Good morning, everyone. We're now going to start because it is now 9:30 a.m. Welcome to this general meeting. We're delighted to be with you. This is a combined general meeting of EMEIS, and like every year, it's an essential moment, a privileged moment in the life of the company to inform, to exchange, to have a dialogue between the board, top management, and yourself, the shareholders of EMEIS. Few legal details. I shall share this GM as chairman of the board with this CEO, Laurent Guillot, Jean-Marc Boursier, deputy CEO and CFO, and Odile Courtois, director of governance who is also secretary of the board of directors. So, let me inform you about the proceedings of this meeting. You can see them on screen. I will not comment further. The prior formalities shall now be made with the constitution of the bureau. There was an initial notice of convening published on May 15th at the BALO and a notice published on June 5th in the same BALO as also on the website lefigaro.fr. This general meeting can be convened in both its ordinary and extraordinary format because at this precise moment the quorum has been reached, 67.17%, 107 million 800 and 8 million for 1,454 shareholders. Just a brief reminder: when the assembly will be functioning as an ordinary general meeting, it will require simple majority. And in its extraordinary format, the resolutions will be adopted if there is a 2/3 majority. I therefore declare this general meeting open and suggest that we now appoint the members of the bureau. The two shareholders who are present and who have the greatest number of votes shall be scrutineers, namely CACEIS Asset Management represented by Mrs. Odile Renaud-Basso in the front row, and Amundi Asset Management represented by Stéphane Dassy who is sitting in the second row. Greetings, Stéphane. They have accepted these positions and therefore I suggest that Odile be appointed secretary of this meeting. The auditors for this, Mazars represented by Gaëlle Le Maux, and Deloitte represented by Mr. Patrick Suissa, and Saint-Honoré represented by Mr. Xavier Rolin will tell us about their respective reports in a moment. I would also like to point out the fact that all of the legal and regulatory documents have been made available to the shareholders either in person at the head office or on the company's website. I'm also delighted to greet the members of the board of directors whom I would like to thank for their deep commitment. So, this meeting was convened so that you may vote for 28 resolutions, 18 ordinary and 10 extraordinary, which were adopted by the Board of Directors. The agenda of this meeting has been stated. It includes the resolutions about the approval of the consolidated accounts for 2025, and the application and the distribution of results, the approval of the new convention, the reports of the auditors, the renewal of four directors, the appointment of a new director, the remuneration and benefits of management for 2025, the policy for corporate officers remuneration 2026, and share buybacks. Delegations and financial authorizations to the board and powers granted for formalities. I would also, ladies and gentlemen, dear shareholders, ask permission to not read out the various reports about this assembly, which are included in the DEU, the universal registration document 2025, which was made available to you at head office, on the website, and in the convening brochure. This will allow us to dedicate a little bit more time for a Q&A session and a little bit more time for the presentations. We will, as per usual, be using the voting boxes, which you received as you arrived in this room, and I will remind you how to vote in a few moments. So, a few words of introduction about the company, and then over to our CEO.
So, a few words about the company's performance. This meeting is taking place at a key moment for our group after a number of years dedicated to saving and restoring and refunding the company. In 2025, it was a year of consolidation of progress achieved and preparation for our future. A few words about our financial results. The results presented today testify to an improvement of our operational performance, a strengthening of its financial structure, and of largely restored confidence of the various stakeholders. I believe it also reflects EMEIS's ability to implement with constancy the priorities that have been set: improvement of care and support, support of teams in the field, and restoration of financial and economic balance. I believe that you can all be proud of the progress observed in support, in care, and in resident and patient satisfaction as well as their families. Also proud of the improvement in our quality indicators and in the mobilization of the 86,000 employees in care and hospitality. Second issue I'd like to focus on: 2025 was also marked by a number of major deals and operations which have allowed the group to further strengthen its financial structure. The creation of Izamia, our real estate company, the pursuit of the disposal program and refinancing operations throughout the fiscal year have contributed to give the group more visibility and stability going forward. And I'm sure you will have noted that these advances have allowed us to put an end to the accelerated safeguard plan one year before planned. The year 2025 will essentially remain as the year where Orpea decided to become a company with a mission. The decision is the result of very hard work that's been put into this over the past three years to focus centrally on all of our stakeholders: patients and residents, naturally, families, loved ones, all categories of employees, and the communities in which we operate and more generally, the broader society which we serve. Our corporate purpose, which I'm sure you're familiar with, 'Together, let's be a force for life for the most vulnerable,' is now part of our corporate bylaws. It reflects our collective ambition. We consider that economic performance must go hand in hand with social utility and leading by example. And this very high-level ambition is reflected in four commitments: contribute to change the vision of fragility by society, participate in better recognition and attractiveness of professions in the world of care and support, strengthen social links in the community, and promote innovation that respects all living things on the planet. The board of directors enthusiastically adopted this evolution of our status, of our governance. The implementation of the mission committee, which is chaired by Professor Didier Pittet, who's sitting in the front row today, is a guarantee to ensure we make progress in the long term in this respect. Progress accomplished over the past four years are particularly meaningful if you look at things from a broader perspective. All over Europe, the aging of the population is accelerating. The number of people aged over 75 is going to be significant towards the end of the decade. We're talking about around 30%. At the same time, the needs connected with loss of autonomy, neurodegenerative diseases, and chronic pathologies are continuing to increase in parallel. Mental health, we are all aware of it in our families, around us, mental health has become a major challenge for public health for all generations, requiring new responses that are much more accessible, much more effective, and much more humane. Needs in mental health are growing. Young people, adults, seniors, and require that our society collectively mobilize over a long period of time. These two major evolutions, an aging population and mental health, create a particular responsibility for EMEIS. Our role at EMEIS is not merely to manage establishments or to provide health services. It also consists in supporting people on the path of life, supporting carers, developing prevention, strengthening inclusion of fragile individuals, and contributing to the cohesion of the communities in which we operate. A very broad agenda, I'm sure you will agree. But what makes me optimistic is the very meaning and the very of our common commitment at EMEIS. You as shareholders, you as groupings of investors, you as professional carers, you as management, and all of us within the EMEIS governance. Your board of directors is entirely and sincerely persuaded that the challenges of dependency, old age, and mental health are not only medical and financial. They must be also humane, territorial, and environmental, which is why we decided to become a company with a mission. That is what I had to say. Throughout the year, your board of directors works in a very demanding way. We had 11 meetings, 29 committee meetings. Your governance made sure that the group's operations were high-quality, that there was a proper execution of the strategy, that we supported the general management in the transformations underway, and I would warmly like to thank all of our colleagues, all of the directors for their commitment and the quality of their contribution. I would like to pay tribute to Laurent Guillot and all of the top management, as well as the 86,000 employees of the group. The progress achieved by EMEIS in 2025 originates in the day-to-day commitment and expertise of all of these employees at the service of the most fragile people in our society. Your group now has more solid foundations to continue its transformation, to grow its business, and to address the growing needs of society in care and support. Many thanks, dear shareholders, for the trust you have placed in EMEIS, and I declare open this combined general meeting for EMEIS of June 23rd, 2026. And now, over to Laurent Guillot.
