Claranova : Presentation – H1 2025-2026 results

About this update from Claranova Se

‌Half-year results‌ ‌Chief Executive Officer Chief Financial Officer ‌Claranova, a in software publishing : technologies • subscription sales Rest of the world 2 % Oceania 4 % Asia 4 % North America 37 % recurring revenue Europe 53 % Employees Countries Languages 94.3 % Consumers (B2C) 5.7 % Professionals (B2B) ‌H1 25-26: improved operating margin 1 , PDF & B2B growth Revenue 49 M€ −19% vs 60 M€ (H1'25) −9% at constant scope & FX EBITDA 10 M€ −9% vs 11 M€ (H1'25) Costs kept under control despite revenue decline 5% at constant scope & FX Operating Margin 1 20.6% +2,2 pts vs 18.4% (H1'25) Structural profitability improvement Structural positive signals 2 ▲ +46% New B2B sales year-on-year ▲ +20% Document (PDF) renewal rate ▲ +18% B2B channel of the Document (PDF) segment ▲ +6% / +9% Revenue / EBITDA Document (PDF) ▲ 80% Recurring revenues (vs 75% H1'25) Revenue and EBITDA bridge H1'25 FX effect Scope effect Organic H1'26 Revenue €60m −6% −4% −9% €49m Normalised ROC €11m −8% −6% +5% €10m ‌Revenues (€m) 60 H1 revenues at €49m, down -9% like-for-like vs LY: 5 49 2 55 46 Negative currency effect of -6% Negative scope effect (-4%) driven by the sale of US "Non-Core" activities on October 31, 2025 (5% of revenues) S1 24-25 S1 25-26 Core Non core Revenues core (€m) 1 55 3 35 27 16 17 4 46 Core activities represent 95% of revenues : SodaPDF 2 sales up 6% like-for-like and at constant exchange rates vs. the same period last year ( B2B up 16% vs. last year ) Adaware showing -16% 2 driven by temporary advertising revenues slowdown linked to user migration, market dynamic and lower seasonality performance (Black Friday, Holidays) InPixio -24% 2 due to reduced marketing investments and product positioning 14% 2 reduction in marketing spent vs last year S1 24-25 S1 25-26 ‌EBITDA (€m) 10 15 14 0 -4 0 -3 11 Significant improvement of the Group's EBITDA margin 2 to 20.6% (vs 18.4% last year): Decrease in cost of sales (COGS Utilities - 100% own IP) Customer acquisition - Growth vs profitability trade-off S1 24-25 S1 25-26 Non core Core Corporate EBITDA : core (€m) 1 15 Rigorous management of the Group's operating costs Strategic activities 3 : a 3% decline in EBITDA on a like-for-like basis (core) 5 5 -1 0 8 10 14 PDF (Soda) 3 : increased profitability with 9% EBITDA growth Utilities (Adaware) 3 : 13% decline in EBITDA over the half-year Photo (inPixio) 3 : EBITDA up and close to breakeven S1 24-25 S1 25-26 6 1 Unaudited management data 2 Revenue compared to EBITDA 3 Management data under local accounting standards and in US dollars ‌Strategic KPIs 1 LTV/CAC 2 Customer value / cost ratio S1'25 FY25 S1'26 2.16 2.21 2.19 Stable vs FY25 Customer Base Net customer growth S1'25 FY25 3 S1'26 +2.0% +0.2% −0.2% ▼ −0.4 pt vs FY25 Recurring Rev. % of revenue S1'25 FY25 S1'26 75% 75% 80% ▲ +5 pts vs FY25 % B2B Share of B2B revenues S1'25 FY25 S1'26 4.0% 4.5% 5.7% ▲ +2.2 pts vs FY25 KPIs calculated in connection with our proprietary SaaS software (Security, Document/PDF, Photo): LTV : sum of revenues generated over the customer lifetime (across products and segments) Customer Base : change in the number of net active customers (new customers - cancellations) Recurring Revenues : revenues generated by B2C users of our software and/or tools on a recurring basis. Subscription revenues from our proprietary software (Security, PDF, Photo) and advertising revenues from our recurring user base CAC : customer acquisition cost ‌Commitments delivered: H1 2025-2026 +6% 5.7% ✓ PDF Revenue Year-on-year 1 Marketing Invest. PDF: increased budgets B2B Share vs 4.5% at June 30, 2025 1 Non-Core Divestiture 2 Strategic refocus ✓ ✓ O O rg rg a a n n is iz a a ti t o io n n O S p im t p im lifie iz d e s d tru s c t t r u u re cture 80% Recurring Revenue + 5 pts vs June 30, 2025 1 Risk Profile Improvement confirmed 3 Product Launches CleanBuff - New macOS product B2B Portal - Tech. & partners WebApp - Improved doc. management ‌H1 2025-2026 ‌H1 2025-2026 Revenue EBITDA 1 EBITDA margin 2 Share of international revenue Financial result Cash Net profit from continuing operations Equity 1 EBITDA (Earnings before