Claranova (CLA) H1 25/26 earnings summary

Executive summary

• Revenue for H1 2025-2026 was €49m, down 19% year-over-year, mainly due to negative currency effects and the sale of non-core US activities, but partially offset by growth in the Document (PDF) segment.

• EBITDA reached €10m, a 9% decrease, but the EBITDA margin improved to 20.6% from 18.4% last year, reflecting cost control and business model transformation.

• Net income from continuing operations turned positive at €2.3m, compared to a €6m loss in the prior year.

• Strategic focus shifted to core SaaS-based, recurring, higher-margin B2B software segments, with 80% recurring revenue and increased B2B activity.

• Transitioned to a more transparent, cash-generative model, accelerating AI integration and operational efficiency.

Financial highlights

• Revenue declined 19% year-over-year to €49m, with a 6% negative currency effect and 4% scope effect from divestitures.

• EBITDA margin rose by 2.2 points to 20.6%, reflecting improved profitability.

• Net income from continuing operations was €2.3m, reversing a €5.6m loss a year earlier.

• Net debt reduced to €44.4m from €57m year-over-year, with strengthened equity and improved financial structure.

• Cash and cash equivalents at €6.8m as of December 2025, up from €5.6m at June 2025.

Outlook and guidance

• Ongoing refinancing discussions for Cheyne Capital debt, aiming for improved terms before June 2026.

• Focus on AI-driven product enhancements, expansion into regulated markets, and B2B momentum, especially in Document (PDF) solutions.

• Gradual revenue growth expected, targeting EBITDA margin of 23–25% and near-zero net leverage by 2028.