Thank you, Guillaume. Good morning to all. Dear shareholders, I'm delighted to welcome you here today for this general meeting. It's always for our company an important moment. It's an opportunity for us to talk about our results, of course, but also to tell you about the choices we have made, the manner in which we've implemented them, and the direction we wish to move the company in. As Guillaume has just explained, this appointment is particularly important this year. After four years dedicated to rebuilding the foundations of the group, refounding EMEIS, we can now look into the future more confidently. Not just because we consider that everything has been done, far from it, but because 2025 was a true watershed moment for the company. As Guillaume, our president, said this morning, in 2025, we came out of the safeguard procedure more than two years early. We redesigned the values of our company. We selected our corporate purpose and changed our brand in 2024, and our group now became a company with a mission. And I'm going to be explaining this. We can now demonstrate that our transformation is generating tangible, sustainable, and consistent results. When I arrived at the helm of Orpea, as it was called at the time, it was an exceptional moment. The question was not just to restore the health of the company. We had to preserve an essential mission: support with dignity people who are fragile in our care homes, in our clinics, and in their homes. In order to do this, we had to preserve and strengthen the commitment of our 85,000 colleagues. We had to restore confidence of the families, the public authorities, of investors, of all of our stakeholders. And we also had to restore the operational and financial situation. A multiple responsibility that extended far beyond the mere challenges of our own company. It was a responsibility that was important for the place of Orpea within broader society. And of course, the executive committee, the board of directors, and all of the teams shared that very strong belief. From day one, we chose to be very demanding. We chose to face the difficulties, to say what we were going to do, and to do what we have said. The consistency between the attention we paid to our employees, the continuous improvement of quality, the operational rebound, and financial discipline, all of that around a common culture became the manner in which we refounded the company. Basically, we have not only sought to restore Orpea's health, we tried to durably transform the manner in which the group creates value. We are deeply convinced that in the world of care, the quality of support, the engagement of the team, and economic performance can only make progress if they progress together. Confidence cannot be restored purely by words. It is restored by actions, by decisions, by behaviors, and by consideration for others. And it generates results, both financial and non-financial. You will see the results that we're about to present today show that this refoundation is producing very real initial results.
Our business is continuing to grow. Organic growth is above 6% for 2025 with an occupancy rate which is continuing to improve, 1.8%, particularly in Quebec and in France, showing that confidence and trust has been restored for our patients and their families. Our operating performance has improved. Our EBITDA is up 19.2% beyond the forecast of earlier in the year, and Guillaume has said so. The financial restructuring that we have engaged since 2022 is now almost done. Thanks to the 2.3 billion in disposals, we have managed to exit the safeguard procedure and return to a solid financial situation. And Jean-Marc Boursier, CFO, will tell you more about this in a few moments. But one important and essential point for me is that these figures tell a story not only of financial improvement, they tell a story of a much deeper transformation in our profession. A simple reality is that the quality of care generates the confidence and trust of our patients and beneficiaries, of their families, and the attractiveness of our facilities, of course, very much depends on the women and men who work for EMEIS, which is why we chose very early on to invest in the team, in their recruitment and quality of life at work, in their training, and in an organization that empowers our team much more in the field so that they consider every member of the collective. The turnover rate remains high, but is steadily improving. The engagement rate was up 3% in just one year. And the reason why I'm talking about quality for our patients, residents, and beneficiaries, we strengthened our quality systems, deployed new indicators, and made quality a true lever to steer the company. The progress achieved and observed in resident satisfaction is significant, more than three percentage points up since 2022 at 93.4%. So, the confidence and trust of the families has also improved, and all of this shows that what we are doing is bearing fruit. We'll discuss this further with Mireille Faugère, chair of the quality and CSR committee. And we will also discuss all of the elements of our policy in this respect, both the attention for our colleagues, constant improvement of care and support, and our involvement in the community and our commitment to the environment. In 2025, at the last general meeting, you approved the fact that we were moving into a new phase with this adoption of our status as a company with a mission. It's a decision that is not the end of the path. It is the start of the path. It is a long-term commitment in a spirit of continuous improvement and our new status and the commitments that Guillaume discussed earlier are now entrenched in our corporate articles of association. Being a company with a mission does not mean merely adding new targets. It means deepening what we are already doing and contributing through this new approach to change society. That also means that we must preserve a lasting consistency between the mission, the governance, the manner in which we work, and ultimately our value creation. This consistency which we have constructed over time and which we must maintain on a day-to-day basis is one of the greatest strengths of our group because our responsibility goes far beyond our company. The aging of the population is one of the great challenges for our society. Expectations are changing, needs are changing, professions in care are changing, too. We have a responsibility to adapt our offering in terms of old age, but also mental health and rehabilitation. We must adapt our offering to new needs, to individualize it, to personalize it much more for each patient, beneficiary, and your family. We need to innovate, to digitalize, to use AI, and to use robotics. And that is how we will find the answers that our societies will need in future. In conclusion, I would like to say a few words to the men and women who run EMEIS on a day-to-day basis. I know that for many of them, these recent years have