as well as by the reclassification of operations in Latin America and Asia under IFRS 5 (operations held for sale). Quarterly Half-Year Q2 2025 Q2 2026 Var H1 2025 H1 2026 Var like-for-like in M€ France 604 616 +2.1% 1,191 1,229 +3.2% +3.9% Nursing homes 281 290 +2.9% 561 573 +2.1% +3.2% Clinics 312 318 +1.9% 611 640 +4.7% +4.7% Other (including Home Care) 10 9 -13.9% 19 16 -13.2% -3.4% Northern Europe 486 514 +5.8% 964 1,019 +5.7% +7.0% of which Germany 253 268 +5.9% 500 532 +6.3% +7.0% Central Europe 255 278 +9.2% 518 549 +6.0% +8.3% Southern Europe 104 108 +3.8% 206 214 +4.1% +8.4% Other regions 14 - ns 30 - ns ns Total revenue 1,463 1,517 +3.7% 2,908 3,011 +3.5% +6.0% Nursing Homes 950 999 +5.2% 1,897 1,985 +4.6% +7.1% Clinics 447 453 +1.5% 878 906 +3.2% +4.1% Other (including home care) 66 50 ns 135 120 -14.4% +1.8% This increase reflects a combination of three factors, all of which are trending positively: • A positive price effect supporting like-for-like growth by +3.4%, in line with the impact recorded at the end of December 2025; • An increase in the average occupancy rate at the end of June of +2.8 pts, contributing +1.8% to like-for-like growth; • Facilities opened recently, since early 2025, whose ramp-up contributed +0.8% to like-for-like growth. In the nursing home segment (which accounts for 2/3 of the Group’s business), like-for-like revenue growth reached +7.1% at the end of June, driven by a significant increase in the average occupancy rate (+2. 9 pts), a favorable pricing effect, and the ramp -up of new facilities. This trend signals the continuation of a marked recovery in this business in 2025. The Clinics segment (1/3 of total revenue, 63% SMR and 37% psychiatric) also posted strong momentum, with like-for-like revenue growth of +4.1%. This improvement, particularly in France, was driven by favorable base effects and various one-off factors, but it also benefited from operational corrective measures implemented throughout 2025, which helped restore a favorable dynamic particularly regarding the marketing of private rooms. 5 Revenue and occupancy rate figures corresponding to the formats in effect prior to this change are provided in the appendix to this press release
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www.emeis.com emeis - 12 Jean Jaurès Street, 92813 Puteaux Cedex 5 's page on 20 Internationally, the half-year followed the same very favorable trend as in previous half-years, with an average like -for-like growth rate of +7.5%, driven by particularly strong performance in the Netherlands, Poland, and the Iberian Peninsula, where growth rates exceeded +10%. This performance was driven by strong rate increases (in Austria, Germany, and Spain), higher occupancy rates (particularly in Spain and Belgium, as well as in Italy and Poland), and the ramp-up of recently opened facilities (in the Netherlands and, to a lesser extent, in Portugal and Spain). Southern Europe (primarily Spain and Italy) and Central Europe (notably Austria and Switzerland) are the regions with the highest growth rates. - Of particular note is the very strong performance of operations in Southern Europe, where revenue grew by +8.4% like-for-like. This performance is attributable to a sharp increase in occupancy rates (now above 92% in Spain and Italy), the ramp -up of recently delivered facilities, and the decision in Italy to divest underperforming facilities by the end of 2025. - The Netherlands and Poland posted double-digit growth rates on a like-for-like basis, while German nursing homes came close to that level. In France: - Revenue from clinics in France as of the end of June 2026 rose by +4.7% like-for-like, benefiting in part from favorable non - recurring effects (a negative base effect in the first quarter of 2025 and a positive one-off effect in the first quarter of 2026). As announced, the pace of like-for-like growth is naturally moderating starting in the second quarter. However, this growth remains encouraging and reflects the sequential improvement observed quarter after quarter, following a first quarter of 2025 that fe ll short of expectations, particularly regarding the sale of private rooms. - Revenue from nursing homes in France rose by +3.2% on a like-for-like basis, driven primarily by an improvement in the average occupancy rate of the Group’s facilities. On a current scope basis, growth stood at +2.1% due to the sale of independent senior living residences in the second half of 2025.
