Slide 1: FY 2025 Earnings: Gaining momentum
FY 2025 EARNINGS Gaining momentum APRIL 2026, 15 TH
Slide 2: emeis at a glance
emeis at a glance a leading global healthcare & senior care provider 5 Core International presence Supportive Businesses shareholders Revenue by area Revenue by business NURSING HOMES HOMECARE & SERVICES ASSISTED LIVING POST - ACUTE CARE €5.9bn 93.4% 1,000+ 92k+ MENTAL HEALTH Revenue in 2025 custome
Slide 3: A €5.6bn Real Estate portfolio at end 2025
A €5.6bn Real Estate portfolio at end 2025 Portfolio breakdown per geography (end - 2025) €5.6bn 44% Ownership % of beds operated by emeis in Real Estate portfolio assets owned by the Group (>38 valuation at end 2025 000 beds) +1.5% 6.37% LfL valuation change Average rental yield (excl. vs. end - 20
Slide 4: 2025 in a nutshell: Guidance exceeded & financial structure strengthened
2025 in a nutshell: Guidance exceeded & financial structure strengthened An upward trajectory gaining momentum €5,895m €872m €380m € 2.35 bn € 3.8 bn (1) Disposals Net Debt (2) Revenue EBITDAR EBITDA Achieved or secured Since mid 2022 +6.1% organic growth +19.2% LfL growth +58.3% LfL growth €1.5bn i
Slide 5: 2025, a turning point for emeis: Quality of cares
2025, a turning point for emeis Quality of cares Resident satisfaction & CSR improvements
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) 92,9% 93,6% ↑ Satisfaction rate regarding the activities offered and events organized (residents) 90,9% 91,3% ↑ Satisfaction rate related to food (Nursing homes) 87% 88% ↑
Slide 7: Extra financial ratings materially improving
Extra financial ratings materially improving Emeis now scores Emeis now scores top third of its amongst the top 10 business sector (on 120) corporates of … its business sector The rating is expected to improve gradually A regular score over time as time improvement passes since the past revealing CS
Slide 8: 2025, a turning point for emeis: Operational targets exceeded
2025, a turning point for emeis Operational targets exceeded Financial structure strengthened
Slide 9: Occupancy rates further improved in 2025
Occupancy rates further improved in 2025 UP +1.8 PT IN 12 MONTHS, AND ALMOST +7PTS SINCE 2021 Supportive momentum Occupancy rate growth to be continued 88,8% Nursing homes 87,6% 86,5% 87,6% 87,2% +2.0pts 85,7% in 12 months 85,2% c.+7.6pts vs. 2021 83,0% 83,1% 82,2% Group 81,5% 81,6% 81,3% Nursing Ho
Slide 10: Solid momentum booked so far… to be continued
Solid momentum booked so far… to be continued In €m Supportive momentum In €m +6.1% +14.9%* +58% c.+90%** to be continued ahead LfL growth LfL LfL growth LfL 2025 since 2023 2025 since 2023 Price effect & occupancy rate further improvements Segmentation reviews to tailor emeis’ offers to resident ne
Slide 11: Guidance 2025 beaten by €10/30m
Guidance 2025 beaten by €10/30m … Guidance 2025 FY 2025 published Sales €5,895m +4.6% yoy / +6.1% organic EBITDAR 2025 EBITDAR + €10m/ €872m +15% to +18% + €30m vs. 2024 +19.2% at constant perimeter above 2025 guidance (constant perimeter) EBITDA ( excl IFRS 16) €380m ( +58% at constant perimeter) F
Slide 12: Fueling confidence for 2026 & beyond
… fueling confidence for 2026 & beyond Positive momentum to be Guidance 2026 + continued ahead Revenue EBITDAR growth CAGR 2024 - 2028 in 2026 >+10% (constant perimeter*) +4% to +5% (constant perimeter*) EBITDAR CAGR 2024 - EBITDAR 2026 CAGR 2024 - 2028 i.e >+15% (constant perimeter*) +12% to +16% (
