PRESS RELEASE

Puteaux, September 30, 2025
(press release including corrections dated October 7, 2025, exclusively on p. 14)




Results for the first half of 2025
Confirmed recovery trajectory




Continued recovery trajectory for our businesses: further increases in occupancy rates and revenue
• Continued increase in occupancy rates: +1.7 points year-on-year to 87%, and +1.9 points for nursing homes
• Favorable momentum has continued since the end of the first half
• Sustained revenue growth of +6.2% on an organic basis1
• Outperformance in nursing homes (+8.6%) and internationally (+8.1%)
Significant improvement in operating margins and cash flow: cost control reinforces the favorable momentum of the
business
• EBITDAR up +19.5% year-on-year on a like-for-like basis1, with strong growth momentum in Northern Europe and France
• EBITDA (excluding IFRS 16) up +79% on a like-for-like basis 1
• Net operating cash flow of €62 million, up +€74 million
• Free Cash Flow (FCF) now positive (at €26 million), up +€204 million
• Performance supported by the recovery in business activity, control of operating expenses, development capex and working capital, and the
continuation of divestments
• Net income attributable to the Group still negative (-€137 million), but favorable momentum fuels medium-term confidence
Disposal targets largely exceeded: €2.1 billion in disposals completed since mid-2022 or secured to date
• €931 million in divestments cashed-in since mid-2022, including €273 million since the beginning of 2025 (€195 million at the end of June)
• and €1.16 billion in divestments secured2 to date, including €761 million under the real estate partnership secured in September, with
the creation of a real estate vehicle
Improved financial structure: operational momentum, disposals, and new factoring programs
• Net debt stable at June 30, 2025, excluding IFRS3, but down €233 million post-IFRS 5 to €4,468 million (including the impact of disposals
in advanced negotiations)
• The closing of transactions currently under agreement (notably the real estate project) will further reduce the Group's net debt
• Net debt/EBITDA ratio4 is improving rapidly to 15.4x (vs. 19.5x at the end of December 2024, and nearly 23x at the end of June 2024) ...
• ...and close to 13x pro forma for the main disposals secured since end-June 2025
• Access to liquidity strengthened by more than €200 million with two new factoring programs

Confirmation of 2025 targets and momentum expected to continue towards 2028
• EBITDAR 2025 expected to increase by +15% to +18% on a like-for-like basis5 compared to 2024
• Compound annual growth rate (CAGR) of revenue on a like-for-like basis6 expected to be between +4% and +5% (2024-2028)
• Average annual growth rate (CAGR) of EBITDAR at constant scope4 expected to be between +12% and +16% (2024-2028)



1
Constant scope Including an adjustment for "constant number of days" related to the calendar difference between 2024 and 2025 (2024 is a leap year)
2
Or partial disposals
3
excluding the impact of IFRS 16, IFRS 5, unpaid accrued interest, and unearned accrued interest
4
Net debt excluding IFRS 16 and IFRS 5, EBITDA over 12 rolling months
5
Excluding the effects of disposals that occurred in 2025 or that may occur during the period
6
CAGR at constant scope (excluding the effects of operational disposals completed or that may occur during the period)




emeis - 12, rue Jean Jaurès 92813 Puteaux Cedex www.emeis.com
1 's page on 19
K ey P & L Figures - in € m H 1 20 24 H 1 20 25 % var LfL change




K ey C ash flow figures - in € m




K ey B alance Sheet Figures - in € m FY 20 24 H 1 20 25




(*) incl. capital gains on disposals of €5m in H1 2025 vs. €14m in H1 2024
(**) Free cash flow before financing, development capex, disposals & acquisitions and non-recurring items
(***) Net debt excl. IFRS 16 and IFRS 5, EBITDA excl. IFRS 16 last 12 months


Laurent Guillot, Chief Executive Officer: "We are proud of our results for the first half of the year, which show that we are delivering on our
operational and financial commitments, in line with our announced strategy. With visibility improving, we are now confident about the future,
as evidenced by the confirmation of our guidance for 2025 and the outlook for 2028 that we are sharing today.
The recovery in our operating performance, which began over a year ago, is continuing, reflecting the smooth progress of our restructuring plan
launched in mid-2022 and the commitment of all emeis teams.
In addition, the recent announcement of the creation by emeis of a real estate company dedicated to healthcare real estate operated in Europe
will enable us to exceed our divestment targets and reduce our net debt by nearly €700 million, while retaining control over our assets through
effective governance.
By becoming a Mission-Driven Company in June 2025, the Group is also opening a new chapter in the service of an inclusive, sustainable, and
deeply human social project. I would like to express my sincere gratitude to the emeis teams who work hard every day with a renewed
commitment to our residents, our patients, and their loved ones.”
Press contacts