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www.emeis.com emeis - 12 Jean Jaurès Street, 92813 Puteaux Cedex 6 's page on 20 3- Occupancy rates rose across all geographic regions : +2.9 pts for nursing homes and +2.8 pts overall The Group’s average occupancy rate rose by +2.8 pts year-over-year, reaching 89.8% in the first half of 2026 (and 90.4% on a like - for-like basis, excluding recent openings). emeis thus continues to increase its average occupancy rate at an unabated pace. For reference, this rate was 87% in H1 2025, 85.3% in H1 2024, and 82.7% in H1 2023, suggesting that the trend is likely to continue further. This performance is driven by ongoing efforts to improve the quality of care, marketing processes, and the development of a segmented service offering that closely aligns with the needs of residents and patients. It also stems from the effective management of flu outbreaks during the half-year, notably through the implementation of proactive health protocols. To date, the Group’s facilities have also adapted to heat waves, protecting residents from heat-related health risks and helping to maintain occupancy rates. It should be noted that all facilities have an air -conditioned common area and that more than half of the private rooms in France are already air-conditioned as well—a rate that is significantly higher than the industry average. The recovery is driven in particular by nursing homes , where the occupancy rate rose by +2.9 pts year-over-year to 89.4%. It also increased by +2.0 pts at clinics, reaching 91.1%. The significant improvement in sales efficiency is a major driver of the increase in occupancy rates at the Group’s facilities. For example, in nursing homes in France, the number of prospect s residents continued to grow in the first half of the year , with volume up +41% from two years ago and up +22% compared to the first half of 2025. This momentum is driven by digital channels , which now account for nearly 30% of prospective residents (vs. 5% in H1 2024 and 15% in H1 2025). As a result, the number of new reside nts admitted to facilities in the first half of 2026 was up +21% compared to the first half of 2024. Average occupancy rates are rising across all geographic regions: • In France (41% of the Group’s revenue), the average occupancy rate now stands at 89.9%, up +2.4 pts from last year. For nursing homes, the occupancy rate stood at 87.5%, an improvement of +3.8 pts year-over-year. This increase reflects both improved marketing processes and the effects of quality-enhancement measures implemented in recent years, as well as the disposal of underperforming operations (senior residences) whose occupancy rates were lower than those of the rest of the portfolio. In addition, nearly one-third of this improvement stems from the removal (effective 1st of January) from the denominator of beds that were previously counted but were not marketable. • In Northern Europe6 (34% of revenue), the positive momentum continues. In Germany, the Group’s second-largest market, the notable improvement of +3.4 pts in the occupancy rate partly reflects the measures implemented to enhance quality, with services segmented since 2024 according to residents’ needs . These favorable effects are gradually taking hold. 6 Germany, the Netherlands, Belgium, Ireland, the United Kingdom, and Luxembourg (including Ireland and the United Kingdom since 2026) France 87,3% 90,0% +2, 7pt 87,5% 89,9% +2, 4pt 89,9% Nursi ng Hom es 83, 7% 87, 9% +4, 2pt 83, 7% 87, 5% +3, 8pt 87, 5% Cl i ni cs 93, 4% 93, 3% -0, 1pt 94, 0% 93, 7% -0, 3pt 93, 7% Northern Europe 85,3% 88,3% +3, 0pt 85,3% 87,7% +2, 4pt 88,7% Germ any 85, 9% 89, 3% +3, 4pt 85, 5% 88, 9% +3, 4pt 89, 0% Central Europe 91,1% 94,7% +3, 6pt 90,9% 94,0% +3, 1pt 94,5% Southern Europe 89,4% 92,0% +2, 6pt 88,7% 91,4% +2, 7pt 92,6% Other Geographies 61,1% - 61,2% - Total 87, 1% 90, 5% +3, 4pt 87, 0% 89, 8% +2, 8pt 90, 4% Nursi ng Hom es 86, 5% 90, 1% +3, 6pt 86, 5% 89, 4% +2, 9pt 90, 1% Cl i ni cs 89, 0% 91, 8% +2, 8pt 89, 1% 91, 1% +2, 0pt 91, 5% Quarterl y Hal f Year S1 2025 S1 2026 Var. H1 20256 (organi c excl . openi ngs) Q2 2026Average Occupancy rates Var.Q2 2025
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www.emeis.com emeis - 12 Jean Jaurès Street, 92813 Puteaux Cedex 7 's page on 20 In the Netherlands, the strong momentum observed reflects the ramp -up of recently opened facilities , while in Belgium, the sharp rise in the average occupancy rate stems from the closure of certain facilities that were structurally underperforming . Only Ireland posted a decline in occupancy vs. H1 2025 , due to the temporary suspension of admissions at certain facilities during the year; however, this rate has improved compared to the first quarter, signaling a rapid recovery in occupancy at these facilities (+5.4 pts in three months), which allows for confident projections. • In Central Europe7 (18% of revenue) , the average occupancy rate now stands at 94%, a sharp increase of +3.1 pts year-over- year, driven in particular by Austria and Poland. In Switzerland, the occupancy rate also continues to rise , exceeding 90% and now standing at over 93%. • In Southern Europe 8 (7% of revenue), the facilities opened in the second half of 2024 and throughout 2025 (in Spain and Portugal) are now nearly at full capacity. The average occupancy rate there rose by 2.6 pts to 91.4%. Of particular note is the very strong