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welcome to the clarion 2026 half-year results presentation for the first part of the conference call participants will be in listen only mode however during the questions and answer session participants are able to ask questions this can be done by dialing pound key 5 on their telephone keypad or by typing a question in the chat box now i will hand the conference over to the management team please go ahead thank you very much

Ladies and gentlemen, dear investors and financial partners, good afternoon and welcome to the Client Group's 2026 half-year result presentation. I'm Sophie Boissard, Chief Executive Officer of the Client Group, and together with Grégory Lovicki, the Group's Chief Financial Officer, I will present our results for the first half of 2026, the refinancing transaction we completed during the period, and our outlook for 2026 and 28. Let me start with the agenda. I will begin with the main highlights of the first half and the progress we made on our operational, financial, and non-financial priorities. Gregory will then take you through the income statement, cash flow, debt, and our own real estate portfolio. I will return for the final section on the drivers of our performance and, of course, on the outlook. Let me now start with the key highlights. The first half result reflects the sound execution of our roadmap and confirms the solidity of our fundamentals. The strong improvement in our operating performance, underpinned by the quality of our activities, the discipline in execution and the relevance of our model, place us in a very favorable position with regard to our medium-term objectives. Three messages stand out. First message, the group delivered a clear improvement in operating performance. As you see here on the slide, organic revenue growth reached 4.6%, supported by volume growth for 1.6%, and a pricing gain of 3%, with all activities and all geographies contributing. 16 EBDA rose by 14.9% on a pro-pharma basis, excluding disposals, and the margin increased by 90 basis points to 10.4%. OPCO EBDA grew by 25.1% on a pro-pharma basis, driving a 100 basis point margin increase to 6.2%. This reflects the first impacts of the various operational levels we are implementing, including higher volume on the existing network, a diligent case mix management, and several cost efficiency programs, which results in a positive price over cost effect. The second message, as you see here on the slide, we have further strengthened and simplified our balance sheet structure. Following the assignment of Moody's and SAP ratings, we regain access to the debt capital markets and issued more than 1 billion euro over the last six months. We have streamlined and strengthened our capital structure and we have also extended our debt maturity profile. we are now benefiting from a very strong liquidity position of more than 1.7 billion euro before the audience repayment that would happen in its september holco leverage as published stood at 4.9 times on a reported basis and gregory will explain later on how it translates in our balance sheet structure after repayment of the two hybrid bonds we had Third message, we confirm both our 2326 outlook and our 2528 medium-term plan outlook. The strong operating momentum achieved during the first half, together with the refinancing completed and the implementation of our corporate roadmap succeed together, gives us the means to execute our strategy with confidence. Let me now walk you through the key financials. I have already presented the main items of the P&L. I will therefore focus here only on the complementary cash flow, balance sheet and portfolio indicators shown on the right hand of the slide. As you see, operating cash flow increased by 8.3% to 144 million euros, reflecting the strong operating performance achieved during the period. Net financial debt, excluding IFRS 16 and IAS 17, stood at more than 3 billion euros at the end of June, down by 539 million euros compared with June 25. Net profit attributable to the group stood at minus 42 million euros and the post IFRS 16 at minus 48 million euros. These figures include 51 million euros in exceptional costs related to restructuring and disposal transaction we have executed over the last two years. Finally, the gross value of our real estate portfolio was 2.4 billion euros broadly stable, excluding perimeter effects, while net asset value increased by €19 million to €515 million versus December 2025. Let me now say a few words about the ESG milestones achieved in H1-26. The progress achieved on this dimension also reflect the central role of our mission commitments in clients' operating model is value creation and long-term resilience. I would like to highlight three dimensions. The first one refers to social dialogue and human resources. We have renewed the agreement establishing our European Company Committee for a further four years with unanimous support from the members and the EPSU Trade Union Federation. and we agreed with the workers representatives that we would work on an agreement at European level to further promote common occupational health and to prevent absenteeism and workplace accident. We have also decided to work with the workers representatives on artificial intelligence and how we can best roll it out in our operation. When it comes to HR, and to training and talent development, we have also continued to invest in leadership and internal development. We