Emeis · EURONEXT:EMEIS
Emeis — emeis Société anonyme — FY 2025 Earnings Presentation
59 slides from Emeis's earnings presentation, Apr 8, 2026
Slide 1: FY 2025 Earnings: Gaining momentum
FY 2025 EARNINGS Gaining momentum 8TH OF APRIL 2026
Slide 2: emeis at a glance
emeis at a glance a leading global healthcare & senior care provider NURSING iF HOMES Lb. Ee HOMECARE & oh SERVICES y ASSISTED 4 a | LIVING ) al POST-ACUTE oh CARE MENTAL HEALTH oa CARE sft b Revenue by area Seu; r- wn European x ret Cae Revenue in 2025 (+6.1% organic growth) (1) Clinics post-acute
Slide 3: A €5.6bn Real Estate portfolio
A €5.6bn Rez co ) “- Atl i} % of beds operated by emeis in Real Estate portfolio valuation at end 2025 assets Maki up 38 4 Fas - 270/ LfL valuation change Average rental yield (excl, vs. end-2024 duties) at end-2025 (based on valuation incl. duties) (stable at constant perimeter) lio at end 2025
Slide 4: 2025 in a nutshell
2025 in a nutshell: a Guidance exceeded & financial structure strengthened — An upward trajectory gaining momentum €5,895m €872m €380m €2.35bn €3.8bn Revenue EBITDAR EBITDA” Disposals Net Debt® Achieved or secured Since mid 2022 +6.1% organic growth +19.2% Lt growth +58.3% Lft growth €1.5bn initial
Slide 5: 2025, a turning point for emeis
2025, a turning point for emeis Quality of cares. Resident satisfaction & CSR improvements Laurent Guillot, CEO
Slide 6: ESG KPIs well oriented in 2025
ESG KPIs well oriented in 2025 Quality 2024 2025 Satisfaction rate (residents) 93,0% 93,4% = Care satisfaction rate (residents) 92,996 93,6% : Satisfaction rate regarding the activities offered and events organized (residents) 90,996 91,3% Satistaction rate retated to food (Nursing homes) 87% 88% :
Slide 7: Leaders in quality and satisfaction
Leaders lity & a clear improvement in all sati ion metrics since (i) NPS (at) = arly resxjents = only relatives: ART FY 2025 EARNINGS
Slide 8: emeis stands out as a leader in quality within its industry
emeis stands out as a leader in quality within its industry “© Private players outperforming the sector ... and emeis out performing private peers . in% Breakdown per quality ratings (based on HAS notations) French Nursing homes per type of operator | | 42.4 99% 35.7 of emeis facilities in the 2 bes
Slide 9: Extra financial ratings materially improving
Extra financial ratings materially improving ae <i S&P Global Emeis now scores top third of its business sector The rating is expected to Improve gradually over time as time passes since the past controversy ————umi iY TT ISS ESG> Reauilar improvement of ISS score driving to 2 category upgrade in th
Slide 10: 2025, a turning point for emeis
2025, a turning point for emeis Operational targets exceeded Financial structure strengthened Laurent Guillot, CEO
Slide 11: Occupancy rates further improved in 2025
Occupancy rates further improved in 2025 Pe uP +1.8pr IN 12 MONTHS, AND ALMOST +7PTS SINCE 2021 = Supportive momentum Occupancy rate growth to be continued .. Nursing homes sro 87.6% +2.0pts vex [] 85,7% in 12 months c.+7.6pts vs. 2021 81,0% Clinics +1.0pt in 12 months | | | | +7.3pts vs. 2021 FY 20
Slide 12: Solid momentum booked so far...