Isabelle HERRIER NAUFLE About emeis
Director of Press Relations & With nearly 83,500 experts and professionals in healthcare, nursing, and support for the most
e-reputation
07 70 29 53 74 vulnerable, emeis is present in some 20 countries and covers five areas of expertise:
isabelle.herrier@emeis.com psychiatric clinics, medical and rehabilitation clinics, nursing homes, home care and services,
and assisted living facilities.
IMAGE 7 emeis welcomes nearly 280,000 residents, patients, and beneficiaries each year. emeis is committed to and
Charlotte LE BARBIER // Laurence HEILBRONN mobilized around addressing one of the major challenges facing our societies: the increase in the number
+33 (0)6 78 37 27 60 // +33 (0)6 89 87 61 37 of people made vulnerable by life events, old age, or mental illness.
clebarbier@image7.fr In June 2025, emeis became a mission-driven company, enshrining four commitments in its articles of
lheilbronn@image7.fr
association: working to change perceptions of the most vulnerable and their loved ones to achieve true
Investor Relations inclusion; to contribute to the fair recognition and attractiveness of our professions; to make caring for the
most vulnerable a major contribution to local social ties and territorial cohesion; and to innovate in order to
Samuel Henry Diesbach contribute to care that respects the planet and living beings.
Director of Investor Relations emeis, 50.3% owned by Caisse des Dépôts, CNP Assurances, MAIF, and MACSF Epargne Retraite, is listed
Capital Markets and Debt
Samuel.henry-diesbach@emeis.com
on Euronext Paris (ISIN: FR001400NLM4) and is a member of the SBF 120, CAC Mid 60, and CAC All-
Tradable indices.
Toll-free number for shareholders Website: www.emeis.com
0 805 480 480

NEWCAP
Dusan ORESANSKY
01 44 71 94 94
emeis@newcap.eu




www.emeis.com emeis - 12, rue Jean Jaurès 92813 Puteaux Cedex
Page2 on 19
1- Key items in the income statement at the end of June 2025
All of the Group's income statement aggregates show a significant improvement compared to the first half of 2024.

(in € m ) H 1 20 24 H 1 20 25 V ar.




Operating margins grew steadily, driven by continued organic revenue growth and control of operating expenses. EBITDAR margins
increased across all geographic regions, with France and Northern Europe making a significant contribution.

The Group's EBITDAR was up +18.5%, and EBITDA was up +72% compared to the first half of 2024.
As a result, current operating income (EBIT) rose significantly, improving by +€116 million in a single year. It now stands at €102 million,
compared with a negative figure a year ago.

Net financial expenses fell by nearly €16 million, partly reflecting the effects of the €390 million capital increase carried out in the first
half of 2024.

Net income attributable to the Group, although still negative in the first half, increased by €120 million over the period, suggesting a
favorable trend that is encouraging for the coming half-years.




www.emeis.com emeis - 12, rue Jean Jaurès 92813 Puteaux Cedex
Page3 on 19
2- Revenue: continued growth, driven mainly by nursing homes and international operations




At the end of June 2025, the Group's revenue stood at €2,908 million, up +6.2% on an organic basis7. This increase reflects the
combination of three factors, all positively oriented:
• Positive price effect, supporting organic growth by +3.4%
• An increase in the average occupancy rate of around +1.7 points, contributing +1.8% to organic growth
• Contribution from new facilities opened since early 2024 (18 months), still in the ramp-up phase (+1%)

Sustained growth in the nursing home segment
Organic revenue growth thus reflects the continued recovery of emeis's activities, which began over a year ago and is now bearing fruit.
Since mid-2022, the Group has been working to segment its offering in order to better meet the needs of its residents and patients, while
also stepping up its efforts to improve the quality of care and the experience of its residents. These efforts have been accompanied by
the launch of a new brand, marking the Group's renewal.

The momentum is mainly driven by nursing homes (nearly two-thirds of the Group's business), whose revenue grew by nearly +9%
organically, driven by a significant increase in the average occupancy rate (just under 2 points over 12 months).
However, the Clinics business posted a more modest performance, due to base effects that had an unfavorable impact in the first
quarter, but also to a lower number of full days of hospitalization in healthcare facilities, which reduced the volume of business generated
by private rooms.
At the same time however, day hospitalization continues to grow, with the average number of patients up +10% compared to the first
half of 2024 in the region of France for post acute care, in line with the Group's ambitions.

Particularly strong organic growth in Northern Europe and Southern Europe & Latin America
Performance was particularly strong in non-domestic European markets, benefiting from significant pricing effects in Germany and
Austria in particular, but also in the Netherlands and Belgium, and a sharp increase in occupancy, particularly in the Netherlands and
Spain. The favorable contribution of recent openings was mainly observed in the Netherlands but also contributed significantly to
growth in Spain.
In France, although momentum remains favorable in the nursing home segment, it is more modest in the clinic segment. Growth
momentum is mainly driven by an increase in occupancy rates.

It should also be noted that revenue growth in Central Europe (+4.6%) was reduced by the sale of the Group's activities in the Czech
Republic, which were removed from the Group's scope on March 31, 2025. On a like-for-like basis, revenue in this region grew by nearly
+8%.


7
Including a "constant number of days" adjustment related to the calendar difference between 2024 and 2025 (leap year 2024)



www.emeis.com emeis - 12, rue Jean Jaurès 92813 Puteaux Cedex
Page4 on 19
3- Occupancy rate: favorable momentum continues




The Group's average occupancy rate rose by +1.7 points year-on-year to reach 87% at the end of June 2025 (vs. 85.3% at the end of June
2024), continuing the gradual recovery in this aggregate that began in early 2024.
This recovery is mainly driven by nursing homes, whose average occupancy rate rose by +1.9 points year-on-year to 86.5% in the first
half of 2025 (vs. 85.3% at the end of 2024 and 82.1% at the end of 2023).

