Claranova: revenue down 13.4% in the first quarter, organic decline limited to 6.7%
Claranova published revenue of €20.7 million on November 10, 2026 for the July to September 2026 period, down 13.4% year on year. The disposal of Avanquest's non-strategic businesses in the United States accounts for 6.6 points of this decline, and the organic decline is limited to 6.7%.
This pace extends the reduction in the decline on a like-for-like and constant-currency basis, after a 17.3% drop in the third quarter and then a 10.8% drop in the fourth quarter of fiscal year 2025-2026. The publication covers the first three months of an exceptional six-month fiscal period, linked to the switch to a calendar-year fiscal year.
The US disposal weighs 6.6 points on the reported decline
The comparison base is revenue for July to September 2025, amounting to €23.9 million, which still included Avanquest North America LLC, sold on October 31, 2025. These non-strategic businesses had contributed €1.6 million a year earlier, compared with a nil contribution in the period.
Once this effect is isolated, the gap narrows. The strategic activities (Document/PDF, Utilities and Photo) decline by 7.3% on a reported basis, to €20.7 million from €22.3 million, and by 7.2% on an organic basis. The currency effect remains marginal, at 0.1 point.
The company presents this quarter as the second consecutive quarter of improvement in its organic trend. The like-for-like, constant-currency decline has thus been reduced by more than ten points over two quarters.
PDF and utility software grow, advertising and Photo decline
The Document/PDF activity, which reached €8.1 million over the period, grows by 5.6% on an organic basis, driven in particular by the professional customer base (+9.0%). When the annual accounts were published on October 21, 2026, the group reported a 4.4% increase in this activity over the whole of fiscal year 2025-2026.
The Software component of Utilities is also accelerating, with growth of 15.9%, after 4.7% in the previous fiscal year. The decline remains concentrated in the advertising component of this division, which the group attributes to market dynamics.
This component drives the overall Utilities activity down by 11.6%. Photo, for its part, shows a decline of 39.7%, which explains why the progress of the two growth drivers is not yet sufficient to reverse the group's organic trend.
B2B grows by 9.0% and represents 6.3% of revenue
Recurring revenue accounts for 82.7% of revenue for the period, compared with 82.5% in fiscal year 2025-2026. The B2B channel, up 9.0%, represents 6.3% of group revenue, compared with 5.9% in the previous fiscal year.
During the period, Claranova signed a distribution partnership with Vertosoft, which opens access to Avanquest's PDF solutions for more than 90,000 American public bodies. In parallel, the group continues to roll out AiDO, its automated document processing platform powered by artificial intelligence.
“The organic decline is narrowing from one quarter to the next, and Document/PDF as well as the Software component of Utilities are growing,” said Eric Gareau, Chief Executive Officer, who sees in B2B “an important growth driver.”
For information, the myDevices division, classified as discontinued operations, generated revenue of €2.6 million, up 18.8%. Including it, revenue reaches €23.3 million, down 10.6% on a reported basis and 4.7% on an organic basis.
Professional and document software activities are thus growing faster than in the previous fiscal year, while advertising and Photo continue to pull the overall figures down. The exceptional fiscal period will end on December 31, 2026, before a first full calendar fiscal year in 2027. The annual general meeting is scheduled for December 4, 2026.