Slide 13: 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 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% (+3pts sinc
Slide 14: FY 2025 operating performance
FY 2025 operating performance Exceeding expectations
Slide 15: FY 2025 Key Figures
FY 2025 Key Figures Guidance 2025 beaten Improvement on both operating performance & financial structure Key P&L Figures - in €m 2024 2025 % var LfL change Average occupancy rate (%) - Nursing homes 85,2% 87,2% +2,0pts Revenues 5 636 5 895 +4,6% +6,1% Positive price and occupancy effects on all mark
Slide 16: 2025 financial results
2025 financial results 1 2 FROM REVENUE TO EBITDAR FROM EBITDAR TO NET PROFIT 3 CASH FLOW 16
Slide 17: Strong revenue growth supported by price effect and occupancy
Strong Revenue growth supported by price effect and occupancy improvement Positive drivers supporting organic growth at the Group level Organic growth +6.1% (2) Price effect 57 -67 +3. 3 % -18 Occupancy rate 189 +4.6% + 1.7% 98 yoy Openings + 1.0% 5 895 Nursing homes and clinics 5 636 well oriented
Slide 18: Occupancy rates: strong dynamics continues
Occupancy rates: Strong dynamics continues 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 • A still significant room for further improvement ahead Occupancy rates Occupancy rates per Geography per
Slide 19: Operating expenses under control, supporting operating margins
Operating expenses under control , supporting operating margins Other costs EBITDAR Margin Staff costs 19,4% 15,8% 67,5% 67,0% 13,8% +1.7pt 18,2% 2025 vs. 13,1% 2024 - 0.5pt - 1.2pt 2024 2025 2024 H1 2025 H2 2025 2024 2025 In % of sales In % of sales +2.1pts 2025 vs. - 0.5pt 2024 In % of sales FY 20
Slide 20: Top line dynamics flowing into operating margins growth
A positive dynamics from top line that largely flew into operating margins growth (1) (1) +6.1% LfL +19.2% LfL +58.3% LfL + €135m + €259m + €132m FY 2025 EARNINGS 20 1- of which €64m capital gains on Property disposals in 2025 vs. €28m in 2024
Slide 21: Solid EBITDAR momentum driven by Germany & France
A solid momentum on EBITDAR driven by Germany & France in 2025 +17.7% (+19.2% at constant perimeter) In €m EBITDAR 2024/2025 growth by geography All markets positively (1) contributed to EBITDAR +30% LfL +4% LfL +9% LfL recovery Czech republic activities France and Northern Europe sold end of Q1 202
Slide 22: Momentum not fading out in H2
Momentum not fading out in H2 +17.3% (18.7% at constant perimeter on 6 months) In €m EBITDAR growth H1/H2 2025 by geography Momentum remains particularly strong on 6 last months, still driven by Germany & France France provided particularly solid performance in H2 -25 22 FY 2025 EARNINGS * Including
Slide 23: FY 2025 financial results
FY 2025 financial results 1 2 FROM REVENUE TO EBITDAR FROM EBITDAR TO NET PROFIT 3 CASH FLOW 23
Slide 24: From EBITDAR to EBIT
From EBITDAR to EBIT 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. LfL EBITDAR Excl. Capital gains on property disposals 712 807 +13,3% +14,7% ➢ EBITDA (excl. IFRS 16) +55% (+58% at
Slide 25: From EBIT to Net Result
From EBIT to Net Result ➢ Non - recurring items (in €m) 2024 2025 Var. • €85m more non - recurring expenses vs. 2024, due to : EBIT 2 173 +€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 26: FY 2025 financial results: Cash flow
FY 2025 financial results 1 2 FROM REVENUE TO EBITDAR FROM EBITDAR TO NET PROFIT 3 CASH FLOW 26