It should be noted that these occupancy rates would be higher in mature markets alone, excluding recent openings and
establishments undergoing restructuring. Excluding these establishments, the Group's average occupancy rate would be 88.2%.
Excluding establishments in ramp-up would increase occupancy rates in the Netherlands and Southern European countries (Portugal
and Spain) by nearly +3 points.

The recovery trend that has been emerging since the end of the first half of 2024 is therefore continuing, with growth across all of the
Group's geographical areas of operation, with the exception of Southern Europe, where the rate is temporarily impacted by significant
openings in the last quarter of 2024. Although the levels achieved still fall short of the Group's ambitions, the momentum of the recovery
is encouraging and confirms the favorable trend in which the Group finds itself.

• In France (41% of the Group's revenue), the average occupancy rate rose by +1.7 points to 87.5%.
In nursing homes in France, the occupancy rate rose by +1.8 points compared to the first half of 2024 to 83.7%, continuing to
mark an acceleration in the upward trend (at the end of 2024, it was up +1.1 points compared to the end of 2023).
• In Northern Europe (30% of revenue), the occupancy rate continues to grow at a steady pace, rising by +2.8% to 85.4%.
This strong momentum reflects the continued recovery of business in Germany, with an annual improvement rate that remains
at nearly +3 points, as well as the ramp-up of recently opened facilities in the Netherlands.
• In Central Europe (17% of revenue), occupancy rates are now approaching 92% on average, returning to pre-COVID levels and
posting solid year-on-year growth of +2 points.
• In Southern Europe & Latin America (8% of Group revenue), the improvement is also notable, although offset by the weight of
recently opened facilities, mainly in the last quarter of 2024. Excluding recently opened facilities, the occupancy rate stands at
over 92% in the region.




www.emeis.com emeis - 12, rue Jean Jaurès 92813 Puteaux Cedex
Page5 on 19
4- Operating margins: strong growth in EBITDAR and EBITDA (excluding IFRS 16)




The favorable trend in revenue (+6.2% LfL) had a very positive impact on operating margins in the first half of 2025, with increases at
constant perimeter (restated for the impact of operational disposals since the beginning of the year8 ) of +19.5 % for EBITDAR, and
+79.3% for EBITDA excluding IFRS 16 over one year.

These performances thus reflect the effect of growth in operations, reinforced by the control of operating expenses, whose growth
remains significantly lower than that of revenue. As a result, the weight of operating expenses related to revenue continues to gradually
decrease, in line with the Group's ambitions.

It should also be noted that operating margins have improved significantly, even though the contribution from capital gains on disposals
was significantly lower in the first half of 2025 (around €5 million) than in the first half of 2024 (around €14 million).

As a percentage of revenue, the EBITDA margin (excluding IFRS 16) increased by +2.1 points year-on-year. The EBITDAR margin
increased by +1.6 points on a like-for-like basis, although it is still below the Group's target, now standing at +13.8%.

The momentum observed is particularly encouraging, especially in Northern Europe, with strong performance in Germany and the
Netherlands.
Overall, the two main regions contributing to the Group's EBITDAR growth are Northern Europe and France. Central European
countries, which continue to enjoy a favorable trend, are posting higher operating margins, also contributing to the growth of the Group's
operating margins.




* Historically, corporate management fees are re-invoiced to countries in December of each year, producing a bias in half-year analyses. In order to obtain
comparable half-year figures, we have removed corporate management fees, allocating half to H1 and the other half to H2.



8
The divested businesses (in the Czech Republic) generated EBITDAR of close to €6 million in the first half of 2024. A residual contribution to EBITDAR of €3.7 million was recorded in the first half
of 2025



www.emeis.com emeis - 12, rue Jean Jaurès 92813 Puteaux Cedex
Page6 on 19
5- Creation of a real estate company dedicated to healthcare properties operated by
emeis: reduction of more than €700 million in the Group's net debt
On September 23, 2025, the Farallon Capital investment funds, as lead investor, and TwentyTwo Real Estate made a firm commitment
to emeis to create a real estate company dedicated to healthcare real estate assets operated by the Group. They will invest €761 million
in emeis around the end of the year, representing 62% of the appraised value at the end of 2024 of the assets held by this vehicle.

This transaction allows the Group's exceeds its divestment targets9 (€1.5bn from mid 2022 to end 2025).
The investors' contribution would thus reduce emeis' net debt by nearly €700 million. The transaction also lays the foundations for the
Group's longer-term real estate strategy and will enable it to retain a potentially significant share of the future value creation of the vehicle,
with the recovery of the real estate cycle for healthcare assets that appears to be taking shape today.
The real estate portfolio of this property company comprises 68 assets with an appraised value of €1,220 million 10 at the end of 2024,
reflecting an average yield of around 6%. The assets, which will continue to be operated entirely by emeis, are located 68% in France,
19% in Germany, and 13% in Spain. Overall, 48% of this portfolio consists of nursing home buildings and 52% of clinics.