interest, taxes, depreciation and amortization) is a non-GAAP aggregate used to measure the operating performance of the businesses. It equals Recurring Operating Income before the impact of IFRS 2 (share-based payment expenses), depreciation and amortization, and the IFRS 16 impact on the recognition of leases. ‌Consolidated income statement H1 2025-2026 IFRS 5: classification of expenses and income from discontinued operations (PlanetArt and myDevices) on a single P&L line: net income from discontinued operations 1 Revenue down -9% on a like-for-like basis 2 Recurring Operating Income of €8m slightly down (€9m in H1 2024-2025) and EBITDA of €10m with profitability* improving by 2.2 points (details next slide) 3 Net income from continuing operations positive at €2m vs €(6)m last year In €m H1 2025-2026 (6 months) H1 2024-2025 H1 2024-2025 (6 m. restated) (6m. published) Revenue 1 49 60 294 Raw materials and purchases of goods (1) (1) (80) Other purchases and external charges (23) (30) (133) Taxes and similar payments (0) (0) (0) Employee expenses (8) (11) (35) Depreciation, amortization and net provisions (3) (3) (6) Other recurring operating income and expenses (5) (7) (10) Recurring Operating Income 2 8 9 31 Other operating income and expenses 1 (2) (3) Operating Income 9 7 28 Financial result (5) (10) (10) Income tax (2) (3) (6) Net Income (loss) from continuing operations 3 2 (6) 11 Net Income (loss) from discontinued operations 1 15 (1) Net Income 3 10 10 ‌Net Income H1 2025-2026 In €m H1 2025-2026 (6 months) H1 2024-2025 H1 2024-2025 (6 m. restated) (6m. published) Normalized Recurring Operating Income* 1 10 11 34 IFRS 16 impact on lease charges 1 1 3 Share-based payments (incl. social charges) (0) (0) (0) Depreciation, amortization and provisions (3) (3) (6) Recurring Operating Income 8 9 31 Other operating income and expenses 2 1 (2) (3) Operating Income 9 7 28 Financial result 3 (5) (10) (10) Income tax (2) (3) (6) Net Income from continuing operations 4 2 (6) 11 Net Income from discontinued operations 1 15 (1) Net Income 3 10 10 1 EBITDA of €10m down 9% but operating margin** improving to 20.6% (vs 18.5% last year) 2 Capital gain on disposal of non-core activities before recycling of translation adjustments of €3.3m and provision for the settlement agreement of €(2.2)m 3 Financial Result impacted by: borrowing costs of €(3.0)m foreign exchange losses of €(1.8)m (of which €(1.4)m unrealized) amortization of borrowing costs of 4 €(0.6)m Net income from continuing operations at €2m , a significant improvement compared to last year at €(6)m * EBITDA (Earnings before interest, taxes, depreciation and amortization) is a non-GAAP aggregate used to measure the operating performance of the businesses. It equals Recurring Operating Income before the impact of IFRS 2 (share-based payment expenses), depreciation and amortization, and the IFRS 16 impact on the recognition of leases. ‌Cash position as of end of December 2025 In €m H1 2025-2026 (6 months) H1 2024-2025 (6 m. restated) H1 2024-2025 (6m. published) Cash flow from operations (CFO) 11 33 33 Of which CFO from continuing operations 10 10 33 Operating cash flow from continuing activities slightly up at €10.2m vs €9.6m last year (10) (6) (4) 3 Of which financing cash flow from continuing operations (4) (2) 2 2 Of which investing cash flow from continuing operations 69 6 2 1 Of which operating cash flow from continuing operations Change in Working Capital from continuing operations Net taxes and financial interests paid - continuing operations Change in Working Capital - discontinued operations (6) (0) 41 (2) (4) (5) - 40 0 Net cash flow from operating activities 3 69 69 Net cash flow from investing activities 2 (4) (4) Net cash flow from financing activities (5) (9) (9) Change in cash 1 57 57 Cash at beginning of period Exchange rate impact on cash 6 - 37 4 37 4 Cash at December 31 7 97 97 Of which cash from continuing operations 4 7 16 97 2 1 €2m operating cash flow from continuing operations linked to the €(6)m working capital change due to repayment of trade payables related to the PlanetArt disposal and legal fees (litigations) 3 €2m investing cash flow from continuing operations