2026 half-year financial report

2026 HALF-YEAR FINANCIAL REPORT

CONTENTS

1. A word from the Chief Executive Officer 3

   3

   4

   5

2. Half-year business report 4

   1. Business activity and significant events of the period 4

   2. Key figures 7

   3. Main risks and uncertainties 12

   4. Main related-party transactions 12

   5. Subsequent events 12

   6. Forecast 13

Half-year condensed consolidated financial statements

for the six months ended 30 June 2026 14

Consolidated income statement 14

Consolidated statement of comprehensive income 15

Consolidated balance sheet 16

Consolidated statement of cash flows 17

Consolidated statement of changes in equity 18

Notes to the half-year condensed consolidated financial statements 19

Statutory Auditors' review report on the half-year

financial information 64

Statement by the person responsible for the half-year

financial report 65

1

LAURENT GUILLOT

CHIEF EXECUTIVE OFFICER

Since the beginning of the 2026 financial year, we have focussed on emeis' transformation, which has been ongoing for several years now. The first half of the year marked a particularly significant milestone in this journey: our results exceeded our initial expectations and are a testament to the hard work undertaken by all the Group's teams.

We are continuing to improve our fundamentals across the board.

In terms of human resources, the results of the second edition of the Your Voice @emeis employee survey confirm the increasing engagement of our teams. The employee engagement rate came in at 65%, up by 3 points compared with 2025, driven in particular by a sense of pride in being a part of the Group (72%). These results reflect not only the renewed confidence in our collective project, but also a commitment to the Group's transformation.

We are also continuing to make progress in terms of quality, care and support. The continuous improvement of our organisations and the level of care we provide for our residents, patients and beneficiaries have directly contributed to an increase in occupancy rates at our facilities, which now stand at 89.8% at Group level, up

2.8 points year-on-year and with an increase observed across all regions.

I would also like to draw particular attention to our effective response to flu outbreaks and heatwaves. The management of these situations reflects the high level of care we provide to our patients, even during particularly sensitive periods.

The recovery of our economic and operating performance accelerated over the first half of the year. Our first-half revenue was up by 5.9% at constant scope, driven not only by higher occupancy rates but also by a positive price effect and the ramp-up of recently opened facilities.

Our operating margins continued to improve, with EBITDAR climbing by 18.1% on a like-for-like basis and EBITDA excluding IFRS 16 leases increasing by 46.3%. While net profit attributable to emeis' shareholders remained negative in the first half of the year, it was up by €97 million year on year and is now approaching break even.

At the same time, we are continuing to reinforce our financial structure. Net debt has fallen by €0.6 billion since the end of the 2025 financial year and our financial leverage ratio has also continued to fall rapidly, standing at 8.7x at the end of the first half of 2026. This improvement is the result of both the recovery of our operating performance and the roll-out of our disposal programme.

The momentum we have observed since the start of the year means we are now in a position to revise our 2026 targets upwards. This decision is based on tangible results, driven by increased commercial efficiency and a strict operational cost control programme. As a result, EBITDAR growth at constant scope is now forecast to be between 12% and 14%.

We are therefore confirming our medium-term ambitions, and looking to the future with confidence and a sense of responsibility.

Laurent Guillot

Chief Executive Officer of emeis

2

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% over the next ten 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 years ahead.

This situation of major shortage provides the emeis Group with solid visibility for the coming years, with supply matching rapidly growing demand.

The trend since the start of the year confirms the continued momentum observed in 2025 and even shows performance that exceeded the Group's initial expectations. Overall, increased sales efficiency (resident intake and

price-driven revenue growth), control of personnel costs and the initial effects of the Boost programme on operating expenses are creating a favourable outlook for the current financial year, particularly in certain geographical areas, particularly in Northern and Southern Europe.

Consequently, emeis is raising its targets for the financial year, now forecasting EBITDAR growth on a like-for-like basis of between 12% and 14%. For reference, 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 due 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 average annual growth rate of revenue at constant scope is expected to be between 4% and 5% between 2024 and 2028; and

• the average annual growth rate of the Group's EBITDAR at constant scope is expected to be between 12% and 16% between 2024 and 2028.

3

* At 30 June 2025, discontinued operations recorded revenue of €27.5 million, an operating loss of €0.3 million and a net loss of €5.9 million.

