EMEIS: EBITDAR Up by 19%, Yet a Net Loss of €298M Continues
EMEIS confirms its exit from the safeguard plan by displaying a sharp operational rebound in 2025: EBITDAR increases by 19.2% on a like-for-like basis, nursing home occupancy improves by 2 points, and resident satisfaction reaches its highest level in three years. Meanwhile, the refinancing of €3.15 billion and asset disposals reduce debt by €1 billion. However, the group records a net loss of €298 million, revealing the ongoing cost of financial restructuring despite an improvement of €114 million year-on-year.
Operational Performance and Revenue Growth
The key indicator of nursing home occupancy rate increased by 2.0 points over twelve months to reach 87.2% at the end of 2025, compared to 85.2% at the end of 2024. This positive momentum supports an organic revenue growth of 6.1%, fueled by a tariff increase of 3.3% and contributions from new facilities. EBITDAR recorded a rise of 19.2% on a like-for-like basis, thus exceeding the provided guidance (between +15% and +18%). This outperformance is driven by all business sectors and regions, particularly France (+15%) and Germany. The EBITDAR margin widened by 1.7 points to 14.8% of revenues, reaching 15.8% in the second half of the year. Operating income (EBIT) increased by €171 million to €173 million, compared to €2 million the previous year.
Non-Financial Indicators and Resident Satisfaction
Non-financial indicators reflect a sustainable restoration of trust. The resident satisfaction rate stood at 93.4% at the end of 2025, up by 40 basis points year-on-year and more than 300 points since 2022. The Net Promoter Score (NPS) of residents jumped to 41, from 18 at the end of 2022. These improvements are accompanied by a decrease in the rates of bedsores (1.9% versus 2.2%) and physical restraints (11.2% versus 13.1%). Concurrently, non-recurring expenses increased by €85 million, fueled by the closures of certain facilities in France, Belgium, and Germany, as well as by refinancing costs and the creation of Isemia company. As a result, the net loss improved by €114 million to -€298 million, but remains significantly negative.
Refinancing and Debt Reduction
EMEIS finalizes a refinancing of €3.15 billion with an average maturity of 5.5 years, allowing the full repayment of its previous bank debt. Asset disposals and the Isemia real estate partnership generated €2.35 billion since mid-2022, significantly exceeding the initial target of €1.5 billion. Net debt (excluding IFRS 16, 5, and 9) decreased by €1 billion to reach €3.78 billion on an Isemia proforma basis. The leverage ratio (net debt / EBITDA) improved markedly to 9.9x (proforma) from 19.5x at the end of 2024. For 2026, the group anticipates an EBITDAR growth exceeding 10% on a like-for-like basis and confirms its target of average annual growth between +12% and +16% over 2024-2028. The capital structure has gained strength, with an average debt cost of 4.9% and an average maturity of 5.1 years.