performance in Italy, where the occupancy rate is now approaching 94%, up 5 pts in just one year. 4- Operating margins: strong growth on organic basis for EBITDAR (+18.1%) and EBITDA (+46.3%9 ) in M€ H1 2025 H1 2026 % Change % Change on a like-for-like basis* Revenue 2,908 3,011 +3.5% +6.0% Personnel expenses -1,960 -2,019 +3.0% +4.5% Other costs -546 -521 -4.6% -2.4% EBITDAR** 401 471 +17.4% +18.1% as a % of revenue 13.8% 15.6% +1.8 pts EBITDA pre-IFRS 16** 158 228 +44.3% +46.3% as a % of revenue 5.4% 7.6% +2.2 pts EBITDA excluding real estate gains 153 206 35.3% +37.3% * Excluding changes in scope (disposal of the Czech Republic and RSS France), and excluding operations held for disposal ** including capital gains from real estate disposals of €23 million in H1 2026 vs. €5 million in H1 2025 A recovery trend that began in mid-2024 and continues. The revenue growth on a like-for-like basis (+6.0%) once again had a very positive impact on operating margins, with increases of +18.1% for EBITDAR and +46.3% for EBITDA (excl. IFRS 16) over a year. This growth was partly driven by higher capital gains from disposals in the first half of the year , which totaled € 23m in the first half of 2026 (vs. €5m in H1 2025). However, adjusted for this item, EBITDA growth (excluding IFRS 16) remained very strong (+37.3% on a like- for-like basis). As a percentage of revenue, margins rose by approximately +2 pts over 12 months, reflecting the increasing efficiency of the Group’s cost structure, the benefits of rising occupancy rates, and the capture of a favorable price effect. This performance is on par with the improvement observed in the first half of 2025 compared to the first half of 2024 , indicating that the recovery trajectory is continuing at a significant pace. - The EBITDAR margin for the first half of the year thus increased by +1.8 pts, although it remains below the Group’s target, at 15.6% of revenue (vs. 13.8% in H1 2025 and 11.4% in H1 2024). - The EBITDA margin (excluding IFRS 16) also rose significantly (+2.2 pts), now standing at 7.6% of revenue (vs. 5.4% in H1 2025 and 3.3% in H1 2024) 7 Austria, Switzerland, Poland, Slovenia, and Croatia (including Poland since 2026) 8 Spain, Italy, and Portugal (excluding Latin America since 2026) 9 Excluding IFRS 16,
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www.emeis.com emeis - 12 Jean Jaurès Street, 92813 Puteaux Cedex 8 's page on 20 By geographic region: EBITDAR in M€ H1 2025 H1 2026 12-Month Change 12-Month Change (Constant Scope) France 123 148 +20.3% +20.8% as a % of revenue 10.2% 12.0% +1.8 pts +1.8 pts Northern Europe (including the UK and Ireland) 158 171 +8.2% +8.4% as a % of revenue 16.4% 16.8% +0.4 pts +0.4 pts Central Europe (including Poland) 99 106 +7.1% +10.8% as a % of revenue 19.1% 19.3% +0.2 pts +0.2 pts Southern Europe 25 31 +25.2% +23.7% as a % of revenue 12.0% 14.5% +2.4 pts +2.3 pts Other countries (China and Latin America) (2) - ns ns Headquarters and other (including capital gains from real estate disposals) (2) 15 n/a ns Group EBITDAR 401 471 +17.5% +18.1% as a % of revenue 13.8% 15.6% +1.8 pts +1.8 pts • In millions of euros, the two main geographic regions contributing most to the Group’s EBITDAR growth are France (+€25m) and Northern Europe (+€13m). • The geographic regions with the strongest EBITDAR growth are France (+20.8% on a like -for-like basis) and Southern Europe (+23.7%). o In France, operations continue on a path of gradual normalization of operating performance , though margin levels remain below the Group’s targets for the coming fiscal years. The margin is beginning to benefit from the initial effects of the “Boost” program (see below). o In Southern Europe, momentum is very strong, both in terms of occupancy rates and pricing power. These results thus reflect the impact of business growth, bolstered by effective control of operating expenses , whose growth - particularly in France - remains significantly lower than that of revenue. Consequently, nearly 68% of the increase in revenue is reflected in EBITDA (excluding IFRS 16). It should be noted, however, that this rate is partly attributable to changes in the scope of consolidation currently underway (accounting under IFRS 5 , particularly for operations in Latin America ) or completed over the past year (notably independent senior living facilities in France), whose operating performance was weaker than that of the rest of the Group. The improvement in the Group’s operating performance also reflects progress made under the “Boost” program, launched in France in 2025 to optimize external spending and strengthen cost control. This initiative is yielding multiple benefits: improved service quality, strengthened risk management, better working conditions , and higher resident satisfaction. These advances are gradually translating into tangible value creation through reduced operating expenses, a more efficient allocation of expenses, and the development of value-added services. The measures implemented are therefore expected to reduce operating expenses in France by approximately -2% per year in the coming years. The results observed in the first half of 2026 reinforce confidence for this trajectory and support the gradual rollout of similar initiatives in the Group’s other regions . These initial results thus bolster the Group’s confidence in its projections for the second half of the year and for the coming fiscal years.
