Clariane: Organic Growth of 4.9% in the First Quarter

Strong Performance in Core Activities

The group's consolidated revenue reached 1.336 billion euros as of March 31, 2026. On a reported basis, this growth stands at 1.4%, but on an organic basis, it rises to 4.9%, reflecting underlying strength despite divestitures made in 2025 as part of a financial strengthening plan. The average occupancy rate of medicalized retirement homes rose to 91.7% in the first quarter of 2026, up from 90.4% a year earlier, supporting a 1.6% increase in volumes contributing a net 20 million euros. The Elderly Care segment, which accounts for 75% of the portfolio, generated revenue of 1.001 billion euros, growing 5.5% organically. Price adjustments contributed 3.3% to overall growth, adding 42 million euros across all regions, particularly in Germany, France, and the Belgium-Netherlands area. All territories contributed to this momentum: Germany recorded an organic growth of 8.3%, Spain 15.2%, Belgium-Netherlands 5.9%, Italy 3.5%, while France grew 1.8% organically despite a reported contraction of 2.2% due to divestitures.

Specialized Care Activity Shows Positive Trends

The Specialized Care segment, which represents 25% of the group's revenue, grew by 3.3% on an organic basis, driven by two distinct segments. The Medical and Rehabilitation Care (MRC) sector, which had suffered from the impacts of the tariff framework reform in France in the second half of 2025, recorded a 2.5% organic growth thanks to the development of outpatient services and an improved case mix. Mental Health accelerated to 5.4% organically, boosted by network dynamics and expanded coverage, notably in Spain following the acquisition of Grupo 5. In terms of scope, the group proceeded to divest or close 48 facilities representing nearly 2,700 beds, while commissioning 36 modern facilities with a capacity of over 1,300 beds. The operated network now counts 1,213 facilities totaling about 90,000 beds, compared to 1,225 facilities and over 91,000 beds in the first quarter of 2025.

Successful Bond Issue and Financial Targets Confirmed

On April 10, Clariane successfully closed the issuance of 500 million euros in 'High Yield' and 'unsecured' senior bonds maturing in 2031, with an annual rate of 6.875%, issued at 100% of their nominal value. The offering was highly oversubscribed, with a rate close to 5 times. The net proceeds will be used to refinance the Schuldschein maturing in 2026-2027 and the Euro PP bonds maturing in 2027-2028. The group confirms all its targets for 2023-2026: an average annual organic revenue growth (CAGR) of about 5% on a proforma basis, an improvement in the pre-IFRS 16 EBITDA margin of 100 to 150 basis points by December 31, 2026, compared to 10.5% as of December 31, 2023, and a reduction in net financial debt to about 3 billion euros, corresponding to a 'Wholeco' leverage below 5x. For the period 2025-2028, Clariane anticipates an average annual revenue growth of about 4%, a pre-IFRS 16 EBITDA growth between 7% and 9%, an opco EBITDA growth between 11% and 14%, and a 'Wholeco' leverage around 4.5x by the end of 2028. Regarding energy, 93% of the forecasted needs for 2026 are covered, as well as about 70% for 2027-2028.