Consolidated statement of comprehensive income

Consolidated balance sheet

ASSETS

EQUITY AND LIABILITIES

Consolidated statement of cash flows

(in thousands of euros) Notes

CASH FLOWS FROM OPERATING ACTIVITIES

First-half 2025

CASH FLOWS FROM INVESTING AND DEVELOPMENT ACTIVITIES

CASH FLOWS FROM FINANCING ACTIVITIES

* This item mainly comprises depreciation, amortisation and impairment.

Consolidated statement of changes in equity

* This line item corresponds to the contribution made by non-controlling interests in connection with the creation of the Isemia real estate company (see Notes 1.1 and 3.11).

1. Significant accounting policies

   	3.23	Recurring operating profit	41
   	3.24	Other non-recurring operating income
   22		and expense	42
   	3.25	Net financial income/(expense)	42
   	3.26	Income tax	42

   by management for the preparation of the half-year condensed consolidated financial statements for the six months ended

   30 June 2026

2. Notes to the consolidated

   financial statements 22

   1. Goodwill and intangible assets 22

   2. Regular impairment testing 24

   3. Property, plant and equipment 24

   4. Leases 25

   5. Investments in associates and joint ventures 26

   6. Non-current financial assets 27

   7. Inventories 28

   8. Trade receivables 28

   9. Other receivables, accruals and prepayments 28

   10. Assets and liabilities held for sale 29

3. Subsequent events 42

4. Additional information 43

   1. Commitments and contingent liabilities 43

   2. Analysis of financial assets and liabilities

      in accordance with IFRS 7 43

   3. Related-party transactions 44

   4. Scope of consolidation at 30 June 2026 45

Amounts are stated in thousands of euros unless otherwise indicated.

The 2026 half-year condensed consolidated financial statements for the emeis Group were reviewed by the Board of Directors on 29 July 2026.

The consolidated financial statements for the year ended 31 December 2025 were approved at the Annual General Meeting of 23 June 2026.

emeis S.A. is a French joint-stock company (société anonyme) whose registered office is located at 12, rue Jean Jaurès, 92813 Puteaux, France. It is the parent company of a leading global group with expertise in providing support for all types of vulnerable people. The Group operates in around

20 countries with five core activities: psychiatric clinics, medical care and rehabilitation clinics, nursing homes, home care services and assisted-living facilities.

1. ‌Significant events of the period‌
   1. Creation by emeis of a real estate company dedicated to healthcare real estate in Europe

      On 14 January 2026, the emeis Group created Isemia, its healthcare real estate company dedicated to healthcare real estate assets operated by the Group, with its partners Farallon Capital and TwentyTwo Real Estate. emeis thus received €761 million from its partners, representing 62% of the last appraised value(1) of the assets held by this vehicle, thereby immediately reducing the Group's net debt by the same amount.

      The portfolio includes 68 assets with an appraised value of

      €1,220 million, reflecting an average yield of around 6% excluding transfer taxes. The assets, which continue to be operated entirely by emeis, are located 68% in France, 19% in Germany, and 13% in Spain. Overall, 48% of this real estate portfolio consists of nursing home premises and 52% of clinics.

      ‌This transaction is structured through the subscription of financial securities (including a preferred share). The payment of remuneration, at emeis' discretion, will enable investors to achieve a recurring return of at least 6% per annum. Above this rate of return, the share of outperformance will be distributed mainly to the partners up to the target internal rate of return of 12%, with emeis retaining 90% of the potential additional value created above this level.

      This partnership is planned for a term of five years and may be extended for an additional two years. It may also be shortened at the discretion of emeis. In particular, emeis could ultimately select new capital partners to support the development of the Isemia real estate company, which will be emeis' strategic long-term reference for real estate.

      The real estate company has dedicated governance designed to manage a long-term healthcare real estate platform that is fully integrated into the Group. This organisation ensures consistency between Isemia's strategy and the operational expertise of emeis, which provides its asset management and property management services.

      Governance is based on a supervisory body with five members, including three emeis representatives. Laurent Guillot is now Chairman of the Supervisory Board and its other two members are Jean-Marc Boursier and Géry Robert-Ambroix, who is also Chairman of Isemia SAS.

      See Note 3.11 for information on the related accounting treatment.

   2. Asset disposals Netherlands

      In July 2023, the emeis Group signed an agreement for the sale of a real estate portfolio comprising 22 assets (nursing homes under construction representing a total of 484 beds). The twentieth disposal took place in March 2026. The emeis Group operates this facility, as well as those already sold.

