Clariane (CLARI) Q4 2025 earnings summary

Executive summary

• Achieved solid operating performance in 2025, with organic revenue growth of 4.5% to €5.31 billion, driven by balanced volume and price contributions across all geographies and activities.

• Successfully completed a €1 billion asset disposal program at a 14x EBITDA multiple, reducing net financial debt by €390 million and Wholeco leverage to 5.1x.

• Restored access to financing, including a €500 million bond issue, extension of credit facilities, and inaugural B+/B2 corporate ratings.

• Net profit returned to positive territory at €36 million pre-IFRS 16, compared to a €55 million loss in 2024.

• Exceeded non-financial targets, including ESG objectives, employee engagement, and Top Employer certification.

Financial highlights

• Revenue reached €5.31 billion, up 4.5% organically year-over-year; EBITDA (pre-IFRS 16) was €594 million, up 3.1% pro forma.

• EBITDA margin (pre-IFRS 16) stable at 11.2%, with H2 margin improving to 12.5%.

• Operating free cash flow rose 46% to €267 million, supporting debt reduction.

• Net financial debt decreased to €3.1 billion; HoldCo/Wholeco leverage reduced to 5.1x from 5.8x in 2024.

• Real estate portfolio valued at €2.5 billion, loan-to-value ratio stable at 58%.

Outlook and guidance

• 2023–2026: average organic revenue growth of ~5% per year, EBITDA margin improvement of 100–150 bps, and HoldCo leverage below 5x by end-2026.

• 2025–2028: average annual revenue growth of ~4%, EBITDA growth of 7–9%, OpCo EBITDA growth of 11–14%, and Wholeco leverage around 4.5% by end-2028.

• No dividend distribution planned in the medium term due to leverage covenants; external growth or M&A only if leverage targets are met.