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www.emeis.com emeis - 12 Jean Jaurès Street, 92813 Puteaux Cedex 9 's page on 20 5- Disposals: A now opportunistic Approach A total of more than €1 billion in disposals were finalized during the first half of the year or were secured as of the end of June 2026, including: - €761 million received in mid-January 2026 from the creation of Isemia , which was open to third -party investors, representing 62% of the appraised value of a pan-European portfolio of 68 assets located in France, Spain, and Germany. - €114 million from other real estate disposals finalized and cashed in during first half of the year, 64% of which were sales- and-lease-back transactions with an average yield of 4.9%. These disposals primarily involve assets located in Ireland (28%), Switzerland (19%), Portugal (19%), Latin America (15%), and France (15%). - €156 million in secured disposal transactions remain to be received , of which at least €25 million is expected during the second half of the year. Now that the disposal plan has been significantly exceeded, the Group’s financial structure has been substantially and sustai nably strengthened, and emeis ’ operating performance continues to show a positive trend quarter after quarter, the Group intends to be particularly selective and opportunistic regarding any further disposals in the coming fiscal years. Update on the process for the disposal of activities in the Latam region, with nearly 70% finalized as of the end of June emeis has initiated a process for the disposal of all of its operations in Latin America 10 . These disposals are expected to be completed largely in stages throughout 2026. As of the end of June 2026: - Nearly 70% of the disposal process has already been secured, through sales for which proceeds have already been received or are expected to be received in the coming quarters. - Nearly 30% of the disposal of the entire Latam portfolio has already been finalized (primarily real estate assets) , with proceeds received during the first half of the year. 6- Cash Flow: Strong operating contribution and non-recurring transitional factors reflecting the Group’s structural normalization The cash flow statement for the first half of the year was positively impacted by improved operating performance but negatively affected by temporary factors resulting from the Group’s normalization across several areas. 10 Less than 1% of 2025 revenue; non-material EBITDAR. Reclassified under IFRS 5 in €m H1 2025 H1 2026 Var. Var (€m ) EBITDA Excl . IFRS 16 158 228 44% 70 M ai ntenance Capex & IT (60) (74) 23% (14) Mai ntenance Capex (40) (50) 26% (10) I T (20) (24) 19% (4) O ther operati ng cash fl ow s (36) (97) 170% (61) Change i n W CR & others (26) (84) 223% (58) Taxes (10) (13) 32% (3) Net O perati ng Cash Fl ow 62 57 -8% (5) Net Fi nanci al expenses (107) (97) -9% 10 Recurri ng Free Cash Fl ow (45) (40) -10% 5 Devel opm ent Capex (43) (33) -24% 10 Non recurri ng Item s (52) (164) 216% (112) Asset portfol i o M anagem ent 167 85 -49% (82) Free Cash Fl ow 27 (153) n. a (180) Capi tal i ncrease - cash i m pact - 756 n. a 756 Di vi dends Isem i a - (10) n. a (10) Reducti on (+) of the Net fi nanci al Debt 27 593 n. a 566 Change of peri m eter, exchange rate and others (28) (27) -4% 1 Reducti on (+) of the Net fi nanci al Debt (1) 566 n. a 567
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www.emeis.com emeis - 12 Jean Jaurès Street, 92813 Puteaux Cedex 10 's page on 20 Net Current Operating Cash Flow remained broadly stable (down by -€5m) at €57m, despite an exceptional change in working capital of approximately -€84m. Recurring cash flow also remained broadly stable (up by €5m compared to H1 2025), benefiting from a reduction in financial expenses. Finally, free cash flow (FCF) was negative at -€153m in the first half of the year, impacted in particular by the exceptional transitional effects of the Group’s exit from the “ ” safeguard plan (balance of tax and social security liabilities) . It does not take into account the Isemia transaction, which was treated as a change in equity. Significant improvement in the Group’s operating and financial performance - EBITDA (excluding IFRS 16) rose by +44%. This strong growth reflects the continued improvement in the Group’s operating performance, as explained above, and this momentum is expected to continue in the coming semesters. - Financial expenses decreased by -9%. This improvement reflects both the reduction in debt levels and the effects of the bank debt refinancing finalized in December 2025. One-time items related to the structural normalization of eMeis These indicators are being temporarily impacted in certain areas, thereby temporarily weighing on cash flow generation during the current fiscal year despite a significant improvement in operating performance : - Increase in maintenance and IT capital expenditures. Maintenance and IT capital expenditures have thus increased by €14m compared to the first half of 2025. This increase stems from the Group’s deliberate decision to boost investments in its facilities and IT systems to ensure the continuation and optimization of operational performance in the coming years. This elevated level of Capex is expected to remain above normal levels in the coming semesters. - Normalization of supplier payment processes, temporarily impacting the change in working capital. The change in working capital in the first half of 2026 was negative at -€84m, compared to -€26m in the first half of 2025. This significant change stems largely from the normalization of supplier payment processes following an ERP system change in 2025. This catch-up situation has no impact on the change that could be expected for subsequent fiscal years, which will be normalized. - Exit from the accelerated safeguard plan and establishment of the Isemia vehicle. It is also worth noting the increase in non-recurring expenses, which rose to €164m, compared to €52m in H1-2025. This increase is attributable to two exceptional events that are structurally transforming the Group. It is explained by: o Primarily by the exit of the safeguard procedure, which resulted in the payment of tax and social security liabilities that had previously been suspended, o And by the exceptional costs associated with structuring and finalizing the Isemia transaction in January 2026
