Core Insights - Long-term care costs, particularly for nursing homes, can significantly deplete retirement savings, with the national average cost for a semi-private room exceeding $94,000 per year [3] - Medicare offers limited coverage for nursing home stays, primarily for short-term rehabilitation, while Medicaid serves as a primary payer for long-term care, subject to strict financial eligibility criteria [4][3] - Medicaid eligibility is determined by income and asset limits, with individuals typically allowed no more than $2,000 in countable assets, and married couples having different asset retention rules [4][6] Medicaid Eligibility and Planning - Medicaid is a means-tested program, requiring individuals to meet specific income and asset thresholds to qualify for nursing home coverage [4][6] - Asset transfers to trusts or other entities can be strategies to qualify for Medicaid, but a five-year lookback period applies, scrutinizing any transfers made within that timeframe [7][8] - Proper planning, including the use of special trusts, home equity transfers, and annuities, can help protect assets from Medicaid spend-down requirements [8][9] Financial Advisory Role - Engaging a financial advisor is recommended for individuals planning for long-term care expenses, as they can provide guidance on eligibility strategies and asset protection [2][4][9]

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 Insights - Extendicare Inc. reported strong results for Q1 2025, driven by growth across all business segments and positive operating performance [4][9] - The company is actively pursuing growth initiatives, including the acquisition of Closing the Gap and the purchase of nine LTC homes from Revera [4][7] Financial Performance - Adjusted EBITDA increased by $8.7 million or 42.7% to $29.0 million, reflecting improvements across all business segments [9] - Revenue for Q1 2025 was $374.7 million, an increase of $7.6 million compared to Q1 2024, with a 5.8% increase when excluding out-of-period funding [16] - Net earnings rose by $1.9 million to $15.0 million, largely due to the increase in Adjusted EBITDA [16] Business Segment Performance - Long-term care revenue decreased by $8.7 million to $197.8 million, but improved when excluding out-of-period funding [14] - Home health care revenue increased by $14.7 million to $158.3 million, driven by an 8.9% increase in average daily volume [19][17] - Managed services revenue rose by $1.6 million or 9.2% to $18.6 million, attributed to growth in SGP clients [22] Strategic Developments - The company completed the sale of three LTC homes under construction for net cash proceeds of $56.3 million, resulting in an estimated gain of $11.1 million [6] - Extendicare is on track to finalize the acquisition of nine LTC homes from Revera, expected to close in Q2 2025 [7] Operational Metrics - LTC average occupancy remained stable at 97.5% [13] - Home health care average daily volume reached 31,603, an increase of 8.9% from Q1 2024 [17] Financial Position - As of March 31, 2025, Extendicare had cash and cash equivalents of $109.5 million, with access to an additional $108.5 million under its credit facility [23] - AFFO increased to $19.8 million ($0.235 per basic share) from $17.6 million ($0.210 per basic share) [16]