been extremely harsh. I'm well aware of that. I am aware of their deep commitment with our patients, residents, and beneficiaries. The progress that we are presenting today and that we have achieved first and foremost come from them, and I would like to express my heartfelt gratitude to each and every one of them. I would also like to thank our shareholders. You supported this in-depth transformation, which is still ongoing. You've understood that to reconstruct a company takes time, and we feel obliged by your trust. Four years ago, my priority was to rebuild a company. Now, our responsibility has changed. It goes beyond that. We must now demonstrate sustainably that a company that supports the most fragile individuals can also be a company that performs, not despite the mission, but thanks to the mission. We have learned something crucial over the period. In our profession, there is no opposition between the humane and the economic. What we need to do is to do things properly and sustainably with commitment and responsibility. The quality of the support we provide, the engagement of our teams, and economic performance are not three different targets, three competing objectives. They are three expressions of the same project, and it's that consistency that forms the basis of our model and that will allow us to sustainably generate value for our patients, our residents, their families, for our teams of course, for our partners, and for our shareholders. We are well aware that much remains to be done, but we are aware that the foundations are now solid and it's with that trust and confidence that we are together engaging on the next step of the company's destiny. Thank you.
Thank you, Laurent. Dear shareholders, good morning. Thank you for being here today with us. As you will see in my presentation, the 2025 group performance was particularly encouraging at all levels. These results enable us to look to the future with confidence for the coming fiscal years as we continue to improve our operational and financial performance. There are five things to bear in mind for 2025. First, our turnover grew by 6.1% on a like-for-like basis, driven both by rising occupancy rates, on average plus two points over a year, but also through positive price effects. Then, thanks to effective control of operating costs, a significant operating margin, the EBITDA margin grew by plus 19.2% on a like-for-like basis and the EBITDA, excluding IFRS 16, increased by 58%. The net result is still negative minus 298 million euros, but it is improving plus 114 million euros over a year. Total cash flow is significantly improving with a free cash flow at 345 million euros. An increase by 600 million euros almost. And finally, our debt is now under control thanks to the property company creation. It has been reduced by 1 billion euros between 2024 and 2025. Now, if I delve into further details, our turnover plus 6.1% as organic growth. More than half of this growth is due to the rise in fares plus 3.3%, but also an increase in the occupancy rate of our facilities and the incremental rise of recently opened facilities. When looking at the geographic trend, all geographical areas are increasing with a strong performance outside of France and especially in northern Europe and southern Europe where organic growth was around plus 10% in 2025. When breaking down growth, you will see that care homes are improving by plus 8.1%, but our clinics increase has been plus 2.1%. Here you have an important slide. As you can see, the growth is plus 2.4 care homes and plus 1.4 clinics, but you can see that there is no sign of slowing down for this growth. Proof is the trend is quite positive. And the potential for future growth remains significant. What is important to note in 2025 is that this revenue growth has had a significant impact on our operating margin thanks to effective control on expenditure. Plus 259 million euros on our revenue, EBITDA increased by 135 million euros. So, more than half of the turnover was thus reflected in the operating margins, thereby significantly improving our profitability profile in our facilities. So, the EBITDA margin grew by plus 19% in 2025 and an EBITDA margin of plus 58%. Now, if we look at the breakdown of the regions, the margins was improved thanks to and driven by northern Europe, Germany, the Netherlands, and Belgium, but also by France. Because our profitability has improved in France and has contributed up to 40 million euros. All the regions in which we are present have improved their margin. The only stable area is Central Europe, but as you know, we disposed some of our assets in the Czech Republic and the organic growth is still positive also in Central Europe. Now, let's turn to our cash flow because this is key. The net current operating cash flow has improved by 175 million euros in spite of a slight increase in maintenance capital. This year we've decided to increase our maintenance capital because it's important to renovate our facilities and therefore improving their attractiveness. And this is a wish that we are reiterating for 2026. So, you will see our maintenance CapEx increasing. The recurring free cash flow, so after financial cost, has remained slightly negative in 2025, but it was positive on the second quarter after adjusting for one-off financial costs related to the refinancing operations. And the total free cash flow of the group has improved from minus 645 million euros to 347 million euros, driven by improved operational performance, as mentioned, and a significant volume of disposals completed in 2025. As I said, there were disposals activities in the Czech Republic, service care homes in France, and several real estate disposals in Europe. So, when looking at the past four years, as you can see on a quarterly basis, progress is indeed present. 2025 has been characterized by a significant improvement in your group's balance sheet structure. The net debt at the end of 2025 was at 4.4 billion euros. It was fully backed by a property portfolio with a net book value of 4.8 billion euros, but the appraised value of it amounted to 5.6 billion euros, thereby providing a solid foundation for our balance sheet structure. And as Laurent said, when including the property company that was closed on the 14th of January 2026, we will have a pro forma debt taking into account this property company creation, the debt reduced by 1 billion euros between 2024 and 2025. Another way to show how robust our financial position is is to look at the debt to income ratio, so the net debt and the EBITDA. So, an improvement of 50% of the EBITDA and a reduced debt, so there's a double effect on the debt to income ratio. It went from 19.5 times to 9.9 times in one year only. And as part of the renegotiation done with the banks, we are committed to make sure that the debt to income ratio continues to decline and be 6.5 times lower by 2029 and I'm hoping before. 