Claranova (CLA) H1 2025 earnings summary

Executive summary

• H1 2024-2025 revenue held steady at €294m, down 1% at actual exchange rates year-over-year, despite five fewer sales days due to calendar shifts.

• EBITDA grew 23% at constant exchange rates to €33.6m, with margin improving to 11.4% from 9.3% year-over-year.

• Net income quadrupled to €9.6m, driven by improved operating performance and reduced financial expenses.

• Strategic transformation underway to become a pure-play software publisher, with divestment of myDevices and potential sale of PlanetArt.

Financial highlights

• Revenue: €294m for H1 2024-2025, stable year-over-year.

• EBITDA: €33.6m, up 23% at constant exchange rates; margin at 11.4%.

• Net income: €9.6m, up from €2.2m year-over-year.

• Cash flow from operating activities: €69m; closing cash position: €97m.

• Net debt: €57m as of December 31, 2024, up from €41m year-over-year, reflecting seasonal cash inflows.

Outlook and guidance

• If PlanetArt is sold, a new strategic plan will be presented; otherwise, the "One Claranova" plan for 2027 remains, targeting €575–625m revenue, 13–15% EBITDA margin, and net debt/EBITDA <1x by FY 2026-2027.

• Second half of the fiscal year seen as decisive for transformation and profitable growth.