Claranova (CLA) H1 24/25 earnings summary

Executive summary

• Revenue for H1 2024/25 was €293.8 million, down 1% year-over-year at actual rates but stable like-for-like, despite five fewer sales days due to calendar shifts.

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

• Net income reached €9.6 million, up from €2.2 million year-over-year, reflecting improved operating performance and reduced financial expenses.

• The group launched the "One Claranova" strategy, aiming to refocus on software publishing and reduce debt, including planned divestments of PlanetArt and myDevices.

Financial highlights

• EBITDA margin improved to 11.4% from 9.2%/9.3% year-over-year.

• Adjusted net income from continuing operations was €14.7 million, up from €13.5 million.

• Net cash flow from operating activities was €69.0 million, with closing cash at €97 million.

• Net debt increased to €57 million from €41 million a year earlier, reflecting seasonal cash inflows.

Outlook and guidance

• The group is in exclusive talks to sell PlanetArt, aiming to become a pure software publisher and accelerate debt reduction.

• Updated targets for FY 2026-2027 will be communicated after the PlanetArt transaction; otherwise, the "One Claranova" plan targets €575–625 million revenue, 13–15% EBITDA margin, and net debt/EBITDA <1x by FY 2026-2027.