Clariane (CLARI) Q4 2024 earnings summary

Executive summary

• Achieved strong 2024 operating performance with 6.6% organic revenue growth to €5.282 billion, EBITDA pre IFRS 16 up 9.2% (excluding disposals/real estate), and margin up 30 bps; all segments and geographies contributed.

• Net profit from continuing operations pre IFRS 16 was €5 million, reversing a €49 million loss in 2023; group share loss halved to €20 million.

• Financial structure strengthened: €409 million net debt reduction to €3.445 billion, Wholeco leverage down to 5.8x, and LTV at 57%.

• Executed €1.5 billion financial plan: €329 million capital increases, €504 million asset disposals (target €1 billion by end-2025), and €775 million debt refinancing extending maturities to 2029.

• Achieved key ESG milestones: NPS +44, Top Employer Europe, SBTi-validated CO2 reduction (15% since 2021), and improved workplace safety.

Financial highlights

• Revenue: €5.282 billion (+6.6% organic); EBITDA pre IFRS 16: €605 million (+9.2% pro forma, +1.2% excl. disposals); margin at 11.5% (up 30 bps excl. real estate/disposals).

• Net profit from continuing operations pre IFRS 16: €5 million (vs. €49 million loss in 2023); group share at -€20 million.

• Operating cash flow: €400 million (vs. €288 million in 2023), driven by working capital improvement.

• Net financial debt (ex-rent): €3.445 billion, reduced by €409 million.

• Real estate portfolio value: €2.6 billion, down €395 million due to disposals and market effects.

Outlook and guidance

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

• By 2026: target <€3 billion net debt, Wholeco leverage <5x, and EBITDA margin pre IFRS 16 up 100–150 bps from 2023.

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

• Non-financial targets: NPS ≥40, >7,000 staff in qualifying training, further reduction in accident frequency and GHG emissions.