Clariane Se · EURONEXT:CLARI
Clariane — H1 2026 Earnings Presentation
31 slides from Clariane's earnings presentation, Jul 30, 2026
Slide 1: 2026 Half-Year Results
2026 Half-Year Results July 30th, 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- l
Slide 3: Agenda
Agenda ■ 01 H1 2026 highlights ■ 04 Owned real estate portfolio ■ 02 Income statement ■ 05 2023 – 2026 Outlook 2025 – 2028 Outlook ■ 03 Cash-flow and debt ■ 06 Appendices Page 3 H1 2026 results
Slide 4: H1 2026 highlights
01 H1 2026 highlights
Slide 5: Key highlights
Key highlights Strong • Revenue +4.6% (organic) increase in operating • EBITDA (pre IFRS 16) +14.9% (pro forma) performance • EBITDA opco 1 +25.1% (pro forma) • Following Moody’s (B2) and S&P (B+) ratings, regained access to debt capital Capital markets → >€1bn bonds issued over the last 6 months St
Slide 6: H1 2026 key financials
H1 2026 key financials €2,699m OPERATING €144m up +8.3% REVENUE +4.6% (organic) CASH FLOW vs. €133m in H1 2025 NET FINANCIAL EBITDAR €563m Net financial debt at €3.0bn, vs. €3.6bn pre IFRS 16 +7.5% (pro forma) DEBT REDUCTION as of June 2025 excl. IFRS 16 & IAS 17 4.9x (reported) vs. 5.6x June 2025 E
Slide 7: Critical ESG milestones achieved in H1 2026
Critical ESG milestones achieved in H1 2026, supporting sustainable value creation and operational resilience SOCIAL DIALOGUE I TRAINING I VALUE-SHARING ■ Social Dialogue : renewal of the Agreement establishing the European Society Works Council ■ Training : Creation of a new program, dedicated to R
Slide 8: Well-prepared to cope with climate change
Well-prepared to cope with climate change : committing beyond regulatory standards and contributing to the protection of local communities Reminder : according to regulatory standards ( loi “Canicule” 2004), each of the 260 Korian facilities in France display : • At least 2 rooms equipped with air c
Slide 9: Regained access to debt capital markets
Regained access to debt capital markets Following the successful rating process KEY TAKE-AWAYS Febr. April June from H1 2026 2026 2026 2026 refinancing transactions Streamlined Credit rating Senior Notes Hybrid Notes ✓ >€1bn issuance in challenging market conditions and B+ (S&P) (senior, unsec., 5-y
Slide 10: Well defined operating roadmap supporting our "Succeed Together" medium-term plan
Well defined operating roadmap supporting our “Succeed Together” medium-term plan 1 2 3 4 Supporting the Diversifying Strengthening LONG-TERM increase in local support care intensity solutions for CARE and coordination relatives and with hospitals family helpers complexity Ensuring the quality and e
Slide 11: Income statement
02 Income statement
Slide 12: Solid revenue growth in H1 2026
Solid revenue growth in H1 2026 All segments and geographies contributing to organic growth › GROWTH BY ACTIVITIES › GROWTH BY GEOGRAPHIES H1 2025 H1 2026 Half-year 2026 % of revenue organic growth in €m revenue revenue reported growth organic growth Long-term Care 2,010 2,024 75% +5.0% France -1.1%
Slide 13: H1 2026 revenue bridge impacts
H1 2026 revenue bridge impacts Price and mix effects largely offsetting perimeter and other effects (€m ; %) organic reported › Disposal plan -€90m -3.5% (perimeter effect) (€m) +4.6% +1.6% +0.5% › Volume increase +€41m +1.6% +3.0% Long-term Care: +€36m +16 2,699 • Medicalized nursing homes: +€33m d
Slide 14: Medicalized nursing homes
Medicalized nursing homes (*) Steady growth in occupancy rate FY2025: 91.0% FY2024: 90.6% 91.6% 91.6% 91.7% 91.8% H1 2026 average 91.0% 90.6% occupancy rate 90.7% 90.4% 91.7% 89.6% 89.5% FY2023: 88.5% +1.2 pt 88.8% 88.7% vs. H1 2025 88.2% 87.7% OCCUPANCY RATE Medicalised nursing homes (all geographi
Slide 15: Bridge EBITDA H1 2026 vs. H1 2025 (pre IFRS 16)
Bridge EBITDA H1 2026 vs. H1 2025 (pre IFRS 16) Up +14.9% (pro forma) EBITDA H1 2025 €263m (published) EBITDA margin (%) (in €m) Disposal plan (perimeter effect) -€19m pre IFRS 16 EBITDA H1 2025 €243m +77 pro forma 10.4% Volume effect 9.9% +€10m Slightly positive across all geographies 280 Price eff
