Orpea S.A.

Well, thank you, and good morning to everyone, and thank you once again for attending this webcast for our full year earning '25. Before answering to your question with our Deputy CEO and CFO, Jean-Marc Boursier, we will share with you a few thoughts regarding this year 2025 and 2026.

I will begin my presentation by reviewing some of the group's key characteristics, which many of you already are familiar with. First, I would like to highlight the geographic diversification of our operation, which includes France, Northern Europe, Germany and Netherlands, Central Europe, Austria, Switzerland and Southern Europe, Spain and Italy.

Next, our business diversification with 2/3 of our revenues generated by nursing homes and the remainder by post-acute care clinics and psychiatric clinics. And finally, our shareholder structure, which is built for the long term around solid and reputable [ anchor ] shareholders.

It is also important to note that our group also distinguishes itself through its significant real estate portfolio, which is worth EUR 5.6 billion by the end of '25. 44% of the beds we operate are owned by the group, a figure that, to my knowledge, is unmatched among groups of comparable size.

And our portfolio is also geographically of real estate is well distributed in Europe. As we previously reported in mid-February, 2025 was a particularly strong year.

In '25, the company delivered strong performance with revenue growth by over 6% on a like-for-like basis and occupancy improving by nearly 2 points. Profitability also increased significantly with EBITDA margin up by 19.2%, reflecting sustainable positive momentum.

Cash flow generation improved sharply with net operating cash flow rising from EUR 15 million in '24 to EUR 190 million, highlighting a strong operational recovery. Free cash flow reached EUR 347 million, driven in part by substantial asset disposals.

Since '22 -- mid-'22, total disposals have reached now EUR 2.35 million (sic) [ EUR 2.35 billion ], exceeding by far initial targets. However, the one that are following us the most closely, this figure is slightly lower than previously reported due to the decision not to proceed with the sale of Swiss nursing homes operations following an internal strategic reassessment.

The company also strengthened its financial position by refinancing its entire bank debt by EUR 3.15 billion in new financing, improving visibility and stability. Consequently, the leverage ratio dropped significantly to below 10x compared to 19.5x the previous year.

Looking ahead, the company is confident about its growth prospect starting in '26, expecting average annual growth of at least 15% between '24 and '26, including over 10% growth in '26. Medium-term guidance for '24, '28 is reaffirmed.

Our operational performance is driven by improvement in our CSR KPI. In '25, we continue to enhance all our quality and satisfaction metrics, reaching levels that now place us among the industry leaders.

Regarding human resources metrics, please note that employee turnover while still high, has once again declined significantly this year. We warmly welcome this since this is a key support for quality in our facility and thus occupancy.

Also, a new indicator has been launched this year, the engagement rate of our employees starting at a relatively high level of 62%, well over global market average. On the climate front, energy consumption has also fallen by nearly 9% year-over-year, which is also a positive for our energy bill.

In '25, indicators relating to the satisfaction of our patients, residents and their relatives have improved significantly once again. The resident satisfaction measured in '25 in the French facilities now stands at 93.4%, up 50 basis points compared to '24 and more than 3 points above the comparable level in '22.

Same message when considering the Net Promoter Score, which also measures the satisfaction and loyalty of residents, patients and their beloved ones. It has also risen sharply now reaching the score of 41 in '25, up 4 points from '24 and 23 points from '22.

This significant improvement illustrates the successful measures taken in recent years to restore the confidence in the group. As you already know, in France, our facilities are rated by Haute Autorité de Santé, the French National Authority for Health in the same way as all other facilities in the sector.

These ratings are divided into 4 groups based on quality assessments. 99% of emeis facilities are on the top 2 categories.

It is significantly higher than the sector average and even higher than the private sector as a whole. It is a mark of distinction and illustrates emeis leadership in this area.

We are also pleased to see that the improvement in all these metrics is reflected positively through extra financial ratings. Emeis is now ranked above the industry average on nearly all metrics and is even among the best-in-class according to S&P and Sustainalytics rating, but there is still more to come.

In our view, the steady process -- progress you see in this chart is not over and should continue in the years ahead. The steady improvement in our extra financial performance in terms of quality of care, patient satisfaction, resident satisfaction and human resources continue to translate into an annual increase of our occupancy rate.

