Clariane: Revenue up 4.9% organically in third quarter, driven by occupancy
Clariane published on October 28, 2026 revenue of 1,352 million euros for the third quarter, up 4.9% organically and 2.4% on a reported basis. The organic growth rate is comparable to that of the two previous quarters (+4.9% and +4.2%).
The increase in occupancy of medicalized nursing homes contributes to the group's growth: their average occupancy rate reached 92.2% over nine months, compared with 90.8% a year earlier. In France, this rate stood at 91.1% in the third quarter alone, compared with 89.5% a year previously.
This publication comes as the stock touched a one-year low of €3.15 on October 22, after losing nearly 16% in one month according to the count established on October 14. The share rose back above its €3.11 support level on October 28, up 2.5%.
Nine months at 4,051 million euros: prices and volumes offset disposals
Over the first nine months of 2026, consolidated revenue amounted to 4,051 million euros, compared with 3,976 million euros a year earlier. The increase reached 1.9% on a reported basis and 4.7% organically, with the difference mainly reflecting disposals carried out in 2025 as part of the financial structure strengthening plan.
Growth breaks down into a volume effect of +1.6% (+62 million euros), a price and mix effect of +3.1% (+118 million euros) and scope and other effects of -2.8% (-105 million euros). All business lines and geographic areas are growing organically.
Spain recorded the strongest increase (+14.0% organically, at 227 million euros), followed by Germany (+6.7%, at 1,021 million euros) and Belgium and the Netherlands (+6.3%, at 665 million euros). Italy (+3.3%) and France (+2.1%) are growing organically, but declining on a reported basis by 3.4% and 0.9% due to disposals.
Occupancy up and nearly 2.3 billion euros of debt refinanced
Long-term care activity, which represents 75% of revenue, grew 5.2% organically. The medicalized nursing homes segment, which accounts for 65% of revenues, grew 5.3%, driven by both higher occupancy and rate increases.
Specialty care (25% of revenue) advanced 2.9% organically. In France, this activity benefited from a 17% increase in outpatient services and a gradual improvement in mix related to SMR reform adaptation measures.
The network comprised 1,224 facilities and over 89,000 beds as of September 30, 2026, compared with 1,233 facilities and over 90,000 beds a year earlier. During the period, the group commissioned 30 new facilities and completed one acquisition in Spain, while disposing of or closing 40 sites.
From a financial perspective, Clariane successfully completed refinancing operations for nearly 2.3 billion euros, after presenting 1,063 million euros during its interim publication on July 29, 2026.
As of September 30, 92% of financial debt is at fixed rates or hedged, and the next significant maturities are set for 2030, 2031 and 2032.
Moody's confirmed on October 27, 2026 the B2 rating with a stable outlook. The new renewable credit facility of 700 million euros, extendable up to 900 million euros, includes only one financial covenant: total net leverage below 7.00x until June 2027.
All 2023-2026 and 2025-2028 targets confirmed
The group confirmed all its financial and non-financial targets. For the 2023-2026 period, it aims for average annual organic revenue growth of approximately 5% on a pro forma basis, as well as an improvement of 100 to 150 basis points in pre-IFRS 16 EBITDA margin compared with its level of 10.5% at end 2023.
Net financial debt must be reduced to approximately 3 billion euros by end 2026, for a Wholeco financial leverage below 5.5x. For 2025-2028, Clariane maintains average annual revenue growth of approximately 4% and pre-IFRS 16 EBITDA growth between 7% and 9%, with leverage of approximately 5x by end 2028.
The group will also integrate, as of November 17, 2026, the training division of the Fondation Œuvre Croix Saint-Simon, comprising seven health and social training institutes in Île-de-France. Clariane University supports nearly 8,000 employees each year in degree programs.
Over nine months, organic growth of 4.7% is close to the average annual target of approximately 5% set for 2023-2026. The third quarter, at +4.9% organically, is in line with the same trajectory.