have launched a new program called OLM, Operational Leadership Masterclass, dedicated to regional directors, and we have already 40 participants among the group senior managers. The same program will be rolled out in Germany during the second half and also in Belgium. with the aim to reach the target of 75% of facility directors and operational leaders promoted from within by the end of 2026. In France, we initiated an innovative value sharing and incentive scheme called the Primes Opérationnelles de Progrès benefiting to all Proviant and INICEA facilities. This scheme is calculated at each facility level on a half-yearly basis and based on financial value creation beyond budget. Payment is of course conditional on mandatory quality of care indicators. Close to 50% of the facility could benefit from the incentive scheme over the first half and we aim to replicate the scheme across all the network in 2027. Let me now say a few words about quality of care and what we do in terms of medical research. Our medical teams have brought a strong contribution on research on healthy aging and prevention over the last half. They have contributed to 60 research projects with very well-known universities and hospitals, including 24 index publications, and we are very proud about it. on digital solutions in care, the benefits identified through the Karsfeld Experimentation, so a pilot project in Germany close to Munich, are now being rolled out more broadly. This includes, and will actually be deployed everywhere, AI supported for detection sensors to enhance patient safety, and also, and that is actually the most efficient, voice assisted care documentation that bring productivity gain for employees and also much more comfort in the daily routine. Last but not least, let me say a few words on the environmental side. We have carried out in 24 and 25 a vulnerability analysis that had identified already extreme heat, heavy rainfall and flooding as the main risk that potentially can affect our portfolio. And we have started to translate this work, this analysis into a climate adaptation plan for priority sites with the related operating and capital expenditures integrated in our financial planning. I would like also to mention what we do in the dimension of energy saving. We have signed and or are implementing nearly 100 energy performance contract in France that took place end of 2025. and we are continuing this effort across the whole portfolio across Europe with a view to further reducing our carbon footprint but globally our energy consumption. I would like now to say a few words about the very acute climate risk Europe is facing and that is of course also a critical dimension for Clariane network. This slide illustrates how our climate adaptation work, the one I just mentioned, translates into concrete operational preparedness beyond regulatory standards, of course, and into support for local communities. The various weather events currently affecting many regions across Europe provide a very concrete illustration of what our responsibility and capacity to act are about. In France, all the 260 Corian nursing homes naturally comply with the requirements that were introduced following the 2004 heat wave regulation. Each of our facilities has at least two air-conditioned areas supported by mobile cooling units, and we have also installed a hotline with our key suppliers so that they are able to carry out urgent repair within a target time frame of two to four hours. in terms of extreme heat condition. Beyond these measures, we have taken recently voluntary action by building and activating a dedicated internal heat wave response plan that we call Plan Bleu, Blue Plan, across the network. Our plan reinforces the monitoring of resident and patient and the coordination of health, technical and human resources team. We have put in place a dedicated crisis unit at group level which coordinates on a daily basis the response within each country. This dedicated crisis unit will remain in place all along the summer. We are also making strong contribution to the communities around our facilities as our teams have been doing in Bordeaux over the last days by rescuing and hosting over 100 people that had to flee areas affected by the wildfires. And the same happened also in the Madrid community. I would like to warmly thank all our employees for their daily commitment. Their responsiveness, their professionalism, their dedication remain the group's greatest strengths. Let me now comment how we regain access to debt capital markets. The ratings assigned in February B plus by S&P and B2 by Moody's have confirmed our access to debt capital markets and evidence the strength of the group's fundamentals. The three in a row refinancing transactions completed during the first half provide a solid foundation for the execution of our medium term plan. In total, More than €1 billion was issued in demanding market conditions and with solid subscription rates. The outcome is a simpler capital structure, a debt maturity profile largely extended beyond 2030, and greater visibility for the implementation of our business model, with a clear focus on three priorities that are reflected here. First priority, we will continue to fully leverage our existing capacities via an embedded growth representing roughly 7,000 beds in the nursing home segment and via continuing developing patient activity in specialty care and enrich the service offering. The second priority