In '25, this rate rose by nearly 2 points across our nursing homes. And since '21, we have seen an improvement of nearly 7.6 points and it's not over.

Mechanically, this growth translates into the revenues that is largely translated into operating margins. Thanks to the work done on quality and capturing a favorable price effect on accommodation and on segmenting our offering, we have been able to boost our revenue growth.

By controlling operating expenses, adapting methods and tools and focusing management efforts on turning around underperforming facilities, we continue to optimize our operating performance. Our revenue growth in '26 was 6.1% like-for-like or nearly 15% over 2 years.

And at the same time, our EBITDA margin increased far quicker by 58% like-for-like in 1 year and even 90% in 2 years. And you can trust our midterm target, it's not over yet.

There is much more to come ahead, as I already said. As we already told you mid-February, we have exceeded our initial guidance for '25 with like-for-like EBITDA growth of 19%.

We are EUR 10 million to EUR 30 million above our initial target. And as already said, it's not over.

We are happy to share with you the fact that these encouraging achievements lead our figures to grow comfortably in line with our ambition, confirming that we are now in the right path. It's now fair to say that this set of figures is a good milestone on the road to an embedded recovery that confirms our confidence for the years ahead.

We can be confident this positive momentum will continue in 2026 with an EBITDA expected to grow at least by a minimum of 10% at constant perimeter. This means that from the end of '24 to the end of '26, we do expect an average growth rate -- CAGR of more than 15% per year at constant perimeter.

Although the global environment seems relatively unpredictable these days, especially regarding inflation pressure that could arise from energy price today, we are relatively confident energy expenses are limited in our P&L and very largely hedged. So this -- the performance we do expect for '26 bang in line with the high side of our midterm outlook by '28.

The momentum is set to continue ahead. I will conclude my introduction before handing over to Jean-Marc with this list of the major issue and challenges we had to address and we addressed in the last years.

It is clear that we have now made significant and positive progress and that the main achievements are now complete or on the way to be completed. The disposal plan has been largely exceeded now reaching EUR 2.35 billion.

The structure of our balance sheet has been considerably strengthened this year in '25 and very beginning of '26. Our debt ratio has already improved dramatically, but there is still more to come ahead.

Occupancy rates have risen sharply already, but they should continue to grow significantly in the coming years and especially in '26. And we are halfway there in terms of operating margin, which have grown over the last 18 months and will continue to do so ahead.

On top of that, our company is also supported by favorable trends in real estate market valuation. This year is, therefore, a stepping stone and the road again is full of promise and harnessing further value is yet to come ahead.

Our focus will now be on continuing this operational improvement trends further ahead, relying on attractiveness, quality and financial results improvements. Jean-Marc Boursier, our Deputy CEO and CFO of the group, will now outline in detail the main elements of our performance for '25.

Thank you, Laurent. Good morning to all.

We are pleased to present our 2025 financial results to you today, the key highlight of which we already shared with you on February 17. I will be brief on certain topics we have already discussed earlier this year.

In my introduction, I will briefly touch on 6 points. First, our revenue, which continues to be a positive trajectory driven by both occupancy rates and favorable price effects.

At group level, performance is particularly strong in the nursing home segment. Second, operating margin is rising sharply.

EBITDA is up 19% on a like-for-like basis and EBITDAR is up 58%. This is the result of our very effective control on operating expenses and external rent, and this is not fading out in H2.

Third, net present group share remained negative at minus EUR 298 million. However, it increased by EUR 114 million despite higher nonrecurring expenses related to exceptional transaction that we carried out in 2025, such as the refinancing of the group and the setup of Isemia real estate vehicle.

Fourth, all cash flow indicators are showing a very strong growth. Net operating cash flow improved significantly from EUR 15 million last year to EUR 190 million this year and free cash flow increased even more, now reaching EUR 347 million versus minus EUR 298 million a year ago, which represents an improvement by more than EUR 600 million.

Fifth point, net debt is decreasing in 2025 and even considerably so when taking into account the Isemia transaction, which has been finalized on 14th of Jan. The reduction then reaches EUR 1 billion in 1 year.