Once the information and consultation procedures with the representative bodies of the emeis Group have been completed and the
conditions precedent11 have been lifted, this consortium of investors will grant emeis an investment of €761 million. This transaction will
be structured through the subscription of financial securities (including preferred shares).
The payment of remuneration, as decided by the emeis Group, will enable investors to achieve a target return of at least 6% per annum.
Over the life of the instrument, investors anticipate an overall internal rate of return of around 12%, and emeis will retain 90% of the
potential additional value created.

This partnership is planned for a period of five years and could be extended for an additional two years. It may also be terminated at the
sole discretion of emeis. At the end of this partnership, several scenarios are possible. Ultimately, emeis could rely on new capital
partners to support the development of this real estate company, which is emeis' long-term real estate benchmark.
The vehicle, which will be controlled by emeis (which will remain in charge of real estate asset management), will therefore be fully
consolidated.




9 Total or partial disposals
10 Excluding duties
11 It should be noted that the Group's relevant employee representative bodies will be duly informed and consulted prior to the establishment of the real estate company and the necessary
legal reorganization, with the aim of completing the planned transaction by the end of 2025. At this stage, emeis has received a firm commitment from investors to carry out the transaction
described. This transaction would also be subject to customary conditions precedent, including a condition precedent relating to the completion of the necessary reorganization of assets
within the vehicle and a condition precedent relating to the authorization of the transaction by certain of emeis' banking partners such that the release of some pledge. The agreement with
these investors follows a formal and competitive process of reviewing various strategic options conducted by emeis.



www.emeis.com emeis - 12, rue Jean Jaurès 92813 Puteaux Cedex
Page7 on 19
6- Disposal plan now achieved and exceeded, with €2.1 billion realized since mid-2022 or
secured to date, including €1.16 billion remaining to be cashed-in in the coming months
Since mid-2022, the volume of disposals completed or signed to date now amounts to nearly €2.1 billion12, significantly exceeding
the disposal target that emeis had set at €1.5 billion between mid-2022 and the end of 2025. These disposals mainly consist of real
estate transactions, but also include disposals of operating assets.

A total of €1.4 billion in disposals have been finalized since the beginning of 2025 or are secured to date, including:
o €276 million in divestments finalized/cashed in since the beginning of the year (vs. €195 million at the end of June
2025), including:
▪ €137 million in real estate disposals finalized since the beginning of the year, mainly through sale and
leaseback transactions (with a yield of less than 6%), of which €65 million was collected before the end of
June, with the remainder collected during July.
▪ €139 million from operational disposals, mainly in the Czech Republic, most of which was received at the
end of the first quarter of 2025
o Nearly €1.16 billion in transactions secured to date, still to be cashed in
▪ €400 million in real estate transactions signed and secured to date, but still to be cashed in
▪ €761 million to be cashed in around the end of the year, from the creation of a real estate vehicle open to
third-party investors, representing 62% of the appraised value of a pan-European portfolio of 68 assets
located in France, Spain, and Germany.

The Group's disposal targets have now been achieved. However, in line with its opportunistic approach and in the interests of its
shareholders, it is still engaged in other discussions and negotiations that could lead to new transactions, if and only if the terms of the
disposals are deemed satisfactory and in the Group's interests.




12 Amount expressed as net seller value before repayment of associated debts



www.emeis.com emeis - 12, rue Jean Jaurès 92813 Puteaux Cedex
Page8 on 19
7- Cash flow at the end of June 2025: free cash flow now positive
At the end of June 2025 compared to the first half of 2024:
- EBITDAR increased by +€66 million to €158 million
- Net current operating cash flow increased by +€74 million to €62 million
- Recurring free cash flow increased by +€86 million but remained negative at €45 million
- Free cash flow improved by +€204 million to €26 million




The cash flow table at the end of June 2025 also shows that the operational recovery trend is reflected in almost all intermediate
items.
- Net current operating cash flow is now positive, amounting to nearly €62 million compared with €-12 million in the first half
of 2024, representing an increase of +€74 million in 12 months. This increase is driven by improved operating margins, as well
as control over maintenance capex and other current operating cash flows (mainly working capital), thus extending the trends
observed since last year.
- Recurring free cash flow improved by +€86 million over 12 months, approaching operational equilibrium although still
negative (-€45 million).
- Free cash flow (FCF) is now positive, standing at €26 million, up +€204 million over 12 months, as a result of the combined
effect of the Group's improved operating performance and the successful execution of the divestment program and the
gradual reduction in development capex, reflecting the progress of development programs and the precautionary measures
taken last year.




www.emeis.com emeis - 12, rue Jean Jaurès 92813 Puteaux Cedex
Page9 on 19
8- Financial Structure: Net Debt, Cash Position, and Leverage Ratio
A favorable trajectory for the Group's net debt

28
-166 95
45 -309




>-700




Net debt (excl IFRS 16 Disposals/acquisitions Recurring FCF * Development Capex & Change of perimeter Net debt (excl IFRS 16 IFRS 5 Impact Net debt (excl IFRS 16 Real Estate partenrship Proforma Net debt June
& 5) end 2024 non recurring items & 5) June 2025 & incl IFRS 5) June 2025
2025



