Emeis · EURONEXT:EMEIS
Emeis — Debt Investor Presentation (January 2026)
58 slides from Emeis's debt investor presentation, January 2026
Slide 1: Investor Presentation January 2026
INVESTOR PRESENTATION JANUARY 2026
Slide 2: Table of contents
Table of contents 1 e mei s at a glance 2 Buoyant mid term supported by demography 3 On - going operating recovery & perspectives 4 Normalizing balance sheet 5 Key take - aways 6 Appendix : trading update H1 - 2025 & Q3 - 2025 + refinancing details 2
Slide 3: emeis at a glance
1 e meis at a glance 3
Slide 4: emeis at a glance
emeis at a glance a leading global healthcare & senior care provider International presence Change in group Revenue by area Revenue by business revenue Other geographies Others Southern 4% Europe and 5% 5,636 5,198 Latam 4,681 8% 4,299 3,922 Central Clinics (1) Europe France 30% 17% 41% Nursing home
Slide 5: Full-spectrum international care offering
Full - spectrum international care offering A full - spectrum care offering A network of facilities across 21 countries Mostly dedicated to european markets (2) (1) (3) NETWORK OF 94,500 BEDS IN OPERATION IN 1,051 FACILITIES AS OF 31 DECEMBER 2024 (1) Before sale of Czech Republic activities in Marc
Slide 6: Renewed capital structure and management team
Renewed capital structure and management team New Shareholding Structure and Contribution of the “ Groupement ” Supportive shareholders • Major reshaping of the shareholding structure under the Accelerated CDC Safeguard Plan 22,4% • Completion of the three capital increases: Equitization Capital Inc
Slide 7: Leveraging on solid foundations to enhance a leading position in the sector
Leveraging on solid foundations to enhance a leading position in the sector Strong Foundations: People, Care A Mission - Driven Transformation Competitive Structural Assets: Local Quality & Process Excellence Anchored in Governance & CSR Footprint & Real Estate Strength A strengthened focus on emplo
Slide 8: A €6.2bn Real Estate Portfolio
A €6.2bn Real Estate Portfolio (end 2024 ) A cyclical trough on valuations ? Appraised Real Estate LfL valuation & yields changes in 2024 portfolio by Geography Residual pressure on valuation, but some locations already recovering Appraisal values by end 2024 Average yield Portfolio Valuation at end
Slide 9: Buoyant mid term supported by demography
2 Buoyant mid term supported by demography embedded shortfall of supply 9
Slide 10: Buoyant mid term perspectives for our businesses
Buoyant mid term perspectives for our businesses Solid support from demography, and accelerating momentum for psychological trouble prevalences, providing strong visibility for upcoming growth and sustainable profitability ahead Senior aged over 75 Nursing « baby boom » homes boosting senior populat
Slide 11: Nursing homes beds shortfall by 2030 on largest European markets
550 000 nursing homes beds shortfall by 2030 on our 5 largest European markets France, Germany, Spain, Austria and Netherlands Sharp increase of needs ahead , whilst supply is now frozen … 3 150 000 2 950 000 +800 000 new beds required by 2035 - Almost +40% of today’s market size! 2 750 000 Demand :
Slide 12: Operating recovery now on going
3 Operating recovery now on going 12
Slide 13: Recovering confidence supports top line growth
Recovering confidence supports top line growth Satisfaction rates and promoter score on the way towards cyclical highs Transformation ongoing since mid 2022 bearing fruit • Customer satisfaction stabilizing at high levels: from Taking care of 90% in 2022 to 93% in 2024 • our teams Strong progress on
Slide 14: CSR achievements: improvement on all themes
CSR achievements: improvement on all themes Quality and human resources being prerequisites for operational performance recovery Quality 2023 2024 Satisfaction rate (residents) 93,20% 93,0% = Customer Satisfaction (in %) Care satisfaction rate (residents) 91,8% 92,9% ↑ (residents) NPS (residents) 34
Slide 15: Continued positive momentum in occupancy rate
Continued positive momentum in occupancy rate Driving an upward trend in all markets (+1.8 pts in 12 months) Average occupancy rate Average occupancy rates still 88,0% improving in Q3 (quarterly basis) 87,0% 87,1% +1.8 pts in 12 months 86,2% 86,2% (to 88.0% in Q3 2025 vs. 86.2% in Q3 2024) 85,5% (87
