Clariane (CLARI) Q3 2025 TU earnings summary

Executive summary

• Organic revenue grew 4.9% year-to-date and accelerated to 5.1% in Q3 2025, with all segments and geographies contributing positively.

• Financial structure was reinforced by completing a €1 billion asset disposal program six months ahead of schedule at a 14x 2024 EBITDA multiple.

• Issued a €500 million unsecured bond and fully repaid the revolving credit facility, restoring access to debt capital markets.

Financial highlights

• Group revenue for the first nine months of 2025 was €3,976m, up 4.9% organically and 1.1% reported, with Q3 revenue at €1,320m, up 5.1% organic and 1.8% reported.

• Long-Term Care revenue grew 4.7% organically, Specialty Care 3.2%, and Community Care 9.4% for the nine months.

• Average nursing home occupancy rate was 90.8% for the first nine months, up from 90.2% in 2024; Q3 occupancy reached 91.6%.

Outlook and guidance

• 2025 organic revenue growth target confirmed at around 5%; leverage ratio target below 5.5x by year-end and below 5x by end 2026.

• Pre-IFRS 16 EBITDA, pro forma for disposals, expected to grow ~10% in H2 2025 vs. 2024, with margin around 12%.

• Full-year EBITDA pre-IFRS 16 and pro forma of disposals to increase, but below initial 6% to 9% range due to slower cost reduction ramp-up.

• Cost reduction plan launched, with full effects expected in 2026.