Post-IFRS 5, net debt (excluding IFRS 16 lease liabilities) stood at €4,468 million, down -€233 million, resulting from the IFRS 5
effect linked to one or more divestment transactions, for which negotiations are now at very advanced stage.
The Group's net debt (excluding IFRS 16 lease liabilities and excluding IFRS 5) stood at approximately €4,777 million13 at the end
of June 2025, compared with €4,775 million at the end of 2024. This stabilization is the result of positive free cash flow of around €26
million in the first half of the year, reflecting both the continued execution of the disposal program and the improvement in operating
aggregates. Changes in scope (non-cash) occurred, increasing net debt by approximately € and €22 million.
This stability during the first half of the year is the result of:
- Proceeds from disposals during the first half of the year, net of acquisitions (€166 million)
- Progress on investment programs (development Capex) and non-recurring items totaling €95 million in the first half of 2025,
compared with €190 million in the first half of 2024
- Various items, including recurring free cash flow, which remains negative for the half-year (-€45 million), although this is a
significant improvement compared to the first half of 2024 (-€131 million).
As a result, the cash position excluding IFRS 5 application amounted to €399 million at the end of June 2025 (vs. €524 million at the end
of December 2024). Post-IFRS 5, it stood at €376 million at the end of June 2025 (vs. €518 million at the end of December 2024).
A leverage ratio that is now showing a solid improvement momentum...
The leverage ratio (net debt/EBITDA 14) shows a clear improvement at 15.4x at the end of June 2025 (vs. 19.5x at the end of 2024, and
23.1x at the end of June 2024). This favorable trend will continue in the coming quarters, driven by the transactions secured in
September.
... an improvement already underway that should continue
Pro forma for disposals completed since the end of June 2025, and the impacts from the creation of the Group's real estate company,
but also disposals for which the progress of negotiations justifies IFRS 5 treatment, the Group's balance sheet structure is improving
even further.
- The Group's pro forma consolidated net debt at the end of June, after these transactions, would then be close to €3.8 billion
- The net debt/EBITDA ratio at the end of June, pro forma for these transactions, would then be close to 13x, a significant
improvement compared to the end of 2024 (19.5x) and even more so compared to the end of June 2024 (23.1x).

13
excluding accrued interest and accrued interest not yet due
14
Net debt excluding IFRS 5 and 16 / EBITDA excluding IFRS 16, over 12 rolling months



www.emeis.com emeis - 12, rue Jean Jaurès 92813 Puteaux Cedex
Page10 on 19
Access to liquidity already significantly strengthened with new factoring programs
Between June and September 2025, emeis significantly strengthened its access to liquidity by:
- Extending in the first half (in June) an existing factoring program of nearly €30 million in June
- Then signing since then a new factoring program in July, set up for SMR clinics, for a ceiling of €120 million in additional liquidity.
- And in September, another program covering psychiatric clinics, with a ceiling of €75 million

9- 2025 outlook confirmed and medium-term momentum extended
The medium-term outlook for the Group's reference markets is particularly promising for healthcare and support activities for
the most vulnerable people.
The population of seniors aged over 75 is expected to grow by more than 30% over the next 10 years, representing 14% of the population.
The structural shortage of supply in the nursing home market will therefore increase each year, reaching a deficit of around 550,000 beds
by 2030 and 800,000 beds by 2035 in the five main emeis markets. To illustrate the scale of this future supply shortfall, the French
market currently has a total of 650,000 beds.
The prevalence of psychological disorders and chronic diseases also continues to grow significantly, creating a further risk of insufficient
supply in the coming years.

This major shortage offers the emeis Group solid visibility for the coming years, with an offer matching strong growth in demand.

✓ In the short term, the operational recovery trajectory particularly since the second half of 2024 is confirmed. This trend will
continue in 2025 under the combined effects of a recovery in occupancy rates, the capture of favorable price effects, and better
control of operating expenses.

In 2025, the Group anticipates EBITDAR to increase by +15% to +18% on a like-for-like basis over the year (excluding the
effects of operational disposals already completed or to be completed in 2025) compared to 2024, thereby extending and
accentuating the performance improvement momentum that began in mid-2024.

✓ In the longer term, the Group anticipates that the improvement in financial performance that began in the second half of 2024
should continue.
Between now and 2028, the growth momentum in operating margins will be supported by a gradual normalization of
occupancy rates to industry standards (i.e., above 90%), the continued capture of favorable price effects, and the control of
operating expenses, which the Group anticipates will continue to grow at a slower pace than its revenue.

The trajectory on a like-for-like basis (excluding the impact of potential operational disposals between early 2025 and 2028) for
revenue and EBITDAR margin between 2024 and 2028 is expected to continue the momentum anticipated in 2025.

Thus:
o The average annual growth rate (CAGR) of revenue at constant scope is expected to be between +4% and +5%
between 2024 and 2028.
o The Group's average annual growth rate (CAGR) for EBITDAR on a like-for-like basis is expected to be between
+12% and +16% between 2024 and 2028




www.emeis.com emeis - 12, rue Jean Jaurès 92813 Puteaux Cedex
Page11 on 19
10- Continuation of the extra-financial transformation of the Group, and recognition of this
momentum by specialist agencies
Adoption of mission-driven company status
On June 26, 2025, emeis's General Shareholders' Meeting approved the inclusion in the company's articles of association of four
commitments embodying its transformation into a Mission-Driven Company:
o "Working to change perceptions of the most vulnerable and their relatives to achieve true inclusion," because connecting
with others is also healing.
o "Contribute to the fair recognition and attractiveness of our professions," because they have never been so essential.
o "Make caring for the most vulnerable a major contribution to local social ties and territorial cohesion," because it is
essential to stand alongside all those who are committed to this cause.
o "Innovate to contribute to care that respects the planet and living things," because our health also depends on the world
around us.

