Claranova (CLA) H2 25/26 earnings summary

Executive summary

• FY2025-2026 was the first full fiscal year focused on a SaaS model, with a leaner, more B2B-oriented organization and AI-enhanced document products.

• Revenue was €93.7m, down 11.8% like-for-like; growth in Document/PDF and subscription software was offset by lower Utilities advertising and Photo revenue.

• EBITDA was €20.4m at a 21.7% margin; total net income was €4.3m.

• Recurring revenue reached 83% of total, up from 75%; B2B sales grew 11% to 5.9% of revenue.

Financial highlights

• Revenue was €93.7m, down 11.8% like-for-like and 20.6% at reported exchange rates; currency and scope effects reduced reported revenue by 4.2 and 4.6 percentage points, respectively.

• EBITDA was €20.4m versus €24.1m in FY25; margin rose to 21.7% from 20.4%, and was 22.8% excluding scope changes.

• Recurring operating income was €16.0m, or 17.1% of revenue, versus €20.8m and 17.6% in FY25; operating income was €13.8m versus €14.4m.

• Total net income was €4.3m versus a €27.5m loss in FY25; continuing-operations net income was €4.4m. Net financial expense was €5.9m versus €37.1m.

• Continuing-operations cash flow from operating activities was €7.9m, including a €3.2m working-capital outflow.

Outlook and guidance

• FY28 targets: revenue €100m–€120m at constant exchange rates, EBITDA margin 21%–23%, B2B above 10% of revenue and leverage ~1.

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

• FY2025-2026 was the final July–June fiscal year; an exceptional six-month period runs July–December 2026, followed by calendar-year reporting from 2027.