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www.emeis.com emeis - 12 Jean Jaurès Street, 92813 Puteaux Cedex 11 's page on 20 7- Net debt down, leverage ratio significantly improved Combined with the sharp recovery in operating margins—which, although still below their normal levels, have shown strong growth over the past 12 months—as well as a major disposal program, the Group’s net debt 11 has decreased by €566m since the beginning of 2026, now standing at €3,918m excluding IFRS 5, 9, and 16, and €3,862m excluding IFRS 16 This decline in net debt since the end of 2025 stems primarily from disposals (including the Isemia partnership), which contributed to a reduction of -€841m in net debt over the period . This volume of disposals is partially offset by negative recurring free cash flow in the first half of the year ( –€40m), development capital expenditures related to real estate projects under construction ( -€33m), and non - recurring items primarily linked to the early exit from the safeguard procedure in February 2026. The financial leverage ratio (Net Debt / EBITDA 12 ) thus continues to improve rapidly. It stood at 15.4x at the end of June 2025, 11.8x at the end of 2025, and now stands at 8.7x at the end of June 2026. The average cost of debt in the first half of the year was 5.3%13 , with an average maturity of nearly 4.9 years, a slight increase compared to the end of 2025 . It should be noted that following the refinancing finalized in December 2025, emeis acquired hedging instruments to significantly reduce its exposure to a scenario of rising interest rates. To date, 5 5% of the Group’s total debt is fixed - rate or hedged with financial instruments (CAPs), some of which have deferred start dates until the end of 2026. The cash position stood at €601 million14 s at the end of June 2026 (vs. €349m at the end of December 2025). This change is attributable to: - Repayments and amortizations of existing debt totaling -€341m, primarily within the Isemia scope, - From the contribution of asset disposals during the half-year15 (+€831m), - Progress on real estate development programs (–€33m), - A negative recurring FCF of -€40m and non-recurring items (-€164m) 11 Excluding IFRS 5, 9, and 16 12 Net debt excluding IFRS 5, 9, and 16; EBITDA excluding IFRS 16 over the last 12 rolling months 13 Including PIK (capitalized interest) 14 Excluding IFRS 5 adjustments 15 Including Isemia and dividends paid to Isemia shareholders during the first half of the year totaling €10m 4 484 3 918 -746 -85 40 33 164 27 Net debt (excluding IFRS 16 & 5) at the end of 2025 Isemia Partnership Acquisitions/Disposals Recurring FCF Development Capex (Real Estate) Non-recurring items Other Net debt (excluding IFRS 16 & 5) as of the end of June 2026 Changes in Net Debt Since the End of 2025
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www.emeis.com emeis - 12 Jean Jaurès Street, 92813 Puteaux Cedex 12 's page on 20 8- Continuation of the Group’s extra-financial transformation Mission-Driven Company: Defined objectives to be rolled out starting in the second half of 2026 On June 26, 2025, the eméis Shareholders’ Meeting approved the inclusion in the company’s articles of incorporation of four commitments embodying its transformation into a Mission -Driven Company. The Mission Committee has since met five times. During these meetings, the commitments enshrined in the articles of incorporation were translated into eight objectives. The second half of 2026 will mark a new phase with the gradual rollout of these object ives and the monitoring of their implementation. This process will be evaluated by an independent third -party organization (OTI), and the committee will present its first mission report at the 2027 Annual General Meeting. In addition, to help employees embrace these commitments, emeis has created the “Mission Mural,” which will be rolled out across all facility management teams. This workshop will help participants understand and share the ambitions of the Mission -Driven Company, link them to the CSR roadmap, and mobilize the team through concrete actions. Improving Extra-Financial Ratings Non-financial rating agencies, with whom emeis is in constant dialogue, have taken into account the improvement in the Group’s extra - financial indicators and its investment in new projects such as emeis & Moi and emeis TROC. S&P’s assessment reflects the progress begun in 2023, with a score of 32 in 2025 compared to 30 in 2024. Also showing a slight improvement, the risk level assessed by Sustainalytics places the Group among the top 5% of healthcare facilities with the lowest risk level, reaching 22.4 compared to 24.5 in the first half of 2025. Finally, ISS’s assessment ranks the Group among the top 20% of companies in the sector and has risen sharply since the first half of 2025, with the rating improving from C +to B-. Your Voice Employee Survey: Second Edition Shows Improved Results The second edition of the annual Your Voice @emeis employee survey, conducted in the first half of the year, confirms the gro wing engagement of our teams. It recorded a participation rate of 59%, up 11 pts compared to 2025. • The engagement rate reached 65% (+3 points compared to 2025), driven in particular by a high level of pride in belonging (72%). • Significant progress was observed across all assessed dimensions, with perceptions exceeding external benchmarks, particularly regarding recognition (+14 points compared to the benchmark), career opportunities (+12 points), training (+10 points), leadership (+10 points), cross-departmental cooperation (+10 points), and internal communication (+9 points). • A new indicator of employee appreciation stands at 61.2%, driven in particular by perceptions regarding purpose and engagement, support and respect, safety and quality of life and working conditions, active listening and dialogue, as well as recognition and appreciation. • The survey also confirms several of the Group’s strengths, notably autonomy (82% positive responses), job interest (77%), safety (70%), and customer/resident focus (68%). 100% of the results have been or will be shared with the teams. Action plans are already being rolled out according to the “3 x 3” principle (3 actions at 3 levels: country / region / facility). Launch of the emeis TROC equipment reuse platform emeis has rolled out an internal digital platform in France for the reuse of professional equipment. Accessible to all of the group’s facilities and business lines, the platform enables the identification, sharing, and reassignment of unused equipment between sites, such as office and hospitality furniture, institutional food service equipment, certain medical devices, and t echnical equipment. Since its launch in November 2025, emeis TROC has more than 1,300 registered employees and nearly 500 equipment listings.