And sixth and final, as a result, the leverage ratio improved significantly, as said by Laurent, now standing at 9.9x, where it was nearly 20x a year ago, and this improvement will continue in the coming semester. I will be relatively quick on that slide regarding revenue as we already commented this element earlier this year.

Sales posted substantial organic growth at plus 6.1%, very similar to the one published in H1, driven by a combination of 3 factors: first, a positive price effect of plus 3.3 points; second, occupancy rate effect, plus 1.8%; and finally, the effect of the ramp-up of facilities that we've opened in 2024 and 2025, which brings a further 1% growth. This favorable growth trend can mostly be observed on nursing homes, for which the annual growth is plus 8.1%, whilst clinics have been more muted, only up 2.5%, but I will show you in a minute that we have very encouraging signs in that segment also.

We can see on the next slide that revenue is growing internationally very strongly, particularly in Northern and Southern Europe, less so in France. In Northern Europe, momentum is particularly strong in Germany with both a favorable price effect and occupancy rate that continue to grow significantly.

In Spain and in the Netherlands, recent openings, which are gaining momentum are accentuating an already favorable revenue trend. The momentum has been supported by the group improvement in occupancy rate.

On average, it rose by 1.8 points to 87.6% versus 85.8% at the end of 2024, continuing the gradual recovery in this aggregate that you can see on this slide for the last 3 years. As you can see, the recovery was mainly driven by nursing homes, where the average occupancy rate rose by 2 points to 87.2% and even plus 5 points when considering the comparison between 2023 and 2025.

Although solid everywhere, the increase in occupancy rate has been particularly important in Northern Europe and in Central Europe. Although we remain still below our medium-term ambition, we are happy to see that this supportive momentum continues.

And I can confirm to you today that the year 2026 has started on the same encouraging path. As you can see on the next slide, the performance on revenue is flowing nicely to operating margin.

Staff costs have been reduced. Staff cost and sales have been reduced, reflecting the measures that we progressively implemented during the last 12 months to optimize the allocation of our human resources.

At the same time, we also benefited from the initial effect of our cost rationalization measures launched in H1, which has led to a reduction in the intensity of other costs, mainly procurement as well. I'm very confident that those 2 cost components, staff and OpEx can be further improved in the years to come.

And as a result, these measures are enabling us to maximize the conversion of revenue growth into operating profitability. In H2 only, EBITDA margin reached 15.8% and EBITDA margin 7.4%.

When we break down the EBITDAR growth, we can see that the main contributor of the growth are France and Northern Europe that is mostly driven by Germany and the Netherlands. Not only do those 2 regions account for the largest contribution to EBITDAR in million of euro, but they also have the highest growth rate on a like-for-like basis.

And as you can see on this slide, EBITDA growth in Northern Europe was nearly 30% versus 2024 and in France, nearly 15% year-on-year. If we look at H2 versus H1, what can we see over the 6 months period, we can see that this momentum shows no sign of slowing down at all with a 6 months increase in EBITDAR of 19%, again comparing H2 versus H1.

It is worth noting that this momentum even appears to be gaining strength in France, particularly thanks to nursing homes, whose performance has been significantly improved since mid of 2024. The positive dynamic in revenue, therefore, largely flew into margin.

In euro terms, the positive upside in sales of EUR 259 million versus last year was largely transferred into EBITDAR plus EUR 132 million and then into EBITDA plus EUR 135 million given efficient rental management, another evidence that the operating leverage to the upside is strong and should continue to be supportive again ahead. If I go into a little bit more detail for the rest of the P&L, I would like to highlight a few points.

First, to remind you that the growth in EBITDAR is partly attributable in 2025 to capital gain from the sale of PropCo assets for nearly EUR 64 million in 2025 compared to EUR 28 million in 2024. This is due to the particularly high volume of PropCo disposals that we have finalized this year.

However, you can see also that organic EBITDAR growth even after deducting those capital gains remained at 15%, which also aligns with the pure operational momentum we expect to see in 2026 and beyond. Thanks to the effective control of rental expenses, EBITDA before IFRS 16 is up EUR 135 million or 58.3% on a like-for-like basis.

EBIT is growing strongly by EUR 171 million, now reaching EUR 173 million versus only EUR 2 million last year. This is mainly due to the decline in amortization.

