Klea Holding: Record Year at €22.2M, but Q1 2026 Tempers Enthusiasm
Klea Holding closed 2025 with unprecedented performance, achieving a 28% increase in turnover to €22.2M and a doubled profitability. However, the first quarter of 2026 presents a stark contrast: its subsidiary Smart Salem saw a 22% contraction in activity following the outbreak of conflict in the Middle East, bringing the group back to reduced profitability levels despite immediate cost control.
Exceptional Performance in 2025
The fiscal year 2025 marked a turning point for Klea Holding. Consolidated turnover reached €22.2M, up by €4.9M compared to €17.3M in 2024, representing a growth of 28%. This increase was due to a rise in the volume of tests conducted in the three Smart Salem medical centers in Dubai and a price increase policy launched in the second half of 2025 for health check-ups. At constant exchange rates, growth would have even reached 34%. The leverage effect on profitability was significant: consolidated EBITDA grew by 57% to €5.2M, while normalized EBITDA (adjusted for non-standard items) came to €6.9M, representing 31% of turnover. Operating income doubled to €3.4M and the net profit attributable to the group increased by 62% to €2.3M, confirming a second consecutive year of profitability. The Smart Salem subsidiary generated an EBITDA of €8.7M, within the targeted range of €8M to €9M.
Strengthened Financial Position
Financially, Klea Holding consolidated its position. Net financial debt almost disappeared, dropping from €2.6M to €0.1M (a decrease of 96%), while available cash increased by €2.0M to reach €5.3M. The net debt to equity ratio stands at 0.5%, indicating a healthy balance sheet structure. Equity stabilized at €27.6M. Concurrently, the group pursued an aggressive shareholder return policy: full buyback and cancellation of the outstanding PARK warrants, and a share buyback program representing 0.3% of the capital at the end of 2025.
Q1 2026 Breaks Growth Momentum
The first quarter of 2026 broke the growth momentum. While business was well-oriented until the end of February, the outbreak of conflict in the Middle East led to extraordinary events: closure of air traffic and mobility restrictions. These shocks, added to the seasonal economic slowdown due to school holidays and the Eid al-Fitr period, caused a severe and unforeseen contraction in March. The group's consolidated turnover for Q1 2026 was €4.7M compared to €6.0M in Q1 2025, a decline of 22% in reported figures (13% at constant exchange rates). The Medical Fitness segment declined by 29% in reported figures and 21% at constant rates, while the Health Check-up segment grew by 74%. Despite this exceptional context, Smart Salem maintained an EBITDA of nearly €1.5M (compared to €2.0M in Q1 2025), thanks to immediate cost control measures. Since early April, a gradual improvement has been observed with the resumption of travel and return to on-site work. The group believes that the recurring nature of a significant part of its business (renewals, visas) should allow a gradual catch-up over the coming quarters. However, Klea Holding does not communicate specific targets for 2026 due to ongoing geopolitical instability. The group remains confident in its medium-term prospects, based on several structural initiatives: ongoing discussions with Dubai health authorities to establish a fourth health center, completion of construction of the first Smart Health medical center in Riyadh, Saudi Arabia (targeted opening in spring 2026), and the launch of Klea Pharmaceuticals in Dubai mid-2026 with plans for expansion into Saudi Arabia from 2027.
