Clariane: Operating EBITDA up 25% in H1, net debt reduced by €539M
Clariane released half-year results marked by a significant improvement in operational performance and a strong return to the bond markets. Operating EBITDA surged 25.1% to €168M, while pre-IFRS 16 EBITDA increased 14.9% to €280M, reflecting the first effects of growth levers implemented. In parallel, the group raised €1.063bn in bonds, strengthening its market access and liquidity profile.
Margins showing clear improvement, supported by pricing and cost control
Revenue stands at €2,699M, up 4.6% on an organic basis, supported by a pricing gain of 3.0% and volume growth of 1.6%. Pre-IFRS 16 EBITDA came in at €280M, up 14.9% compared to the first half of 2025 (pro forma disposals). Most significantly, EBITDA margin improves markedly to 10.4%, against 9.5% a year earlier (on a pro forma basis). Operating EBITDA, a measure of operational profitability net of rental costs, grew 25.1% to €168M, with margin rising from 5.2% to 6.2% on a pro forma basis. This improvement reflects the quality of the activity portfolio, the increase in average occupancy rate (91.7% versus 90.5% in H1 2025) and active cost control in operations, notably in Germany and specialized care in France.
Successful refinancing and strengthened cash position
The group multiplied its bond issuances over this half-year alone: €500M of senior "High Yield" bonds maturing in 2031, €230M of additional assimilated bonds, and €333M of perpetual subordinated hybrid bonds. These transactions, totaling €1.063bn, allow it to extend the average maturity of its debt and simplify its balance sheet structure. They will have a positive impact on cash position of approximately €27M on a full-year basis. The cash position strengthened significantly, rising from €750M to €1,411M as of June 30, 2026. Combined with the undrawn syndicated credit line of €325M, the group's total liquidity now reaches €1,736M. In parallel, net financial debt excluding IFRS 16 and IAS 17 decreased by €539M, standing at €3,020M. Wholeco leverage fell to 4.9x (versus 6.1x a year earlier on a published basis), attesting to the controlled deleveraging trajectory.
Objectives confirmed and outlook 2025-2028
Sophie Boissard, Chief Executive Officer, emphasizes that "the first half results reflect the successful execution of our roadmap". The group confirms its three medium-term objectives for 2023-2026: average annual organic growth of approximately 5%, EBITDA margin improvement of 100 to 150 basis points, and reduction of net debt to approximately €3bn for Wholeco leverage below 5.5x. For the 2025-2028 period, Clariane anticipates average annual revenue growth around 4% on a pro forma basis, driven by the "Aging Support" activity and continued progression of "Specialized Care", accompanied by pre-IFRS 16 EBITDA growth between 7% and 9% on an average annual basis. The group is pursuing a plan of annual investments of approximately €300M, equally split between maintenance and development.
