Clariane (CLARI) H1 2024 earnings summary

Executive summary

• Achieved 6.8% organic revenue growth in H1 2024, with all businesses and regions contributing and notable improvement in Germany; EBITDA increased 3.5% (excluding IFRS 16 and disposals), and operating free cash flow rose to €74m from €45m in H1 2023.

• Net loss group share was -€28m (excl. IFRS 16), impacted by restructuring and disposals, while financial position was strengthened via €329m–€328m capital increases and asset disposals securing 40% of the €1bn target.

• Progressed significantly on balance sheet strengthening and debt reduction, in line with the refinancing plan; net debt reduced by €500m year-over-year to €3.5bn–€3.7bn.

• Board renewed CEO's mandate for five years; governance adjusted post-rights issue; strengthened shareholder base with new and increased stakes.

• SBTi validation of greenhouse gas reduction targets and Top Employer Europe 2024 certification achieved.

Financial highlights

• Revenue reached €2,636m in H1 2024 (+6.8% organic, +6.1% reported).

• EBITDA (excl. IFRS 16 and disposals) was €290m (+3.5%), margin at 11.0%; EBITDAR (excl. IFRS 16) €560m (+5.1% excl. disposals).

• Operating free cash flow increased to €74m from €45m in H1 2023.

• Net profit group share (excl. IFRS 16) was -€28m; including IFRS 16, -€52m.

• Net debt at €3.7bn–€3.5bn at June 2024, expected to fall further after rights issue proceeds.

Outlook and guidance

• 2024 organic revenue growth expected above 5%; 2023–2026 CAGR targeted at ~5%.

• EBITDA (pre-IFRS 16, excluding disposals) expected to remain at least stable, with 100–150 bps margin improvement targeted by 2026.

• Leverage ratio targeted below 3.0x by end-2025; LTV to reach 55%.

• CSR goals include SBTi-validated carbon trajectory and Top Employer Europe status.