Solid momentum booked so far... Sales (in €m) EBITDA (in €m) In€m in€m c.+90%"" LfL e 30 5198 204 — 2024 2025 * 468.3% in 2024 and +6.7% in 2025 ** 420.1% in 2024 and +58.0% jn 2025 FY 2025 EARNINGS 12 to be continued ,°> . = Supportive momentum to be continued ahead Price effect & occupancy rate fu
Slide 13: Guidance 2025 beaten by €10/30m
Guidance 2025 beaten by €10/30m ... Pe Guidance 2025 FY 2025 published Sales €5,895m +4.6% yoy / +6.1% organic EBITDAR 2025 EBITDAR €872m +15% to +18% vs. 2024 +19.2% at constant perimeter (constant perimeter) EBITDA ¢oxctitrs 16 €380m +58% at constant perimeter) FY 2025 EARNINGS 3
Slide 14: ... fueling confidence for 2026 & beyond
... fueling confidence for 2026 & beyond cate FY 2025 EARNINGS * excl. Operational perimeters sold over the period Guidance 2026 = Positive momentum to be continued ahead EBITDAR growth in 2026 >+10% (constant perimeter") Revenue CAGR 2024-2028 +4% to +5% (constant perimeter’) EBITDAR CAGR 2024-2028
Slide 15: All key goals now embedded on the road to success
All key goals now embedded on the road to sucess .=. Solid achievements in 2025 opening a favourable momentum me Disposal plan €2.35bn achieved or secured to date > €1.5bn between mid 2022 and end 2025 O.w >€1bn still to be cashed in from 2025 (incl. €761m in Jan 26) Satisfaction rate to 93.4% (+3pt
Slide 16: FY 2025 operating performance
FY 2025 operating performance Exceeding expectations Jean-Marc Boursier, CFO
Slide 17: FY 2025 Key Figures
FY 2025 Key Figures Guidance 2025 beaten Improvement on both operating performance & financial structure Key PéL Figums-in em 2024 2025 & varL@ change Average occupancy rate (%) - Nursing homes 85.2% 87.2% +2,0pts Revenues 5636 5895 74.6% 4618 Staff costs (3802) (3.949) 39% Other costs (2093) (1.078
Slide 18: 2025 financial results
2025 financial results — ’ FROM REVENUE FROM EBITDAR CAS FLOW TO EBITDAR : TO Ney OFIT —>
Slide 19: Strong revenue growth supported by price effect and occupancy improvement
Strong Revenue growth supported by price aaein effect and occupancy improvement Organic growth 6.1%? 18 +4 6% yoy 2024 Occupancy Price effect Openings Net disposals, Change etfect & 2025 closings, others restructuring, acquisitions (1) (1) Of which €22m revenues in 2025 related to activities sold ma
Slide 20: Revenue up in all geographies
Revenue up in al! geographies Positive price and occupancy effect on all markets International markets & Nursing homes are still leading the momentum Strong momentum on nursing homes and non domestic markets a Strong price effect, especially in Germany & Austria where wen 2024 2025 reaching +4% to +
Slide 21: Occupancy rates: strong dynamics continues
Occupancy rates: Strong dynamics continues fea From 83.3% in 2023 to 85.8% in 2024 and 87.6% in 2025 ~ * Occupancy rates up everywhere, even in southern europe despite important new openings end 2024 * Asstill significant room for further improvement ahead Occupancy rates Occupancy rates per Geograp
Slide 22: Operating expenses under control, supporting operating margins
Operating expenses under control, supporting ak operating margins ™ 67,5% 2024 2025 2024 2025 Rents FY 2025 EARNINGS 22
Slide 23: A solid momentum on EBITDAR driven by Germany & France in 25
A solid momentum on EBITDAR driven by Germany & France in 2025 -= +17.7% (+19.2% at constant perimeter) EBITDAR 2024/2025 growth cen by geography All markets positively contributed to EBITDAR recovery +30% LIL +4% LAL +9% LIL 2” a 4 i Gzech republic activities France and Northern Europe 71 soldend o