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www.emeis.com emeis - 12 Jean Jaurès Street, 92813 Puteaux Cedex 13 's page on 20 9- Guidance and Outlook: An Ambitious Goal for 2026 The medium -term outlook for the Group’s key markets is particularly promising for care and support services for the most vulnerable individuals. The population of seniors aged 85 and older is expected to grow by more than 30% within the next 10 years. Consequently, the structural supply shortage in the nursing home markets will worsen each year, reaching a shortage of approximately 550,000 beds by 2030 and 800,000 beds by 2035 across emeis’ five main markets. To illustrate the scale of this future supply shortfall, the French market currently has fewer than 650,000 beds in total. The prevalence of mental health disorders and chronic diseases also continues to rise significantly, creating yet another risk of insufficient supply in the coming years. This situation of major shortage provides the emeis Group with strong visibility for the coming years, with supply matching rapidly growing demand. emeis is raising its guidance for 2026. The trend since the start of the year confirms the continued momentum observed in 2025 and even shows performance that exceed ed the Group’s initial expectations. Overall, increased sales efficiency (resident intake and price -driven revenue growth), control of payroll expenses, and the initial effects of the “Boost” program on operating expenses are creating a favorable outlook for the current fiscal year in certain geographic regions, particularly in Northern and Southern Europe. Consequently, emeis is raising its targets for the fiscal year, now forecasting EBITDAR growth on a like-for-like basis of between +12% and +14%. For the record, emeis had previously anticipated EBITDAR growth of more than +10% for the year compared to 2025 (on a like-for-like basis, excluding the effects of operational disposals already completed or to be completed in 2026). In the medium term, emeis confirms its expectations through 2028 , anticipating that the recovery trend observed since mid-2024 and largely confirmed in 2025 will continue. • The compound annual growth rate (CAGR) of revenue on a like-for-like basis16 is expected to be between +4% and +5% between 2024 and 2028 • The Group’s average annual growth rate (CAGR) for EBITDAR on a like for like basis25 is expected to be between +12% and +16% between 2024 and 2028 16 Adjusted for the impact of divested operations during the period
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www.emeis.com emeis - 12 Jean Jaurès Street, 92813 Puteaux Cedex 14 's page on 20 APPENDICES In connection with this release, a web conference hosted by Laurent Guillot (Chief Executive Officer) and Jean-Marc Boursier (Chief Financial Officer) is scheduled for July 30 at 9:15 a.m. The presentation given during the web conference will be posted online simultaneously, and a recording of the web conference will subsequently be available on the Company’s website. CONSOLIDATED FINANCIAL STATEMENTS AS OF THE END OF JUNE 2026 The emeis Group’s consolidated half-year financial statements for the first half of 2026 were reviewed by the Board of Directors on July 29, 2026.17 1. Consolidated Income Statement (Reconciliation: Pre -IFRS 16 and Post-IFRS 16) 17 Limited review procedures on the consolidated half-year financial statements have been performed. The limited review report on the consolidated half-year financial statements will be issued following the verification of the half-year financial report. 30/06/2025 30/06/2026 (in million euros) Pre IFRS 16 IFRS 16 impact Post IFRS 16 Pre IFRS 16 IFRS 16 impact Post IFRS 16 REVENUE 2 908 - 2 908 3 011 - 3 011 Personnel costs (1 960) - (1 960) (2 019) - (2 019) As a % of revenue -67,4% n.a. -67,4% -67,1% n.a. -67,1% Other costs (551) 4 (547) (529) 8 (521) As a % of revenue -18,9% n.a. -18,8% -17,6% n.a. -17,3% EBITDAR 397 4 401 463 8 471 % EBITDAR 13,7% n.a. 13,8% 15,4% n.a. 15,6% External rental costs (239) 218 (21) (236) 227 (10) EBITDA 158 222 380 228 234 461 % EBITDA 5,4% n.a. 13,1% 7,6% n.a. 15,3% Depreciation, amortisation and charges to provisions (130) (148) (278) (120) (154) (274) RECURRING OPERATING PROFIT 28 74 102 108 80 187 As a % of revenue 1,0% n.a. 3,5% 3,6% n.a. 6,2% Net financial result (97) (63) (160) (113) (65) (178) Other non-recurring operating income and expenses (76) (3) (79) (62) 26 (35) Profit / (loss) before tax (145) 8 (137) (66) 41 (27) Income tax 2 (2) - 2 (11) (8) Share in profit / (loss) of associates and JV (1) - (1) (0) - (0) NET INCOME FROM CONTINUING OPERATIONS (143) 5 (138) (64) 30 (34) Net income from discontinued operations - - - - - (5) NET PROFIT (143) 5 (138) (69) 30 (40) Profit / (loss) attributable to non-controlling interest 0 0 0 - - - NET PROFIT ATTRIBUTABLE TO SHAREHOLDERS (143) 5 (137) (69) 30 (40)
