Claranova (CLA) investor relations material

Executive summary

• Revenue for H1 2025-2026 was €49m, down 19% year-over-year, mainly due to negative currency effects and the sale of non-core US activities, partially offset by growth in the Document (PDF) segment.

• EBITDA reached €10m, a 9% decrease, but the EBITDA margin improved to 20.6% from 18.4% last year, reflecting cost control and business model transformation.

• Net income from continuing operations turned positive at €2.3m, reversing a €6m loss in the prior year.

• Net debt reduced to €44m from €57m year-over-year, with strengthened equity and improved financial structure.

• Strategic focus shifted to core SaaS-based and B2B software segments, especially Intelligent Document solutions, driving recurring revenue to 80%.

Financial highlights

• Revenue declined to €49m from €60m year-over-year, mainly due to currency and scope effects.

• EBITDA margin rose by 2.2 points to 20.6%, reflecting cost control and improved profitability.

• Net financial result improved by €5m, with finance costs down 65% to €3m.

• Operating cash flow from continuing operations increased slightly to €10.2m.

• Cash and cash equivalents at €6.8m as of December 2025, up from €5.6m at June.

Outlook and guidance

• Gradual revenue growth expected, with EBITDA margin targeted at 23–25% and near-zero net leverage by 2028.

• Ongoing refinancing discussions for Cheyne Capital debt, aiming for improved terms before June 2026.

• Increased investment in customer acquisition, B2B partnerships, and AI-driven product enhancements, especially in the Document (PDF) segment.