      In April 2024, the emeis Group signed an agreement for the sale of a real estate portfolio comprising 11 assets (recently built nursing homes or nursing homes under

      construction representing a total of 375 beds). The tenth disposal took place in June 2026. The emeis Group operates this facility, as well as those already sold.

      In February 2026, the emeis Group signed an agreement with a developer to create two nursing homes in Driebergen and Zeist representing a total of 48 beds, which it will then lease and operate.

      Switzerland

      In September 2025, the emeis Group signed agreements for the sale of the Group's 40 Swiss nursing homes and senior assisted-living facilities, along with its local homecare business. Following an internal review, emeis determined that the sale of its nursing home operations was no longer in the Group's best interests and therefore that it no longer intended to finalise this transaction.

      At the same time, the emeis Group signed agreements to sell its related real estate portfolio (representing seven properties operated as nursing homes). Between 1 January and early March 2026, the emeis Group sold the three remaining property portfolios (located in Lenk, Hägglingen and Bern) and has not owned any real estate assets operated as nursing homes in Switzerland since that date. The emeis Group operates these facilities.

      Ireland

      In June 2024, the emeis Group signed an agreement to sell all of the capital and voting rights of three Irish companies, each holding a real estate asset under construction (representing a total of 332 nursing home beds). In April 2026,

      the third of these sales was completed (representing 155 nursing home beds). The emeis Group operates this facility, as well as those already sold.

      (1) At end-2024.

      Latin America

      ‌The emeis Group has also initiated a process to divest all its operations in Latin America. These divestments are expected to be carried out gradually, mainly during 2026, and to a lesser extent in 2027. At 30 June 2026, nearly 70% of the divestment process had already been secured, with proceeds either already received from completed disposals or expected to be received in the coming quarters. It should be noted that 33% of the secured divestment process relates primarily to real estate assets and has already been completed, with proceeds received during the first half of the year.

      These disposals were all set out as part of the Group's December 2025 refinancing, and do not trigger any mandatory repayment obligation. The terms and conditions relating to mandatory repayment obligations are set out in Note 3.15 to the 2025 consolidated financial statements on page 401 of the 2025 Universal Registration Document.

   3. Early exit from the Accelerated Safeguard Plan

      The refinancing of bank debt A/B/C/D ahead of term (see the 2025 Universal Registration Document) enabled the Company to file a petition with the Nanterre Court of Economic Affairs to request an early exit from the Accelerated Safeguard Plan. On 20 February 2026, the Court granted the request.

      ‌Following this favourable decision, the Company settled its remaining obligations. On 3 February 2026, the Company placed the full amount of the residual claims admitted under the Safeguard Plan ("frozen" debt) totalling €54 million in escrow with the court-appointed supervisor responsible for implementing the Safeguard Plan. On 17 March 2026, the supervisor responsible for implementing the Safeguard Plan initiated a repayment of €11.6 million to the Company in respect of a claim that had been definitively dismissed by court order.

2. ‌Significant accounting policies and basis of preparation
   1. Significant accounting policies Basis of preparation of the consolidated financial statements

      In accordance with EC Regulation No. 1606/2002 of 19 July 2002, the emeis Group ("the Group") has prepared its half-year condensed consolidated financial statements for the period from 1 January to 30 June 2026 in accordance with the IFRS standards and interpretations published by the International Accounting Standards Board (IASB) as adopted by the European Union and mandatory at the reporting date of these half-year financial statements, in particular in accordance with the requirements of IAS 34 - Interim Financial Reporting, which provides for the presentation of notes to the consolidated financial statements.

      The half-year condensed consolidated financial statements do not include all the notes and information required under IFRS for annual consolidated financial statements and must therefore be read together with the consolidated financial statements for the year ended 31 December 2025, subject to the specific features relating to the preparation of the half-year condensed consolidated financial statements described below.

      The framework used, available on the European Commission's website (http://ec.europa.eu/internal_market/ accounting/ias_en.htm), consists of the international financial reporting standards (IAS and IFRS) and the interpretations of the IFRS Interpretations Committee (IFRS IC).

      In preparing the half-year condensed consolidated financial statements for the year ended 30 June 2026, the Group applied the same accounting principles and methods as in its consolidated financial statements for the year ended 31 December 2025, with the exception of the standards and/or amendments to standards described below, adopted by the European Union, whose application was mandatory as from 1 January 2026.

