Claranova (CLA) Q4 25/26 TU earnings summary

Executive summary

• Annual revenue for FY 2025-2026 (unaudited) at €94M, down 21% vs 2024-2025 and 12% on a like-for-like basis, reflecting negative currency and scope effects.

• Q4 revenue at €22.4M, representing an 11% organic decline year-over-year, with a slight improvement over the first nine months' trend.

• Strategic shift to SaaS software publishing completed, with recurring revenue now 83% of total and B2B revenue up 11% year-over-year.

• Divestiture of non-core US activities (Avanquest North America LLC) on October 31, 2025, and transition to a calendar-year reporting cycle.

Financial highlights

• FY25 revenue: €118M; FY26 revenue: €93.7M, reflecting a -21% year-over-year decrease.

• Document/PDF segment grew by €1.9M (+4% YoY); Software Utilities up 5% YoY; Photo segment down 28% YoY.

• Negative currency effect (-€5M), perimeter effect from divestiture of non-core US activities (-€5.4M), and organic decline (-€13.9M).

• Recurring revenues increased to 83% of total, up from 75% the previous year.

Outlook and guidance

• Revenue expected between €100M-€120M by calendar year-end 2028, driven by Document/PDF and B2B growth, with annualized growth of 4–11% at constant exchange rates.

• Normalized operating margin (ROC) targeted at 21%-23% by 2028; leverage ratio targeted around 1.

• Document/PDF segment projected to reach €46M-€55M by 2028, with 15%-23% CAGR.

• Utilities segment revenue expected at €52M-€63M by 2028, with a focus on subscription sales.

• B2B revenue expected to exceed 10% of total by 2028.