Slide 27: FY 2025 cash flow statement
FY 2025 cash flow statement ● Maintenance & IT Capex marginally increased in H2 vs. H1 aiming at modernizing the Group’s facilities and IT management tools, and thereby in €m 2024 2025 enhancing the Group’s performance in EBITDA Excl. IFRS 16 245 380 + €135m the coming fiscal years Maintenance Capex
Slide 28: Disposals and capex moderation accelerated cash flow recovery
In addition to operational improvements, strong disposals and capex moderation accelerated CF recovery Capex breakdown per type (2023-2025) (Development, maintenance & IT) Next 6 months c. €50m Dev. cape x c. €80m Maintenance & IT capex €2.35bn Development capex normalized Already sold since mid 202
Slide 29: 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 Net operating CF Recurring FCF FCF (EBITDA+/ - WCR change - 127 (Net operating CF – financial expenses) (Recurring FCF – dev capex – maintenance & IT capex - taxes) non recurring items + disp
Slide 30: Focus on Disposals
Focus on Disposals
Slide 31: €703m disposals finalized in 2025 plus Isemia and secured deals
€703m disposals finalized in 2025 + €761m from Isemia + €216m secured at end 2025 Ow €538m property assets €165m operating assets FY 2025 EARNINGS 31
Slide 32: Real Estate disposals achieved in 2025 or secured at year-end
Real Estate disposals achieved in 2025 or secured at year - end REAL ESTATE REAL ESTATE DISPOSALS DEALS CLOSED IN 2025 €1.5BN CLOSED IN 2025 OR SECURED AT YEAR END Spain 1% others Ireland Netherlands 3% 2% 11% €538m Poland Switzerland 1% cash - in during 2025 25% Premium over book value : c. € 6 5m
Slide 33: €165m operational disposals cashed in during 2025
€165m operational disposals 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 - French independant Serviced Residences - Individual facilities in Italy and Belgium +French Senior Re
Slide 34: Update on divesting nursing homes in Switzerland
Update in the process of divesting nursing homes in Switzerland The real estate component of this transaction has been successfully completed, with the sale for €159 million of the facilities of seven care homes previously owned by emeis to two institutional real estate investors. With regard to the
Slide 35: Cash position and net debt at end 2025
Cash position and net debt at end 2025 Landmark achievements on financial structure
Slide 36: Financial structure strongly improved in 2025
Financial structure strongly improved in 2025 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 Real Estate Partnership Isemia announced in Sept - 25 & closed in Jan 26 (3) FCF: + €347m
Slide 37: Leverage ratio rapidly enhanced in 12 months
Leverage ratio rapidly enhanced in 12 months, with further improvement embeded ahead Further decrease ahead (covenant < 6.5x by 2029) Already below covenant by end 2026 (<12x) 37 FY 2025 EARNINGS
Slide 38: Bank exposure now fully refinanced with €3.15bn new debt
Bank exposure now fully refinanced with €3.15bn new debt raised Avg. Cost of debt post refinancing ⚫ €3.15bn refinancing package, enabling full repayment of existing financing (A, B, C, and D ~5.0% (1) loans) and early exit from safeguard proceedings Spot end of dec. 25 ⚫ New structure includes pari
Slide 39: Key takeaways
Key takeaways
Slide 40: Key takeaways
Key takeaways CONTINUATION OF PERFORMANCE RECOVERY 1 • 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 OPERA
Slide 41: Thank you!