Improvement in the Group's extra-financial rating
Since the beginning of the year, certain ratings issued by non-financial rating agencies with which emeis is in constant dialogue have
been updated.

The risk level assigned to the Group by Sustainalytics is now rated "medium" (vs. "high" at the beginning of 2024), with a score
improvement of 20%.

The ESG score assigned to the Group by S&P has improved by 7%.

The ratings from S&P (32), ISS and Sustainalytics (24.5) are already above the sector average, and the CDP Climate score (C) is in line
with the sector average.

Your Voice employee survey
The first edition of the annual Your Voice @emeis employee survey – your opinion matters! (January 7–31, 2025) had a 48%
participation rate (up to 80% in some countries such as Ireland and Poland) and more than 42,000 comments. The level of engagement
stands at 62%, with generally positive perceptions compared to external benchmarks: recognition (+9 points), quality of leadership (+5
points), mutual support and team spirit (+4 points), training and development (+5 to +8 points).
While the adequacy of resources in a context of scarcity remains a challenge, this first edition shows encouraging mobilization,
particularly in a Group where the majority of employees are not connected.
100% of the results have been shared with the teams and are being rolled out according to the "3 x 3" principle (3 actions at 3 levels:
country/region/establishment). In France, for example, more than 750 actions are underway.


Publication of the Group's first sustainability report
emeis is subject to the European Union's CSRD directive and has transformed its reporting to comply with regulatory requirements. This
major project provided an opportunity for the Group to improve its ESG performance monitoring by broadening the scope of its
reporting, but also to thoroughly reassess the Group's material ESG issues, moving from a simple materiality analysis to a double
materiality analysis. The Group's first sustainability report, the result of this work, received no reservations from the auditors
responsible for its verification. The report has been rated by independent bodies as meeting the highest SBF 120 standards.




www.emeis.com emeis - 12, rue Jean Jaurès 92813 Puteaux Cedex
Page12 on 19
APPENDICES

In connection with this publication, a web conference hosted by Laurent Guillot (Chief Executive Officer) and Jean-Marc
Boursier (Chief Financial Officer) is scheduled for September 30 at 9:30 a.m. (CEST). The presentation given during the
conference will be posted online at the same time, and a recording of the web conference will be available on the Company's
website.

CONSOLIDATED FINANCIAL STATEMENTS AT THE END OF JUNE 2025
emeis S.A. publishes its half-year results approved by the Board of Directors on September 29, 2025.15


1. Consolidated income statement (Pre-IFRS 16 and Post-IFRS 16 reconciliation)


30/06/2024 30/06/2025

Pre IFRS IFRS 16 Post IFRS Pre IFRS IFRS 16 Post IFRS
(in million euros)
16 impact 16 16 impact 16
REVENUE 2 772 - 2 772 2 908 - 2 908
Personnel costs (1 896) - (1 896) (1 960) - (1 960)
As a % of revenue -68,4% n.a. -68,4% -67,4% n.a. -67,4%
Other costs (542) 5 (537) (551) 4 (546)
As a % of revenue -19,5% n.a. -19,4% -18,9% n.a. -18,8%
EBITDAR 334 5 339 397 4 401
% EBITDAR 12,0% n.a. 12,2% 13,7% n.a. 13,8%
External rental costs (242) 220 (22) (239) 218 (21)
EBITDA 92 224 316 158 222 380
% EBITDA 3,3% n.a. 11,4% 5,4% n.a. 13,1%
Depreciation, amortisation and charges to provisions (171) (159) (330) (130) (148) (278)
RECURRING OPERATING PROFIT (79) 65 (14) 28 74 102
As a % of revenue -2,9% n.a. -0,5% 1,0% n.a. 3,5%
Net financial result (113) (63) (176) (97) (63) (160)
Other non-recurring operating income and expenses (19) 7 (12) (76) (3) (79)
Profit / (loss) before tax (211) 9 (202) (145) 8 (137)
Income tax (30) (3) (33) 2 (2) 0
Share in profit / (loss) of associates and JV (24) - (24) (1) - (1)
NET PROFIT (265) 7 (258) (143) 5 (138)
Profit / (loss) attributable to non-controlling interest 1 0 1 0 0 0
NET PROFIT ATTRIBUTABLE TO SHAREHOLDERS (264) 7 (257) (143) 5 (137)




15The limited audit procedures on the consolidated interim financial statements have been performed. The limited review report on the consolidated interim financial
statements will be issued after the interim financial report has been verified.




www.emeis.com emeis - 12, rue Jean Jaurès 92813 Puteaux Cedex
Page13 on 19
2. Consolidated balance sheet

