First quarter 2026 revenue

• Revenue as at 31 March 2026 stood at €1,336m, up +4.9% on an organic basis compared with the first quarter of 2025
• All business segments and regions contributed to revenue growth, supported by favourable volume, pricing and ‘case mix’ effects. The average occupancy rate for medicalized nursing homes stood at 91.7% in the first quarter of 2026, compared with 90.4% in the same period of 2025
• Successful issuance of a €500m senior high-yield unsecured bond maturing in 2031, at an annual rate of 6.875%, which was largely oversubscribed. The net proceeds will be used to secure the refinancing of existing maturities and in particular the entirety of the Euro PP and Schuldschein 2026-2027-2028
• The Group confirms all its 2023–2026 objectives:
  • An objective for average annual organic revenue growth (CAGR) of approximately +5%, on a pro forma basis;
  • An objective to improve the EBITDA margin by 100 to 150 basis points by 31 December 2026, pre-IFRS 16, on a pro for-ma basis excluding disposals and real-estate development, compared with 10.5% as at 31 December 2023;
  • An objective to reduce its net financial debt, pre-IFRS 16, to approximately €3 billion, representing a ‘Wholeco’ lever-age ratio(1) of less than 5x as at 31 December 2026
• The Group confirms all its 2025–2028 objectives:
  • Revenue (pro forma) growing at an average annual rate of c.+4% over the period
  • EBITDA (pre-IFRS 16, pro forma): average annual growth (CAGR) of between +7% and +9% over the period
  • Opco EBITDA(2)  (pro forma): average annual growth (CAGR) of between +11% and +14% over the period
  • “Wholeco” leverage(1) around 4.5x at the end of 2028*

(1) Wholeco leverage: leverage used in the context of the amendment and extension of the syndicated loan announced on 17 February 2025. Wholeco leverage is calculated using the following formula: Net financial debt excluding IFRS 16 and IAS 17, net of the Ages & Vie current account, divided by consolidated EBITDA restated for the impacts of IFRS 16 and IAS 17 and restated for certain non-cash items and the full-year impact of outstanding share-based payment plans
(2) EBITDA Opco is defined as follows: EBITDA (1) post-capitalized rents in accordance with IFRS 16 (including rents already capitalized before the application of IFRS 16, under IAS 17) and (2) adjusted for the impacts of the Group's real estate holdings. These impacts are primarily the market rents associated with the real estate assets held, as defined in the Cushman & Wakefield report on the valuation of the Group's real estate portfolio, as well as the operating costs associated with real estate ownership (calculated based on the op-erating costs of the Group's real estate companies) 
* per current definition & balance sheet structure

With organic growth of +4.9%, the first quarter of 2026 is fully in line with the momentum observed since the second half of 2025 across our various business segments and geographical regions.
Looking at our Long-Term care activities, the occupancy rate of our care homes continues to rise, reaching 91.7% in the first quarter of 2026, an increase of 1.3 percentage points compared with the same period in 2025. Our Specialty Care activities, that had been particularly affected by the conditions under which the SMR reform came into force in France, are regaining positive price/volume momentum, thanks to the adaptation measures we implemented in the second semester of 2025 and the expansion of outpatient services across all regions.

In terms of financial strategy, last February we received two inaugural ratings from S&P and Moody’s, that enabled us to carry out a first high yield and unsecured bond issue worth €500 million, on very favourable terms given the international context. The success of this inaugural issue, maturing in 2031, resulted in a subscription rate of nearly five times the amount offered from leading investors. On this basis, and bolstered by the commitment of our teams, whom I would like to thank once again, we confirm all our operational and financial objective.