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www.emeis.com emeis - 12 Jean Jaurès Street, 92813 Puteaux Cedex 15 's page on 20 2. Consolidated Balance Sheet 3. Simplified Balance Sheet (in millions of euros) 12/31/2025 June 30, 2026 Net Property, Plant, and Equipment (*) 4,626 4,471 Assets held for sale 177 225 Right-of-use assets (IFRS 16) 2,768 2,720 Net intangible assets 1,655 1,673 Goodwill 1,307 1,308 Equity of the consolidated group 1,409 2,108 Gross financial debt (excluding IFRS 16) 4,769 4,452 Of which short-term financial liabilities 411 338 Cash and cash equivalents (excluding IFRS 5) 337 590 Net financial debt (excluding IFRS 16 & 5) 4,432 3,862 Rent liabilities (IFRS 16) 3,657 3,569 Of which short-term lease liabilities 358 383 (*) of which assets under construction: €479 million as of the end of 2025 and €494 million as of the end of June 2026 Consolidated balance sheet (in million euros) 31/12/2025 31/12/2025 Non-current assets 10 917 10 836 Goodwill 1 307 1 308 Intangible assets, net 1 655 1 673 Property, plant and equipment, net 4 122 3 973 Assets in progress 504 497 Right of use assets 2 768 2 720 Non-current financial assets 117 142 Deferred tax assets 444 523 Current assets 1 560 2 297 Cash and cash equivalents 337 590 Assets held for sale 177 225 TOTAL ASSETS 12 654 13 357 Equity attributable to emeis’ shareholders 1 408 1 350 Total consolidated equity 1 409 2 108 Non-current financial liabilities 8 513 8 194 Long-term financial debt 4 358 4 113 Long-term lease liabilities 3 299 3 186 Long term provisions 254 224 Provisions for pensions and other employee benefit obligations 64 77 Deferred tax liabilities 538 593 Current financial liabilities 2 638 2 922 Short-term financial debt 411 338 Short-term lease liabilities 358 383 short term provisions 10 9 Trade payables 555 526 Tax and payroll liabilities 555 587 Current tax liabilities 40 46 Other payables, accruals and prepayments 709 1 033 Liabilities held for sale 94 133 TOTAL LIABILITIES 12 654 13 357
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www.emeis.com emeis - 12 Jean Jaurès Street, 92813 Puteaux Cedex 16 's page on 20 4. Revenue by region based on the previous segmentation For the record, the previous segmentation grouped countries into regions as follows: - Northern Europe: Germany, the Netherlands, Belgium, and Luxembourg - Central Europe: Austria, Switzerland, Slovenia, and Croatia - Southern Europe and Latin America: Spain, Italy, Portugal, and Latin America - Other Countries: Ireland, Great Britain, Poland, and China 5. Occupancy rates by region based on the previous segmentation 6. EBITDAR by region based on the previous segmentation i n €m France 1 191 1, 229 +3,2% ow. Nursi ng hom es 561 573 +2, 1% ow. Cl i ni cs 611 640 +4, 7% ow. Others 19 16 -13, 2% Northern Europe 870 928 +6, 7% ow. Germ any 500 532 +6, 3% Central Europe 494 521 +5, 5% Southern Europe 232 214 -7, 7% Other geographi es 121 119 ns0 Total revenue 2, 908 3, 011 +3, 5% H1 2025 H1 2026 Change France 87,5% 89,9% +2, 4pt Nursing Homes 83,7% 87,5% +3, 8pt Clinics 94,0 % 93,7% -0, 3pt Northern Europe 85,4% 88,6% +3, 2pt Germany 85,5% 88,9% +3, 4pt Central Europe 81 ,6% 87,3% +5, 7pt Europe du Sud & Latam 87,0 % 88,9% +1, 9pt Other Geographies 78,7% 78,2% -0, 5pt Total 87, 0% 89, 8% +2, 8pt in % H1 2025 H1 2026 Var. H1 20 25 H1 20 26 Var. France 1 23 1 4 8 +20 ,3 % i n % of sal es 1 0 ,2% 1 2,0 % +1 ,8 p ts Northern Europe 1 4 7 1 71 +1 6 ,2% i n % of sal es 1 6,7% 1 8,4% +1 ,7 p ts Central Europe 94 98 +4 ,3 % i n % of sal es 1 9,7% 1 8,8% (0 ,9) p ts Southern Europe 23 31 +33,2 % i n % of sal es 9,7 % 1 4,3% +4,6 p ts Other countri es (Chi na & Latam ) 17 8 ns Headquarters (i ncl . capi tal gai ns on property di sposal s)(2) 15 ns EBITDAR Group 4 0 1 4 71 +1 7,5 % in % of sales 1 3,8% 1 5,6% +1 ,8 p ts
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www.emeis.com emeis - 12 Jean Jaurès Street, 92813 Puteaux Cedex 17 's page on 20 7. Cash Flow Statement (Reconciliation: Pre-IFRS 16 and Post-IFRS 16) 8. Constant scope (as of end-2025) Guidance is provided on a constant scope basis, excluding the effects on revenue and operating margins of operational disposals completed to date since the beginning of fiscal year 2024. As of the end of 2025, the divested operations during this period primarily consisted of activities in the Czech Republic and senior living facilities in France. 2024 Total divested operations 2024 Pro Forma Revenue 5,636 68 5,568 EBITDAR 741 12 728 as a % of sales 13.1% 18.1% 13.1% EBITDA 245 5 240 as a % of sales 4.3% 7.2% 4.3% 2025 Total divested operations 2025 Pro forma Revenue 5,890 22 5,868 EBITDAR 872 4 867 as a % of sales 14.8% 19.1% 14.8% EBITDA 380 0 380 as a % of sales 6.5% 1.2% 6.5% In M€ 30/06/2026 Pré. IFRS16 Impact IFRS16 30/06/2026 Post IFRS16 EBITDA 228 234 462 Maintenance and IT capex (74) - (74) Other current operating flows (incl. change in WCR) (97) - (97) Net current operating cash flow 57 234 290 Cost of debt (97) (63) (160) Recurring Free Cash-Flow (40) 171 130 Development Capex (33) - (33) Non-current items (164) 11 (154) Asset portfolio management 85 - 85 Free Cash-Flow (153) 181 28 Change in equity - Isemia 756 - 756 Dividends - Isemia (10) - (10) Reduction (+) of Net Financial Debt 593 181 774 Other debt issues / Repayments (341) (181) (522) Net cash flow 252 0 252 Change in scope of consolidation and currency effect - Cash impact - - - Closing cash position (excl. IFRS 5) 601 - 601 Cash Position IFRS5 (11) - (11) Closing cash position (incl. IFRS 5) 590 - 590
