Half-Year 2026 Results
Half-Year Results: strong improvement in operating performance, successful refinancing transactions and objectives confirmed.
- Strong improvement in operating performance
- Revenue as at 30 June 2026 stood at €2,699m, up +4.6% on an organic basis supported by volume growth of +1.6% and price gain of +3.0%
- EBITDA, pre-IFRS 16, stood at €280m, up +14.9% compared with the first half of 2025 pro forma for dis-posals. The margin improved significantly to 10.4%, compared with 9.5% in the first half of 2025 on a pro forma basis.
- Opco EBITDA(1) stood at €168m, up +25.1% compared with the first half of 2025 pro forma for disposals. The margin improved notably to 6.2%, compared with 5.2% in the first half of 2025 on a pro forma basis, reflecting the first effects of the various operational levers implemented.
- Reported net profit attributable to the Group showed a loss of -€48m, after €51m in exceptional costs related to restructuring and disposal transactions executed since 2024, compared with a loss of -€59m as at 30 June 2025
- Successful refinancing transactions amounting to €1,063m following the assignment of S&P (B+) and Moody’s (B2) ratings
- Two High Yield and unsecured bond issues maturing in 2031, for a total amount of €730m
- Issuance of €333m of deeply subordinated undated hybrid bonds, intended to redeem the ODIRNANE
- These transactions streamline the Group’s financial structure, extend the average maturity of its debt and will have a positive impact on the Group’s cash position of around €27m on a full-year basis
- Wholeco leverage(3) stood at 4.9x as at 30 June 2026. Pro forma for the redemption of the ODIRNANE on 8 September 2026, Wholeco leverage as at 30 June 2026 would stand at 5.4x(4) reflecting the stabilisation of net debt and the strong increase in EBITDA
- Real Estate Net Asset Value (NAV) increased by +€19m versus December 2025 to €515m
- All financial and non-financial objectives are confirmed
| In millions of euros | H1 2025 Reported | H1 2025 Pro forma disposals | H1 2026 | Changes |
|---|---|---|---|---|
| Revenue Organic basis | 2,656 | 2,565 | 2,699 | +1.6% +4.6% |
| EBITDAR pre-IFRS 16 Pro forma basis excluding disposals | 546 | 524 | 563 | +3.1% +7.5% |
| EBITDA pre-IFRS 16 Pro forma basis excluding disposals | 263 | 243 | 280 | +6.5% |
| Margin | 9.9% | 9.5% | 10.4% | +14.9% |
| Opco EBITDA (1) Pro forma basis excluding disposals | 149 | 134 | 168 | +13.0% +25.1% |
| Margin | 5.6% | 5.2% | 6.2% | |
| Net profit attributable to the Group pre-IFRS 16 | -47 | -42 | ||
| Net profit attributable to the Group post-IFRS 16 | -59 | -48 | ||
| Operating free cash flow pre-IFRS 16 (2) | 23 | 20 |
(1) Opco EBITDA is defined as follows: EBITDA after capitalised leases in accordance with IFRS 16 (including leases already capitalised prior to the application of IFRS 16, under IAS 17) and restated for the impact of the Group's real-estate holdings. These impacts mainly consist of market rents associated with real-estate assets held, as defined in the CBRE report on the valuation of the Group's real-estate portfolio, as well as operating costs associated with real-estate holdings (calculated on the basis of the Group's property operat-ing costs).
(2) Operating free cash flow is calculated as follows: EBITDA +/– change in working capital +/- non-current items - maintenance investments - interest and taxes paid
(3) Wholeco leverage: leverage used in connection with 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 financial receivables.
4) See table in section 3, “Balance sheet situation”, on page 6 of this press release.
The first-half results reflect the sound execution of our roadmap and confirm the solidity of our fundamentals and our embedded growth potential.
The strong improvement in our operational performance, which is underpinned by the quality of our portfolio of activities, the discipline of our teams and the relevance of our business model, places us in a very favourable position with regard to our medium-term objectives.
From a financial perspective, we regained access to the bond markets, raising more than one billion euros through bond issues in this half-year alone, which enabled us to proactively cover our main debt maturities through 2028 and simplify our balance sheet structure. These transactions strengthen our liquidity profile and give us the means to continue the deployment of our “Réussir ensemble” strategic plan with confidence.
Finally, in response to the weather events currently severely affecting many regions across Europe, all our facilities are mobilising to ensure the safety, comfort and support of our residents and patients, and are also contributing locally to welcoming affected local populations. I would like to warmly thank our employees for their daily commitment, which more than ever is the Group’s greatest strength.
