Clariane (CLARI) investor relations material

Executive summary

• Organic revenue grew 4.6% in H1 2026, with EBITDA pre-IFRS 16 up 14.9% pro forma and margin rising to 10.4% from 9.5% YoY.

• Net financial debt (excl. IFRS 16/IAS 17) fell to €3.02 billion from €3.56 billion YoY; liquidity exceeded €1.7 billion.

• Net loss attributable to the Group was €42 million pre-IFRS 16, including €51 million in exceptional restructuring/disposal costs.

• Over €1 billion in bonds issued, extending debt maturity beyond 2030 and simplifying capital structure.

• Strong progress on ESG, including climate adaptation, digital care initiatives, and AI in HR.

Financial highlights

• Consolidated revenue: €2,699 million (+1.6% reported, +4.6% organic YoY).

• EBITDA margin pre-IFRS 16 improved to 10.4%; Opco EBITDA margin rose to 6.2%.

• EBITDAR pre-IFRS 16 up 7.5% pro forma to €563 million.

• Net financial debt reduced to €3.02 billion; real estate net asset value increased to €515 million.

• Operating cash flow increased 8.3% YoY to €144 million.

Outlook and guidance

• 2023–2026: Targeting ~5% average annual organic revenue growth, 100–150 bps EBITDA margin improvement, and leverage below 5.5x by end-2026.

• 2025–2028: Targeting ~4% average annual revenue growth, 7–9% pre-IFRS 16 EBITDA growth, 11–14% OpCo EBITDA growth, and leverage around 5x by end-2028.

• EBITDA improvement to be driven by top-line growth and performance measures.

• Occupancy rates expected to rise 100–150 bps annually over next three years.

• Non-financial targets include NPS ≥40, over 7,200 employees in qualifying paths, and reduced lost-time accident frequency.