Clariane Se · EURONEXT:CLARI
Clariane — FY2025 Earnings Presentation
39 slides from Clariane's earnings presentation, Feb 27, 2026
Slide 1: 2025 Full-Year Results
2025 Full-Year Results February 27th, 2026 Sophie Boissard, CEO Grégory Lovichi, CFO
Slide 2: Disclaimer
Disclaimer This document contains forward-looking statements that involve risks and uncertainties, including those included or incorporated by reference, concerning the Group's future growth and profitability that could cause actual results to differ materially from those indicated in the forward-lo
Slide 3: Agenda
Agenda ■ 01 2025 highlights ■ 04 Owned real estate portfolio ■ 02 Income statement ■ 05 2023 – 2026 Outlook 2025 – 2028 “Succeed Together” Outlook ■ 03 Cash flow and debt ■ 06 Appendices Page 3 FY2025 results
Slide 4: 2025 highlights
01 2025 highlights 27 Fe br uar y, 20 26
Slide 5: Key highlights
Key highlights • Revenue up +4.5% organically – balanced contribution between volumes and prices (notably in Germany) • EBITDA pre IFRS 16 pro forma +3.1% vs. 2024. H2 margin @12.5%, advancing +260 Solid operating performance bps vs. H1 2025 • Operating FCF up 46%, >40% EBITDA cash conversion, at €2
Slide 6: FY2025 key financials
FY2025 key financials REVENUE €5,310m OPERATING €267m up +46.1% +4.5% (organic) FREE CASH FLOW vs. €183m in 24 EBITDAR €1,159m NET FINANCIAL -€390m vs. Dec-24 DEBT REDUCTION Net financial debt at €3.1bn, vs. Pre IFRS16 +3.5% (proforma) Pre IFRS 16 & IAS 17 €3.5bn Dec-24 EBITDA €594m FINANCIAL 5.1x +
Slide 7: Clariane post disposal plan: a well-balanced and streamlined profile
Clariane post disposal plan : a well-balanced and streamlined profile › AT-SCALE NETWORK › DIVERSIFIED PROFILE : 6 COUNTRIES / 2 SEGMENTS › SOLID SHAREHOLDER BASE (FY2025) (% of FY2025 revenues) (as of 31.12.2025) Free float PREDICA BELGIUM & GERMANY (incl. Flat 26% 1,215 facilities Long-term care F
Slide 8: Clariane has restored its access to financing
Clariane has restored its access to financing Plan achieved 6 months ahead of schedule, supporting return to the bond market Nov.-Dec.2023 Febr. 2024 Jun./Jul. 2024 Febr. 2025 July 2025 July/Aug. 2025 2 real estate Capital Amend & Extend Return to the equity partnerships increases (Syndicated Facili
Slide 9: ESG milestones achieved in 2025
ESG milestones achieved in 2025 QUALITY MANAGEMENT AND MEDICAL STANDARDS DRIVING COMPETITIVE ADVANTAGE ESG objectives (by ‘26) ▪ NPS at 45 : +1pt vs. 2024 ▪ External certifications : 99% of nursing homes and clinics ISO-9001-certified, >87% A/B rating based on regulatory audits Quality of ▪ Systemat
Slide 10: Income statement
02 Income statement 27 Fe br uar y, 20 26
Slide 11: Solid revenue growth in 2025
Solid revenue growth in 2025 All segments and geographies contributing to organic growth › GROWTH BY ACTIVITIES › GROWTH BY GEOGRAPHIES Full-year 2025 New segmentation(*) 2024 2025 Variations reported growth organic growth In €m Revenue Revenue % of revenue Reported Organic France -2.9% +2.6% Long t
Slide 12: FY2025 revenue bridge impacts
FY2025 revenue bridge impacts Price and mix effects more than offsetting perimeter and other effects (€m ; %) › Disposal plan -€125m -2.5% organic reported (perimeter effect) (€m) +4.5% +0.5% › Volume increase +€74m +1.4% Long-term Care: +€48m • Medicalized nursing home: +€27m due to occupancy +3.1%
Slide 13: Long-term Care: continued growth in occupancy rate
Long-term Care : continued growth in occupancy rate FY 2025: 91.0% FY2024: 90.6% 91.6% 91.6% 91.0% 90.7% 90.4% 90.6% FY2023: 88.5% 89.6% 89.5% 88.8% 88.7% FY2022: 86.6% 88.2% 87.6% 87.7% 87.1% 85.6% 86.0% OCCUPANCY RATE Long-term Care (all geographies) Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4
Slide 14: FY2025 EBITDAR performance by geographies