      Standards, amendments to standards and interpretations adopted by the European Union and mandatory for accounting periods beginning on or after 1 January 2026

      The first-time application, from 1 January 2026, of the amendments to IFRS 7 and IFRS 9 - Amendments to the Classification and Measurement of Financial Instruments did not have a material impact on the half-year condensed consolidated financial statements for the six months ended 30 June 2026.

      Published standards, amendments to standards and interpretations that were not yet effective

      The Group did not apply any new standards, amendments or interpretations that were not mandatory at 1 January 2026. The main such amendments are as follows (not yet adopted by the European Union [application date subject to EU adoption]):

      • IFRS 18 - Presentation and Disclosure in Financial Statements.

        The Group is in the process of assessing the impact of this standard which has been published but is not yet in effect.

   2. ‌Significant estimates and judgements made by management for the preparation of the half-year condensed consolidated financial statements for the six months ended 30 June 2026

      The preparation of consolidated financial statements in accordance with IFRS requires management to make estimates and assumptions that have an impact on the amounts presented in these financial statements. Estimates may be revised if the circumstances on which they were based change or in the event new information comes to light. Actual results may differ from these estimates.

      The half-year condensed consolidated financial statements have been prepared by reference to the current environment, particularly with respect to the estimates presented below:

      • ‌assumptions related to future cash flow assumptions, real estate valuers' valuations and the discount rates used for the impairment testing (IAS 36) of goodwill, intangible assets and property, plant and equipment as well as right-of-use assets on the basis of a business plan revised in 2026 and approved by the Group's Board of Directors on 21 January 2026 (see Note 3.2);

      • valuation of share-based payments (IFRS 2) (see note 3.11.4);

      • measurement of provisions (IAS 37) (see Note 3.12);

      • measurement of post-employment benefits (IAS 19) (see Note 3.13);

      • estimates of lease terms and discount rates for future lease payments (IFRS 16) (see Note 3.4);

      • valuation of certain derivatives at fair value (IFRS 9) (see Note 3.16);

      • determining the corporate income tax expense and assumptions about the recoverability of deferred taxes (IAS 12) (see Note 3.26);

      • accounting treatment of the Isemia partnership under IAS 32 and IFRS 10 (see Note 3.11).

3. ‌Notes to the consolidated financial statements
   1. Goodwill and intangible assets
      1. Goodwill

         The main movements during the period were as follows:

         (in thousands of euros)	30 June 2026	31 Dec. 2025
         Net goodwill at beginning of period	1,306,875	1,305,894
         Reclassification of goodwill held for sale	0	10,677
         Business combinations	0	0
         Adjustments to previous goodwill, deconsolidations and other	(14)	(10,279)
         Allowances	0	0
         Currency translation adjustments	882	583
         NET GOODWILL AT END OF PERIOD	1,307,743	1,306,875

         At 30 June 2026, goodwill by operating segment breaks down as follows:

         (in thousands of euros)	30 June 2026	31 Dec. 2025
         France	524,426	524,428
         Southern Europe and LATAM	15,959	16,023
         Northern Europe	665,135	655,689
         Central Europe	102,224	94,552
         Other geographies	0	16,184
         NET GOODWILL AT END OF PERIOD	1,307,743	1,306,875

      2. Intangible assets

         Gross intangible assets and accumulated amortisation break down as follows:

         (in thousands of euros)	Gross	30 June 2026 Amortisation and charges to provisions	Net	31 Dec. 2025
         				Gross	Amortisation and charges to provisions	Net
         Operating intangible assets	2,937,633	(1,414,807)	1,522,826	2,939,700	(1,417,885)	1,521,814
         Advances and downpayments	11,046	(3,807)	7,240	9,453	(3,805)	5,648
         Other intangible assets	345,418	(199,404)	146,014	321,281	(191,611)	129,670
         Intangible assets held for sale	(9,438)	5,906	(3,532)	(8,655)	6,426	(2,229)
         TOTAL	3,284,660	(1,612,111)	1,672,548	3,261,779	(1,606,876)	1,654,903

         At 30 June 2026, "Operating intangible assets" mainly included operating licences considered to have an indefinite useful life. The allocation of these intangible assets by operating segment is shown in the table below:

         (in thousands of euros)	30 June 2026	31 Dec. 2025
         France	881,206	881,442
         Southern Europe	106,946	106,920
         Northern Europe	229,304	145,171
         Central Europe	305,370	291,041
         Other geographies	0	97,241
         NET OPERATING LICENCES AT END OF PERIOD	1,522,826	1,521,814