with mainly cash received from PA disposal on 2 nd of July for €4.6m, pdfforge earnout for €(0.7)m and R&D cost capitalization of €(1.3)m 4 €(4)m financing cash flow from continuing operations of which €(2.6)m for debt servicing, €(2.3)m for the SCEP earn-out payment, 5 €2.2m bank overdrafts and €(0.8)m for IFRS 16 lease payments Group cash from continuing operations at €7m , up €1m compared to June 30, 2025 ‌Contained Net Debt as of December 31, 2025 1 In €m 12/31/2025 12/31/2024 Bank debt 1 47.5 148.5 Bond debt 0 0 Other financial debt 0 0 Accrued interest 1.4 4.4 Bank overdrafts 2.3 0.1 Total financial debt * 2 51.2 153.0 Cash 6.8 96.5 Net debt 3 44.4 56.5 Cheyne debt repayment (€87.5M), SaarLB pool debt (€12.5M), BPI (€3M) and PGE (€1M). Cathay debt exit: PlanetArt (€12M) and MD (€4M) As at 31/12/2025, bank debt breaks down into €43.5m of Cheyne debt (including (€2m) of deferred financing costs), €3m of BPI and €1m of PGE 2 66% decrease in financial debt over one year. Slight increase over 6 months (accrued interest, overdraft) 3 Net debt stands at €44.4M vs €56.5M last year although cash level at 31 December always high due to PlanetArt seasonality In €m 12/31/2025 06/30/2025 Goodwill 80 80 Other non-current assets 15 15 Right-of-use assets on lease contracts 1 2 Current assets (excl. cash) 1 23 30 Cash and cash equivalents 2 7 6 Assets held for sale 3 3 Total assets 128 136 Shareholders' equity 3 42 40 Financial debt 4 51 48 Lease liabilities 1 2 Other non-current liabilities 2 4 Other current liabilities 28 37 Liabilities held for sale 5 6 Total liabilities 128 136 ‌Simplified Balance Sheet: increased Shareholders' Equity 1 Current assets at €23m (including the escrow account from the PlanetArt disposal for €8.5M) 2 Cash position at €7m up 1€m compared to 06/30/2025 3 Shareholders' equity turned positive again as of 30 June 2025 and improving to €42m as of 31 December 2025 4 Financial debt slightly up vs 30/06/2025 (accrued interest and overdraft) ‌Confirmed improvement in risk profile Revenue Financial Debt Operating margin Cash Excl. held as collateral Shareholders' Equity Net Leverage Ratio Net Income Financial Result ‌Corporate Social, Environmental and Societal Responsibility Claranova reaffirms its commitment to strengthening its CSR approach and to continuously improving its environmental, social, and governance practices. Published in October 2025 : "CSRD" Sustainability Report for the 2024-2025 fiscal year, ESG Strategic Plan by 2030* Audited Voluntary Sustainability Report for the 2025-2026 fiscal year Climate Transition Plan : unveiled on the ESG Strategic Plan as of June 30, 2026 50/100 Continuous improvement of the EthiFinance ESG non-financial rating 17 * The indicators and targets are detailed in the Sustainability Report available on the Company's website https://www.claranova.com/en/csr-approach/ ‌ ‌2 nd Half 2025-2026: Key Upcoming Projects Cheyne Capital Debt Refinancing Discussions with banks progressing towards refinancing ahead of June 2026 Financial terms significantly improved, in line with our new risk profile Sustained Growth in Document (PDF) Increased investment in customer acquisition (B2C & B2B) driving new sales Acceleration of our "Reseller" and "Conversion" programmes to our solutions Expansion of our B2B technology partnerships Technology portal (Reverso - simultaneous translation & intelligent editing) Workflow and data extraction solutions for the banking industry AI Innovation in Utilities New "predictive AI" features optimising upstream performance and user interaction Integration of secure browsing and search features into "optimisation" applications ‌Intelligent Document: AI as a Growth Driver CAGR 2025-2030 +33 % 2030 Market $12Bn Target Segment SME · Mid-market · Regulated STRATEGIC POSITIONING "AI doesn't just make our products better - it fundamentally changes their nature. We are moving from document management to exploiting document data." Immediate Deployed and in use from day one - no heavy integration project, no delay. → Where AI requires configuration and orchestration, we deliver without delay. Precision Reliable extraction, structuring and validation on real business workflows. Scanned