Consolidated balance sheet (in million euros) 31/12/2024 30/06/2025
Non-current assets 11,529 10,004
Goodwill 1,306 1,217
Intangible assets, net 1,660 1,527
Property, plant and equipment, net 4,474 3,987
Assets in progress 513 522
Right of use assets 2,780 2,089
Non-current financial assets 115 117
Deferred tax assets 680 546
Current assets 1,562 1,616
Cash and cash equivalents 519 376
Assets held for sale 318 1 532
TOTAL ASSETS 13,409 13,152


Equity attributable to emeis’ shareholders 1,725 1,587
Total consolidated equity 1,722 1,586
Non-current financial liabilities 9,064 7,623
Long-term financial debt 4,704 4,172
Long-term lease liabilities 3,273 2,516
Long term provisions 285 260
Provisions for pensions and other employee benefit obligations 71 71
Deferred tax liabilities 731 605
Current financial liabilities 2,508 2,739
Short-term financial debt ,516 672
Short-term lease liabilities 366 319
short term provisions 11 12
Trade payables 406 314
Tax and payroll liabilities 509 559
Current tax liabilities 48 55
Other payables, accruals and prepayments 651 810
Liabilities held for sale 116 1 204
TOTAL LIABILITIES 13,409 13,152

This corrective press release replaces the one issued on September 30, 2025, with changes made exclusively on this page 14 (corrections to certain balance sheet items as of December 31, 2024).

The changes relate exclusively to the reclassification of certain financial debt and lease debt items in the balance sheet as of December 31, 2024, and more specifically to the breakdown between long-term and short-term
financial debt and lease debt.
These changes have no impact on the overall amounts of financial debt and lease liabilities at the end of 2024, which are identical in the initial and corrected financial statements.

Compared to the version released on September 30, 2025:
- Long-term financial debt at end 2024 has been revised downwards by €170 million, and short-term financial debt has been revised upwards by the same amount.
- Long-term rental debt at end 2024 has also been revised downwards by €12 million and, in return, has been increased by €12 million on the short-term component.




www.emeis.com emeis - 12, rue Jean Jaurès 92813 Puteaux Cedex
Page14 on 19
3. Simplified balance sheet

(in million euros) 31/12/2024 30/06/2025
Net tangible assets (*) 4,987 4,509
Right-of-use assets (IFRS 16) 2,780 2,089
Net intangible assets 1,660 1,527
Goodwill 1,306 1,217



Total equity 1,722 1,586

Gross financial debt (excl. IFRS 16) 5,220 4,844
Short-term financial debt 686 660
Cash and cash equivalents 519 376
Financial Net debt (excl. Lease liabilities IFRS 16) 4,701 4,468

Lease liabilities IFRS 16 3,639 2,834
Short-term lease liabilities IFRS 16 378 269
(*) including assets in progress: €506m at year-end 2024 and €522m at June 2025




4. Cash flow statement (Pre-IFRS 16 and Post-IFRS 16 reconciliation)

30/06/2025 30/06/2025
Pré. IFRS16
Impact IFRS16 Post IFRS16
EBITDA 158 223 380
Maintenance and IT capex (60) - (60)
Other current operating flows (incl. change in WCR) (36) - (36)
Net current operating cash flow 62 223 285
Cost of debt (107) (60) (167)
Recurring Free Cash-Flow (45) 163 118
Development Capex (43) - (43)
Non-current items (52) - (52)
Asset portfolio management 166 - 166
Free Cash-Flow 26 163 189
Reduction (+) of Net Financial Debt 26 163 189
Other debt issues / Repayments (146) (163) (308)
Net cash flow (120) - (120)
Change in scope of consolidation and currency effect - Cash impact (6) - (6)
Closing cash position (excl. IFRS 5) 399 - 399




www.emeis.com emeis - 12, rue Jean Jaurès 92813 Puteaux Cedex
Page15 on 19
5. Calculation method for EBITDAR and EBITDA pre-IFRS 16

(in million euros) 30/06/2024 30/06/2025
OPERATING PROFIT / (LOSS) (25) 23
Neutralisation of non-recurring operating income and expenses 12 79
RECURRING OPERATING PROFIT / (LOSS) (14) 102
Neutralisation of Depreciation, amortisation and charges to provisions 330 278
EBITDAR 316 380
Neutralisation of rental charges 22 21
EBITDAR 339 401
IFRS 16 - Restatement of external leases (224) (222)
IFRS 16 - Restatement of operating expenses (22) (21)
EBITDA PRE-IFRS 16 92 158



6. Information on Alternative Performance Measures indicators

Income statement aggregates IFRS 16 H1 2024 H1 2025
EBITDA pre IFRS16 92 158
Rental IFRS 16 224 222
EBITDA margin pre IFRS 16 3,3% 5,4%
Recurring operating profit pre IFRS 16 (79) 28
Recurring operating margin pre IFRS 16 -2,9% 1,0%

Cash Flow pre IFRS 16 H1 2024 H1 2025
Operating cash flow [pre IFRS 16] (60) 72
Net Investment cash flows (1) 63
Net financing flows [pre IFRS 16] 69 (279)
Change in cash 8 (143)