is the pursuance of CAPEX-like development for disciplined capital allocation and with the maintain of strict selectivity for Greenville projects. Last but not least, this is the third priority, we will continue actively managing the pricing and case mix to nurture positive price over cost effect benefiting here from our balance regulation profile between private pay resources and public funding, which represent each roughly 50% of our revenue. This combination of profitable and embedded organic growth, disciplined capital allocation, and active management of the pricing and case mix is the basis of our 2025-2028 plan. Let me now say a few words about the operational roadmap we have designed to deliver on the plan. Here you see the operating priorities that form a clear operational roadmap supporting our Succeed Together plan and are directly linked to the public health needs identified in each region. So here in the blue column, you see what we are focusing on for the long-term care activities. Namely, supporting the increasing care intensity in complexity within our facilities. We see that increasingly month after month. We are also working closely hand in hand with local hospitals, which are becoming our closest partners in care pathway for nursing homes. And last but not least, we are developing new support solution for relatives, for family helpers, including respite and short stage solution which are offered in all our nursing homes across Europe. In the green line, you see what are our priorities for specialty care activities, namely promoting mixed rehabilitation pathways, combining inpatient and outpatient care in all clinics. In addition, we are transforming our post-acute clinics into integrated geriatric platforms that can support aging population in the local communities. That is, of course, a critical need everywhere. And last but not least, we are also developing on top specialized pathway in coordination with payer and local public agencies to cover segments such as addiction, mood disorders, neurological disease, and oncology. Across both segments, Digital NNI enabled solution supports not only quality consistency, but also the efficiency of our services and at the end of the day contribute to margin improvement. This combination of levers are central to the better support efficiency program. I will now hand over to Grégory, which will take you through the income statement, cash flow debt, and real estate portfolio in greater detail. Grégory, the floor is yours.

Thank you, Sophie. Good afternoon, ladies and gentlemen. I will begin with the group's revenue performance in the first half. As Sophie indicated, claims consolidated revenues to that €2,699,000,000, up 1.6% on a reported basis and 4.6% on an organic basis. all activities and all geographical areas contributed to organic growth. By activity, long-term care, which accounts for 75% of group revenue, grew by 5% organically. Medicalized nursing homes increased by 4.9%, supported by higher occupancy and pricing, while alternative living solutions increased by 5.7% organically. Specialty care, which accounts for 25% of revenue, grew by 3.2% organically. Specialty and post-acute care increased by 1.9%, driven by higher volumes, particularly in outpatient care and an improvement in case mix. Mental health grew by 6.6%, supported by the development of the network, particularly in Spain. Looking at the geographical breakdown, Germany delivered organic growth of 7.2%, Belgium and the Netherlands 5.9%, Italy 3%, and Spain 15.5%. France grew by 1.7% organically. In long-term care, growth was primarily volume-driven, with average occupancy rate in medicalized nursing homes increasing by 1.1 percentage points, while price increases remain limited in the country. Specialty care continued to recover, supported by higher outpatient volumes and the favorable impact of case-mix improvements implemented during 2025. Adjusting the comparison basis for the exceptional SMA-related effects recorded in the first half of 2025, organic growth would have been at 4.3% on the segment of specialty care in France, out of which two thirds are coming from price effects. The difference between reported and organic growth mainly reflects the disposal completed in 2025 as part of the plan to strengthen the group's financial position. Let us now look at the revenue bridge. We start with reported revenue of €2,656,000,000 in the first half of 2025. Disposal plan and perimeter effects represent a negative €90,000,000 or 3.5%. Organic growth was driven by volumes and by price and case mix. Volumes contributed €41 million of 1.6%. Long-term care accounted for €36 million of this increase, mainly through higher occupancy in medicalised nursing homes, particularly in Belgium and the Netherlands. Specialty care contributed €5 million, reflecting higher activity, including outpatient care, mainly in France and Spain. price and case mix contributed 77 million euros of 3%. In long-term care, the effect was 61 million euros led by Germany with positive contributions from France, Belgium, Netherlands, Spain, and Italy. Specialty care contributed 16 million euros with positive effects in France, Italy, and Spain. As a reminder, other effects contributed a positive 16 million euros as H125 was affected by the starting point for the tariff reform of SMR specialty care in France. In total, reported revenue increased by 1.6% and organic revenue by 4.6%. Taken together, volume, price, case mix, and other