documents reconstructed as editable PDFs. → Where LLMs remain approximate*, we deliver a controlled output*. *LLM precision - 92% vs SodaPDF - 99.8% Control Secure or on-premise deployment - your data stays under your control. AI agents orchestrated via our API. → A concrete alternative to uncontrolled cloud AI. Compliance Built for regulated environments - no data transfer to third parties. → GDPR, NIS2 and sector-specific requirements compliant. Healthcare Public Legal Finance WHAT OUR PARTNERS VALUE → Simple to sell, ROI visible before end of quarter → Short sales cycle · Immediate adoption → Natural expansion towards automation AI EXPANDS OUR ADDRESSABLE MARKET → From file handling to document data exploitation → Automated extraction, classification and compliance → Addresses SMEs and mid-market companies in full digitalisation → Claranova turns AI into tangible results - immediately, without IT complexity, in full compliance with regulatory obligations. ‌ & A unique technology, a massive market Native Document AI Automatic translation, comprehension and editing of complex PDF documents . Full preservation of layout and structure. Powered by Reverso Reference multilingual translation engine covering over 25 languages, enhanced with generative AI. 1.5 billion words translated per day. Recurring SaaS Model High-value-added B2B subscription. Strong solution complementarity for a differentiated offering in a high-growth market underserved by generic LLMs. AI embedded at the core of a controlled document architecture becomes a new standard for professional document use ‌ & A unique technology, a massive market Try the app: pdftranslator.dev.reverso.net 22 ‌Glossary EBITDA (Earnings before interest, taxes, depreciation and amortization) : a non-GAAP aggregate used to measure the operating performance of the businesses. It equals Recurring Operating Income before the impact of IFRS 2 (share-based payment expenses), depreciation and amortization, and the IFRS 16 impact on the recognition of leases. LifeTime Value (LTV) - Customer Lifetime Value: sum of revenues generated by a customer over his or her entire lifetime as a customer (all products and segments combined). Customer Acquisition Cost (CAC): total cost incurred to acquire a new customer. It represents the total cost of marketing and sales investments divided by the number of customers acquired over a year. Annual Recurring Revenue (ARR): recurring revenues are defined as revenues generated by users of our software and/or tools on a repetitive basis. They notably include subscription revenues from our proprietary software (Security, PDF, Photo) and advertising revenues from our recurring user base. Life Time Value (LTV) / Customer Acquisition Cost (CAC) Ratio: measures the return on investment of expenses incurred to acquire new customers (B2B and B2C). Average Annual Net Churn Rate (Proprietary SaaS software - B2B and B2C): measures the net change in revenue from existing customers, after accounting for both revenue loss due to cancellations and growth from existing customers, such as upgrades. The more negative the Net Churn rate, the better the customer retention and the more the company is able to maintain and grow its recurring revenues. 23 ‌Analyst & investor contact +33 1 41 27 19 75 [email protected] https://www.claranova.com Important disclaimer This document contains forward-looking statements relating to the financial condition, results of operations, business, strategy and plans of Claranova. Although Claranova believes that these forward-looking statements are based on reasonable assumptions, they do not constitute guarantees of the Company's future performance. Actual results may differ materially from the forward-looking statements due to a number of risks and uncertainties, most of which are beyond Claranova's control, including the risks described in the 2024-2025 universal registration document filed on October 30, 2025, with the French Financial Markets Authority. The information in this document is provided for indicative purposes, the 2024-2025 consolidated financial statements being authoritative. 24

View stock analysis, news, and events for Claranova Se