Slide 16: Nursing homes' positive momentum still going on
Nursing homes’ positive momentum still going on Strong momentum maintained in France, and accelerating recovery in Germany Occupany rates - France & Germany Occupancy rates France per quarter (Nursing homes - organic perimeter) 93,0% 85,7% 91,6% +1,8pt 83,8% 83,9% 83,6% 83,8% +0,9p +1,1pt +1,8pt t 8
Slide 17: Solid momentum booked so far… and to be continued
Solid momentum booked so far… and to be continued Sales (in €m) EBITDA (in €m) In €m Supportive momentum In €m +6.2% +79% to be continued ahead LfL growth LfL growth in H1 25 2,908 in H1 25 158 2,772 Price effect & occupancy rate Sales growth further improvements 2,539 Services, Price Further segmen
Slide 18: Operating expenses under control, supporting operating margins
Operating expenses under control , supporting operating margins Staff costs Other costs EBITDAR Margin 13,8% 68,4% 67,4% 19,4% 18,8% 12,1% +1.7pt - 1.0pt - 0.6pt H1 2024 H1 2025 H1 2024 H1 2025 H1 2024 H1 2025 In % of sales Rents In % of sales EBITDA Margin 8,9% (excl. IFRS-16) 8,2% 5,4% - 0.7pt 3,3
Slide 19: Cash Flow improvement
Cash Flow improvement also given WCR, financial expenses and development capex kept under control Net Operating Cash Flow Free Cash Flow in €m in €m + €74m 62 + €204m (vs. H1 - 24) (vs. H1 - 24) 27 + €74m 26 + €204m ( 12) ( 120) ( 178) ( 73) ( 457) H2 2023 H1 2024 H2 2024 H1 2025 H2 2023 H1 2024 H2
Slide 20: On-going recovery fueling confidence for 2025 & beyond
On - going recovery fueling confidence for 2025 & beyond Guidance 2025 Positive momentum to be reiterated + continued ahead Revenue 2028 +4% to +5% CAGR 2024 - 2028 (constant perimeter ) Supported by: - An increase in the occupancy rate: EBITDAR 2025 85.8% in 2024 to >90.0% in 2029 - A positive pric
Slide 21: Balance sheet normalizing
4 Balance sheet normalizing 21
Slide 22: €2.4bn disposals achieved since mid 2022 or secured to date
€2.4bn disposals achieved since mid 2022 or secured to date €1.5bn disposals target from mid 2022 to end 2025 now exceeded Disposals to date Disposals achieved or secured … (achieved since mid-2022 or secured to date) Proforma end of sept 2025 ( Including Nursing homes ie . €2.4bn €2.4bn disposal ag
Slide 23: Embedded improvement of financial structure
Embedded improvement of financial structure Net debt (excl. IFRS 16 and IFRS 5) flatting in H1 / but Net debt (excl. IFRS 16 and including IFRS 5) decreased by - €233m Further decrease of more than - €700m expected given new real estate partnership Leverage ratio improving with a strong mome ntum, g
Slide 24: Bank exposure now fully refinanced with €3.15bn new debt raised
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
Slide 25: Capital Structure proforma of the refinancing, at end H1 25
Capital Structure proforma of the refinancing , at end H1 2025 Debt reimbursed in H2 in €m 2025 6% Gross financial debt (excl. IFRS) end of June 2025 5 176 Cash and cash equivalents at 31.12.2024 (399) Net financial debt at 31.12.2024 (excl.IFRS) 4 777 Other debt IFRS 5 adjustments (309) 6% Net fina
Slide 26: Key Take aways
5 Key Take aways 26
Slide 27: All key goals now embedded on the road to success
All key goals now embedded on the road to sucess A favourable momentum Disposal plan €2.4bn achieved or secured to date (more to come …) Done o.w > €1bn still to be cashed in > €1.5bn between mid 2022 and end 2025 Leverage ratio From €9bn end 2022 24x H1- 24 / 19.5x end - 24 Reducing leverage On - g
Slide 28: Key highlights
Key highlights GROWING MARKET SUPPORTED BY STRONG STRUCTURAL TRENDS 1 • • Demand supported by ageing populations ( papy boom), rising prevalence of chronic diseases, and increased focus on mental health Long - term care needs expected to accelerate (population 80+ in Europe to double by 2100, averag
Slide 29: Appendix
6 Appendix
Slide 30: Current trading (H1-25 results)
6.1 Current (H1-25 results) trading
Slide 31: H1 2025 in a nutshell: upward trajectory gaining momentum
H1 2025 in a nutshell: upward trajectory gaining momentum Key financials & outlook €2,908m €401m €158m € 2.1bn € 4.4 bn (1) Disposals Net Debt (2) Revenue EBITDAR EBITDA Achieved or secured Since mid 2022 +6.2% organic growth +20% LfL growth +79% LfL growth €1.5bn initial ambition now - €233m vs. en
