Emeis: 6.3% Organic Growth in Q1 and Confirmed EBITDAR Outlook for 2026

Revenue Growth, Pricing, and Occupancy Rates at the Core of Dynamics

The group's revenue reached 1.509 billion euros as of March 31, 2026, up 6.3% on an organic basis, confirming the acceleration observed throughout 2025 (+6.1%). This growth is based on three pillars: a favorable pricing effect of 3.9 points (up from 3.3 points at the end of 2025), an increase in the average occupancy rate of 2.1 points (contributing 1.6% to organic growth), and the ramp-up of new facilities opened in 2024-2025 (contributing 0.7%). The retirement home segment, which accounts for nearly two-thirds of the activity, recorded an organic growth of 7%, while clinics grew by 4.9%. Internationally, the dynamics reached 7.3%, compared to 4.8% in France, with organic growths close to or above 8% in Germany (+7.8%), Central Europe (+8.1%), and Southern Europe (+9.4%). In France, the group benefited from less demanding comparison bases in the first quarter of 2026 for clinics (+7.1% organic), following commercial difficulties the previous year. National retirement homes advanced more moderately (+2.2%), driven by the improvement in occupancy rates (+3.6 points).

Occupancy Rates Continue to Recover Across All Markets

The group's average occupancy rate reached 89.1% as of March 31, showing a year-on-year increase of 2.1 points. This dynamic, part of a catch-up movement initiated two years ago (87% in Q1 2025, 85% in Q1 2024), reflects the group's efforts in terms of qualitative improvement of facilities, refined marketing, and offer segmentation. Retirement homes showed an occupancy rate of 88.7% (+2.3 points), while clinics progressed to 90.3% (+1.1 points). Germany, the group's second-largest market, recorded a notable improvement of 3.4 points (88.5%), benefiting from quality measures deployed since 2024. Central Europe posted an average occupancy rate of 93.4%, close to pre-COVID levels, and 93.6% excluding recent openings, while Southern Europe, despite new facilities in ramp-up, showed an average occupancy rate of 90.8%. In France, the rate was 89.8% (+2.1 points), particularly driven by a 3.6-point improvement in retirement homes. The group notes that nearly a third of this gain comes from the adjustment of the denominator (elimination of previously counted but non-marketable beds).

2026 Guidance Maintained, Real Estate Divestitures Accelerated

Emeis confirms its 2026 targets with an expected EBITDAR growth of more than 10% compared to 2025 (on a comparable basis, excluding business divestitures). The group highlights its ability to cover inflationary risks: about 90% of energy expenditures (electricity and gas) are covered for 2026 at rates lower than in 2025, and 60% for 2027. Reminder: these energy expenditures only represent 2.5% of the 2025 revenue, of which less than 40% vary directly with market prices. Concurrently, the group accelerates its real estate debt reduction strategy. During the first quarter, 1 billion euros of real estate divestitures were finalized or secured, including the creation of the Isemia platform (761 million euros) and an additional 191 million euros in transactions under agreement. Latin American operations are gradually being divested: by the end of March, 18% of the total was finalized or under agreement, and advances since early April bring to more than two-thirds the portion sold or under divestiture agreements. The group thus displays a substantially strengthened financial structure and announces its intention to be 'particularly selective' about future divestitures in the coming years. The central challenge for investors remains the transition towards an autonomous operational model of operational cash flow generation, decoupled from the asset divestiture strategy.