Clariane Se · EURONEXT:CLARI
Clariane — H1 2025 Earnings Presentation
35 slides from Clariane's earnings presentation, Jul 30, 2025
Slide 1: 2025 Half Year Results
2025 Half Year Results July 30th, 2025 Sophie Boissard, CEO Grégory Lovichi, CFO
Slide 2: Disclaimer
Disclaimer This document and the information contained herein do not constitute an offer to sell or subscribe, nor a solicitation of an order to purchase or subscribe the notes in any country, in particular in the United States. This press release and the information contained herein also do not con
Slide 3: Agenda
Agenda ■ 01 Highlights of H1 2025 ■ 04 Owned real estate portfolio ■ 02 Income Statement ■ 05 And now… Clariane is best positioned ■ 03 Cash Flow Statement ■ 06 Outlook Page 3 2025 H1 Results
Slide 4: Highlights of H1 2025
1 Highlights of H1 2025 30 Jul y, 20 25
Slide 5: H1 2025 key highlights
H1 2025 key highlights Plan to strengthen the financial structure finalized 6 months ahead of schedule Disposal program achieved at good valuation multiples Successful Debt Refinancing offering long term visibility Liquidity situation strongly reinforced - RCF of €491m reimbursed July 30th H1 2025 p
Slide 6: H1 2025 key figures
H1 2025 key figures REVENUE €2,656m +4.8% organic growth OPERATING CASH FLOW €133m vs. €169m in H1 2024 Stable excl. deferred payment from Heath care insurance France EBITDAR Pre IFRS 16 €546m NET FINANCIAL -€212m vs. June 2024 +0.8% pro forma & excl. RE dev DEBT REDUCTION pre IFRS 16 & IAS 17 Net f
Slide 7: ESG milestones achieved in H1 2025
ESG milestones achieved in H1 2025 EMPLOYER RECOGNITION I COMMITMENT ON EMPLOYEE HEALTH & SAFETY I TRAINING ■ 2025 Top Employer Europe certification • 1st company in the healthcare services sector to receive such recognition • Several years running in key geographies: France, Germany, etc… ■ Europea
Slide 8: A strengthened financial structure
Clariane financial structure strengthening plan completed six months ahead of schedule A strengthened financial structure 1 2 3 4 2 Real estate Real estate debt Share capital Assets disposal equity secured increases program partnerships (December 23) (December 23) (July 24) (June 25) €230m €200m €32
Slide 9: With the disposal of Petits-fils, Clariane completes its disposal program ahead of schedule
With the disposal of Petits-fils, Clariane completes its disposal program ahead of schedule Petits-fils at a glance Key financials ▪ Founded in 2007 and acquired by Clariane in 2018, Petits-fils has a unique approach to providing quality professional and €345m personalized in-home care services in F
Slide 10: Disposal plan overview
Disposal plan overview Key success factors ▪ Maintained control over timing and terms ▪ Credible alternatives and dual track approach ▪ Approx. 60% of the €1bn disposal plan was achieved ▪ Strict strategic discipline through the sale of OpCos ▪ French assets (operations ▪ Competitive tension and rea
Slide 11: Clariane post disposal plan: a well balanced and streamlined profile
Clariane post disposal plan : a well balanced and streamlined profile Key figures (30/06/2025) 6 countries - 3 segments (30/06/2025) 1 225 facilities 65 000 employees ≈ 91 000 beds 570 000 patients 5% 13% 12% Predica Public float 26% 43% 30% 2025 H1 revenue 2025 H1 revenue 16% 24% by region by activ
Slide 12: Financial structure
Financial structure Debt leverage ratio Wholeco (1) Leverage evolution 6.4x 6.2x 6.2x Significant decrease of the leverage ratio since 2023 owing to: 6.0x (2) 5.8x • Operating free cash flow generation 5.8x • Asset disposals achieved (average EBITDA 5.8x multiple >14x) (3) 5.6x • Wholeco leverage (a
Slide 13: Clariane has normalized its access to financing (1/2)
Clariane has normalized its access to financing (1/2) Successful Amend and extend of the Group’ Syndicated Facility New Real-Estate credit line ■ Amendment and extension of the syndicated facility (originally due in May-26) for an amount of €625m, post reimbursement from disposal proceeds, with a fi
Slide 14: Clariane has normalized its access to financing (2/2)
Clariane has normalized its access to financing (2/2) Successful issuance of a €400m unsecured bond • Successful issuance of an unsecured bond for a total amount of €400m – Maturing in 5 years (27 June 2030), contributing to extension of the average maturity of its debt Access to debt – Annual coupo
Slide 15: Corporate maturities extended and high level of liquidity
Corporate maturities extended and high level of liquidity Corporate debt maturity schedule (€m) (proforma RCF repayment + Petits-fils proceeds) excl. real estate debt (*) 100 Liquidity position - proforma (€m) ~930 41 300 undrawn RCF 226 cash 400 361 300 99 230 146 16 750 38 H2 2025 2026 2027 2028 2
Slide 16: Income statement
2 Income statement 30 Jul y, 20 25
Slide 17: Solid growth in H1 2025 sales
Solid growth in H1 2025 sales: All regions and activities contributed to this performance Growth by activities Growth by regions Share of Growth H1 2024 H1 2025 H1 2024 H1 2025 Variations Variations revenue Reported Organic Sales Sales (published) (organic) (€m) (€m) Total revenue 2 636 2 656 +0.8%
Slide 18: Bridge Revenue vs H1 2024
Bridge Revenue vs H1 2024 Volume increase Revenue Revenue growth + 0.8% reported growth Long-term care: +€14m mainly due to +€34m +1.3% occupancy rate increase Specialty care: +€9m from activity +4.8% organic growth increase mainly in France, Spain and Italy Community care: +€11m mainly in France 89
Slide 19: Long Term Care: steady occupancy rate increases
Long Term Care : steady occupancy rate increases H1 2025 H1 2024 90.5% 89,5% 91.0 90.7 90.6 90.4 89.6 89.5 88.7 88.8 88.2 FY 2024 87.6 87.7 90.6% 87.1 FY 2023 86.0 88.5% 85.6 FY 2022 86.6% Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 • H1 2025 : average occupancy rate @ 90.5% : up 1 pt vs. H1 2024 (89.
