Clariane - comment

A couple of takeaways from the Emeis (Orpea) numbers this morning relevant to Clariane.  Price increases will likely be more subdued in FY25 across the portfolio with inflationary pressures softening.  Secondly, property valuations are starting to rebound with higher occupancy rates resulting in increasing appetite in the healthcare real estate market. 

Specifically for Emeis, occupancy rates have improved by 2pts (and adjusting for recently opened sites, nearly 4pts) with the resulting EBITDA and EBITDAR improvements highlighting the operational leverage these businesses operate with.  Occupancy rates are lower at Emeis, even adjusting for H2 improvements, so we would not expect similar improvements at Clariane.