Clariane (CLARI) Q4 2024 earnings summary

Executive summary

• Achieved strong revenue growth across all segments and geographies, with 2024 revenue reaching €5,282 million, up 6.6% organically, surpassing the >5% target.

• EBITDA pre IFRS 16 (excluding disposals and real estate) rose 9.2%, with a 30 bps margin increase; operating cash flow improved to €400 million from €288 million.

• Net profit from continuing operations pre IFRS 16 was €5 million, reversing a €49 million loss in 2023; net loss Group share pre IFRS 16 halved to €20 million.

• Financial structure strengthened: €409 million net debt reduction, €329 million capital increases, €504 million in asset disposals, and Wholeco leverage ratio down to 5.8x.

• Non-financial results met or exceeded CSR roadmap targets, with a Net Promoter Score (NPS) of +44, Top Employer Europe certification, and strong ESG achievements.

Financial highlights

• Revenue reached €5,282 million, up 6.6% organically year-over-year, with 2.5% higher volumes and 4.1% positive pricing.

• EBITDA pre IFRS 16 (excluding sold assets) was €605 million, up 1.2% excl. disposals and 9.2% pro forma, with margin at 11.5% (up 30 bps adjusted for real estate/disposals).

• Net profit from continuing operations pre IFRS 16 returned to €5 million, compared to a €49 million loss in 2023; group share at -€20 million (vs. -€63 million in 2023).

• Operating cash flow increased to €400 million from €288 million in 2023; free operating cash flow was €183 million.

• Real estate portfolio valued at €2.6 billion; real estate debt at €1.489 billion (LTV 57%).

Outlook and guidance

• 2025 guidance: ~5% organic revenue growth, 6–9% pro forma EBITDA pre IFRS 16 growth, and Wholeco leverage below 5.5x.

• By 2026: aim for <€3 billion net debt and Wholeco leverage <5x, with EBITDA margin pre IFRS 16 up 100–150 bps from 2023.

• Maintenance capex to remain around €100 million, development capex at €200 million.

• Non-financial targets: NPS ≥40, >7,000 staff in qualifying training, lost time accident frequency rate to 30, and 22% reduction in energy-related GHG emissions (vs. 2021).