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Clariane (CLARI) investor relations material
Clariane Q2 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
Executive summary
Completed €1.5bn financial strengthening plan, including €1bn disposals and €400m bond issue, six months ahead of schedule, significantly improving liquidity and leverage.
Achieved 4.8% organic revenue growth in H1 2025, with all business lines and geographies contributing.
EBITDA temporarily impacted by French regulatory reforms, but performance expected to improve in H2.
Refocused business on core countries and segments, streamlining operations and enhancing clarity.
2025 guidance confirmed: 5% organic sales growth, 6–9% EBITDA growth, and margin improvement in H2.
Financial highlights
H1 2025 revenue: €2,656m, up 4.8% organically; EBITDA pre-IFRS 16: €263m, down 4.1% proforma.
Net result (group share, pre-IFRS 16): €47m loss vs. €28m loss prior year, mainly due to restructuring and disposal costs.
Net financial debt (pre-IFRS 16/IAS 17): €3.6bn at June 2025, down €212m year-over-year.
Real estate portfolio valued at €2.6bn; LTV reduced to 57% from 63% year-over-year.
Operating cash flow: €133m (vs. €169m prior year); liquidity at €750m.
Outlook and guidance
2025 guidance: ~5% organic revenue growth, 6–9% pre-IFRS 16 EBITDA growth, margin improvement in H2.
Targeting wholeco leverage below 5.5x by end-2025 and below 5x by 2026.
2023–2026 objectives: ~5% CAGR revenue, 100–150 bps EBITDA margin increase by 2026.
Margin rebound in H2 driven by pricing/case mix in France, repricing in Germany, and cost-saving measures.
Maintenance capex to remain around €100m, development capex at €200m.
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