Slide 32: Occupancy rates further improvement in H1 2025
Occupancy rates further improvement in H1 2025 UP +1.7 PTS IN 12 MONTHS , AND ALMOST +6PTS SINCE 2021 +6pts vs. 2021 89,1% Nursing homes 88,0% 86,5% 87,6% 87,0% 86,5% +1.9pts Encouraging trends 85,7% in 12 months since the end of H1 85,3% 85,2% 84,5% 83,1% c.+6.8pts vs. 2021 82,2% Group 81,5% Nursin
Slide 33: Occupancy rates: strong dynamics, especially for nursing homes
Occupancy rates: Strong dynamics , especially for nursing homes From 85.3% in H1 2024 to 87.0% in H1 2025 • Occupancy rates up everywhere except Southern Europe given important new Occupancy rates openings in H2 2024 excl . n ew o penings • Still a significant room for further improvement ahead 88.2
Slide 34: 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 Occupancy ratio France per quarter Occupany rates - France & Germany (Nursing homes - organic perimeter) 94,0% 92,3% 83,8% 83,8% Recovery is 83,6% +0.9pts +1.1pts gaining +1.8p
Slide 35: H1 2025 Key Figures
H1 2025 Key Figures Improvement in both operating performance & financial structure Key P&L Figure - in €m H1 2024 H1 2025 %var Revenues Staff costs 2772 (1 896) 2908 (1960) 4.9% 3.4% 1 Positive price and occupancy effects on all markets Other costs (537) (546) 1.8% EBITDAR 339 401 18.5% in % of sal
Slide 36: Operating expenses under control, supporting operating margins
Operating expenses under control , supporting operating margins Staff costs Other costs EBITDAR Margin 13,8% 68,4% 67,4% 19,4% 18,8% 12,1% +1.7pt - 1.0pt - 0.6pt H1 2024 H1 2025 H1 2024 H1 2025 H1 2024 H1 2025 In % of sales Rents In % of sales EBITDA Margin 8,9% (excl. IFRS-16) 8,2% 5,4% - 0.7pt 3,3
Slide 37: H1 2025 cash flow statement
H1 2025 cash flow statement ● Maintenance & IT Capex and change in WCR have remained rather stable vs. H1 2024 in €m S1 2024 S1 2025 ● Net financial expenses back to normal levels, still decreasing given benefits EBITDA Excl. IFRS 16 92 158 + €66m from Feb 2024 capital increase of Maintenance Capex
Slide 38: Capex kept under control
Capex kept under control Sound streamlining of our development policy Note: H1 2025 earnings 38
Slide 39: Cash Flow improvement
Cash Flow improvement also given WCR, financial expenses and development capex kept under control Net Operating Cash Flow Free Cash Flow in €m in €m + €74m 62 + €204m (vs. H1 - 24) (vs. H1 - 24) 27 + €74m 26 + €204m ( 12) ( 120) ( 178) ( 73) ( 457) H2 2023 H1 2024 H2 2024 H1 2025 H2 2023 H1 2024 H2
Slide 40: €2.1bn disposals achieved since mid 2022 or secured to date
€2.1bn disposals achieved since mid 2022 or secured to date €1.5bn disposals target from mid 2022 to end 2025 now exceeded c. €1bn new deals signed in Q3 2025 Disposals to date Disposals achieved or secured … (achieved since mid-2022 or secured to date) €2.1bn €2.1bn Already sold since mid 2022 or s
Slide 41: Focus on RE holding company transaction (Project Paprika)
Focus on RE holding company transaction (“Project Paprika”) A new branded real estate vehicle opened to third part investors for €761m, representing 62% of last appraisal values Simplified structure New vehicle dedicated to Healthcare Real Estate 68 €1.2bn c.6% cap assets GAV rate Investor emeis Spa
Slide 42: Embedded improvement of financial structure
Embedded improvement of financial structure Net debt (excl. IFRS 16 and IFRS 5) flatting in H1 / but Net debt (excl. IFRS 16 and including IFRS 5) decreased by - €233m Further decrease of more than - €700m expected given new real estate partnership Leverage ratio improving with a strong mome ntum, g
Slide 43: On-going recovery fueling confidence for 2025 & beyond
On - going recovery fueling confidence for 2025 & beyond Guidance 2025 Positive momentum to be H1 2025 published reiterated + continued ahead Revenue €2,908m Revenue 2028 +4.9% yoy / +6.2% organic +4% to +5% CAGR 2024 - 2028 (constant perimeter ) Supported by: - An increase in the occupancy rate: EB
Slide 44: Key takeaways