2025 was also marked by a turning point for our balance sheet structure. We've also raised new funding, 3.15 billion euros in December last year. And the new debt repayment schedule has been renegotiated and by extending all maturities also helps to ease any financial pressures that may have been weighing on your group for 2026, 27, and 28 where the level of reimbursement is minimal. The three key elements improving operational profitability, significantly reducing debt, and refinancing the entire amount have helped us to exit the safeguard plan at the beginning of 2026. We are now in a position to calmly focus on continuing to improve the quality of care that we provide to our patients and residents on a daily basis and continuing to improve our operational and financial performance, which will undoubtedly follow as a result. I would like to conclude by telling you about the prospects. It is useful to confirm that the favorable trend that observed in 2025 has continued in the beginning of 2026 because in the first quarter the performance recorded was at plus 6.3%. So, we are on the same upward trend as last year. Driven by the same factors, prices or fares, occupancy rate, and recent facility openings. So, all of this clearly confirms that the recovery is well underway and is set to continue over the coming years. So, we've given guidance to the market for the next few years and our results in the first quarter make us confident. In the short run, we expect an EBITDA growth of plus 10% at least. And considering the increase at 19% in 2025, we should reach plus 15% between 2024 and 2026. And in the mid-term, between 2024 and 2028, we expect average increase of the EBITDA of plus 12 to plus 16%. So, now you know which project we are on. We are confident that the recovery we have been experiencing will continue to take shape. Thank you for listening.
Thank you very much to Jean-Marc Boursier. We will now listen to the non-financial report with Madame Mireille Faugère in charge of the ethics, quality, and CSR committee. I will give you this presentation.
Thank you, Guillaume. Dear shareholders, I am delighted on my behalf and on behalf of the ethics, quality, and CSR committee to present this report or the road map that the board has approved rather in 2024. This road map, as you can see on screen, naturally relies on the pillars mentioned earlier. There are four of them. And they are totally in line with the work that we do with the different stakeholders. For example, work with our employees, the care given to our residents and patients, will to be a local partner, and have a positive impact on the planet. So once we had defined these four pillars in line with our values, we defined three levels of ambition. First, be compliant. In other words, our commitments to do our job undeniably well. So and then there is a second level of commitment, stand out. We want to stand out to be different from others. We want our patients, our residents, our employees to be attracted by us. And thirdly, third level of commitment, take part in something that goes beyond the mere care of our patients. For each of these pillars, we have written down a few sentences. So, first you have the commitment for our teams. What does it mean to be compliant for our teams? Being compliant means being committed as part of a collective force recognized for its culture and its values as a responsible company. This is crucial for the teams. So, of course, we now have indicators on top of this sentence to show progress. The indicators that we have is the turnover rate, the rate of people being absent, and the frequency of work accidents. Having an acceptable rate means having people who are close to the patients. But, of course, there is a high level of turnover. Our goal is to reach 20% of turnover rate by 2030, whereas the rate was 33% in 2022. As you know, the level of absenteeism is quite high, 9.4% in 2022, and we want to reach 8% by 2030. And when it comes to work accidents, when Laurent joined the company, he said that he was astonished when looking at the work accident rate. And that is true. So, a thorough action plan was put in place. We would like to reach 20% by 2030 instead of 27 in 2022. This is what being compliant is all about. Standing out for our teams, it means offering a nurturing career path for our teams. We want employees to do their job well, but to have prospects as well. And possibilities to evolve. So, we have put in place indicators. You might have heard of them. Any kind of to measure the level of engagement of our employees. And it reflects the attractiveness and retention that we have. In 2025, this rate was at 60% and we are aiming for 70% by 2030. For employees who can benefit from a social package which was described in Laurent's and my program. And we're hoping that it will go from 88% in 2025 to 100% in 2025. Now, for our patients, residents, and recipients, what does it mean to be compliant and to stand out? Being compliant means guaranteeing care and support. So, the metrics are well-known. They are driven by a quality approach, a robust one, and in line with managerial goals. Laurent has mentioned it. We want to make sure that this is a reality in the field. Satisfaction, the satisfaction rate. It was at 90.1% in 2022. The target is 97% in 2030. The promotion rate. How did people come to us, and how will they recommend us? We're hoping that it will reach a 40 in 2030. It was at 21 in 2022. Our ambition is to strengthen a safety culture, especially for care. In other words, our employees need to be able to declare serious unfavorable events. It sounds like a paradox to say that we want to increase this rate, but it's not because in our jobs, we need to be transparent and report on serious events. The reporting rate was at 0.8% in 2022, and our goal is to reach 1.5% in 2030. And why does that matter? Is that when accidents or events are reported, an action plan is then implemented so that it never occurs again. And this transparency will continue thanks to this action culture. And of course, there are three important things: residents, families, and employees in care homes. And our level of ambition for reinforced dialogue with loved ones and patients. Because some residents cannot tell us how they feel. So, it's important to enter into a dialogue with their loved ones. So, our goal is for this reinforced dialogue rate to reach 100% in 2030. It was at 84% in 2023. In other words, we need to respond to or meet the needs of the different people and have an incremented care path. And the goal is to reach a care quality rate that is improved. And an interaction of patient interaction rate that is also improved. Interaction was quite good in 2024 at 90.3%. The goal is to reach 91.5% in 2030. And in our clinics, we want to develop specialties in psychiatry or other forms of care because it is expected from us. And our doctors are extremely talented and can meet these needs. On the third pillar for our local areas, what does it mean to be compliant? Because