         The following table shows movements in intangible assets (net) by category:

         (in thousands of euros)	Operating licences	Advances and downpayments	Other	Intangible assets held for sale	Total
         At 31 Dec. 2024	1,568,563	1,653	113,659	(23,458)	1,660,416
         Increases	2	3,605	14,580	0	18,187
         Decreases	0	(116)	(3,339)	0	(3,455)
         Amortisation and charges to provisions	(25,927)	(1,559)	(1,052)	0	(28,538)
         Reclassifications and other	6,730	2,065	5,966	(3,094)	11,667
         Changes in scope	(27,554)	0	(143)	24,322	(3,375)
         At 31 Dec. 2025	1,521,814	5,648	129,670	(2,229)	1,654,903
         Increases	26	1,639	354		2,019
         Decreases	(427)		(118)		(545)
         Amortisation and charges to provisions			(8,144)		(8,144)
         Reclassifications and other	1,412	0	24,250	(1,302)	24,360
         Changes in scope	1	(47)	0	0	(47)
         AT 30 JUNE 2026	1,522,826	7,240	146,014	(3,532)	1,672,548

   2. ‌Regular impairment testing

      ‌In accordance with IAS 36, cash-generating units (CGUs) are tested for impairment at the end of each financial year, including intangible assets with an indefinite useful life, right-of-use assets and property, plant and equipment. Impairment testing is also carried out at country level (corresponding to a group of CGUs), including goodwill, in line with IAS 36.

      At the end of the half year, cash-generating units (CGUs) with indications of impairment are subject to further testing taking into account the effects of the latest events known at the half-yearly reporting date.

      At 30 June 2026, no indications of impairment were identified.

   3. Property, plant and equipment Changes in property, plant and equipment and assets in progress

      Gross property, plant and equipment, including property under construction, and accumulated depreciation break down as follows:

      (in thousands of euros)	Gross	30 June 2026 Depreciation and charges to provisions	Net	31 Dec. 2025
      				Gross	Depreciation and charges to provisions	Net
      Properties	6,457,811	(2,677,011)	3,780,800	6,691,376	(2,847,876)	3,843,500
      Technical installations	1,173,023	(976,842)	196,181	1,175,440	(946,953)	228,488
      Assets in progress	662,074	(126,462)	535,611	679,614	(127,467)	552,146
      Other property, plant and equipment	344,148	(259,325)	84,823	339,323	(243,421)	95,902
      Property, plant and equipment held for sale	(289,587)	162,762	126,825	(206,499)	112,789	(93,710)
      TOTAL	8,347,469	(3,876,878)	4,470,591	8,679,255	(4,052,928)	4,626,326

      Depreciation is recognised in profit or loss under "Depreciation and charges to provisions".

      Property, plant and equipment held for sale corresponds to properties earmarked for disposal within 12 months and amounted to €127 million at 30 June 2026.

      The change in the net value of these assets breaks down as follows:

      (in thousands of euros)	Properties	Technical installations	Assets in progress	Other property, plant and equipment	Property, plant and equipment held for sale	Total
      At 31 Dec. 2024	4,211,833	303,633	632,068	80,327	(240,860)	4,987,001
      Acquisitions	91,661	41,987	126,359	25,006	0	285,014
      Disposals and retirements	(420,446)	(815)	(193,049)	(244)	0	(614,553)
      Depreciation and charges to provisions	(59,537)	(110,694)	79,888	(19,630)	0	(109,973)
      Reclassifications and other	104,505	(2,749)	(77,675)	11,834	63,159	99,073
      Changes in scope	(84,516)	(2,875)	(15,444)	(1,391)	83,991	(20,236)
      At 31 Dec. 2025	3,843,500	228,488	552,146	95,902	(93,710)	4,626,326
      Acquisitions	20,860	25,508	74,619	5,784		126,771
      Disposals and retirements	(45,861)	(18,959)	(28,052)	(1,110)		(93,983)
      Depreciation and charges to provisions	(37,557)	(46,540)	(15,448)	(16,414)		(115,959)
      Reclassifications and other	5,497	9,048	(22,504)	743	(40,250)	(47,467)
      Changes in scope	(5,639)	(1,362)	(25,149)	(81)	7,136	(25,096)
      AT 30 JUNE 2026	3,780,800	196,181	535,612	84,823	(126,825)	4,470,591

      The main changes in first-half 2026 were:

      • changes in the scope of consolidation, in particular related to Ireland;

      • investments necessary for the continuing operation of facilities;

      • investments in new buildings or extensions;

      • real estate assets under construction.