THANK YOU! w ww.emeis.com
Slide 42: Appendix
Appendix w ww.emeis.com
Slide 43: P&L 2025 (vs. 2024)
P&L 2025 (vs. 2024) Pre IFRS IFRS 16 Post IFRS Pre IFRS IFRS 16 Post IFRS (in million euros) 16 impact 16 16 impact 16 REVENUE 5 636 - 5 636 5 895 - 5 895 Personnel costs (3,802) - (3,802) (3,949) - (3,949) As a % of revenue -67,5% n.a. -67,5% -67,0% n.a. -67,0% Other costs (1,104) 11 (1,093) (1,088
Slide 44: Balance sheet 2025 (vs. 2024)
Balance sheet 2025 (vs. 2024) Consolidated balance sheet (in million euros) 31/12/2024 31/12/2025 31/12/2024 31/12/2025 Non-current assets 11 529 10 929 Equity attributable to emeis’ shareholders 1 725 1 408 Goodwill 1 306 1 307 Total consolidated equity 1 722 1 408 Intangible assets, net 1 660 1 65
Slide 45: 2025 average occupancy rate
2025 average occupancy rate Quarterly Yearly Average Occupancy rates Q2 2025 H1 2025 Q4 2024 Q4 2025 Var. (organic excl. 2024 2025 Var. (organic excl. openings) openings) France 86,8% 88,4% +1,6pt 89,1% 86,1% 87,8% +1,7pt 88,0% Nursing Homes 83,8% 85,6% +1,8pt 86,7% 82,8% 84,7% +1,9pt 84,9% Clinics
Slide 46: 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 rates - France & Germany Occupancy ratio France per quarter (Nursing homes - organic perimeter) 93,0% 85,6% 91,6% 83,6% 83,8% 83,8% 82,7% 86,7% 81,8% 81,8% 84,7% Const
Slide 47: Revenue up in all geographies
Revenue up in all 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 Strong price effect , especially in Germany & Austria where in €m 2024 2025 Change o/w organ
Slide 48: 2025 Revenue breakdown
2025 Revenue breakdown Quarterly figures FY Figures Q4 2024 Q4 2025 Change o/w organic 2024 2025 Change o/w organic in €m France 616 621 +0,8% +1,0% 2 381 2 416 +1,5% +1,7% ow. Nursing homes 291 289 -0,6% -0,1% 1 113 1 139 +2,3% +2,6% ow. Clinics & others 326 332 +1,9% +1,9% 1 268 1 277 +0,7% +1,0%
Slide 49: International markets and nursing homes still outperforming
International markets and nursing homes still outperforming … … but encouraging momentum seen in France INTERNATIONAL MARKETS … BUT POSITIVE DYNAMICS SHOWN ON & NURSING HOMES DRIVING THE MOMENTUM… FRENCH MARKET LfL growth per geography & per business Clinics France Nursing homes France +3,7% +3,6% +
Slide 50: EBITDAR by geographical area
EBITDAR by geographical area Var. 12 Var 6 Var. 12 months months EBITDAR (in €m) 2024 2025 H1 2025 H2 2025 months constant constant perimeter perimeter France 241 278 +15,3 % +15,1 % 123 155 +26,4 % in % of sales 10,1 % 11,5 % +1,4 pts +1,4 pts 10,2 % 12,6 % Northern Europe 238 310 +29,9 % +29,9 % 1
Slide 51: Constant perimeter references
Constant perimeter references Constant perimeter restated from operationnal disposals achieved in 2024 and 2025 (Czech Republic and Senior serviced residences in France) Total from disposed 2024 2024 perimeters Proforma Revenue 5 636 68 5 568 EBITDAR 741 12 728 in % of sales 13,1% 18,1% 13,1% EBITDA
Slide 52: Simplified Balance Sheet 2025
Simplified Balance Sheet 2025 in €m 31/12/2023 31/12/2024 31/12/2025 ● Real estat e portfolio: fair value at €5.6bn Property, plant and equipment, net* 4 775 4 987 4 626 Assets held for sale 533 318 177 Right of use assets 3 084 2 780 2 768 Intangible assets, net 1 513 1 660 1 655 Goodwill 1 386 1 3
Slide 53: Financial structure at end 2025
Financial structure at end 2025 Gross debt breakdown in €m (end 2025) Bank debt 2 558 Bond debt 400 RCF - Other debt 691 Mortgage debts 681 Financial Leases 503 Gross financial debt (excl. IFRS) end of December 2025 4 832 Cash position at 31.12.2025 (349) Net financial debt at 31.12.2024 (excl. IFRS
