Clariane Finalizes Debt Reduction Plan and Projects Growth Trajectory by 2028
On Friday, Clariane Group announced its 2025 results, highlighted by the completion of its financial strengthening plan six months ahead of schedule. Revenue reached 5,310 million euros, up by 4.5% on an organic basis, while net debt decreased by 408 million euros.
Clariane reported a net profit of 36 million euros in 2025, compared to a loss of 20 million euros in 2024. Consolidated revenue stood at 5,310 million euros, marking a growth of 0.5% on a reported basis, affected by divestitures made as part of the financial strengthening plan. On an organic basis, growth reached 4.5%, reflecting the strength of the group's diversified portfolio. Pre-IFRS 16 EBITDAR increased by 3.5% on a proforma basis of divestitures to 1,159 million euros. Pre-IFRS 16 EBITDA amounted to 594 million euros, up by 3.1% on a proforma basis, with a notable improvement in margin in the second half at 12.5% compared to 9.9% in the first half.
Reduction in Net Financial Debt and Improved Financial Ratios
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Net financial debt excluding IFRS 16 and IAS 17 decreased to 3,055 million euros as of December 31, 2025, from 3,445 million euros a year earlier, a reduction of 390 million euros. The Wholeco financial leverage ratio decreased to 5.1x from 5.8x in 2024, while the Opco leverage ratio stood at 3.1x compared to 3.8x previously. The plan for the disposal of operational and real estate assets, which constituted the fourth part of the overall plan, was completed in the first half of 2025, six months ahead of schedule. Net gains from asset disposals reached 185 million euros for the fiscal year 2025. On February 25, 2026, S&P Global Ratings and Moody's assigned their first corporate ratings to the group, marking the normalization of access to the bond debt markets.
Organic Growth Targets and Regional Performance
Clariane has set organic revenue growth targets of 3 to 5% annually for the 2025-2028 period with a constant financial structure. Pre-IFRS 16 EBITDAR is expected to grow annually by 5 to 7%. Germany recorded an 8.0% increase in organic basis with an EBITDAR growth of 18.4% on a proforma basis. Belgium and the Netherlands showed a combined growth of 5.0% on an organic basis with an EBITDAR margin improvement of 100 basis points. In Spain, revenue grew by 7.8% on an organic basis.
SectorServices et infrastructure de santé›Etablissements de santé / EHPAD
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Context
Period
Period: S1 2026
Key reported figures
Revenue: 2 699 millions d'euros
Quarterly revenue: 2 699 millions d'euros
Revenue growth: 1,6 %
EBITDA: 524 millions d'euros
EBITDA margin: 10,4 %
Net income: -47,5 millions d'euros
Free cash flow: 20 millions d'euros
3 020 millions d'euros
Guidance from the release
Le Groupe s'appuiera principalement sur la poursuite de l'amélioration de la performance opérationnelle et le maintien d'une stricte discipline d'investissements
Risks mentioned
Environnement géopolitique complexe affectant les opérations de refinancement
Exposition aux épisodes climatiques frappant durement certains territoires en Europe
Pression inflationniste continue sur les coûts opérationnels malgré les gains tarifaires
Opportunities identified
Amélioration de la marge EBITDA de 100-150 points de base d'ici fin 2026
Croissance des volumes d'activité portée par l'augmentation progressive des taux d'occupation
Refinancement réussi de €1 063m renforçant la flexibilité financière et réduisant le coût de la dette
Outlook / guidance
Expected revenue: 5 522 millions d'euros
The information presented in this article is provided for informational purposes only and does not constitute an investment recommendation, an incentive to buy or sell a financial asset, or investment advice. Readers are invited to conduct their own research before making any decision.
Investments in the stock market involve risks, including the risk of capital loss. Past performance of an asset or market is no guarantee of future results. Any investment decision should be made taking into account your personal financial situation, objectives and risk tolerance.