Slide 24: Momentum not fading out in H2
Momentum not fading out in H2 te +17.2% (18.7% at constant perimeter on 6 months) EBITDAR growth H1/H2 2025 cen by geography Momentum remains particularly strong on 6 last 20 i s months, still driven by 0 3 Germany & France 1S — France provided particularly solid performance in H2-25 Krd " EBITDAR H
Slide 25: FY 2025 financial results
FY 2025 financial results ne ry ¢ "1 y, FROM REVENUE FROM EBIPDAR CASH FLOW TO EBITDAR TO NE OFIT _ | | Oe ie gw”
Slide 26: A positive dynamics from top line that largely flew into operating margins growth
A positive dynamics from top line that largely flew into =“ : OnLwo operating margins growth = Revenue EBITDAR” EBITDA (excl. IFRS 16) in €m) (in €m) in €m) +6.1% LL 419.2% LL 872 . ; 5.895 = om § 636 5198 / 740 / C se2s0m - <> 205 . r [ FY 2025 EARNINGS 26 1- of which €64m capital gains on Property
Slide 27: From EBITDAR to EBIT
From EBITDAR to EBIT omace Strong operational momentum, while rental expenses remained under control EBITDAR +17.8% (+19.2% at constant perimeter) > +€132m in 1 year (in €m ) 2024 2025 Var. La ESITOAR Excl Capital gains on property disposals 72 607 73.3% +147% > EBITDA (excl. IFRS 16) +55% (+58% at
Slide 28: From EBIT to Net Result
From EBIT to Net Result mace Z > Non-recurring items (m€m } 2024 2025 Var. + €85m more non-recurring expenses vs. 2024, due to: EBIT 2 73 +€171m * costs associated either with the closure of Non recurring Items (40) (126) (€86m) certain facilities in 2025 (mainly in France, Financial expenses (322)
Slide 29: FY 2025 financial results
FY 2025 financial results FROM Dest TO EBITDAR gm a aia TO ya OFIT =— CA
Slide 30: FY 2025 cash flow statement
FY 2025 cash flow statement in €m 2024 2025 EBITDA Excl. IFRS 16 245 380 Maintenance Capex & IT 43) (166) Maintenance Capex (04) (716) rT 9) (50) Other operating cash flows (a7) (25) Change in WCR & others (59) (2) Taxes (28) @ ‘Net Operating Cash Flow 15 790 Net Financial expenses am (236) o.w upfr
Slide 31: Strong disposals and capex moderation accelerated CF recovery
In addition to operational improvements, strong disposals ang. capex moderation accelerated CF recovery Capex breakdown per type <a-s800 €2.35bn Development capex normalized Already sold since mid 2022 or secured to date given increased returns requirements for new projects —— (set to remain < €130m
Slide 32: All cash flow turned positive
All cash flow turned positive — Net operating CF since H2-24, FCF since H1-25, Recurring FCF since H2-25 a Net operating CF Recurring FCF FCF (EBITDA+/-WCR change- 127 (Net operating CF - financialexpenses) (Recurring FCF - dev capex - maintenance & IT capex - taxes) non recurring items + disposals)
Slide 33: Cash position and net debt at end 2025
Cash position and net debt at end 2025 Landmark achievements on financial structure Jean-Marc Boursier, CFO
Slide 34: Financial structure strongly improved in 2025
Financial structure strongly improved in 2025 womséo Net debt (excl. IFRS 16 and IFRS 5) decreased by almost -€300m in 12 months... . .» and -€1bn proforma of the real estate partnership Isemia (closing mid Jan.26) In €m YF | *y Real Estate Partnership H 1 Isemia announced in Sept- ' ieee { — 25 & c
Slide 35: Leverage ratio rapidly enhanced in 12 months
Leverage ratio rapidly enhanced in 12 months, ine with further improvement embeded ahead = alla alia Leverage Ratio (each FRS 10.45) oe | 19,5x Net debt (excl. IFRS 16 & 5) ) | | 9,9x FY 2025 EARNINGS
