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Clariane
Clariane (CLARI) investor relations material
Clariane Q4 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q4 2025 earnings summary27 Feb, 2026
Executive summary
Achieved solid operating performance in 2025, with organic revenue growth of 4.5% to €5.31 billion, driven by balanced volume and price contributions across all geographies and activities.
Successfully completed a €1 billion asset disposal program at a 14x EBITDA multiple, reducing net financial debt by €390 million and Wholeco leverage to 5.1x.
Restored access to financing, including a €500 million bond issue, extension of credit facilities, and inaugural B+/B2 corporate ratings.
Net profit returned to positive territory at €36 million pre-IFRS 16, compared to a €55 million loss in 2024.
Exceeded non-financial targets, including ESG objectives, employee engagement, and Top Employer certification.
Financial highlights
Revenue reached €5.31 billion, up 4.5% organically year-over-year; EBITDA (pre-IFRS 16) was €594 million, up 3.1% pro forma.
EBITDA margin (pre-IFRS 16) stable at 11.2%, with H2 margin improving to 12.5%.
Operating free cash flow rose 46% to €267 million, supporting debt reduction.
Net financial debt decreased to €3.1 billion; HoldCo/Wholeco leverage reduced to 5.1x from 5.8x in 2024.
Real estate portfolio valued at €2.5 billion, loan-to-value ratio stable at 58%.
Outlook and guidance
2023–2026: average organic revenue growth of ~5% per year, EBITDA margin improvement of 100–150 bps, and HoldCo leverage below 5x by end-2026.
2025–2028: average annual revenue growth of ~4%, EBITDA growth of 7–9%, OpCo EBITDA growth of 11–14%, and Wholeco leverage around 4.5% by end-2028.
No dividend distribution planned in the medium term due to leverage covenants; external growth or M&A only if leverage targets are met.
How will Clariane achieve 4.5x leverage by 2028?
Detail the impact of French tariff anomalies on 2025.
Explain the rationale for Clariane's new activity segmentation.
How will hybrid refinancing be addressed?
Quantify Better support program's EBITDA impact
Outpatient expansion: revenue and margin impact?
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Next Clariane earnings date
Q1 2026 TU23 Apr, 2026
Clariane
Next Clariane earnings date
Q1 2026 TU23 Apr, 2026
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Frequently asked questions
Clariane SE, formerly known as Korian, is a French company specializing in elder and disabled care services. It operates a network of facilities across several European countries, including nursing homes, post-acute and rehabilitation clinics, assisted living facilities, and home care services. The company's operations are divided into three primary segments: Long-Term Care, Specialty Care, and Community Care. Clariane serves a diverse population, focusing on providing medical support and daily living assistance to elderly and vulnerable individuals. Headquartered in Paris, France, Clariane SE is publicly traded on Euronext Paris.
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