Clariane (CLARI) Q3 2025 TU earnings summary

Executive summary

• Organic revenue grew 4.9% year-to-date to EUR 3.99 billion, with all segments, activities, and geographies contributing positively.

• Q3 organic growth accelerated to 5.1%, with occupancy rates in nursing homes rising to 91.6%.

• The EUR 1 billion asset disposal program was completed six months ahead of schedule, strengthening the financial structure.

• A EUR 500 million unsecured bond was issued, and the revolving credit facility was fully repaid.

Financial highlights

• 9M 2025 revenue reached EUR 3,976 million, up 1.1% reported and 4.9% organically year-over-year.

• Q3 2025 revenue was EUR 1.32 billion, up 1.8% reported and 5.1% organically year-over-year.

• Long-Term Care revenue grew 4.7% organically over nine months, with occupancy rates averaging 90.8% and rising to 91.6% in Q3.

• Specialty Care grew 3.2% organically, with case mix and pricing improvements in France and a rebound in Spain.

• Community Care achieved 9.4% organic growth, notably in Spain, UK, and the Netherlands, driven by demand and network expansion.

Outlook and guidance

• 2025 organic revenue growth target confirmed at around +5%; leverage ratio target below 5.5x by year-end and below 5x by end-2026.

• EBITDA pre-IFRS 16 and pro forma of disposals expected to grow around +10% in H2 2025 versus 2024, with margin reaching ~12%.

• Full-year EBITDA pre-IFRS 16 and pro forma of disposals to increase, but below the initial +6% to +9% range.

• Cost reduction plan launched, with full effects expected in 2026.

• Mid-term (2026) EBITDA margin expected to improve by 100-150 bps versus 2023, with leverage below 5x and ~5% average organic revenue growth.