EarningsQ2 2026 Earnings Report
MX:ORPN Q2 2026 EPS Results
Actual EPS-$5.11
Consensus EPS―
Beat/Miss―
One Year Ago EPS-$17.44
MX:ORPN Q2 2026 Revenue Results
Actual Revenue$61.55B
Expected Revenue$31.07B
Beat/MissBeat by +$30.48B
YoY Revenue Growth+3.55%
Earnings Announcement Details
QuarterQ2 2026
Date07/29/2026
TimeDuring Market Hours
Conference CallWednesday, July 29, 2026
MX:ORPN Upcoming Earnings
Orpea SA's next earnings date is estimated for May 7, 2027, based on past reporting schedules.
Q2 2026 Earnings Call Audio
No earnings call audio is available for this earnings event.
Q2 2026 Earnings Slide Deck
No slide deck is available for this earnings event.
Q2 2026 Earnings Call Summary
Earnings Call Sentiment|Positive
The call conveyed a clear recovery trajectory: strong organic revenue growth (6%), meaningful occupancy gains (+~2.8 pts), significant margin expansion and large improvements in leverage (net debt reduced by ~EUR 566m and leverage down to 8.7x). Management upgraded FY guidance and outlined a credible operational program (Boost) that should drive further OpEx reductions. Offsetting these positives are remaining structural issues: the group is still reporting a negative net result (EUR -40m), cash flow was hit by one-off normalization items (working capital + EUR 94m and nonrecurring settlements ~EUR 164m), maintenance CapEx and inflation pose medium-term pressures, and net debt remains substantial. Overall, positives (revenue/margin improvement, guidance upgrade, balance sheet progress and operational levers) materially outweigh the lowlights, but the company still faces important operational and cash conversion tasks to fully normalize profitability and reduce leverage to covenant levels.Company Guidance
Revenue Growth
Like-for-like revenue grew 6% in H1 2026 (organic), driven by improved occupancy and favorable pricing; revenue increased by approximately EUR 103m year-on-year and was +3.5% on a current basis (impacted by disposals and IFRS 5 treatment of LatAm).
Occupancy Improvement
Average occupancy rose ~2.8 percentage points year-on-year, now above 90% in Q2 and over 91% in H1 in mature markets; nursing homes occupancy +2.9 pts to 89.4%; Germany +3.4 pts and France +380 bps.
Margin Expansion and Profitability
EBITDA (ex IFRS 16) reached EUR 228m and was up 46% like-for-like; EBITDA margin (ex IFRS 16) rose to 7.6% (+2.2 pts) and overall EBITDA margin reached 15.8% (+2 pts); EBIT grew 83% to EUR 187m with a margin of 6.2% (vs 3.5% prior year).
Net Income Trend
Net income remains negative at EUR -40m but improved materially by EUR 97m year-on-year, indicating a strong trajectory toward profitability.
Balance Sheet and Leverage Progress
Net debt decreased by ~EUR 566m since the start of the year to EUR 3.9bn (pre-IFRS); net debt-to-EBITDA improved to 8.7x (from 15.4x a year ago and 11.8x at end-December); average debt maturity ~5 years, cash position ~EUR 601m and 85% of debt hedged/fixed.
Guidance Upgrade and Midterm Outlook
FY2026 guidance raised: now expect EBITDAR (like-for-like) growth of 12%-14% (previously slightly >10%); midterm EBITDA CAGR target for 2024–2028 of 12%-16%.
Operational Efficiency Program (Boost)
Boost program targets ~2% annual OpEx reduction on an OpEx base of ~EUR 400m over the next 3 years through measures such as consolidated pharmacies, laundry renegotiation and equipment standardization; initial results are encouraging and being rolled out beyond France.
Real Estate and Disposal Progress
Disposal program largely achieved/exceeded (Isemia transaction EUR 761m accounted as capital contribution); H1 disposals ~EUR 114m with further EUR 156m expected; PropCo sale-and-leaseback transactions achieved yields below 5% and generated higher PropCo disposal profit (EUR 23m vs EUR 5m prior year).
Staff Cost and Operational Improvements
Staff cost ratio reduced through productivity measures and headcount optimization (temporary worker usage falling); company expects continued progress and cites lower turnover (example: June turnover in France ~15% vs >33% several years ago).
MX:ORPN Earnings History
The table shows recent earnings report dates and whether the forecast was beat or missed. See the change in forecast and EPS from the previous year.
Beat
Missed