emeis: Sales and business to end-March 20251

About this update from Emeis

Further rise in occupancy rates in France and abroad Occupancy rates growth, particularly in nursing homes (France, Northern Europe, Central Europe) Organic sales growth of +6.2% 2 , Occupancy rate up +2pts PUTEAUX, France, May 12, 2025 --( BUSINESS WIRE )--Regulatory News: emeis (Paris:EMEIS): Occupancy rate: further improvement in the first quarter, +2 points on average First-quarter organic sales growth of +6.2%, driven by nursing homes and international markets Progress on the divestment program: over €1 billion of divestments secured by the end of April 2025 guidance confirmed: the recovery momentum since H2 2024 points in the right direction for 2025 About emeis With nearly 83,500 experts and professionals in the fields of health, care and support for the frail, emeis is present in some twenty countries and covers five business lines: psychiatric clinics, medical care and rehabilitation clinics, nursing homes, homecare services and residences. Every year, emeis welcomes nearly 280,000 residents, patients and beneficiaries. emeis is committed to meeting one of the major challenges facing our society: the growing number of people made vulnerable by accidents, old age and mental illness. emeis, 50.3% owned by Caisse des Dépôts, CNP Assurances, MAIF and MACSF Epargne Retraite, is listed on Euronext Paris (ISIN: FR001400NLM4) and is a member of the SBF 120 and CAC Mid 60 indices. Site : www.emeis.com 1- Sales: significant growth driven by nursing homes and international scope At the end of March 2025 , Group sales stood at €1,445 million, up +5.2% (+€71 million) and +6.2% on an organic basis 4 . This increase reflects the combination of three factors, all of which had a positive impact: Organic growth in Group sales was mainly driven by nursing homes (almost 2/3 of Group business), where sales rose by almost +10% organically compared with Q1 2024, driven by a significant upturn in the average occupancy rate (by +2.1pts vs. Q1 2024). The Clinics business was stable overall (-0.4% organic), despite a +1.5pt rise in occupancy rate, mainly due (notably in France) to non-recurring base effects, as well as a lower number of full hospitalization days in care facilities, also reducing the volume of business generated on private rooms. Performance was particularly strong in European markets outside France , where organic growth rates approached or exceeded +10%, benefiting from strong price effects in Germany, Belgium and Austria in particular, higher occupancy rates in the Netherlands, Austria and Spain in particular, and the ramp-up of recently opened facilities in the Netherlands and Spain. In France, organic sales growth in nursing homes (+3.6%) mainly reflects a favorable price effect and a 1.6pt increase in occupancy rate. This rate would have risen by almost +30bps if a positive (non-recurring) adjustment effect in the first quarter of 2024 had been taken into account. Adjusted for this effect, the organic growth rate would be around +4.0% for retirement homes in France. However, sales for clinics in France in the first quarter of 2025 fell organically by -2.7%, half impacted by a lower number of full hospitalization days in care facilities, which also reduced the volume of business generated by private rooms, and half by non-recurring income in the first quarter of 2024, the effect of which on growth is expected to be diluted over the course of the year. 2- Occupancy rate: positive momentum confirmed The Group's average occupancy rate rose by almost +2pts year-on-year to 87.0% at the end of March (vs. 85.0% at the end of March 2023), thus extending the favorable recovery trend started in 2024. As a reminder, the average occupancy rate for the Group's sites, was 85.8% at end-2024, and 83.3% at end-2023. The recovery was driven in particular by nursing homes , where the occupancy rate stood at 86.4% at the end of March, up +2.1pts year-on-year . It is also up +1.5pt for clinics, now reaching 89.2%. It should be noted that these occupancy rates would be higher on the mature perimeter alone , excluding recent openings and facilities undergoing restructuring, whose occupancy rates are not yet mature. Excluding these facilities, the Group's average occupancy rate would be 88%. This effect is particularly significant in Southern Europe, where the restatement of very recently opened facilities shows an occupancy rate on the mature perimeter that is +5.5pts higher at 91.9%, up +2.9pts on the first quarter of 2024. The trends that gradually emerged in 2024 are continuing into 2025, across all emeis markets. Although the levels achieved fall short of the Group's ambitions, the upward momentum is encouraging. 