But please note also that we have recorded some depreciation, especially in France. This depreciation amounted to EUR 42 million and resulted from a balance sheet cleanup.

When breaking down the financial statement to net income, it should be noted that nonrecurring expenses rose significantly this year by plus EUR 86 million. This is a direct consequence of certain exceptional transaction that we finalized in 2025, notably related to the refinancing that we announced on December 18 and the creation of the Isemia real estate company finalized in January.

New depreciation and nonrecurring expenses have limited the improvement in net income group share, which nevertheless rose by a considerable EUR 114 million to minus EUR 298 million. The net loss per share have therefore been reduced to EUR 1.9.

Regarding now the cash flow statements, I would like to highlight a few points that contribute to a very strong improvement of all our cash flow aggregates. First, an effective management of maintenance CapEx and IT investment.

Please note, however, that these components are expected to grow moderately over the next few years to modernize our IT system and to optimize our operational efficiency. Second, an exceptional financial expense of approximately EUR 23 million corresponding to upfront fees related to the refinancing.

And if we exclude these upfront fees, please note that the recurring free cash flow is now turning positive in the second half of the year for EUR 20 million, and this is a very significant milestone symbolizing the normalization of the group. Third element, development CapEx continued to decline in line with the pipeline progress and given the higher return requirements now needed for new operation launched.

And let me be clear, we will continue to be extremely selective in the coming years. Fourth element, the significant contribution from disposal amounting to EUR 602 million in transaction for both OpCo and PropCo that we closed in 2025.

And as a result, as I said earlier, our free cash flow is now positive and stands at EUR 347 million, representing an improvement of EUR 645 million in 1 year. And if we include the Isemia transaction that was finalized on January 14, which brought an additional EUR 703 million of new liquidity, it means that emeis group was able to reduce its net debt by almost EUR 1 billion in 1 year.

The next slide illustrates the 3 key drivers behind the improvement in free cash flow. First, the improvement in operating margin, which has already been commented.

Second, the sharp acceleration in disposal in 2025 on an unprecedented scale compared to previous years. And please note that EUR 216 million of signed transaction remain to be cashed in today.

And finally, [indiscernible] in capital expenditures, particularly for development CapEx, which are now limited to the most promising project and the shortest payback. Across all cash flow indicators, trend continue to be very favorable.

The next slide illustrates perfectly the continuous improvement in all of our aggregates, which we expect to see continuing in the coming years. All cash flow, as you can see, have now turned positive and the momentum does not seem to be fading out.

As a result of everything we said today with Laurent, emeis financial structure has continued to strengthen significantly this year. Net debt, excluding IFRS 5 and 16 has decreased by almost EUR 300 million in 1 year at EUR 4.5 billion.

And if we consider again the Isemia transaction closed on January 14, it brings pro forma net debt down by EUR 1 billion since December. Net debt pro forma is down to EUR 3.8 billion, a massive decrease booked thanks to the important volume of disposal achieved, but also thanks to operational margin improvement.

And as a result of both information that we shared with you today, operational improvement on one hand and the net debt reduction on the other hand, you can see that the group leverage ratio has significantly been reduced from 23x in H1 '24 to 19.5x at the end of '24. It now reaches 11.8x and even 9.9x pro forma Isemia.

This leverage ratio is already well below the covenant that we have agreed with banks and debt investors for 2026 that is at 12x. An illustration of this embedded improvement is that we forecast with confidence, we anticipate this ratio to fall below 6.5x before the end of 2029.

This target being the debt covenant that we have agreed through the refinancing of the group that we've achieved in December. One word about the refinancing.

We have refinanced the whole bank debt of [ emeis SA ]and this has enabled the group to raise EUR 3.15 billion of new debt under favorable condition. I remind you the condition, which is Euribor 3 months plus 247 basis points cash or plus 363 basis points, including PIK.

The new debt, including a new EUR 400 million bond has fully refinanced the former A, B, C, D financing and have largely enhanced the debt maturity profile of the group, as you can see on this slide. And as a consequence, emeis early exited the accelerated safeguard plan on February 20.