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www.emeis.com emeis - 12 Jean Jaurès Street, 92813 Puteaux Cedex 18 's page on 20 9. Calculation methods for EBITDAR and pre-IFRS 16 EBITDA (in millions of euros) June 30, 2025 June 30, 2026 Operating Income 23 151 Offset of non-recurring operating income and expenses 79 35 Current Operating Income 102 187 Adjustment for Depreciation, Amortization, and Provisions 278 274 EBITDA 380 461 Adjustment for rental expenses 21 10 EBITDAR 401 471 IFRS 16 Leases -222 -234 Rent excluding IFRS 16 -21 -10 EBITDA (pre-IFRS 16) 158 228 10. Information on Alternative Performance Measures 11. Cash Flow Reconciliation Income statement aggregates IFRS 16 30/06/2025 30/06/2026 EBITDA excl. IFRS 16 158 228 Rental IFRS 16 222 234 EBITDA margin excl. IFRS 16 5,4% 7,6% Recurring operating profit excl. IFRS 16 28 86 Recurring operating margin excl. IFRS 16 1,0% 2,9% Cash Flow excl. IFRS 16 30/06/2025 30/06/2026 Operating cash flow [excl. IFRS 16] 72 (21) Net Investment cash flows [excl. IFRS 16] 63 (23) Net financing cash flows [excl. IFRS 16] (279) 295 Change in cash & cash equivalents (143) 252 Reminder of cash-flow Consolidated 30/06/2025 30/06/2026 Cash flow from operations (before taxes) 329 312 Other current operating flows (incl. change in WCR and Income tax) (36) (99) Net cash generated from operating activities 293 213 Net cash from investing and development 63 (23) Net cash from financing activities (499) 62 Change in cash & cash equivalents (143) 252 In M€ 30/06/2025 30/06/2026 Net cash generated from operating activities 293 213 Cancelation of IFRS 16 (221) (234) Operating cash flow excl. IFRS 16 72 (21) Change in Working capital requirement - Investing reclassification (0) - Financing reclassification - (2) Reversal of non-recurring items 52 164 Additional repayment of IFRS 16 liabilities and other (2) (10) Maintenance and IT capex (60) (74) NET CURRENT OPERATING CASH FLOW 62 57 In M€ 30/06/2025 30/06/2026 NET CURRENT OPERATING CASH FLOW (12) 57 Development Capex (91) (33) Non-current items (99) (164) Asset portfolio management 143 85 Cost of debt (119) (97) NET CURRENT CASH FLOW BEFORE FINANCING (178) (153)
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www.emeis.com emeis - 12 Jean Jaurès Street, 92813 Puteaux Cedex 19 's page on 20 12. Maturity Schedule for Gross Financial Debt as of the End of June 202618 13. Information on Equity DEFINITIONS Like-for-Like Growth The Group’s like-for-like revenue growth includes: 1. The change in revenue (Year N vs. Year N-1) of existing facilities resulting from changes in their occupancy rates and daily rates; 2. The change in revenue (Year N vs. Year N-1) for facilities that were restructured or whose capacity was increased in Year N or Year N-1; 3. Revenue generated in Year N by facilities established in Year N or Year N-1, and the change in revenue from recently acquired facilities over a period in Year N equivalent to the consolidation period in Year N-1. EBITDAR Recurring operating income before net depreciation, amortization, and provisions, and before rental expenses On a like-for-like basis, EBITDAR growth is adjusted to exclude the contribution from operating segments divested during the period EBITDA EBITDAR net of lease expenses on contracts with a term of less than one year On a like-for-like basis, EBITDA growth is adjusted to exclude the contribution from operating segments divested during the period Pre-IFRS 16 EBITDA Or EBITDA excluding IFRS 16 EBITDAR net of lease expenses on contracts with a term of less than one year and net of payments made under lease contracts with a term of more than one year that fall within the scope of IFRS 16 On a constant scope basis, pre-IFRS 16 EBITDA growth is adjusted to exclude the contribution from operating segments divested during the period Net financial debt Long-term financial debt + short-term financial debt – Cash and marketable securities, excluding lease liabilities – IFRS 16, excluding IFRS 5 and 9 18 For Tranche 3, the RCF (€200 million, maturing in 2029) may only be drawn down as of January 1, 2027 Number of shares Diluted Average number of shares issued 161 440 050 161 440 050 Treasury shares (1 175 220) (1 175 220) Other shares 1 807 949 Diluted average number of shares 160 264 830 162 072 779 June 2026
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www.emeis.com emeis - 12 Jean Jaurès Street, 92813 Puteaux Cedex 20 's page on 20 Net Current Operating Cash Flow / Net Current Operating Cash Flow Cash flows generated by operating activities, net of current maintenance and IT investments. Net Current Operating Cash Flow corresponds to the sum of pre-IFRS 16 EBITDA, the change in working capital, income taxes paid, and maintenance and IT investments Recurring Free Cash Flow / Recurring FCF Net current operating cash flow less net financial expenses. (EBITDA excluding IFRS 16 – Maintenance and IT investments – Other current operating cash flows (change in working capital and taxes) – interest expense) Free Cash Flow / FCF Net cash flow after accounting for current and non-current items, all investments, interest expenses related to debt, and the positive or negative balance resulting from transactions involving the asset portfolio. Net Free Cash Flow before Financing is equal to the sum of Net Current Operating Cash Flow, development investments, non-current items, net income and/or costs related to asset portfolio management, and financial expenses DISCLAIMER This document contains forward -looking information that involves risks and uncertainties regarding the Group’s future growth and profitability, which may cause actual results to differ materially from those indicated in the forward-looking information. These risks and uncertainties are related to factors that the Company cannot control or accurately estimate, such as future market conditions. The forward -looking statements contained in this document represent expectations regarding future events and should be considered as such. Subsequent events or actual results may differ from those described in this document due to a number of risks and uncertainties described in Chapter 2 of the Company’s 2025 Universal Registration Document and in the 2026 Half-Year Financial Report, available on the Company’s website and that of the AMF (www.amf-france.org)