FY2025 EBITDAR performance by geographies FY 2024 FY 2025 margin margin chg. chg. excl. RE dev. France 22.2% 20.2% -200 bps -190 bps Germany 21.3% 24.0% +260 bps +260 bps Belgium and Netherlands 22.3% 23.3% +100 bps -70 bps Italy 21.5% 21.8% +30 bps +30 bps Spain (*) 20.6% 19.9% -70 bps +100 bps TOT
Slide 15: Bridge EBITDA 2025 vs. 2024 (pre IFRS 16)
Bridge EBITDA 2025 vs. 2024 (pre IFRS 16) EBITDA margin (%) EBITDA 2024 €605m pre IFRS 16 (published) +156 Disposal plan (perimeter effect) -€29m 11.5% 11.2% 11.2% (in €m) EBITDA 2024 pro forma €576m 605 +17 594 576 (155) (29) Volume effect +€17m Positive across all geographies Price effects, net of
Slide 16: Evolution of operating performance semester by semester
Evolution of operating performance semester by semester Evolution of half-year EBITDAR & EBITDA (€m) (% margin) (pre IFRS 16) 650 613 572 25% 547 546 23.1% 22.2% 21.2% 20.6% 450 331 297 15% 279 263 250 12.5% 11.5% 10.8% 9.9% 50 5% H1 2024 H2 2024 H1 2025 H2 2025 pro forma pro forma published publish
Slide 17: Cash flow and debt
03 Cash flow and debt
Slide 18: FY2025 cash-flow statement
FY2025 cash-flow statement in €m, pre-IFRS 16 FY 2024 FY 2025 Net debt decreased €408m at year-end 2025 EBITDA 605 594 (including IAS 17). Excluding IAS 17, net debt Operating cash flow 400 469 decreased by €390m mainly due to : Tax and interest paid (217) (202) Increase in operating cash flow : €46
Slide 19: Net financial debt as of Dec. 2025
Net financial debt as of 31 Dec. 2025 3. Evolution of net financial debt 1. Corporate debt maturities (€m) excl. IFRS 16 and IAS 17 (*) (€m) excl. real estate debt 3,963 -€390m Reduction in net 3,839 financial debt 3,445 100 1,560 3,055 1,490 41 300 350 500 361 (*) 300 230 146 2,403 2,349 2026 2027
Slide 20: Financial structure
Financial structure Significant deleveraging achieved since 2023 6.5x Wholeco(1) Leverage Wholeco leverage at 5.1x, vs 5.6x (3) at June 25 and 5.8x at Dec. 24. 6.2x Down -1,1x since 2023, owing to: (2) • Finalization of the Plan to strengthen the Group’s financial 6.0x structure 5.8x 5.8x (3) • Oper
Slide 21: Owned real estate portfolio
04 Owned real estate portfolio
Slide 22: Real estate Gross Asset Value variation
Real estate Gross Asset Value variation Cap rates stabilizing In €m 2,612 2,456 +29 2,459 (155) +12 (38) Dec. 2024 Perimeter Dec. 2024 Cap rate Capex Indexation Dec. 2025 (incl. pro forma disposal plan) Real estate value is stable excl. perimeter effects of -€155m • Market effects : -€10m • Indexati
Slide 23: Real estate financing structure as of December 2025
Real estate financing structure as of December 2025 c. 77% held in dedicated, long-term equity partnerships Clariane real estate portfolio · 100% consolidated Value(1) €2.5bn €1.9bn €0.6bn (77%) (23%) Shared capital real estate vehicles · Asset smart strategy Locally-owned portfolio Value Clariane s
Slide 24: 2023-2026 Outlook, 2025-2028 "Succeed Together" Outlook
05 2023 - 2026 Outlook 2025 - 2028 “Succeed Together” Outlook 27 Fe br uar y, 20 26
Slide 25: Clariane's positioning: key highlights
Clariane’s positioning : key highlights 1 • A European leader in social infrastructure in non-acute care and incapacity prevention 2 • A Purpose-driven company ensuring long-term resilience present at the heart of ~700 local communities 3 • Solid embedded revenue growth benefiting from solvent marke
Slide 26: Post-disposal program, Clariane operates in 6 countries
Post-disposal program, Clariane operates in 6 countries with strong diversification and critical scale FRANCE ITALY BELGIUM GERMANY SPAIN NL Long Term Care LONG TERM CARE Two complementary Specialty Care segments… 76% of revenue 24% of revenue Medicalized nursing homes Medicalized Alternative Specia
Slide 27: 2025-2028 "Succeed Together" mid-term plan
