Emeis (WBO:ORP2)

Half Year 2026 Emeis SA Earnings Call Transcript

Jul 30, 2026 / 07:15 AM GMT

Release Date Price: €14.51 (+4.77%)

Transcript

Key Points

Positve

Emeis (WBO:ORP2) reported strong H1 2026 results with like-for-like revenue growth of 6%, driven by a 2.8 percentage point increase in average occupancy rates to above 90% in Q2.
Operating margins improved significantly, with EBITDA margin (excluding IFRS 16) rising by 2.2 points to 7.6% and EBIT growing by 83% year-on-year.
The company's financial leverage ratio improved dramatically, decreasing to 8.7 times from 15.4 times a year ago, and is well ahead of its covenant commitment of 12 times by end of 2026.
The 'Boost' operational performance program is delivering encouraging results, targeting a 2% annual reduction in operating expenses over the next three years, with plans to expand it beyond France.
Management raised its full-year 2026 guidance, now expecting like-for-like EBITDA growth of 12% to 14%, up from the previous forecast of slightly more than 10%.
The company successfully exited its safeguard plan, settled tax and social debts, and completed a major refinancing, normalizing its balance sheet with an average debt maturity of nearly five years.
Occupancy rates are rising consistently across all markets, with particularly strong performance in Southern Europe and Germany, and France showing a rapid catch-up.
The company is making progress on staff cost optimization and reducing employee turnover, which reached a low of 15% in France in June, down from over 30% a few years ago.

Negative

Net income remains negative at minus EUR40 million, although it improved by EUR97 million versus the prior year.
Cash flow faced headwinds in H1 due to two non-recurring items: a EUR94 million working capital increase from normalizing supplier payment processes and EUR164 million in one-off payments related to exiting the safeguard plan.
The company faces inflationary pressures on wages and other costs, which it is actively managing but which could impact future results.
Health budget constraints in Europe, particularly in France, are putting pressure on public funding, requiring the company to increase the share of costs paid by families and patients.
The company's EBITDA margin of 15.8% still lags behind industry peers, who typically achieve around 20%, indicating significant room for improvement.
The company is prioritizing deleveraging over growth investments, limiting its ability to expand its portfolio aggressively in the near term.
There are signs of supply constraints emerging in some international markets as occupancy rates exceed 90%, which could limit future growth in those regions.
The company's cash flow from operations was offset by one-offs, leading to stable net operating cash flow and recurring free cash flow despite strong operational performance.

Refinitiv StreetEvents Event Transcript
E D I T E D V E R S I O N

EMEIS.PA - Emeis SA
Half Year 2026 Emeis SA Earnings Call
Jul 30, 2026 / 07:15AM GMT

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Presentation
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Unidentified_1 [1]
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Ladies and gentlemen, welcome to the MAE's conference call regarding its 2026 half-year results. It will be structured in two parts. First, a presentation by MAE's management team, represented by Mr. Laurent Guillot, Group CEO, and Mr. Jan-Marc Bourcier, Group Deputy CEO. Afterwards, there will be a Q&A session during which you can ask oral or written questions. I will now hand over to the management team. Gentlemen, please go ahead.

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Unidentified_2 [2]
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Thank you. Good morning, everyone, and thank you for joining Jean-Marc and myself this morning for the

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