Slide 54: Cash flow statement
Cash flow statement 31/12/2025 31/12/2025 In m€ Excl. IFRS16 IFRS16 Impact Incl. IFRS16 EBITDA 380 453 833 Maintenance and IT capex (166) - (166) Other current operating flows (incl. change in WCR) (25) 4 (21) Net current operating cash flow 190 457 647 Cost of debt (236) (125) (360) Recurring Free
Slide 55: Real Estate portfolio valuation 2025 (vs. 2024)
Real Estate portfolio valuation 2025 (vs. 2024) Cap. rates (Net / HD) Var lfl (%) in €bn 2024 2025 Incl.duties Var yoy 2024 2025 France 3,0 2,7 +0,4% -10,5% 6,4% 6,4% Northern Europe 1,0 1,0 +0,6% -3,2% 5,7% 5,7% Central Europe 0,9 0,7 +2,7% -24,3% 6,7% 7,2% Southern Europe 0,8 0,8 +4,1% -0,2% 6,1%
Slide 56: Appraisal Valuation slightly up (+1.5% LfL)
Appraisal Valuation slightly up (+1.5% LfL ) France & Norther Europe flattening, other locations already driven upward Valuation change lfl per geography* Stable cap rate + Business plan Cap rate change in 2025 vs. 2024 (% change in 12m) improvement = Valuation upwards 7,2% 7,4% 4,5% 6,7% 6,9% 4,1%
Slide 57: 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 -10% yoy -0,7 0,0 0,1 -0,1 0,1 6,2 -11% +1.5% Net selling (deleveraging) Like - for - like 5,6 Cap rate stabilization in 2025 + Business plan improvement + «one year closer» from the demographic
Slide 58: €761m from third party investors: Isemia real estate vehicle
€761m from , a new branded real estate vehicle opened to third party investors (closing 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 €1.22bn c.6% rental 68 assets GAV yiel
Slide 59: Isemia: an innovative and relevant operation for the Group
Isemia : an innovative and relevant operation for the Group A strategic operation for emeis, and an optimized deal given real estate markets bottoming out from cyclical trough Strengthening financial structure - A fully controlled and ✓ €761m cash in further strengthening emeis’ Balance Sheet with f
Slide 60: Real Estate disposals on collateral perimeter since refinancing closing
Real Estate disposals achieved on collateral perimeter 1&2 and 3 from refinancing closing to year end 2025 Transaction price excl. Transaction GAV end From 18/12 to year end Asset Location Duties date 2024 Tranches 1 & 2 11,5 9,2 Novara - San Francesco Italy 5,7 20/12/2025 Novara - Mater Dei Italy 5
Slide 61: Leadership on quality & satisfaction criteria
Leadership on quality & satisfaction criteria a clear improvement in all satisfaction metrics since 2022 FY 2025 EARNINGS 61
Slide 62: 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 % 99% of emeis facilities in the 2 best rating categories Average HAS Score for emeis … Nursing homes Vs. 90% for (France) private groups in average … 3.8/
Slide 63: Number of facilities / Number of beds
Number of facilities / Number of beds nb of facilities 31/12/2023 31/12/2024 31/12/2025 Variation nb of beds 31/12/2023 31/12/2024 31/12/2025 Variation France 362 357 360 3 France 33 667 33 585 33 402 -183 Spain 57 60 60 0 Spain 8 005 8 531 8 570 39 Italy 30 35 34 -1 Italy 2 592 3 184 3 129 -55 LATA
Slide 64: Shareholding structure and number of shares
Shareholding structure and number of shares Shareholding structure (end 2025) 31/12/2025 31/12/2024 Number of Number of Diluted shares shares Diluted Average number of shares issued 161 272 909 161 272 909 157 460 271 157 460 271 Treasury shares (167 141) (167 141) (84 226) (84 226) Other shares 1 6
Slide 65: 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