Claranova (CLA) H1 2025 earnings summary

Executive summary

• H1 2024-2025 revenue was €293.8M, down 1% year-over-year, but stable on an organic basis despite five fewer sales days; operational profitability improved, with normalized operating income (ROC) up 22% to €33.6M and net income at €9.6M, reflecting cost control and strategic focus.

• EBITDA grew 23% at constant exchange rates to €33.6M, with margin improving to 11.4% from 9.2% year-over-year.

• Net income quadrupled to €9.6M, driven by improved operating performance and reduced financial expenses.

• Launched the "One Claranova" strategy to refocus on software publishing, improve financial performance, and reduce debt; initiated the sale of myDevices and entered exclusive talks to sell PlanetArt, aiming to become a pure software player.

• Strategic transformation underway to become a pure-play software publisher, with divestment of myDevices and potential sale of PlanetArt.

Financial highlights

• Revenue: €293.8M for H1 2024-2025 (down 1% year-over-year); normalized operating margin rose to 11.4% from 9.2%.

• Normalized operating income (ROC): €33.6M (+22% year-over-year); net income: €9.6M (vs. €2.2M prior year).

• Adjusted net income from continuing operations: €14.7M (vs. €13.5M prior year).

• 95% of revenue generated outside France; US market represents 65% of sales; products sold in over 160 countries.

• Cash flow from operating activities: €69M; closing cash position: €97M.

Outlook and guidance

• Strategic plan targets transformation into a focused, high-margin software publisher; sale of PlanetArt expected to accelerate deleveraging and simplify the group structure.

• If PlanetArt is sold, a new strategic plan will be presented; otherwise, the "One Claranova" plan for 2027 remains, targeting €575–625M revenue, 13–15% EBITDA margin, and net debt/EBITDA <1x by FY 2026-2027.

• Shareholder vote required for PlanetArt sale; updated financial targets for FY 2026-2027 to be communicated by year-end.

• Second half of the fiscal year seen as decisive for transformation and profitable growth.