消费方面。春节时餐饮旅游热闹一阵，节后很快就回归平常。但跟以往不同，消费会更理性务实，不再盲目追风。政策上九部门推乐购新春方案，重点以旧 换新补贴返券有奖发票啥的。家电汽车手机大件有针对性支持，绿色产品优先。人们花钱会多想想是不是真需要，而不是跟风买面子货。消费从报复式转向 精打细算，这是个提醒，得注重性价比和实用。 先说就业这块儿。春节过后，大家最操心的就是活儿好找不。数据显示2025年城镇就业稳住了，但稳不等于容易。毕业生人数又涨了，竞争加剧。各地春风 行动提供岗位不少，但结构变了。简单岗位卷得厉害，工资低加班多。 相反，技能型岗位缺人，薪资上浮。人社部计划五大培训行动，针对青年农民工低空经济新能源人工智能等领域。这表明就业从数量导向转到技能导向。普 通人得明白，光会吃苦不够，得有真本事才站得住脚。 不少人觉得预测这事儿挺神秘的，但其实靠谱的判断往往来自于数据和政策走向。把近几年公开信息和机构分析往前推，就能看到一些趋势。结合权威来源 对2026年的看法，如果没啥大意外，春节后国内经济生活可能会出现几个现实变化，跟工作收入房子养老啥的都沾边。 政策五大培训行动盖青年农民工。技能岗位需求旺薪资升。社区服务扩 ...

Core Insights - The Clariane Group reported consolidated revenue of €3,976 million as of 30 September 2025, reflecting a +4.9% increase on an organic basis and +1.1% on a reported basis, influenced by disposals made in 2024 and 2025 [10][11][33] - The Group's financial position has strengthened significantly, aided by a €1 billion disposal program and a bond refinancing that increased from €400 million to €500 million [3][36] - The Group confirmed its organic revenue growth target of around +5% and aims to maintain a wholeco financial leverage ratio of less than 5.5x [34][36] Revenue Performance - Revenue growth was observed across all activities and regions, with notable contributions from Germany (+8.2% organic growth) and Belgium and the Netherlands (+5.1% organic growth) [19][20] - France experienced a decline in reported revenue (-1.7%) but saw organic growth of +3.4% [15] - The Community Care segment grew by +17.4% organically, while Long-term Care and Specialty Care segments reported organic growth of +2.8% and +2.9%, respectively [18][30][31] Operational Metrics - The average occupancy rate for nursing homes improved to 90.8% for the first nine months of 2025, up from 90.2% in the same period of 2024 [3][30] - The Group operates a network of 1,233 facilities, maintaining over 90,000 beds, despite the closure and restructuring of some facilities [12][13] Financial Outlook - EBITDA, pre-IFRS 16 and pro forma for disposals, is expected to grow around +10% in the second half of 2025 compared to the previous year, with a projected EBITDA margin of around 12% [36][37] - The Group anticipates continued volume growth and the full effect of price increases, particularly in Germany, contributing to improved financial performance [35][36] Strategic Initiatives - The Group is focused on enhancing its operating margin and adapting to new market and regulatory conditions, particularly in France and Germany [4][33] - The completion of the disposal plan is expected to further strengthen the Group's financial position and operational efficiency [33][34]

Core Viewpoint - The company successfully completed a €1.5 billion plan to strengthen its financial position six months ahead of schedule, significantly improving its balance sheet and regaining normal access to the debt market [6][8][42]. Financial Performance - Revenue for the first half of 2025 was €2,656 million, reflecting a reported growth of 0.8% and an organic growth of 4.8% [17][7]. - EBITDAR pre-IFRS 16 was €546 million, stable compared to the first half of 2024, while EBITDA pre-IFRS 16 decreased to €263 million, down 4.1% [21][22]. - The net loss for the Group share pre-IFRS 16 was €47 million, compared to a loss of €28 million in the first half of 2024 [28][29]. Debt and Leverage - Net debt decreased by €212 million to €3,559 million as of 30 June 2025, resulting in a Wholeco leverage ratio of 5.6x [37][41]. - The company successfully issued €400 million of unsecured bonds, which were over three times oversubscribed, and amended its syndicated loan facility [46][44]. Operational Highlights - The Long-Term Care business showed good momentum with an occupancy rate exceeding 91% by the end of July 2025 [9]. - The company faced challenges in France due to the introduction of a new pricing structure for medical services, which negatively impacted financial performance in the first half [10][11]. Future Outlook - For 2025, the company expects organic revenue growth of around 5% and aims for EBITDA growth of 6-9% pre-IFRS 16 [50][52]. - The Wholeco leverage ratio is projected to fall below 5.5x by the end of 2025, with continued focus on improving cash flow generation and reducing debt levels [50][52].