2025-2028 “Succeed Together” mid-term plan Leveraging Clariane unique strengths to fuel profitable growth Clariane unique strengths Ensure a patient-centered QUALITY AT experience by aligning expected, THE CORE desired, perceived, and delivered quality STEADY AND PROFITABLE GROWTH Attract, train, an
Slide 28: Main priorities by segment
Main priorities by segment Long Term care 1 2 3 Driving quality and cost Reinforcing the Addressing underserved efficiency coordination with MSO local care needs and offering through tech & digital hospitals caregiver support services enablers Specialty Care 1 2 3 Expanding in selected Combining inp
Slide 29: Nurturing a profitable growth momentum
Nurturing a profitable growth momentum Overview of key revenue growth drivers Key focus Long Term care Specialty Care 1 Develop outpatient activity Leveraging existing Occupancy rate increase in existing network capacities capacities Enrich hospitality services Volume Greenfield projects in selected
Slide 30: Delivering on EBITDA growth
Delivering on EBITDA growth A diversified set of levers to improve our performance 1 Leveraging existing ■ Pricing & data-driven case-mix management capacities ■ Additional volumes through & ■ Occupancy increase Enriching service offering ■ Development of outpatient support 2 ■ Streamlining overhead
Slide 31: Focusing on continued deleveraging
Focusing on continued deleveraging 1 ■ Increase in EBITDA ■ Working capital management ■ Capex discipline: Operating and Development capex well balanced • c.€150m Operating capex p.a, to cope with resilience and compliance challenges (climate, IT) Cash-flow • c.€150m Development capex p.a, generatin
Slide 32: 2023-2026 and "Succeed Together" Mid-Term Plan Outlooks
2023-2026 and “Succeed Together” Mid-Term Plan Outlooks 2023-2026 Succeed Together confirmed 2025-2028 REVENUE GROWTH CAGR c.+5%* CAGR c. +4% (pro forma) EBITDA CAGR from +7% to +9% EBITDA EBITDA margin up 100 bps to 150 proforma & pre IFRS 16 bps (excl. RE dev.) EBITDA Opco** CAGR from +11% to +14%
Slide 33: Appendices
06 I Appendices New breakdown by activity Performance by geographies ESG dashboard
Slide 34: Operating performance by geography (1/3)
Operating performance by geography (1/3) FRANCE €m (pre IFRS 16) FY 2024 FY 2025 chg. (%) Revenue up +2.6% organically, and pro forma EBITDAR Revenue 2,332 2,264 -2.9% down -7.0% Organic growth +2.6% Long term care revenue up +2.9% (organic) Pricing adjustments EBITDAR 517 458 -11.5% 2025 OR
Slide 35: Operating performance by geography (2/3)
Operating performance by geography (2/3) €m (pre IFRS 16) FY 2024 FY 2025 chg. (%) Revenue 805 846 +5.1% Organic growth +5.0% EBITDAR 180 197 +9.9% BELGIUM & NETHERLANDS proforma +9.9% EBITDAR margin 22.3% 23.3% +100 bps EBITDAR excl. RE 180 183 +2.0% proforma +2.0% EBITDAR margin excl. RE 22.3% 21.
Slide 36: Operating performance by geography (3/3)
Operating performance by geography (3/3) ITALY €m (pre IFRS 16) FY 2024 FY 2025 chg. (%) Revenue up +2.4% (organic), and pro forma Revenue 626 618 -1.3% EBITDAR increased by +3.3% Organic growth +2.4% Long term care revenue up +3.4% (organic) with EBITDAR 135 135 +0.0% average OR in 2025 at 97.4
Slide 37: Clariane: new business segmentation
Clariane : new business segmentation Reorganization into 2 business lines Historical segmentation (*) FY 2024 FY 2025 reported organic % of revenue in €m revenue revenue growth growth Long-term Care 3,281 3,387 64% +3.2% +4.8% Specialty Care 1,346 1,287 24% -4.4% +1.8% Community Care 655 636 12% -2.
Slide 38: ESG dashboard
ESG dashboard Supporting recovery towards sustainable performance Status Targets Target levels Indicators 2024 2025 vs. targets 2025 (>; =; <) 2026 Consideration score (/10) 8.3 8.4 ≥ 8.0 > ≥ 8.0 Patients / residents / families Net Promoter Score (-100 to +100) 44 45 ≥ 42 > ≥ 40 Employee Net Promote
Slide 39: Thank you
clariane THANK YOU ae