Emeis: revenue up 6% organically over nine months, occupancy at 90.2%
Emeis published on 29 October 2026 revenue of €4,543 million for the first nine months of the year, up 6.0% organically. The group attributes this growth to three factors: a price effect, higher occupancy rates and the ramp-up of recently opened facilities.
At current scope, the increase is 3.5%, due to the disposal programme. This programme helped bring the debt ratio from 11.8x at end-2025 to 8.7x at end-June 2026. The group reiterated its target of like-for-like EBITDAR growth of between 12% and 14% in 2026.
This publication comes after several weeks of decline in the share price, which fell below €9.78 on 23 October, its lowest level in more than a year. The stock had risen back above €10 on 28 and 29 October.
Care homes and international operations drive organic growth
Care homes, which account for 66% of revenue, post organic growth of 7.2%. Clinics, which make up 30% of activity, grow 3.5% organically. According to the group, the non-recurring effects that had supported the first quarter faded from the second quarter, as expected.
International operations, which represent 60% of revenue, grew 7.8% organically. The group cites the Netherlands, Poland and the Iberian Peninsula, where growth exceeded 10%.
France, which accounts for 40% of revenue, is up 3.6%. French care homes grew 3.1% and French clinics 3.8%.
Within organic growth, the price effect contributes 3.5%. Higher occupancy adds 1.8% on mature scopes and 0.7% on facilities opened since the start of 2025.
The gap with published growth is explained by several disposals: the Czech Republic, senior residences in France and the reclassification of Latin America and Asia under IFRS 5.
Occupancy rate of 90.2%, up 2.9 points year on year
The average occupancy rate reached 90.2% at end-September 2026, compared with 87.3% a year earlier, 85.6% at end-September 2024 and 83.1% at end-September 2023.
For the third quarter alone, it stood at 91.0%. Care homes rose 3.1 points to 90.1%, and clinics rose 1.5 points to 90.4%.
The group specifies that this increase is partly linked to the disposal of its Latin American operations, whose occupancy rate was significantly below average. In France, the care home occupancy rate gained 4.0 points to 88.3%. Nearly one third of this improvement comes from the removal from the denominator of non-marketable beds.
By region, Central Europe reached 94.3% and Southern Europe 91.5%. Ireland is the only market showing a year-on-year decline in its rate, following a temporary suspension of admissions in 2025, since lifted. In French care homes, the number of prospects rose 22% compared with the first half of 2025.
A target leverage ratio of between 8.1x and 8.5x at end-2026
More than €1.1 billion of disposals have been completed or secured as of end-September. This amount includes €761 million collected in mid-January with the creation of Isemia, €163 million from other real estate disposals and €210 million still to be collected, of which at least €75 million is expected by year-end. In early October, Emeis completed its exit from Latin America for approximately €111 million.
The group indicates that it now intends to be particularly selective regarding any new disposals. On the financing side, 77% of gross debt is protected against rising interest rates. Cash and undrawn credit lines amount to €800 million, an amount which, according to the group, covers debt maturities through end-2029.
Raised at the end of July from an initial forecast of over 10%, the 2026 like-for-like EBITDAR growth target is maintained at between 12% and 14%. The net debt to EBITDA ratio is expected to be between 8.1x and 8.5x at end-2026, compared with 11.8x at end-2025.
In the medium term, Emeis targets an average annual EBITDAR growth rate of between 12% and 16% over 2024–2028. For the 2024–2026 period alone, this rate is expected to be between 16% and 17%.
