Clariane (CLARI) Q1 2026 TU earnings summary

Executive summary

• Achieved 4.9% organic revenue growth in Q1 2026, with all activities, segments, and geographies contributing.

• Reported revenue reached €1,336m, up 1.4% year-over-year.

• Occupancy rates in medicalized nursing homes improved to 91.7%, up 1.3 percentage points from Q1 2025.

• Issued €500m high-yield bond in April 2026, oversubscribed nearly 5x, maturing 2031 at ~6.9% coupon, strengthening liquidity.

• Medium-term objectives and financial guidance through 2028 reaffirmed.

Financial highlights

• Organic revenue growth of 4.9% year-over-year; reported growth of 1.4%.

• Growth driven by increased occupancy, price effects, and case mix, especially in Germany and Spain.

• Long-term care (75% of revenue) grew 5.5% organically; alternative living solutions by 6.9%; specialty care by 3.3%.

• Germany and Spain led geographic growth with 8.3% and 15.2% organic growth, respectively.

• Perimeter effect negative at €-44m due to asset disposals.

Outlook and guidance

• 2023-2026: Targeting ~5% organic revenue CAGR, EBITDA margin improvement of 100-150 bps, and WholeCo leverage below 5x by end-2026.

• 2025-2028: Revenue CAGR of ~4%, pre-IFRS 16 EBITDA CAGR of 7-9%, and WholeCo leverage around 4.5x by end-2028.

• 2026 objectives: Organic revenue growth ~5%, EBITDA margin improvement, and leverage below 5x.