      Treatment of finance leases according to IFRS 16

      In the past, the Group has frequently used and continues to use finance leases with its financial partners for the financing of properties acquired, for restructuring or for the construction of new properties.

      ‌Finance leases result in a legal assignment of properties but do not lead to the derecognition of the asset. This is

      because the Group retains control of the asset, since it is a financing transaction. As these financial arrangements are substantially asset purchases and not leases, real estate assets are considered as property, plant and equipment in accordance with IAS 16 (see Note 3.4) and the corresponding liabilities are considered as financial liabilities within the meaning of IFRS 9.

   4. Leases
      1. Right-of-use assets

         At 30 June 2026, changes in right-of-use assets break down as follows:

         (in thousands of euros)	30 June 2026	31 Dec. 2025
         Beginning of period	2,768,138	2,779,603
         Increases	221,671	474,736
         Decreases	(102,338)	(107,141)
         Depreciation	(163,221)	(293,749)
         Impairment	(511)	(49,361)
         Reclassifications and other	(5,165)	(35,351)
         Changes in scope	1,251	(599)
         END OF PERIOD	2,719,824	2,768,138

      2. Lease liabilities

         The breakdown of lease liabilities by maturity is as follows:

         (in thousands of euros)	30 June 2026	Less than 1 year	1 to 5 years	More than 5 years
         Lease liabilities	3,568,782	382,863	1,278,017	1,907,903
         TOTAL	3,568,782	382,863	1,278,017	1,907,903

         Changes in lease liabilities break down as follows:

         (in thousands of euros)	30 June 2026	31 Dec. 2025
         Beginning of period	3,657,004	3,638,549
         Discount	90,853	122,896
         New contracts and increases	166,199	462,239
         Repayments and interest	(232,693)	(466,988)
         Decreases due to amendments	(131,536)	(94,266)
         Reclassifications and other	18,955	(4,722)
         Changes in scope	0	(704)
         END OF PERIOD	3,568,782	3,657,004

   5. ‌Investments in associates and joint ventures

      At 30 June 2026, investments in associates and joint ventures break down as follows:

      Associates and joint ventures (in thousands of euros)	Application of the % holding	Based on 100% interest	Real estate companies retained as a result of sale and leaseback transactions	Other
      % of shares held			between 10% and 49%	between 49% and 75%
      Non-current assets	38,242	144,435	139,701	4,734
      Current assets	2,098	5,456	3,544	1,995
      TOTAL ASSETS	40,340	149,891	143,245	6,729
      Equity	2,622	16,692	15,664	1,111
      Non-current liabilities	15,729	50,467	46,557	3,910
      Current liabilities	21,990	82,733	81,024	1,708
      TOTAL EQUITY AND LIABILITIES	40,341	149,892	143,245	6,730
      Revenue	604	2,120	2,120	0

      INCOME STATEMENT

      Equity-accounted profit/(loss) in previous periods	(517)		73	75
      Equity-accounted profit/(loss) based on a 100% interest		(905)	(905)	0
      Other comprehensive income/(loss)
      Total comprehensive income/(loss)	0	(905)	(905)	0
      Share in profit/(loss) of associates and joint ventures	(107)	(107) 0

      BALANCE SHEET

      Assets held for sale (see Note 3.10)
      Investments in associates and joint ventures	4,134		3,589	544
      Current accounts (associates and related parties) (see Note 3.9)		8,059	3,815	4,244

      Based on the value of the individual investments, existing cash flows with these companies and the emeis Group's overall strategy in and outside France, management believes that these interests are not individually material.