We are now comfortable today saying that emeis is now back in a situation that can match our ambition for the future with our priority now being clearly on pursuing the improvement of our operational performance ahead. Thank you for your attention, and I will now hand over to Laurent once again to conclude this presentation.

Thank you, Jean-Marc, for these very clear explanations. And before answering the questions you may have, I would like to conclude this presentation with the key elements I would like to summarize in 6 points.

First point, the positive trend on top line continues with a strong organic growth of 6.1% and even 8.1% on nursing homes, improvement on quality and satisfaction metrics largely contributed to this performance. Second, the strong momentum on operating margins, up 19% for the EBITDAR and 58% for the EBITDA is mostly driven by the outperformance locations of France and Northern Europe.

This momentum didn't fade out in H2 and is set to continue ahead in '26. All cash flow components are largely improved and more is still to come.

Third, our EUR 1.5 billion disposal target before end of '25 is now largely exceeded with EUR 2.35 billion now achieved or secured. Now that the disposal plan has been largely exceeded and that the group financial structure has been substantially strengthened and now emeis operating performance continued to show a positive trend quarter after quarter, the group intends from now to be particularly selective regarding any further disposal in the coming years.

Four, disposals, improvement of operating performance have strengthened our financial structure with a pro forma net debt of around EUR 3.8 billion, decreasing EUR 1 billion and a leverage ratio nearing now 9.9x versus 15.5x end of '24, as Jean-Marc said, while our debt maturing schedule is now largely reinforced. Fifth, real estate valuation may have bottomed out after several years of adjustments, around minus 25% approximately, raising confidence that the valuation cycle should now be more supportive ahead along with improvement on operations.

And sixth and finally, we do confirm our guidance for '26 -- expectations for '26 to grow at least by 10% at constant rate, which corresponds to an average growth rate of 15% for the period '24, '26. Thank you for your attention, and we are now available with Jean-Marc Boursier to answer the questions you may have.

Okay. If there is no question verbally, let's go to the first question, written question.

First one, [Foreign language] an update, may we have an update on occupancy rate at the beginning of '26. The answer is no, we will have the communication in a few weeks from now.

I can just give you an overall trend. The trend continues to be the same, pretty bang in line with what we've experienced in '25.

So continue to be a very good momentum for operation, especially in France and in our nursing homes in France. We have not suffered and we have taken all the measures in our nursing home.

We have not suffered from the flu that happened at the end of '25 or the beginning of '26. So we are pretty much in line with our targets and rate with very similar to the trend we experienced in '25.

Can you describe the assets that will be sold at the beginning of -- in '26 with impact on the balance sheet and on the cash compared to the situation described at the end of '25? Jean-Marc, do you want to comment on this one?

Yes. We still have a little bit more than EUR 200 million that will be cashed in, in 2026 and this mainly relates to PropCo disposal in Switzerland, in Ireland, in France value segment.

No transaction in my suggestion is very significant but all it amounted to a little bit more than EUR 200 million and most of that will be cashed in, in the next...

[Foreign Language] Can we have the number of headcount at the end of '25? We will take note of that question.

It's around 80,000 people. But the exact number we will answer to you directly.

Can you list in detail the nonrecurring items of '25 and share the elements of the nonrecurring elements of '26? Well, for sure -- Jean-Marc will answer in detail to that question.

For sure, in '25, we had some restructuring. We had some costs that were linked to the refinancing that were quite significant also and all that will disappear in '26.

So we will come back to a more normal level and a more normal level is probably between around EUR 40 million, EUR 50 million for '26. So Jean-Marc, for '25, if you can give more detail?

The nonrecurring components in 2025 amount to EUR 126 million, abnormally high and nothing compared to last year from '24 and nothing compared to the current year where you will see these nonrecurring elements to be normalized. It's relatively easy to understand this EUR 126 million is almost 50% related to specific project that we have undertaken in 2025, the 2 largest that you know about the refinancing on the group on one hand and the setup of the real estate vehicle Isemia that we have created.

And 50% of that amount is some depreciation of asset that we have recorded related to some facility that we have decided to close notably in France, Belgium and Germany. Net of the profit and disposal that our sales averaging [indiscernible].

So 50% project cost, 50% depreciation, but this amount this year will be much different, much lower in 2026 and going forward.