Slide 16: EBITDA performance by semester
EBITDA performance by semester Evolution of half-year EBITDA (pre IFRS 16, pro forma, excl. RE devpt) 400 (€m) (% margin ) 12% 11.7% 11.5% H1 2026 EBITDA margin 11.1% 280 up +100 bps vs. H1 2023 (pro forma, excl. RE dev.) +100 bps 10.4% 220 10.3% 200 9.5% 9.4% In line with 2023-2026 guidance 0 7% H1
Slide 17: Cash flow and debt
03 Cash flow and debt
Slide 18: H1 2026 cash-flow statement
H1 2026 cash-flow statement in €m, pre-IFRS 16 H1 2025 H1 2026 Strong improvement in Net Free cash flow (after capex) +€44m, owing to : EBITDA 263 280 1. Increase in EBITDA Operating cash flow 133 144 2. Increase in operating cash flow : €144m (+€11m) Tax and interest paid (110) (124) • Decrease of
Slide 19: Streamlined and strengthened capital structure
Streamlined and strengthened capital structure Focus on the 3 transactions achieved in H1 2026 + impact on capital structure Febr. 2026 Inaugural Credit rating : B+ (S&P) - B2 (Moody’s) • Highlighting strong fundamentals • Opening new financing options for the Company, e.g via the High Yield market
Slide 20: Debt maturity profile
Debt maturity profile Corporate debt maturity profile : extended, simplified (in €m) ›› as reported refinanced by 2030 ›› pro forma planned use of proceeds of the senior and 2031 bonds notes maturing 2030 (*) and 2031 (**) 100 230 730 730 76 500 500 361 350 350 301 300 301 300 H2 2026 2027 2028 2029
Slide 21: A deleveraging trajectory confirmed
A deleveraging trajectory confirmed Deleveraging trajectory since 2023 Reduction of net financial debt (in €m) supported by plan execution + continued disciplined capital allocation excluding IAS 17 (*) and IFRS 16 pro forma £200m assuming repayment of 4,431 4,309 hybrid repayment €333m ODIRNANE 6.2
Slide 22: Owned real estate portfolio
04 Owned real estate portfolio
Slide 23: Real Estate Asset Value variation as of June 2026
Real Estate Asset Value variation as of 30 June 2026 Increase in Net Asset Value Real Estate Gross Asset Value : 2,608 €2,428m -€28m reflecting : 2,456 (152) +23 2,428 +9 1. Market effects (60) • indexation → +€23m ; • cap rate increase +16 bps (6.60% vs. 6.44%) → €(60)m 2. Capex : → +€9m Real Estat
Slide 24: Outlook
05 Outlook
Slide 25: Delivering on EBITDA growth
Delivering on EBITDA growth A diversified set of levers to further improve our performance 1 Leveraging existing ■ Pricing & data-driven case-mix management capacities ■ Additional volumes through : & • Occupancy increase Enriching • Development of outpatient activities service offering 2 ■ Streamli
Slide 26: Outlook 2026 and 2025-2028
Outlook 2026 and 2025-2028 Medium-term plan 2023-2026 2025-2028 Revenue growth CAGR c. +5% * CAGR c. +4% (pro forma) EBITDA EBITDA margin +100 to +150 bps EBITDA : CAGR from +7% to +9% pro forma, pre IFRS 16 (excl. real estate development activity) EBITDA opco** : CAGR from +11% to +14% Leverage***
Slide 27: Appendices
06 I Appendices Performance by geographies
Slide 28: Operating performance by geography (1/3)
Operating performance by geography (1/3) FRANCE €m (pre IFRS 16) H1 2025 H1 2026 chg. (%) Revenue up +1.7% (organic), EBITDAR +7.7% (pro forma) Revenue 1,141 1,129 -1.1% Long-term care revenue up +1.5% (organic) Organic growth +1.7% Mainly driven by an increase in O.R (*) H1 2026 O.R. at 88.
Slide 29: Operating performance by geography (2/3)
Operating performance by geography (2/3) €m (pre IFRS 16) H1 2025 H1 2026 chg. (%) Revenue 414 438 +5.6% BELGIUM & NETHERLANDS Organic growth +5.9% EBITDAR 89 94 +5.5% proforma +5.5% EBITDAR margin 21.6% 21.6% +0 bps Revenue at €344m, up +4.5% (organic) Revenue at €94m, up +11.8% (organic) O.R
Slide 30: Operating performance by geography (3/3)
Operating performance by geography (3/3) ITALY €m (pre IFRS 16) H1 2025 H1 2026 chg. (%) Revenue up +3.0% (organic), and pro forma Revenue 317 305 -3.7% EBITDAR +2.3% Organic growth +3.0% Long-term care revenue up +4.7% (organic) with EBITDAR 72 67 -6.0% average O.R. (*) in H1 2026 at 97.5% (sta
Slide 31: Thank you
clariane THANK YOU ae