      At 31 December 2025, investments in associates and joint ventures broke down as follows:

      Associates and joint ventures (in thousands of euros)	Application of the % holding	Based on 100% interest	IDS and real estate companies jointly owned with IDS	Real estate companies retained as a result of sale and leaseback transactions	Âge Partenaires	Other
      % of shares held			50%	between 10% and 49%	50%	between 49% and 75%
      Non-current assets	38,203	143,906		139,549		4,357
      Current assets	2,186	5,696		3,843	(83)	1,936
      TOTAL ASSETS	40,389	149,602		143,392	(83)	6,293
      Equity	2,640	16,062		15,052	(83)	1,093
      Non-current liabilities	15,535	49,939		46,388		3,550
      Current liabilities	22,213	83,601		81,951		1,651
      TOTAL EQUITY AND LIABILITIES	40,389	149,602		143,391	(83)	6,294
      Revenue	3,762	9,022		3,558		5,463

      INCOME STATEMENT

      Equity-accounted profit/(loss) in previous periods	(26,853)		(25,700)	38	3 (1,193)
      Equity-accounted profit/(loss) based on a 100% interest		(653)	(1,214)	679	(118)
      Other comprehensive income/(loss)
      Total comprehensive income/(loss)		(653)	(1,214)	679	(118)
      Share in profit/(loss) of associates and joint ventures	(517)		(607)	73	(59)	75

      BALANCE SHEET

      Assets held for sale (see Note 3.10)	0
      Investments in associates and joint ventures	4,152		3,616	535
      ‌Current accounts (associates and related parties) (see Note 3.9)		5,579	3,015	2,565

   6. Non-current financial assets

      Non-current financial assets break down as follows:

      (in thousands of euros)	30 June 2026 Net	31 Dec. 2025 Net
      Non-consolidated investments	1,983	600
      Loans	58,373	46,429
      Deposits and guarantees	61,718	65,069
      Derivative financial instruments	(2,749)	517
      Assets related to pension plans and similar post-employment benefit plans	11,497
      TOTAL	137,461	112,614

      Non-consolidated investments are investments in companies over which the Group does not exercise any significant influence and investments in mutual banks.

      Loans mainly consist of construction loans arranged by French subsidiaries.

      Security deposits and guarantees include all types of security deposits and guarantees that the Group may be called upon to provide in the normal course of its business.

      Derivative financial instruments consist of interest rate cap agreements designed to hedge against the risk of fluctuations in interest rates (see Note 3.16.1).

   7. ‌Inventories

      (in thousands of euros)	30 June 2026	31 Dec. 2025
      Food	4,698	4,775
      Cleaning products	245	244
      Pharmaceuticals	6,986	7,151
      Other	2,458	2,494
      ‌TOTAL	14,387	14,664

   8. Trade receivables

      (in thousands of euros)	30 June 2026	31 Dec. 2025
      Trade receivables	769,356	665,522
      TOTAL	769,356	665,522

      The increase in trade receivables was mainly due to an increase in business volume in France.

      ‌The methods used to recognise and measure trade receivables and expected credit losses are identical to those described in the notes to the consolidated financial

      statements at 31 December 2025 (Note 3.9). At

      30 June 2026, there was no significant change in the credit risk profile of the loan portfolio compared with 31 December 2025. Impairment amounted to €137 million (compared with €129 million at 31 December 2025), for a gross outstanding balance of €905 million.

   9. Other receivables, accruals and prepayments

      (in thousands of euros)	30 June 2026	31 Dec. 2025
      Development-related receivables	5,056	10,358
      Receivables related to disposals of real estate	19,487	19,472
      Tax receivables	302,146	223,586
      Advances and downpayments made	31,195	1,459
      Current accounts (associates and related parties)	8,059	5,579
      Interest rate derivatives with a positive fair value	1,282	62
      Miscellaneous receivables	398,315	105,416
      Receivables from suppliers	103,733	133,534
      Prepaid operating expenses	54,336	43,405
      TOTAL	923,610	542,872

      The above items are shown net of impairment.

      Current accounts consist mainly of amounts paid to equity-accounted entities and are detailed in Note 3.5.

      Miscellaneous receivables mainly include public funding received and care grants. The increase in this item at

      30 June 2026 mainly reflects the recognition of accrued income on various French social security funds. As the C1 budget circular was not available at the reporting date, advances received in the first half of 2026 were recognised under liabilities (see Note 3.19 "Other payables, accruals and prepayments") for approximately the same amount.