we want to be a recognized stakeholder and a respected one. And a stakeholder that respects the local communities. It is very important because it makes us well-known. So, what we are aiming for is that our facilities start being closer to local communities. In other words, developing intergenerational activity, opening our facilities with events. Or carrying out prevention actions locally. We were at 31% in 2023. And our ambition is to reach 95% by 2030. So, there is a huge step here, but we do think that facilities directors are extremely necessary. They are well-known stakeholders, but they need to now reach out beyond the borders of their facilities. We also have strong tool training for our employees and training on anti-corruption. The anti-corruption system. And of course, we want to reach all, well, 100% of the board members are trained, but we want for all engaged employees to be trained 85% by 2030. And we do have partners on our purchasing. So, we want strategic suppliers to sign charter of responsible procurement and reach 100% by 2030. We need to go even further. We need to have intergenerational actions. There we would like to have 80% of our establishments who developed intergenerational initiatives by 2030. And of course, we want our own employees to serve as ambassadors. They are the best ambassadors possible. We would like them to recommend EMEIS to have a recommendation rate of 70%. And then finally, the planet, the environment. Another pillar. We are
responsible players in terms of action on the planet. We want to keep our consumption under control, which is a very normal thing, of course, in order to preserve our resources. We are keen to avoid food waste, which is why we have set a target of reduction. And the first one that you see here on screen is the reduction of our energy consumption, which is absolutely understandable. Everyone should need to have objectives. And here it's in kilowatt hours per square meter and per year. That's how we calculate things in our facilities.
To truly make a difference for the planet is to work on biodiversity. Why biodiversity? Because it is consistent with the well-being of our residents. They can relate to that, as do the patients, as do the employees, and nature is one of the top partners of care. Our teams have developed an in-house label, Bio Feel Good. And this in-house label is expressed with petals. So, the first petal is an attainable and measurable objective, and petal three is a very high level target. And we have a target of 80% for petal three by 2030, which always brings us back to our employees being the best ambassadors. They must be informed about the company's CSR commitments. And we hope that by 2030, 70% of our employees will be aware of the Emeis Group's commitments. And they're only 50% in 2025, and it's a rate measured by our in-house tool. So, that was our road map. And now, over to Laurent Guillot, who is going to be telling you about the results for 2025.
Thank you, Mireille. Thank you for this reminder about our ambitions for 2030 that show how ambitious we are across all of these CSR pillars. Let me start with a few examples of our actions in 2025, which of course fit within the broader process engaged since 2022. Examples that are very representative of what we are trying to achieve. In 2025, of course, we continued our action in the field of training. We are a true learning company, teaching company. By the end of 2025, 1,200 managers, nurses, establishment heads, physicians received training in the first school of care management. 1,200 is three to four people per facility, which is huge and transforming the manner in which we manage care. In France, it's an important mission, and we are very much involved in that.
What we also did in 2025 is that we opened the first training center for Emeis apprentices, and it was deeply moving when the center opened to see a carer, age 60, who wanted to access to a more qualified position at her age. And it is not just the salary that is important, it's the qualification. So, we continue to deploy the IME's Emoi program, which now has all of the support systems. We launched the Eve program dedicated to our female talents. We received a number of accolades. If I look across all of our companies, but one which was particularly good was the gold accreditation that we obtained by Investors in Diversity in the Republic of Ireland. These long-term actions, the attention we pay to our employees, is starting to yield fruit.
The customer survey, or rather a satisfaction survey of our colleagues conducted, shows very positive results. And the first of which is that the response rate rose very sharply, 59% up 11% versus the previous edition, meaning that there is greater confidence within the company and greater ability to express one's satisfaction or dissatisfaction. And that helps us to work on pain points, on improvements, to further improve the satisfaction of our employees. As you know, the satisfaction of our colleagues is of course a prerequisite for the satisfaction of our residents and patients. So, across Europe, across France, most of these criteria have improved. Engagement rate, 63% up three points versus 2026 and seven points better than the benchmark of French companies. So, something that we've been aware of. We have colleagues who are very deeply engaged, but and we are further improving that engagement rate. 82% of the teams are satisfied and satisfied they feel sufficiently empowered. 77% think their job is interesting and has meaning, is meaningful. And that's an improvement, too.
Of course, another important aspect in parallel to that is the satisfaction of our patients, residents, and beneficiaries, which has continued to make progress. Mireille told you about this earlier, 92.5 in 2025. The overall rate, of course, up from 2022 to 2024. And our net promoter score is also up at 39 versus 34 and much lower in 2022. And when we look at these results in detail, they're making progress across all of our priority pillars, which are the decision-making criteria for people to decide to come along. Quality of care, of course, availability of the team, attention given to the residents and their expectations, presence and availability of carers, and time dedicated to care and hygiene on a day-to-day basis. And then, since 2022, of course, you know that we have focused on hospitality, which is at the heart of what we do because the quality of care and wellness also means personalized services and catering that is adapted to the nutrition, the dietary needs of our patients and residents in our care homes, in our other facilities. And last Friday, I attended a competition of chefs, a competition of recipes designed and created by the residents themselves, and that shows how our residents can be much more involved in their own life and much more empowered in the management of our establishments, and we shall be generalizing that across the country and internationally.