effects largely offset the planned reduction in perimeter. Turning to occupancy, the positive trajectory in medicalized nursing homes continues throughout the first half. The average occupancy rate reached 91.7%, compared with 90.5% in the first half of 2025, an increase of 1.2 percentage points. Based on beds actually available for occupancy, excluding around 400 beds temporarily unavailable due to renovation or maintenance work, the occupancy rate was 92.3%. The improvement was broad-based across the group, confirming the additional growth potential embedded in the existing network. I will now turn to the EBTA bridge, Pre-EFR 60. Published EBTA for the first half of 25 was 263 million euros. The scope effect related to the disposal plan and the closure of a small number of underperforming facilities was negative 19 million euros. This gives a pro forma comparison base of 243 million euros with a margin of 9.5%. Volumes contributed a positive €10 million. Contribution was slightly positive across the geographies and reflects the increase in occupancy and activity. The net price effect was positive €27 million. Price and tariff increases contributed €77 million across all geographies led by Germany. Cost inflation represented €50 million, mainly in France and Germany. On this basis, EFI 16 reached 280 million euros up 14.9% on a pro forma basis excluding disposals and 6.5% on a reported basis. The margin increased to 10.4% compared with 9.5% on a pro forma basis in the first half of 2025. This improvement reflects higher volumes, good control of operating costs active case mismanagement and the adaptation to the new pricing framework for SMR activities in France. OPCO EBTA reached €168 million, up 25.1% on a pro forma basis and 13% on a reported basis. The OPCO EBTA margin increased to 6.2% from 5.2%. This performance illustrates the strength of our operating model. Organic revenue growth of 4.6% translated into a 15% increase in pre-FRS16 EBTA and a 25% increase in OPCO EBTA, supported by the positive price-over-cost effect and the operational improvements, primarily in Germany and specialty care in France. This slide places the first-half performance in the context of the trajectory since 2023. H1 EBTA margin, excluding real estate development, reached 10.4% in the first half of 26. This represents an improvement of around 100 basis points compared with the first half of 2023 on a pro forma basis. Now, looking at H2 versus H1, over the past three years, seasonality has consistently driven a sequential improvement in the pre-FSI 16A BDA margin in the second half, ranging from 100 to 220 basis points compared with the first half. Let us now move to cash flow and debt. Operating cash flow increased to €144 million in the first half of 26 compared with €133 million in the same period last year, primarily driven by €70 million increase in EBITDA and €11 million improvement in non-cash and other items before taking into account the working capital and investment effects. Working capital requirements shows a temporary and limited deterioration of 9 million euros and maintenance and IT investments increased to 57 million euros from 50 million euros. Financial expenses and taxes paid amount to 124 million euros compared with 110 million euros in the first half of 2025. The increase mainly reflects the full first-half impact of the 500 million euro bond issued in June 2025 and, to a lesser extent, the high-yield bond issued in April 2026. This was partially offset by the repayment of the revolving credit facility. Operating free cash flows stood at €20 million, compared with €23 million last year. Development investments remained tightly controlled at €46 million, compared with €48 million. Further financial investments contributed to a positive €22 million, compared with a negative €23 million in the first half of 2025. As a result, net free cash flow after CAPEX improved significantly by €44 million, from a negative 48 million euros to close to breakeven. This is consistent with our ambition to turn cash flow positive from 2026 on. After coupon payments, real estate transactions, and the financing operations completed during the period, net debt decreased by 49 million euros, including ES17, and by 35 million euros, excluding ES17. The full year cash benefit of around 40 million euros from refinancing the sterling hybrid at a lower cost of funding is therefore only partially reflected in the first half cash flow. The first half was marked by three successful bond transactions totaling 1 billion and 63 million euros. Following the assignment of a B plus rating by S&P and a B2 rating by Moody's, clients gained access to a broader range of financing options, including the high yield market. These repeated transactions enabled the group to extend its maturity profile simplifies its capital structure and secures additional liquidity. Per transaction was a 500 million euro inaugural high-yield senior unsecured bond issued on 10th of April maturing in 2031 and bearing a coupon of 6.875%. The proceeds together with available cash are being used to refinance the Schultzstein maturing in 26 and 27 and the remaining euro pp bond maturing in 28. The 40.8 million euro euro pp originally due in 2027 was repaid early on 25 October. The second transaction was issued on 28 April of 230 million euros of additional high-yield senior and secure notes tangible with the initial 500 million euro issuance and forming a single series maturing in 2031. The