Key takeaways CONTINUATION OF BUSINESS RECOVERY 1 • • • Revenue +6.2% on Occupancy organic basis , benefiting from strong momentum rates up +1.7pt to 87% (+1.9pt on Nursing homes) Satisfaction rate back to 93%+ / NPS to 37 / Average score HAS 3.89/4 on Nursing homes STRONG MOMENTUM ON OPERATING MARG
Slide 45: Current trading (Q3-2025 update)
6. 2 Current trading (Q3 -2025 update )
Slide 46: Continued positive momentum in occupancy rate
Continued positive momentum in occupancy rate Driving an upward trend in all markets (+1.8 pts in 12 months) Average occupancy rate Average occupancy rates still 88,0% improving in Q3 (quarterly basis) 87,0% 87,1% +1.8 pts in 12 months 86,2% 86,2% (to 88.0% in Q3 2025 vs. 86.2% in Q3 2024) 85,5% (87
Slide 47: Occupancy rates on an upward trend
Occupancy rates on an upward trend +1.8 pts from 85.6% end of sept - 24 to 87.3% at end of sept - 25 • Occupancy rates continued to improve in Q3 to 88,0%, although still below normative level • Improving momentum on Nursing homes in Q3 (88.0%) vs. Q2 (86.6%) • Solid momentum everywhere, including i
Slide 48: Nursing homes' positive momentum still going on
Nursing homes’ positive momentum still going on Strong momentum maintained in France, and accelerating recovery in Germany Occupany rates - France & Germany Occupancy rates France per quarter (Nursing homes - organic perimeter) 93,0% 85,7% 91,6% +1,8pt 83,8% 83,9% 83,6% 83,8% +0,9p +1,1pt +1,8pt t 8
Slide 49: Outperformance in revenue growth
Outperformance in revenue growth +6.4% organic given strong price effect and occupancy rate recovery Positive drivers supporting Organic growth organic growth at the Group level In €m +6.4% Price effect 40 -39 -14 +3.8% (+3.7% in H1) 79 Occupancy rate + 1.8% (+1.8% in H1) +5.2% Openings (2024 & 2025
Slide 50: Sequential improvement on Clinics, whilst nursing homes momentum remains strong
Sequential improvement on Clinics, whilst nursing homes momentum remains strong & steady France is gaining momentum especially on clinics after relatively weak first half Strong & Steady LfL path on Nursing homes France sequentially gaining momentum … improving momentum on Clinics +4,4% +4,0% +3,6%
Slide 51: Revenue up in all geographies
Revenue up in all geographies Positive momentum on all geographies Q3 2024 Q3 2025 Change o/w organic 9m 2024 9m 2025 Change o/w organic in €m France 582 604 +3,9% +4,0% 1 765 1 795 +1,7% +2,0% ow. Nursing homes 277 289 +4,4% +4,4% 822 850 +3,4% +3,6% ow. Clinics & others 305 315 +3,5% +3,6% 942 945
Slide 52: ESG strategy, governance & KPIs
ESG strategy, governance & KPIs Environmental Commitments Social Commitments Governance Commitments • Reduce energy - related carbon footprint across Employees • Maintain strong governance with a mission - led operations • Improve occupational safety, reduce turnover and framework (2025) • Ensure al
Slide 53: Refinancing
6. 3 Refinancing
Slide 54: Head of terms
Head of terms Tranche 1 (T1) Tranche 2 (T2) Tranche 3A Tranche 3B Amount €2.2bn €400m €350m €200m Bond structure RCF Type Term Loan (ISIN: FR0014014Y63) Term Loan drawable from January 1, 2027 Pledge of shares held by emeis SA in: (i) CEECSH, (ii) ORESC 25 (stake in Clinéa), (iii) subsidiaries in Po
Slide 55: Simplified legal structure of the group post-disposals
Simplified legal structure of the group Post - Disposals Pledge of securities Tranches 1, 2 Other Real Estate assets emeis SA France Tranche 3A & 3B and 3 ORESC 27 100% Pledge of securities Pledge of securities JV Paprika Tranches 1 & 2 100% Tranche 3A & 3B Italy Real Estate Real Estate assets asset
Slide 56: Valuation of Tranche 1 & 2 Security package
Valuation of Tranche 1 & 2 Security package Envisaged security package for PropCo value post S&LB and Paprika (GAV 2024 excl. rights) Tranches 1&2 includes: Breakdown by perimeters Chart Title Breakdown by type of assets Chart Title (1) 3% - Subsidiaries in Germany, 4% 10% 5% Netherlands, Ireland, U
Slide 57: Disclaimer
This document contains forward - looking statements that involve risks and uncertainties, including information incorporated by reference, regarding the Group’s expected growth DISCLAIMER and profitability in the future that may significantly impact the expected performance indicated in the forward
Slide 58: www.emeis.com
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