So the communities, the territories, as described by Mireille, the group is further strengthening its responsible procurement policy with CSR selection criteria for all of the group's 10 major tenders. We work in the community. This is very important for better integration and for the occupancy rate. The Mirabeau clinic in Aubagne, for instance, led a campaign for prevention against the noxious effects of laughing gas in connection with local NGOs of young people and the town hall. So that was just one example, but more globally, the group engaged in an experimentation across three major countries, including France, to analyze perceptions of our anchoring in the community by local stakeholders. The result of that investigation will help to draw some action plans to be deployed in 2027.
So, of course, in terms of the preservation of resources, which is very important to us, too, we have deployed a large number of initiatives. We continue deploying the eco gestures and waste sorting in the establishments and at head office. We are implementing projects with a much more immediate impact. You can see on that slide here, in 2025, we have an exchange site, a barter site called Emeis Troque in France, where between establishments, so that we can reuse products and buy them again, we managed to save around 100,000 euros by exchanging equipment between establishments. We also favor biodiversity with our therapeutic gardens, and notably in Italy and Spain, where we planted a micro forest in Belgium, and there we don't just do it for the planet, we also do it for our colleagues and our patients and residents, or sometimes for the schools nearby. So, that allows us to be more present in the community and to work in the interest of the planet and the environment, but also to the benefit of our residents. So, all of that is very concrete, very serious and committed, and anchored in our day-to-day work with our patients and residents, and that is what is the great strength of our CSR program, and we're delighted to see that this has been recognized by external institutions, by the French authorities. You can see here the assessment of the HS, the High Health Authority. You can see that 99% of our care homes in France are in categories A and B, which is far better than other operators and the average of private operators. So, of course, this needs to be further strengthened and we need to make sure that our leadership assists. We're also delighted to see that the non-financial ratings agencies, which of course had punished us in 2022, are acknowledging increasingly year on year the quality of the process that is underway. And this extremely responsible offer, a few years up, we're now above the average in our industry and we hope that our action plan, in fact, I have no doubt that we will continue to improve.
And then I couldn't finish this presentation without talking about a company with a mission. It was a transition that we implemented last year and since 2025, we created our mission committee animated by Didier Deboutin. Greetings to him and this committee with Didier is composed of two employees of the company, Chiara Sant'Antonio, who's in charge of a retirement home in Italy, and another person from France. You heard them talking last year in a presentation video. We added to that committee four independent members, Milanie Houard from Evidence Think Tank, Romain Ganneau from Silver Valley, Henri Bergeron, a professor at Sciences Po and CNRS, and Jean-Victor Blanc, a psychiatrist at the Paris hospitals. Sibylle Le Maire, who is a director and a member of the Ethics, Quality, and CSR Committee, also ensures a better communication between the Board of Directors and that committee. It has already met four times since September 2020. It's meeting again tomorrow, and it has looked at the statutory commitments and targets set and is continuing to monitor the actions with a number of KPIs that will be reviewed by the independent third-party body. And Didier will come and present the results of their work during the next general meeting. And I think now for a few moments we should listen to those who on a day-to-day basis are keeping this mission alive.
A year ago we became a company with a mission. Very important step after a profound transformation that mobilized all of our teams in all of our countries. Being a company with a mission is the logical pursuit of what we started working on for a number of years. It will allow us to go further because care is not just providing a medical response, but it also changing the manner in which we look into fragility. It's valuing our essential professions and creating a social links within the community. It's also taking the environment and living things into account because health, of course, depends on the world around us. It's a process that is self-evident because it goes hand in hand with a company's mission. And for that mission, our duty is to be humane, to be part of the community, and to define the future of these individuals. If we consider what Emeis does is to support the most fragile among us, that's a natural extension. It's very demanding, it's very robust and systemic. I think it's a very positive manner in which we can renew our commitment. It's a greater dimension that goes beyond the economic and really allows us to look into the future and our role in society. I think it's essential because it means that what we do has meaning. We provide service. It's a mission. And being in a company with a mission makes what we do even more meaningful.
Well, CSR, the mission, is pretty natural for Emeis. It's our core business. It's part of it. Emeis is a company with a mission. But first and foremost, we have teams, we have establishments, and we have regions where we have an impact. What has changed is the important focus on our actions, on what we do. The meaning. I think you can really feel within the institution that there are multiple examples, multiple little examples, although no example is minor. There's no radical change, but what is already infusing is a great many initiatives in the field driven by the employees themselves. And that will re-boost a momentum more largely.
I'd say that it's all reflected in the commitment of our team. There's an evolution that we need to pay attention to, an evolution of the up-and-coming generation which really wants to strengthen the bonds of society. So, we're a company with a mission in order to become a model and inspiration that will generate and lead by example for the future in the world of care and support for the most fragile individuals. Sustainability means that all of the company's employees, whoever they are, whatever level, should work together. Deploying this company with a mission means that we must listen to the employees from the lowest to the highest level. And that exchange of information will help to define a new policy. I think it can change people's vision of the sector and make our professions more attractive and more valued. I think the greatest reward would be for us to talk about Emeis beyond our pure expertise. The company with a mission is becoming incarnate. It helps us to question and review and challenge our practices, our role in the community, our link with the persons we support and the loved ones. It's a shared conviction that must become a reality in each and every one of our establishments, in what we do, in our communities, and this is just a start. It's a great adventure that we will be experiencing at Emeis in the years to come.
So, you can see a company with a mission, our colleagues are the ones who are the best at talking about it. At Emeis, be it a company with a mission, be it CSR, all of that is not just a compliment in addition to the company's core business. A company with a mission, our commitments to CSR are really at the heart of what we do and the manner in which we create value. Our commitments are fully integrated to our strategy because in what we do, economic performance cannot come without social, human, and environmental performance. That is the vision that is steering our transformation sustainably to the benefit of all of our stakeholders, the team, the patients, the residents, the beneficiaries, and of course, our shareholders. Many thanks.
