Clariane (CLARI) Q2 2025 earnings summary

Executive summary

• Completed €1.5 billion financial strengthening plan, including €1 billion in disposals at an average 14x 2024 EBITDA multiple, and €400 million bond issue, six months ahead of schedule, significantly improving liquidity and leverage.

• Solid organic revenue growth of 4.8% year-over-year, with all business lines and regions contributing.

• EBITDA temporarily impacted by French healthcare pricing reform, but performance expected to improve in H2 2025.

• Disposal program completed at attractive multiples, refocusing on core segments and streamlining operations.

• 2025 guidance confirmed, with expectations of improved performance in H2 driven by volume, pricing, and cost discipline.

Financial highlights

• Revenue reached €2,656 million in H1 2025, up 4.8% organically year-over-year, with all regions and activities contributing.

• EBITDA pre-IFRS 16 was €263 million, down 4.1% pro forma, reflecting French healthcare pricing reform impact.

• EBITDAR pre-IFRS 16 was €546 million, stable year-over-year on a proforma basis.

• Net result (group share, pre-IFRS 16) was a loss of €47 million, compared to a €28 million loss last year, mainly due to restructuring and disposal costs.

• Net financial debt (pre-IFRS 16/IAS 17) decreased by €212 million to €3,559 million at June-end; liquidity at €750 million.

Outlook and guidance

• 2025 guidance confirmed: organic sales growth around 5%, pre-IFRS 16 EBITDA growth of 6% to 9%, and wholeco leverage below 5.5x by year-end.

• Midterm (2023–2026) targets: average annual revenue growth of 5%, margin improvement of 100–150 bps, and wholeco leverage below 5x by end-2026.

• H2 2025 expected to benefit from volume increases, full-year price impacts (notably in Germany), improved case mix management in France, and targeted overhead savings.

• Maintenance capex to remain around €100 million, development capex at €200 million.

• Net debt expected to fall further, with deleveraging and margin recovery as key priorities.