Emeis

Latest Results (22.01.2026):

emeis — full-year 2024 (results for FY 2024, with a marked recovery in H2 2024). The Group delivered a clear operational turnaround in the second half of 2024: organic revenue grew ~+8.3% (reported +8.4%) driven by nursing homes, average occupancy rose to 85.8% (+2.7 pts), EBITDAR exceeded guidance at €740m and pre‑IFRS16 EBITDA rose to €245m (+20% y/y). Cash generation improved (net recurring operating cash flow +€15m for 2024, positive in H2), net debt stabilized at €4.7bn, and €916m of disposals were completed or secured toward a €1.5bn target. Net profit remained negative (-€412m) but improved substantially year‑on‑year. 2025 guidance: like‑for‑like EBITDAR expected to rise +15% to +18%.

Revenue and occupancy

Group revenue €5,636m in 2024 (+8.4% reported, +8.3% organic). Nursing homes led growth (+~10.8% organic). Average occupancy 85.8% (up 2.7 pts y/y) with continued improvement into early 2025 (~+2 pts vs start of 2024).

Profitability (EBITDAR / EBITDA)

EBITDAR €740m (above €710–730m guidance). Pre‑IFRS16 EBITDA €245m (+20.1% y/y) and up ~66% in H2 vs H1 2024, reflecting the H2 margin rebound and tighter expense control.

Cash flow and leverage

Net recurring operating cash flow turned positive at +€15m for 2024 (+€27m in H2). Recurring free cash flow improved to -€162m for the year and nearly breakeven in H2 (-€31m). Net financial debt (ex‑IFRS16) stable at €4,701m; cash position ~€524m at end‑2024.

Disposals and balance sheet actions

€916m of disposals completed or secured since mid‑2022 (60% of the €1.5bn target). Discussions on >€2bn of potential disposals ongoing. Real estate portfolio appraised at €6.2bn (‑4.6% like‑for‑like).

Net result and one‑offs

Net profit attributable to shareholders remained negative at -€412m for FY 2024, but improved by over €1bn versus 2023 after restatements. The 2023 comparator included exceptional accounting income related to debt equitisation.

Regional / segment performance

Strong performance in nursing homes (largest segment) and in several non‑French markets (Germany +10.8% organic, strong price effects; Spain and Switzerland saw sharp occupancy gains). France showed improving momentum, particularly in H2.

Operational momentum (H2 2024)

Most indicators improved materially in H2: EBITDAR +19% H2 vs H1, EBITDA pre‑IFRS16 +66% H2 vs H1; payroll costs better controlled and ramp‑ups contributing to revenue.

CSR and quality metrics

Quality and CSR fundamentals improved: resident satisfaction 93% (stable), NPS up, HAS audit average 3.89/4, higher certification and reduced turnover/absenteeism—cited as drivers of occupancy and long‑term resilience.

2025 outlook

emeis confirms 2025 guidance: like‑for‑like EBITDAR expected to increase by +15% to +18% compared with 2024, assuming continued operational recovery and excluding any operating asset disposals in 2025.