Thank you very much, Mireille and Laurent. Before we can listen to your questions, there are two chapters. First, corporate governance and then the report of our auditors. So, let us discuss governance. First of all, the setup of the board of directors, unchanged since December 2023. 15 members, eight women, seven men. Two censors, three independent directors, and two female directors who represent employees. And the representative of the economic and social council takes part. Then, directors. They were highly assiduous, 91.6 attendance. The rate of participation in the committees also reflects their commitment. You have the figures up on the screen. We are also going to be putting forward the renewal of Longueuil as a director. Having said that, Longueuil is a CEO. Mandate to assist term of office is also renewed for the same period. Again, also the renewal of Audrey Girard as a representative of the Caisse des Dépôts, which holds 22.42% of shares, and her attendance is more than 90%. Renewal of the directorship of MS SSFE Banque et Caisse de Retraite, which holds 7.41% of the shares. Permanent representative Stéphane Des Erables, who attended 81-82% of the time, and Frédéric Mazella Conacci. Renewal as a director. Her attendance was 100%. The appointment of Mr. Olivier Dussopt, who's sitting here in the first row, as a director. If you were to approve this, the Board of Directors that will be held directly after this general meeting will suggest that Olivier Dussopt be appointed chairman of the Board of Directors. Olivier Dussopt was qualified as a non-independent director in view of his various positions within the Caisse des Dépôts et Consignations.
As for the compensation and benefits granted to the members of the board, the overall remuneration in 2025 was in the amount of 650,000 euros. In view of the large number of meetings of the board and of the committees, the amount received by each director had to be reduced in order to remain consistent with the overall budget approved of 650,000 euros. For the year 2026, we suggest that this amount be kept the same, namely 650,000 euros. Which brings us now to the compensation and benefits package for Laurent Guillot, our CEO, a fixed annual pay package of 760,000 euros, unchanged since he took up his position, a variable compensation of 970,000 euros with a target reached at 127.65% approved by the board upon recommendation from the committee of compensations and appointments. A long-term compensation in the form of 114,689 free shares under the 2025 plans that will be delivered after the general meeting of 2028 under conditions of presence and performance and benefits in kind of 1,134.09. This will be subjected to your approval, you as shareholders, as what is known in our jargon as exposed say-on-pay. For 2026, the compensation and benefits policy for our CEO has the following elements. The fixed compensation is unchanged. The variable remuneration of 100% if it is performed, a maximum of 150% and an LTI in the form of free shares value corresponding to 160% of the fixed compensation package if all targets are reached. And then a departure system that has not changed over the past few years. And Mr. Lauga does not receive any remuneration as a director. The variable annual remuneration for 2026, 40% for 60% for the financial targets that are here on the right hand over the screen and 40% for non-financial targets.
Which brings me to the remuneration of Jean-Marc Boursier, our deputy CEO, 600,000 fixed, variable at 100% of the fixed with a maximum of 150%. For the indicators, if there is outperformance and LTI in the form of free shares of value matching to 100% of the fixed compensation with conditions of performance and attendance. As for Laurent Guillot, the variable share for Jean-Marc Boursier will be calculated 60% based on financial objectives and 40% on non-financial objectives. The realization of the long-term performance share plan for both Mr. Guillot and Mr. Boursier are conditioned with performance targets. Again, 40% non-financial and 60% financial targets. And they are exactly the same as those that apply to all of the company's employees who benefit from it. I will now suggest that Mrs. Mika Brunel, who chairs the audit committee, to say a couple of words about the remuneration of the chairman of the board of directors. Mika, over to you.
Thank you, Guillaume. Ladies and gentlemen, greetings. A few words just to state the modalities of remuneration of the chairman of the board of your company for the year 2025. For the year 2025, Mr. Guillaume Bippy and chairman of the board of directors received a fixed annual remuneration of 260,000 euros gross, unchanged versus the previous year, and 51,692.41 euros gross as a director. For 2026, the remuneration policy for the chairman of the board remains unchanged versus 2025. It will affect Guillaume Bippy prorated for the duration of his position as chairman of the board for 2026 and would apply likewise to his successor. The compensation policy for 2026 is structured as follows: a fixed annual remuneration of 260,000 euros, a remuneration as a director compliant with the compensation policy presented previously, various benefits in kind in terms of insurance and health care. No exceptional annual variable remuneration, exceptional or long-term incentive plan for 2026. Thank you for your attention and back to Mr. Pepy.
Thank you very much, Mrs. Brunel. And I suggest that we now have the representative of the College of Auditors who will come and tell you about the financial report, Mr. Lemon. Over to you.
Thank you, chair. Dear shareholders, greetings. On behalf of the statutory auditors for your company, I would like to give you a summary of the reports that we have sent to you for the fiscal year of 2025 ending on the 31st of December. So, we've submitted seven reports, three on behalf of the ordinary general meeting, and a report on the consolidated accounts and yearly accounts of the company, and a report on regulated agreements. And we've also submitted four reports on behalf of the special general meeting. Of course, I will not read them all in full, but I will summarize them. So, we'll start with annual reports on the annual accounts and consolidated accounts in chapter six of the universal registration document. So, we've worked on a consolidated and yearly accounts, and the goal is to give you a reasonable reassurance that the accounts do not include any significant anomalies. We've presented our findings in April 2026. And the main findings looked at the cash of the group and the treatment of refinancing operations from December 2025. And secondly, the depreciation test of movable and immovable assets. And the current accounts. I'm on the next slide. Sorry about that. So, we confirm that we have examined the modalities judgment approved by management to assess all of this. And we've also taken into account the specificities of the Emeis Group in terms of business lines, regulation, and organization. And we have certified without any reservations the annual and consolidated accounts for 2025. Emeis is using a new accounting legislation, which has only had presentation impact. And we also confirm that we comply with the independence rules applicable to the statutory auditors profession.