Reminder of cash-flow "GAAPS" H1 2024 H1 2025
Cash flow from operations (after tax) 220 329
Other current operating flows (incl. change in WCR and Income tax) (55) (36)
Net cash generated from operating activities 165 293
Cash flow from investing and development (1) 63
Net cash from financing activities (155) (499)
Change in cash 8 (143)




www.emeis.com emeis - 12, rue Jean Jaurès 92813 Puteaux Cedex
Page16 on 19
7. Cash flow reconciliation

(in million euros) 30/06/2024 30/06/2025
Net cash flow from operations 165 293
Neutralisation IFRS 16 P&L impact (224) (221)
Net cash flow from operations Pre IFRS 16 (59) 72
Change in WCR - Reclassification of cash flows from investing activities 8 (0)
Reclassification of financial items - -
Reclassification of non-current items 99 52
Additional reimbursement of IFRS 16 debt - (2)
Maintenance and IT investments (60) (60)
NET CURRENT OPERATING CASH-FLOW (12) 62




(in million euros) 30/06/2024 30/06/2025
Net cash flow from operations (12) 62
Neutralisation IFRS 16 P&L impact (91) (43)
Asset portefolio Management (99) (52)
Non-current items 143 166
Financial result (119) (107)
NET CASH-FLOW BEFORE FINANCING (178) 26


8. Gross financial debt schedule at end-June 2025

2,5 € b n




0 ,9 € b n

0 ,5 € b n
0 ,5 € b n
0 ,2 € b n
0 ,1 € b n 0 ,1 € b n 0 ,4 € b n



S2 2 0 2 5 20 26 20 27 20 28 20 29 20 30 20 31 >20 31


June-22 secured f inancing ( G6 ) Bo nd d eb t , schuld shein and ot hers d eb t Mo rt g ag e d eb t s f inancial leases RCF ( G6 )




www.emeis.com emeis - 12, rue Jean Jaurès 92813 Puteaux Cedex
Page17 on 19
9. Information on capital

30/06/2025 31/12/2024
Number of Number of
Diluted Diluted
shares shares
Average number of shares issued 161 271 768 161 271 768 157 460 271 157 460 271
Treasury shares (168 283) (168 283) (82 555) (82 555)
Other shares 1 760 455 1 251 697
Shares related to the exercice of options (BSA) 432 986
Diluted average number of shares 161 103 485 162 863 940 157 377 717 159 062 400


Number of ordinary shares at the end of June 2025: 161,091,884
Number of diluted shares at the end of June 2025 (excluding treasury shares): 162,643,150




www.emeis.com emeis - 12, rue Jean Jaurès 92813 Puteaux Cedex
Page18 on 19
DEFINITIONS
The Group's organic revenue growth includes:
1. The change in revenue (N vs. N-1) of existing facilities resulting from changes in their
occupancy rates and daily rates;
2. Changes in revenue (N vs. N-1) for facilities that were restructured or whose capacity
Organic growth
was increased in N or N-1;
3. Revenue generated in N by facilities created in N or N-1, and the change in revenue
for recently acquired facilities over a period in N equivalent to the consolidation period
in N-1.
Current operating income before net depreciation, amortization, and provisions and
before rental expenses
EBITDAR
On a like-for-like basis, EBITDAR growth is restated for the contribution of operational
entities sold during the period.
EBITDAR net of rental expenses on contracts with a term of less than one year
EBITDA On a like-for-like basis, EBITDA growth is restated to exclude the contribution of
operational entities sold during the period
EBITDAR net of rental expenses on contracts with a term of less than one year and net of
payments made under lease contracts of more than one year falling within the scope of
Pre-IFRS 16 EBITDA IFRS 16
On a like-for-like basis, pre-IFRS 16 EBITDA growth is restated for the contribution of
operational entities sold during the period
Long-term financial debt + short-term financial debt – Cash and marketable securities
Net financial debt
(excluding rent liabilities – IFRS 16) and excluding IFRS 5
Cash flow generated by current operations, net of current maintenance and IT
investments. Net current operating cash flow corresponds to the sum of pre-IFRS 16
Net operating cash flow
EBITDA, the change in working capital requirements, income taxes paid, and
maintenance and IT investments
Net operating cash flow less net financial expenses. (EBITDA excluding IFRS 16 –
Recurring net free cash flow
Maintenance and IT investments – Other current operating cash flows (change in
(recurring free cash flow)
working capital and taxes) – debt expense)
Net cash flow after taking into account current and non-current items, all investments,
interest expenses related to debt, and the positive or negative balance related to
Net free cash flow before financing transactions on the asset portfolio. Net free cash flow before financing corresponds to
(free cash flow) the sum of net current operating cash flow, development investments, non-current
items, net income and/or costs related to asset portfolio management, and financial
expenses.

WARNING

This document contains forward-looking information that involves risks and uncertainties concerning the Group's future growth and profitability,
which may cause actual results to differ materially from those indicated in the forward-looking information. These risks and uncertainties are related
to factors that the Company cannot control or accurately estimate, such as future market conditions. The forward-looking information contained in
this document constitutes expectations about future events and should be considered as such. Actual events or results may differ from those
described in this document due to a number of risks or uncertainties described in Chapter 2 of the Company's 2024 Universal Registration Document
available on the Company's website and that of the AMF (www.amf-france.org).




www.emeis.com emeis - 12, rue Jean Jaurès 92813 Puteaux Cedex
Page19 on 19