   10. ‌Assets and liabilities held for sale

       At 30 June 2026, assets and liabilities held for sale break down as follows:

       (in thousands of euros)	30 June 2026	31 Dec. 2025
       Goodwill		0
       Intangible assets	3,532	2,229
       Property, plant and equipment	85,222	42,124
       Assets in progress	41,603	51,586
       Financial assets	1,667	949
       Other assets	92,559	79,780
       Total assets held for sale	224,583	176,668
       Borrowings from credit institutions	43,244	38,553
       Other liabilities	89,350	55,633
       Total liabilities associated with assets held for sale	132,594	94,186

       Assets held for sale in the "Property, plant and equipment" and "Assets in progress" categories mainly concern the following geographical areas:

       (in thousands of euros)	30 June 2026	31 Dec. 2025
       France	80,208	0
       Outside France	46,617	93,710
       TOTAL	126,825	93,710

       The "Borrowings from credit institutions" category relates mainly to the following geographical areas:

       (in thousands of euros)	30 June 2026	31 Dec. 2025
       France	19,025
       Outside France	24,219	38,553
       ‌TOTAL	43,244	38,553

   11. Equity
       1. Share capital

          	30 June 2026	31 Dec. 2025
          Total number of shares	161,440,050	161,440,050
          Number of shares issued	161,440,050	161,440,050
          Par value (in euros)	0.01	0.01
          Share capital (in euros)	1,614,401	1,614,401
          Treasury shares	1,175,220	168,888

          Since 31 December 2025, various capital transactions have had the following impact on share capital and share premiums:

          (in thousands of euros)	Total number of shares	Share Share capital premiums
          Share capital at 31 Dec. 2025	161,440,050	1,614 2,409,033
          Capital reduction
          Capital increases
          Shares related to the exercise of share warrants
          Reverse share split
          Allocation of 2025 net loss
          SHARE CAPITAL AT 30 JUNE 2026	161,440,050	1,614 2,409,033

          TOTAL NUMBER OF SHARES

          (in units)	Total number of shares
          At 31 Dec. 2025	161,440,050
          Capital increase
          AT 30 JUNE 2025	161,440,050

       2. Earnings per share

          Basic earnings per share are calculated using the weighted average number of shares in issue during the year. Treasury shares are deducted from equity at cost.

          Diluted earnings per share take account of all potentially dilutive instruments, such as options, warrants and convertible bonds. Options and warrants are dilutive when their exercise price is lower than the market price.

          WEIGHTED AVERAGE NUMBER OF SHARES IN ISSUE

          	30 June 2026 Basic Diluted		30 June 2025
          			Basic	Diluted
          Ordinary shares	161,440,050	161,440,050	161,271,768	161,271,768
          Treasury shares	(1,175,220)	(1,175,220)	(168,283)	(168,283)
          Free shares not yet vested	1,807,949		1,760,455
          Shares related to the exercise of share warrants			0
          WEIGHTED AVERAGE NUMBER OF SHARES	160,264,830	162,072,779	161,103,485	162,863,940

          EARNINGS/(LOSS) PER SHARE

          (in euros)	First-half 2026 Basic	Diluted	First-half 2025
          			Basic	Diluted
          Attributable earnings/(loss) per share	(0.25)	(0.25)	(0.85)	(0.85)

       3. Real estate partnership

          In January 2026, the Group entered into a real estate partnership with Farallon Capital and TwentyTwo Real Estate, relating to a portfolio of 68 real estate assets located in France, Spain and Germany, with an appraised value of €1,220 million, operated by the Group under fixed-term commercial leases.

          On 14 January 2026, the investor subscribed for convertible bonds redeemable into preferred shares issued by the Isemia real estate company for a total of

          €761.1 million, in exchange for the issue of one preferred share ("golden share").

          This partnership provides, in particular, for:

          • a term corresponding to the statutory life of the real estate company, which may be extended at the partners' discretion;

          • a target return for the investor corresponding to 12%, with a recurring return of at least 6% per annum, paid at the issuer's discretion;

          • an option for the issuer to redeem the convertible bonds at any time at its sole discretion; while the investor may request redemption, the issuer retains the right to refuse;

• the conversion of the bonds into preferred shares, subject to the mutual agreement of the parties.

  The agreement provides for events of default which may result in the partner obtaining control of the vehicle. The main events of default are:

• a decline of more than 25% in the appraised value of real estate compared with the value used;

• a consolidated debt-service ratio across the relevant assets exceeding 75%.

In view of the above, the convertible bonds and the "golden share" are classified as equity instruments in accordance with IAS 32.

Under IFRS 10, the real estate company is fully consolidated by the emeis Group, which holds all the ordinary shares, has the power to appoint the Chairman and the majority of the members of the Supervisory Board, and manages operations via delegated management agreements for a non-cancellable fixed term of five years. The investor's veto rights are regarded as protective rights; control over the company will be reassessed should a contractually defined trigger event occur.