On the next slide, our special report on regulatory agreements. It's on chapter four of the universal registration document. And there were no approved or concluded agreements in 2025. We mentioned in our report the existence of an approved convention for 2026. It is an amendment to an agreement that was approved in 2025 for your CA and the potential financial impact litigation affecting Laurent Guillot and former partnership agreements older than 2022. But apparently no convention or agreement was approved in 2025. On the next slide, for the special general meeting we've submitted different reports on authorizations to provide the board for capital related operations, especially to reduce capital. An ordinary issuing stocks and several movable or property values with the main maintenance or elimination of the preferred subscription rights. And on the last slide, for the second subsequent year, we have certified the non-financial information on sustainability. We've issued an approved on three findings. Compliance with ESRS sustainability standards and on double materiality. The compliance of published information is there. And you are also compliant with the green taxonomy. We haven't seen any anomalies, any omissions. And so our observation draws your attention on the unavailability of data on suppliers when it comes to business operations. Dear shareholders, chairman, thank you for listening.
Thank you very much, Mr. Lemon. Let's now turn to the dialogue phase of this meeting. I inform you that we haven't received any written questions for this general meeting, so we'll now give the floor to you if you wish to do so. Who's here with us? They have mics. But first, please introduce yourself when you take the floor and then ask your question and we will do all our best to provide a comprehensive and sincere responses. Who would like to take the floor? One, two, three. Okay, madam on the third row. And then someone at the back later.
Good morning. So, this is the first time I'm attending a general meeting. Thank you for being here. I just wanted to ask you one thing. You have disposed of 2.3 billions of assets. And I wondered why. What will happen if 2.3 billion? And then you've mentioned the Czech Republic. And as senior residences or care homes in France and a property if I'm not mistaken. To acquire a new cans. So, I'd like to know why. It might be written somewhere. I'm sorry if it's a silly question. But why did you dispose of care homes to buy others? It's a possibility, but why? And out of the 2.3 billion euros, 1 billion has helped to reduce our debt by 1 billion if I've followed well. So, there's a tiny bit more than 1 billion that could be used. So, could you please explain why? Could you explain this operation? Thank you. And a second question. I am aware that there was a litigation for minority shareholders. And it is still underway. Have you received some more information on this? Have you made provisions? And if the trial were to be completed, could you please elaborate on this?
Yes, two very clear questions. I will let Laurent Guillot answer them.
Good morning. On the 2.3 billion disposals, they occurred not only in 25, but over the course of 22 to 25. And as you remember, in 22, the company was in an extremely difficult financial situation. So, when we renegotiated with our creditors, we agreed on a certain number of disposals, and we went even beyond that goal. The goal was to strengthen our financial position. We haven't bought new care homes, but we have made targeted investments in countries where we are strong, for example, in the Netherlands, where we have built new facilities. So, we're using part of our cash, but it is minor compared to the 2.3 billion in disposals. And the goal of the disposals was to strengthen our financial position. And as you've seen it, our net debt over the EBITDA ratio is great, but well, better, but we need to continue to move forward from an operational point of view to reach the 6.1 percent ratio by 2029. When it comes to the litigation of minority shareholders, as you know, we've won quite a few trials against minority shareholders because they weren't aware of the change in regulation in 2021. And some of them sued us. Don't remember if there are still ongoing trials. But they put forward the exact same arguments. Law-abiding and so far we've won all of them. And no provisions. Yes.
Thank you. Sir, at the back.
Good morning, chair. I am an individual shareholder and I've got a few questions for you regarding our governance. In your board of directors, there are 27% of independent board members. That is very low and it will reach 20% with your departure and the arrival of Mr. Dussart. And you have two censors within the board of directors. Are they compensated as part of the 650,000 envelope or are they not compensated just like the board members representing the employees? And finally, I've got a question regarding the annual accounts because you haven't mentioned them. So, why is there a loss of 326 million euros in 2025? And after taking into account this loss, there should be a loss of 1 billion point 865 euros. So, what will be the impact?
So, that's three questions. I will answer the first two and Longyear will answer the third one. Regarding the role of censors, thank you for mentioning them because there are two censors. One of them is here with us. She is a recognized head of a department and especially helping people recover. And censors' role is crucial because these people have had long careers in the hospital universe and they take care of people who are being rehabilitated. So, their approach on the medical strategy on HR policy is extremely useful. And of course, their compensation is part of the 650,000 euro envelope. A 650,000 euro envelope, not 660,000. And the compensation of the censors is about half of the board of directors members. So, to be extremely accurate on your other question, in the pact that you can find in the universal registration document, a provision stating that in case of the non-renewal of the term of directors of one of the members, myself, the members of the group have the possibility to appoint as the chairman of the board of directors a non-independent chair, in that case Olivier Dussopt. So, this is provided for by the shareholders pact or shareholders agreement that is part of the universal registration document. And on the accounts, I will let Jean-Marc answer this question.
You do have detailed information on page 443, chapter 6.3 of the universal registration document. To answer your question objectively, the reading of the accounts is quite complex because we register the business of our care homes and not of the clinics because they're part of Clinéa, another branch. But what is included is all the corporate results and all funding. And the funding results at the headquarters or the parent company. And of course, we've written off certain current account operations. And after loss, you've mentioned an equities at MSSA at 1.892 billion euros. So, it's extremely positive. And why are they extremely positive? Because after the 2023 restructuring, we had included the write-off of a debt.