Slide 20: H1 2025 EBITDAR performance by geographies
H1 2025 EBITDAR performance by geographies Variations H1 2024 Margin H1 2025 Margin Variations Excl. RE dev France 22.1% 18.9% -323 bps -314 bps Germany 19.7% 21.1% +144 bps +144 bps Benelux 21.4% 21.6% +24 bps +24 bps Italy 21.8% 22.6% +80 bps +80 bps Spain, UK 19.2% 24.2% +498 bps +531 bps Total 2
Slide 21: Bridge EBITDA H1 2025 vs. H1 2024
EBITDA H1 2024 €290m Bridge EBITDA H1 2025 vs. H1 2024 Change in perimeter -€11m Real Estate contribution -€5m %EBITDA (€m) , pre IFRS 16 EBITDA H1 2024 pro €274m forma & excl RE dev 11.0% +89 Volume effect Net negative impact mainly due to A&V -€5m 10.7% ramp up effect in France 9.9% 290 Price effe
Slide 22: Cash flow statement
3 Cash flow statement
Slide 23: H1 2025 cash-flow statement
H1 2025 cash-flow statement The change in net debt shows an increase of €101m as of in €m, pre-IFRS 16 H1 2024 H1 2025 June 30, 2025 (including IAS 17) Excluding IAS 17, the increase EBITDA 290 263 in net debt amounts to €114m Operating cash flow 169 133 This increase in net debt is mainly due to: T
Slide 24: Owned real estate portfolio
4 Owned real estate portfolio
Slide 25: Real Estate Gross Asset Value variation
Real Estate Gross Asset Value variation Cap rates stabilizing In €m 2,672 2,600 +55 2,608 -72 +30 -76 H1 2024 Perimeter H1 2024 pro forma Cap rate Capex Indexation H1 2025 Decrease of -€64m in Real Estate Portfolio value as June 30, 2025, vs. June 30, 2024, due to: • Perimeter change of -€72m mainly
Slide 26: And now… Clariane is best positioned to address the growing care needs across Europe
5 And now… Clariane is best positioned to address the growing care needs across Europe 30 Jul y, 20 25
Slide 27: European care service market
European care service market Ageing population and epidemiology to drive growing demand Private investment required to address care needs Demographics Epidemiology +40% 80% people 75+ by 2040 of 60+ suffer from at least one non-communicable disease Supply gap Efficiency gap +50% 25% to 75% care prof
Slide 28: Clariane: a European leader on non-acute care segments
Clariane: a European leader on non-acute care segments Catchment area of over 30m people aged over 75+ and 800 local communities served through a wide local network FRANCE GERMANY ITALY SPAIN BELGIUM NL AMSTERDAM BERLIN Long-term care ANTWERP DUSSELDORF BRUSSELS Medicalised NUREMBERG nursing homes P
Slide 29: 3 main levers to support operational performance
3 main levers to support operational performance To boost operating performance and improve margins Volume Pricing Cost efficiency ▪ Leveraging NH existing capacities ▪ Improved case-mix management ▪ HR performance (+2% occupation rate - ~1000 beds) ▪ Renegotiate regulated care rates ▪ Supplier mana
Slide 30: Focus on cash generation
Focus on cash generation ✓ Sustained organic revenue growth ✓ Margin improvements supported by: • Increases in care rate, case mix management and volume • Cost reduction plan engaged post the Group's refocusing post disposal plan ✓ WCR normalization ✓ Discipline & normalization of: • Growth capex •
Slide 31: Clariane is well positioned
Clariane is well positioned To benefit from the underlying market growth in a sustainable and profitable way Leading pan-European operator 1 on non-acute segment Balanced country 2 and business profile Best-in-class operating model ▪ Quality standards 3 ▪ HR policies ▪ Digital skills Page 31 2025 H1
Slide 32: Outlook
6 Outlook 30 Jul y, 20 25
Slide 33: H2 2025 expectations
H2 2025 expectations ■ In 2025, the Group's main objective was to finalize its plan to strengthen its financial structure, a milestone that has now been reached, 6 months ahead of schedule ■ Following a transitional first half, the Group’s operating performance in the second half of 2025 will benefi
Slide 34: Unchanged Outlook for 2025 and 2023-2026
Unchanged Outlook for 2025 and 2023-2026 2025 2023-2026 ORGANIC REVENUE GROWTH c. +5% CAGR c.+5% EBITDA proforma & pre IFRS 16 EBITDA up 6% to 9% EBITDA margin up 100 bps to 150 bps WHOLECO LEVERAGE pre IFRS 16 Below 5.5x Below 5x end 2026 Maintain NPS of at least 40 Training : > 7,000 qualifying pa
Slide 35: Thank you
clariane THANK YOU ae