Slide 36: Bank exposure now fully refinanced with €3.15bn new debt raised
Bank exposure now fully refinanced with €3.15bn new debt raised “™ i Avg. Cost of debt post refinancing ~5.0% €3.15bn refinancing package, enabling full repayment of existing financing (A, B, C, and D ¢ « loans) and early exit from safeguard proceedings Spot end of dec 25 e New structure includes pa
Slide 37: Key takeaways
Key takeaways Laurent Guillot, CEO
Slide 38: Key takeaways
Key takeaways "See CONTINUATION OF PERFORMANCE 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 GUIDANCE 2025 BEATEN: STRONG MOMENTUM ON OP
Slide 39: INOA ANVHL
INOA ANVHL www.emeis.com
Slide 40: Appendix
xiIpusddyv www.emeis.com
Slide 41: P&L 2025 (vs. 2024)
P&L 2025 (vs. 2024) mate = {te mittion euros) Pre IFRS IFRS 16 |PostIFRS IFRS 16 |PostiFRS REVENUE Personnel costs (3.802) = (3,802) (3,949) - 2949) As a % of revenue 67.5% na. 67.5% 67,0% na 470% Other costs (1,104) es) (1,088) 14 ik 175) % of reveriue 19,6% 18.5% -18,2% a ST ETI 6 EBITDAR 12.9% 13
Slide 42: Balance sheet 2025 (vs. 2024)
Balance sheet 2025 (vs. 2024) wane Non-current assets 11529 10 929 Equity attributable to emeis’ shareholders 1725 1.408 Goodwill 1306 1307 Total consolidated equity 1722 1408 intangible assets, net 1660 1655 Property, plant and equipment, net 4474 4126 Non-current financial liabilities 9064 8513 As
Slide 43: 2025 average occupancy rate
2025 average occupancy rate onsco Quarterly Yearly 2 2025 12025 ANROS DONG NEY Tees 4 2024 4 2025 Var, Corganic excl, 2024 2025 Var (orgamc excl openings) openings) France 366% 684% +iopt 39,1% 861% 878% riot 88,0% Nursing Homes 83.8% 856% +1.8pt 86,7% 828% 847% — +*19pt 84,9% Clinics 91.8% 931% —_4
Slide 44: Positive momentum on emeis' largest markets
Positive momentum on emeis’ largests markets —_ Quarterly gaining momentum in France from Q2 2024, and steady pace in Germany = 84,7% 82,8% Occupancy rates - France & Germany 93,0% 91,6% 86.7% FY 2025 EARNINGS * incl, serviced residence n2024 2025 Occupancy ratio France per quarter (Nursing homes -
Slide 45: 2025 Revenue breakdown
2025 Revenue breakdown mace Quarterly figures FY Figures nem Q4 2024 «4 2025 Change 0/w organic 2024 2025 Change o/w organic Se SSS SSS a OO eee ee France 616 621 +0,.8% 41.0% 2381 2416 +15% 417% ow. Nursing homes 291 289 -0,6% 0.1% 13 1139 +2,5% 412.6% ow. Clinics & others 326 332 41,996 +19% 1268
Slide 46: International markets and nursing homes still outperforming
International markets and nursing homes still outperformings.. ... but encouraging momentum seen in France INTERNATIONAL MARKETS & NURSING HOMES DRIVING THE MOMENTUM... Lit growth per geography & per business +9,4% +8,1% France International Nursing homes FY 2025 EARNINGS * Other geographies include
Slide 47: EBITDAR by geographical area
EBITDAR by geographical area Var. 12 Var 6 Var. 12 months months EBITDAR (in €m) 2024 2025 " 412025 22025 perimeter perimeter France 24) 278 +153 % +15,1 % 123 1585 426.4 % in % of sakes 10.1% ns % +i pts sha pts 10.2 % Bes Northern Europe 238 310 +29,9% +299 % 147 163 110.6 % in % of sales 4.6% 4%
Slide 48: Constant perimeter references
Constant perimeter references (a Constant perimeter restated from operationnal disposals achieved in 2024 and 2025 ‘Czech Republic and Senior serviced residences in France) Total from disposed 2024 2024 rimeters Proforma Revenue 5 636 68 5 568 EBITDAR 744 12 in % of sales 13,1% 18,1% 13.1% EBITDA 24