Another question, can you give a little bit more details on the growth in Northern Europe? Well, we experienced in -- as a matter of fact, we experienced growth in all the geographies we are in Northern Europe.

The biggest country in Northern Europe is Germany, and we have a very nice recovery both in terms of nursing homes with a strong improvement of occupancy rate, but also in clinics. In the Netherlands, most of the activities are in nursing homes.

And we benefited a lot in '25 of, I would say, a very strong recovery of one of our 2 business models, but the dynamic in this market continue to be quite strong on the occupancy rate point of view, and we were suffering a little bit in '24. We have a strong recovery in '25, and we continue to enjoy that in '26.

And the last market in Belgium, where, as you know, we had to restructure a little bit these activities on the top line. We had a top line that was suffering a little bit in the last 2 to 3 years.

But on the opposite, with a good recovery on the bottom line, which is not at the level it should be. Thank you for the call.

What is the reason -- another question, sorry, what is the reason why you do not sell the OpCo in Switzerland. We are talking there in terms of nursing homes in Switzerland.

What is clear is that the situation now is following. We have launched in '24 a lot of potential disposals, both in terms of real estate and in terms of OpCo.

And to be sure to be able to reach our target of EUR 1.5 billion disposal, we've sold and we've launched several processes at the same time. Now we are in a very different situation where we have structurally and we say definitely reinforced our financial structure and we can be more selective in the disposals that we are making.

So we reassessed the strategic rationale of these disposals. And you know what, I think that being diversified in terms of countries in a world where we have uncertainty in terms of regulation and budgets and state budgets, I think is a good thing.

So we've decided not to sell the nursing homes in Switzerland. Another question, do you expect to hedge a larger share of your debt, Jean-Marc?

Yes. Our strategy is clearly to hedge a significant proportion of our debt.

Our debt was launched fully at variable interest rates. For your information, we have already hedged EUR 1 billion out of this EUR 3.15 billion that we launched late in 2025.

So we are in this process of hedging the debt, and we expect to have a higher proportion of the debt that will be hedged going forward respectively.

Two questions. What is the target EBITDA margins pre-IFRS of 2029, 2030?

We have not given any guidance in the past in that respect. At the same time, we have given a guidance in terms of EBITDAR growth over the next years on the '24, '28 period with a growth rate of 12% to 16% in average over this period, which then give you the opportunity knowing the rents that we have, give you the opportunity to make your own estimate on EBITDA and EBITDAR margin.

What is the target returns for the development CapEx, Jean-Marc, do you want to share with me the question?

Yes. For development CapEx, we are targeting new facilities with [indiscernible] which is lower or at least 5 years after construction.

So this is our objective. And that enables us to be very selective going forward.

So we expect to invest in development CapEx between EUR 100 million and EUR 130 million per annum going forward. That's the order of magnitude.

And that would mean probably opening something like 1,000 to 1,500 new beds per annum. So we expect going forward, the increase in revenue to come by something like 1% from new bed openings.

But our objective in terms of payback is at maximum 5 years as per construction.

Okay. Whether other countries EBITDA has been weak in H2 versus H1.

Why? Well, we suffered a lot from the situation we have in Ireland, where given the request in terms of further staffing from the authorities have led us to a significant reduction of the EBITDA performance.

We are definitely working on this topic with the management to turn around this country. What has to happen for dividends or buyback to begin?

We first have to be positive in terms of net profit for sure. This is definitely something that we are contemplating for the next years, but we are not yet in the situation for the time being.

By the way, we need to be also given the documentation, the financial documentation that we have, we need also at the same time to be below 7.5x EBITDA in terms of net debt-to-EBITDA ratio to be allowed to pay dividends. Another question on the board page.

How did the Board choose Olivier Dussopt? Well, first, we have to say that Guillaume Pepy that was -- that is our President today has decided not to continue and do something else for the future.

So the Board had to find someone. It's also at the same time, a new phase for the company.

Olivier's experience in local government and knowledge in nursing homes or health care system are both at the local level and his experience also in the government will be a big help for us. It's important negotiation with the different governments is always important in our activity.

So Olivier has been chosen by the Board at the unanimity and is proposed to be our President at the next -- after the next general assembly. Could you comment on the EUR 42 million impairment you did in full year '25, Jean-Marc?

