Clariane (CLARI) Q1 2025 earnings summary

Executive summary

• Q1 2025 organic revenue grew 4.8% year-over-year (5.5% adjusted for leap year), with all segments and regions contributing; reported revenue up 0.7% due to disposals.

• 2025 guidance confirmed: organic revenue growth around 5%, EBITDA growth 6–9% pre-IFRS 16, and HoldCo/Wholeco leverage below 5.5x, excluding disposals.

• Over 60% of the €1 billion asset disposal program is secured, supporting financial strengthening; over €600 million of disposals completed, targeting €1 billion by end-2025.

• Average nursing home occupancy rose to 90.4% from 89.6% a year earlier, reflecting operational momentum despite flu impact.

Financial highlights

• Q1 2025 group revenue: €1,317 million (+0.7% reported, +4.8% organic year-over-year; 5.5% ex-leap year).

• Organic growth driven by price increases (+3.7%) and volume growth (+1.1%), partly offset by disposals (-4.1% scope effect).

• Long-Term Care segment grew 5.6% organically (6.3% ex-leap year), Specialty Care 1.4% (2.2% ex-leap year), Community Care 7.8% (8% ex-leap year).

• Network at 1,225 facilities and 91,000+ beds, reflecting disposals and new openings.

Outlook and guidance

• 2025 guidance: organic revenue growth ~5%, EBITDA growth 6–9% pre-IFRS 16, HoldCo/Wholeco leverage below 5.5x.

• 2023–2026 outlook: average annual revenue growth ~5%, EBITDA margin up 100–150 bps by 2026, HoldCo/Wholeco leverage below 5x.

• ESG commitments remain unchanged, including NPS ≥40, >7,000 training paths, and a low-carbon energy trajectory.

• No dividend for 2024 due to leverage ratio above 4.0x at year-end 2024.