Slide 49: Simplified Balance Sheet 2025
Simplified Balance Sheet 2025 sis nem 34/12/2023 31/12/2024 31/12/2025 a 4 * Real estate portfolio: fair value at €5.6bn Property, plant and equipment. net” 4775 4987 4626 Assets held for sale $33 318 WT Right of use assets 3.084 2780 2768 Intangible assets, net 1513 1660 1.655, Goodvell 1386 1306 1
Slide 50: Real Estate portfolio valuation 2025 (vs. 2024)
Real Estate portfolio valuation 2025 (vs. 2024) Varin) Cap. rates (Net / HD) in€bn 2024 2025 Inckduties Var yoy 2024 2025 France 3,0 27 +0,4% -10,5% 6.4% 6.4% Northern Europe 1,0 1,0 +0,6% -3,2% 5.7% 5.7% Central Europe 09 0,7 +2,7% -24,3% 6.7% 72% Southern Europe 08 08 +4,1% 0.2% 61% 59% Other geog
Slide 51: Appraisal Valuation slightly up (+1.5% LfL)
Appraisal Valuation slightly up (+1.5% LfL) Pee France & Norther Europe flattening, other locations already driven upward a Valuation change Ifl per geography” Stable cap rate + Business plan (% change in 12m) improvement = Valuation upwards Cap rate change in 2025 vs. 2024 +1,5%* Lift in 2025 follo
Slide 52: A €5.6bn Real Estate portfolio at end 2025
A €5.6bn Real Estate portfolio at end 2025 confirming cyclical lows likely to have been reached end 2024 = , oo oa es = Like-for-like Cap rate stabilization in 2025 + Business plan i rovement + «one year closer» from the demographic wave a = = = = _ zzz Property valuation end 2024 Disposuts equiniti
Slide 53: Real Estate disposals
REAL ESTATE DISPOSALS €1.5BN CLOSED IN 2025 OR SECURED AT YEAR END 36% made o Real Estate Pa Cashed-in the 14ti €216m red and.to casir-in post 2025 FY 2025 earnings Real Estate disposals achieved in 2025 or secured at year-end REAL ESTATE DEALS CLOSED IN 2025 Spain 1S reland 2% Poland 1% Average yie
Slide 54: Opco disposals cashed in during 2025
cashed in during 2025 Czech Republic (Nursing homes) OPCO DISPOSALS 17 facilities, 2,200 beds Sold in Q1-2025 Full disposal of emeis’ activities in Czech Republic Frenc ce . 4 ~ Individus +French Senior Residences 7 facilities in operation, 100 employees Sold in Q4-2025 1.8% of the Group’s 2024 EBIT
Slide 55: €761m from Isemia, a new branded real estate vehicle
€761m from isemia, a new branded real estate vehicleopenedto “™® third party investors Ciosing 14th of January 2026) A €1.22bn GAV real estate vehicle, over a total group portfolio of €6.2bn at end 2024 = New vehicle dedicated to Healthcare Real Estate # operated by emeis Cit » : ° } [ 4en | wawe iS
Slide 56: Isemia: an innovative and relevant operation for the Group
Isemia: an innovative and relevant operation for the Group z= 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 ra
Slide 57: Number of facilities / Number of beds
Number of facilities / Number of beds Pe nb of facilities 3¥ 2 2023 39 12/2024 37 2/2025 Variation France 36 60. Spain 57 60 0 Italy wn 34 1 LATAM 6 2 o Portugal 1 6 1 Germany 73 ca] Bo 2 Netherlands wm 3 5) 6 Beigium 5 sS 55 i) Luxembourg 1 1 3 2 Norther Europe 36 380 383 Austria 84 82 83 1 Switzer
Slide 58: Shareholding structure and number of shares
Shareholding structure and number of shares 31/12/2024 Number of shares Dituted Diluted ‘Average number of shares issued Treasury shares Other shares Shares related to the exercice of options (BSA) Diluted average number of shares 161272909 161272909 157460271 157460271 (167141) (167141) (84226) (84
Slide 59: Forward-looking statements
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 state
emeis Société anonyme — FY 2025 Earnings Presentation on 6ix