Yes. We have decided to be particularly cautious as far as balance sheet management [indiscernible].

So we have not recorded impairment. We have recorded depreciation for various assets, and we will continue to work on balance sheet improvement and I expect part of this depreciation be released in the quarters to come, but we wanted to be particularly cautious as far as the balance sheet cleanup is concerned.

To which extent are you impacted by the recent increase in financing conditions regarding your financing and the value of property assets? Two things.

First, it's way too early. We have not had any significant impact at this time.

Concerning the financing, as Jean-Marc said, 1/3 of our interest is covered so it's fixed. And the rest, well, the reality is that the short-term Euribor 3 months have increased, but not dramatically.

So this has no material impact for the time being. We need to see how the things will evolve.

And for sure, as soon as we can, we will continue to hedge this financing cost. Concerning the real estate, it's way too early to have a comment on the valuation.

You remember that compared to the situation we had in 2022, the situation of the valuation is probably at a low point. And looking forward, we expect the real estate market more to be at a trough and at the same time with our profitability improving to have a progressive revaluation of our assets.

Has there been -- you want to add something to this? Has there been any increase in lease cost, lease cash payments in H2 '25, Jean-Marc?

Maybe it is worth to reminding you a few things. First of all, we are leasing 56% of our facility and we are owning 44% of our facility and as Laurent explained in his speech presenting that this placed a unique in the nursing homes and clinic industry.

And as far as this payment his concerned, we have done, I believe a good management with external rents because as you have seen our presentation, external rents have been brought down from EUR 495 million in 2024 to EUR 492 million in 2025. So most of those things are CPI based but we have been able to start renegotiating some of them.

So this payment has been kept in extremely good control in 2025.

So recovery in French clinics, what can you say? Well, clearly, we continue to work hard on improving the profitability on the clinics.

A lot of the measures are self-help. We do not expect and do not rely on any in the French market.

We do not rely on any incoming from the government and from the authorities. But at the same time, I think we can operationally improve significantly how the -- our clinics are currently working.

And on that front, there is still a way to go in '26 and '27. So good opportunity for us also there.

On the market, as you know, it's a very regulated market with a vast majority of our turnover coming from the social security. And we continue to expect low tailwind coming from the financing in France, but we are working around that with our own self-help measures.

Another question, is there a specific ownership rate target for the medium term, please? No, no, no, there is -- I think we are happy today and in the current environment to be the owner of our assets of 44% of our beds.

I think it's a strong asset that the company has. We had in the past a target, but this target was also linked to the fact that we needed to deleverage the company, reduce the issues concerning the balance sheet and make disposals.

We have done the vast majority of the program and more than what we announced. So now I think we will be very, very opportunistic, continue to grow and invest and at the same time, divest a little bit, but very, very selective, and we have no specific ownership target.

We consider our high ownership target as an asset. A few seconds ago -- sorry, another question [Foreign Language].

So what are emeis ambitions concerning care at home? We have already care at home activity, not significantly in France and almost nothing in France.

But we are already present in other countries, for example, in Ireland or in the Netherlands. This is a very interesting activity and we are contemplating the possibility to grow further in care at home activity.

Well at the same time, for sure, the priority operationally for the time being, the first priority is to improve dramatically because this is low-hanging fruit, I would say, to improve our current operations and develop what we are doing in a way to improve dramatically our profitability. So both ways, I would say this is definitely an opportunity for us but we are developing already in some countries.

In France, in particular, as the question is asked in France, we are not very present and the priority is to focus on turning around our clinics and our nursing homes. Any other question?

No, apparently, there is no more question. So just to summarize back what we have said already during this call, strong recovery and a strong year in '25, both in terms of operations and at the same time in terms of strengthening of our balance sheet.

Moving forward, we continue to have good trends ahead, both in terms of market with a strong demand, but also in terms of conditions in which we operate. We are very confident concerning our guidance concerning '26.

I think it went out from what we've said today and the opportunities moving forward in terms of improvement of the profitability and the operation of emeis is very strong. So the future is all us, and there is more to come in terms of improvement, EBITDA improvement and solidity of the company.

Thank you for listening to us, and have a good day.