(BFM Stock Exchange) – The accommodation operator for the elderly and dependent accelerates this Wednesday on Wednesday on Wednesday, declaring that it would exceed its target of transfers, with the creation of a property dedicated to the management of its real estate assets in Europe. Investors appreciate Emeis’ initiative aimed at being deleted.

Step by step, Emeis tries to get rid of a sulphurous past and prove that the heavy restructuring carried out in 2024 at the cost of a strong dilution for shareholders, can augur a better future.

The ex-Orpea has shown signs of operational improvement, thanks to better cost control. In the first half, the company’s turnover had climbed 6.2% over one year into comparable data, and its operating profit before rents and depreciations (Ebitdar) jumped 19.5% still on a constant scope.

Improvement of financial indicators

The group has also preserved a sustained rate on its asset disposal program, since at the end of June 2025, an amount of 1.15 billion euros had been sold or secure, on an target of 1.5 billion euros by the end of 2025.

On the stock market, investors have taken note of the improvement of financial indicators and the progress of the company to reduce its debt. Since the start of the year, the title EMEIS has been winning 116%for the time being. However, this increase must be nuanced, the action losing another 99% over three years.

A few months before the end of the year, the company comes to bring a last collar to its efforts to delete. The ex-Orpea announced Tuesday, September 23, evening the creation of a property dedicated to the management of its real estate assets in Europe, in collaboration with Farallon Capital, as main investor, and Twentytwo Real Estate.

These two investment funds will invest 761 million euros “around the end of the year” and through an ad hoc vehicle.

“In return, they will receive a minimum annual return of 6% thanks to financial instruments, in particular preferential actions,” explains Yi Zhong from the independent AlphaValue design office.

Emeis explains that the real estate assets of this property is made up of 68 assets, of an assembled value of 1.23 billion euros at the end of 2024. These assets which will remain entirely operated by the French group are 68% in France, 19% in Germany and 13% in Spain. Overall, 48% of this real estate portfolio consists of retirement homes and 52% clinics.

This partnership is envisaged for a period of 5 years, and could be extended by 2 more years. Emeis indicates that this collaboration can also be shortened at its discretion. The vehicle, which will be controlled by Emeis will be consolidated by global integration.

A reduction in debt

Emeis also indicates that this operation allows it to exceed its target in terms of sales which was 1.5 billion euros between mid-201 and end of 2025. The volume of operations carried out over the period or secure to date was thus increased to almost 1.9 billion euros.

For Emeis, this cash injection will above all allow to loosen the financial vice. The contribution of investors in the property will reduce the net debt of Emeis by nearly 700 million euros, while the net debt reached 4.78 billion euros to the end of June 2025.

“This transaction structure will allow us to maintain the ultimate benefit of the capacity for creating value and a possible increase in real estate values,” said Laurent Guillot, the director general of Emeis in a press release.

“The challenges persist, but the early sale bring a little light [sur le dossier]”, estimates Yi Zhong.

On the Paris Stock Exchange, investors appreciate Emeis’ efforts to discharge his financial burden. The title of the operator of accommodation for dependent elderly people jumped 7.7% this Wednesday, September 24, around 3 p.m. Wednesday, causing in its Clariane wake which appreciates 3.6%.

This positive announcement for Emeis’ finances comes a few days before the publication of its results of the first half, scheduled for September 29. The company will take stock of its prospects for the end of 2025. At the end of July, the ex-Orpea had renewed its objective of an increase in its operating profit before rents and depreciations (EBITDAR) from 15% to 18% in 2025. In 2024, this increase was only 6.3% to 740 million euros.