proceeds enabled us to redeem the 200 million euro pawn sterling perpetual green hybrid bonds on 15 June. The transaction improves cash generation by around 14 million euros a full year basis. Third transaction was the 333 million euros deeply subordinated and dated hybrid bond issued on 23rd of June with a fixed coupon of 7.875% for the first three years. The proceeds will be used to redeem the Odiernan by 8th of September and avoid the application of the coupon separate clause. Once the corresponding repayments have been completed, the straight transaction will extend the maturity profile, streamline the capital structure, and improve cash generation by approximately 27 million euros on a full-year basis. For financing, the sterling hybrid with senior debt mechanically increased volco leverage by approximately 0.4 times from 5.1 times reported to 5.5 times pro forma on the end 2025 reference base. The June hybrid issue retains equity treatment under IFRS and is neutral for leverage once its proceeds have been used to redeem the audience. Following the assignment of our S&P and Moody's ratings, we are also beginning to benefit from our position as a repeat issuer in the debt capital markets with greater investor familiarity, supporting broader access, and more efficient execution. This slide now shows the effect of the refinancing transactions on the group's maturity profile. On a reported basis, the proceeds are temporarily held in cash while the relevant instruments are repaid either on maturity or ahead of schedule. The 2031 senior notes would refinance the Schulzstein maturities in 26 and 27 and the remaining Euro-PP bond maturing in 28. The 2027 Euro-PP has already been repaid early. After the plan use of proceeds, the corporate debt profile is significantly simpler with fewer debt instruments and main maturities pushed to 2030 and 2031. It is also worth noting that our factoring arrangements are diversified across two separate revolving facilities provided by two different banking partners. Overall, the real estate debt profile remains well spread over time. This combination reduces short-term refinancing risk and support the group's policy of anticipating refinancing 12 to 18 months before maturity. The balance sheet trajectory continues to improve. Net financial debt stood at 3 billion and 20 million euros at the end of June, compared with 3 billion, 559 million euros one year earlier. This represents a reduction of 539 million euros. Gross borrowings and financial debt were €4,431,000,000. Cash and cash equivalents stood at €1,411,000,000. Together with the undrawn revolving credit facility of €325,000,000, reported liquidity reached a solid €1,736,000,000. The sound level of liquidity includes the €333,000,000 proceeds from the hybrid issue, which were still held in cash, at 13th of June and are expected to be allocated to the redemption of the outstanding amounts under the Odiernan. Reported World Co-Leverage through that 4.9 times, including the temporary €333 million hybrid proceeds held in cash, Proforma for the use of those proceeds to redeem the Odiernan, World Co-Leverage through that 5.4 times. On a comparable Proforma basis, this compares with the 5.6 times at the end of June 25. Compared with December 25, net debt was broadly stable, while EBITDA increased strongly, supporting the improvement in leverage. At constant financial structure, neutralizing the mechanical effect of refinancing the sterling hybrid with senior debt, world co-leverage stood at 5.1 times. The trajectory since 2023 remains clear. World co-leverage has decreased substantially, supported by the completion of the plan to improve the capital structure, Improved Operating Performance, Discipline in Capital Allocation, as well as Cash Management and Active Debt Management. I will conclude my section with the Home Real Estate Portfolio. Please note that as of June 2026, Portfolio is appraised by CBRE, replacing Cashman and Wakefield as the Group's External Real Estate Valuer. The growth asset value of the Group's Real Estate Portfolio stood at $2.4 billion, 428 million euros at 30th of June 26 compared with a 2 billion 456 million euros on a pro forma basis excluding disposal last year. The 28 million euros decrease reflects three main effects. First, indexation contributed a positive 23 million euros. Then, investments made during the period contributed 9 million euros. And then, these two positive effects were offset by the 60 million euros impact from the limited increase in the average capitalization rate to 6.6% compared with the 6.44% one year earlier. Real estate debt decreased to 1,389,000,000 euros on 1,494,000,000 euros at the end of June 25 after a restatement of IGV financial receivables. This decrease resulted from disposal of real estate assets over the past 12 months and the amortization of part of this debt. The loan-to-value ratio was stable at 57%. Net asset value increased to €515 million, compared with an adjusted €496 million at the end of December 2025, so an increase of €19 million. Portfolio therefore remains broadly stable in value excluding perimeter effects, while the reduction in real estate debt supports an increase in the net assets value. Taken together, the delivering trajectory, the resilience of our real estate value, and the free cash flow not close to breakeven, these results confirm that Clarion Financial Foundations are being rebuilt on a solid ground. I will now hand back to Sophie for the outlook.