3- Progress of disposals: €1.03bn completed or secured by the end of April 2025 The volume of disposals signed since mid-2022 now stands at €1.03 billion 6 , mainly comprising sale & leaseback transactions, but also the first operational asset disposals. This volume, up by more than €100 million on the figure announced at the end of December 2024, takes into account the signature of additional real estate asset disposals in France, the Netherlands and Brazil in the first quarter. These disposals break down as follows : As a reminder, in order to continue reducing its debt and meet its commitments to banking partners, the Group had raised its disposal targets to €1.5 billion (between mid-2022 and end-2025), including the sale of real estate assets (PropCo) and operating assets (OpCo). This ambition has now been confirmed and reinforced. This ambition leaves almost €600 million of disposals still to be completed by the end of 2025, which is mobilizing the Group's teams on investment markets that are still convalescent, but which seem to be gradually reopening. To date, more than €2 billion of potential disposals (PropCo and OpCo) are currently under discussion or negotiation between emeis and several potential buyers, demonstrating both the dynamism of the emeis teams and the growing appetite of investors for healthcare assets. These ongoing discussions far exceed the remaining target to be achieved by the end of the year, and give the Group considerable room for manoeuvre in the execution of its program. Discussions on the various potential disposals are proceeding according to the Group's planned timetable. 4- Outlook and guidance 2025 reiterated The outlook for the Group's reference markets over the medium term is particularly buoyant for care and support activities for the most vulnerable. The population of seniors aged over 75 is set to grow by more than 30% over the next 10 years, to represent 14% of the population. As a result, the structural shortage of supply in the nursing home markets will grow each year, reaching a deficit of around 550,000 beds by 2030 and 800,000 beds by 2035 in the 5 main emeis markets. To illustrate the scale of this future shortfall, the French market currently boasts a total of 650,000 beds. The prevalence of psychological disorders and chronic illnesses is also continuing to grow significantly, again creating a risk of insufficient supply in the years ahead. This major shortage situation gives emeis solid visibility for the years ahead, with supply corresponding to fast-growing demand. In the short term, the trajectory of operational recovery has been confirmed, particularly since the second half of 2024. This trend will continue into 2025 under the combined effects of an upturn in occupancy rates, the capture of favorable price effects and better control of operating expenses. Each year, emeis will communicate the anticipated trends for the current year. The promising trends expected for 2025 seem to have been confirmed after the first few months of the year. As a result, in 2025, the Group expects EBITDAR to rise by between +15% and +18% on a like-for-like basis (excluding the effects of any operational disposals in 2025) compared with 2024, thereby extending and accentuating the performance improvement momentum initiated in recent quarters. DISCLAIMER This document contains forward-looking statements that involve risks and uncertainties concerning the Group's future growth and profitability, and which could cause actual results to differ materially from those indicated in the forward-looking statements. These risks and uncertainties relate to factors that the Company cannot control or estimate precisely, such as future market conditions. The forward-looking statements contained in this document constitute expectations of future events and should be regarded as such. Actual events or results may differ from those described in this document due to a number of risks and uncertainties described in Chapter 2 of the Company's Universal Registration Document 2024, which is available on the Company's website and that of the AMF ( www.amf-france.org ). 1 Unaudited figures 2 Including a "constant number of days" adjustment related to the calendar difference between 2024 and 2025 (leap year 2024), for an impact of 0.9pts on Group organic growth. 3 Excluding changes in operating perimeter that may occur during the year 4 Including a "constant number of days" adjustment for the calendar difference between 2024 and 2025 (leap year 2024), representing an impact of 0.9pts on organic growth at Group level. 5 incl. downward adjustment of capacity at French clinics 6 Amount expressed as net selling value before repayment of associated debts 7 Enterprise value for the Czech Republic and Equity value for the share deal in Chile View source version on businesswire.com: https://www.businesswire.com/news/home/20250511037830/en/ Contacts Press Contacts Isabelle HERRIER NAUFLE Media & e-reputation Director +33 7 70 29 53 74 [email protected] IMAGE 7 Charlotte LE BARBIER // Laurence HEILBRONN +33 6 78 37 27 60 // +33 6 89 87 61 37 [email protected] // [email protected] Investor Relations Samuel HENRY-DIESBACH Investor relations Director [email protected] N° vert actionnaires 0 805 480 480 NEWCAP Dusan ORESANSKY +33 1 44 71 94 94 [email protected]

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