Claranova (CLA) H2 25/26 earnings summary

Executive summary

• FY26 marked a shift toward subscription software after the U.S. activities sale; the myDevices disposal process began, with operations focused on B2B growth and AI-enabled products.

• Revenue was €93.7M, down 11.8% like-for-like; recurring revenue reached 83%, B2B sales grew 11%, and normalized operating income was €20.4M, or 21.7% of revenue.

• Net income was €4.3M and net debt excluding borrowing costs was €44.6M, broadly stable year over year.

Financial highlights

• Revenue fell 11.8% at constant scope and exchange rates and 20.6% at reported rates, to €93.7M from €118.0M.

• Current operating income was €16.0M versus €20.8M; operating income was €13.8M versus €14.4M.

• Continuing-operations net income was €4.4M; total net income was €4.3M, versus €73.3M in FY25, which included the PlanetArt sale gain.

• Financial result was -€5.9M, mainly reflecting Cheyne interest expense; tax expense was €3.5M.

• Operating and personnel costs declined amid lower revenue, targeted marketing, disposals and reorganizations; staff fell from 203 to 153.

Outlook and guidance

• FY28 targets: revenue of €100–120M at constant exchange rates, B2B above 10% of revenue, normalized operating margin of 21–23%, and net leverage of ~1.0x.

• Priorities include Intelligent Document products, AI-enabled extraction and workflow automation, B2B sales expansion, technology partnerships and Utilities product updates.

• FY26 was the final July–June fiscal year; an exceptional six-month period runs July–December 2026, with calendar-year reporting from 2027.

• PDFCreator, PDF Architect and AiDO are expected to support B2B expansion.