Emeis Exceeds its 2025 Forecasts with a 19.2% Increase in EBITDAR
The health and social care group Emeis announced its 2025 results on Tuesday, which exceeded operational targets and significantly strengthened its financial structure. EBITDAR increased by 19.2% on a like-for-like basis, while the leverage ratio dropped from 19.5x to 10.0x within a year.
Operational Excellence Drives Financial Success
Emeis reported an EBITDAR of 872 million euros in 2025, up 19.2% on a like-for-like basis, surpassing the forecasted guidance of +15% to +18%. This performance was driven by a combination of 6.1% revenue growth on a like-for-like basis and improved control over operational expenses. The annual revenue reached 5.895 billion euros, supported by all business sectors and geographies of the group. The EBITDAR margin improved by 1.7 points to 14.6% of revenue for the year, nearing 16% in the second half alone. EBITDA excluding IFRS 16 grew by 56.5% on a like-for-like basis, reaching 376 million euros. These improvements reflect the turnaround efforts initiated in mid-2022, particularly in care quality and service segmentation. The average occupancy rate of the group increased by 1.8 points to 87.6%, with a 2-point increase in nursing homes to 87.5% and a 1-point increase in clinics to 88.8%.
Transformation of Financial Structure in 2025
Emeis's financial structure underwent significant transformation in 2025. The group finalized 703 million euros in disposals, including 538 million in real estate disposals (36% of which were sale-leaseback transactions with a yield of 5.89%) and 165 million in operational disposals, mainly in the Czech Republic. In total, since mid-2022, Emeis has completed or secured 2.45 billion euros in disposals, far exceeding its initial target of 1.5 billion euros. Net debt decreased by approximately 1 billion euros to 3.77 billion euros (excluding IFRS 5 and 16), while the leverage ratio (Net Debt/EBITDA) improved dramatically from 19.5x at the end of 2024 to 10.0x at the end of 2025 (proforma from the Isemia real estate partnership). The group also secured 3.15 billion euros in new financing with an average maturity of 5.5 years, allowing for the full refinancing of its bank debt. The average cost of debt was set at 4.9%, with an average maturity of 5.1 years. Additional factoring programs provided 287 million euros in extra liquidity.
Positive Trajectory in Satisfaction and Quality Indicators
The group's satisfaction and quality indicators have shown a positive trajectory since 2022. The resident satisfaction rate reached 93.5% in 2025, up by 50 basis points from 2024 and more than 310 basis points since 2022. The Net Promoter Score (NPS) for residents stood at 41, increasing by 4 points in one year and 23 points since 2022. In France, 99% of Emeis's nursing home facilities are in the top two categories of the High Authority of Health (HAS), well above the industry average of 78%. New resident admissions increased by 10% in 2025 compared to 2024. For 2026, Emeis anticipates an EBITDAR growth exceeding 10% on a like-for-like basis. The medium-term guidance (2024-2028) confirms an average annual EBITDAR growth rate between 12% and 16%, while revenue is expected to grow between 4% and 5% annually.
