Claranova (CLA) Q2 25/26 TU earnings summary

Executive summary

• H1 2025-2026 revenue reached €49m, down 9% year-over-year at constant scope and exchange rates, with a 19% decline at actual rates due to currency and scope effects.

• 95% of revenue was generated by core businesses, with a strategic focus on the Document (PDF) segment.

• Document segment sales grew 6% year-over-year, driven by B2B growth and increased marketing investment.

• B2B sales rose 18%, now representing 6% of group revenue, up from 4.5% at the end of FY 2024-2025.

Financial highlights

• Group revenue declined 9% year-over-year at constant scope and exchange rates, and 19% at actual rates.

• Core business revenue fell 10% year-over-year at constant scope and exchange rates.

• Utilities & Security segment sales dropped 16%, and Photo segment revenue declined 24%, both due to reduced marketing investment.

• Non-core businesses and discontinued operations revenue fell 46% year-over-year.

Outlook and guidance

• H1 EBITDA margin is expected to be slightly above 20%.

• Marketing investments in Document segment and product development are expected to drive further growth and retention in H2 2025-2026.

• Recurring revenue share increased to 80% at the end of H1 2025-2026, up from 75% six months earlier.