Presentation – H1 2025-2026 results

‌Half-year results‌

‌Chief Executive Officer Chief Financial Officer

‌Claranova, ain 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 margin1, 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 Margin1

20.6%

+2,2 pts vs 18.4% (H1'25)

Structural profitability improvement

Structural positive signals2

▲ +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

‌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

4 46

Core activities represent 95% of revenues :

SodaPDF2 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

11

Significant improvement of the Group's EBITDA margin2 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 activities3: a 3% decline in EBITDA on a like-for-like basis (core)

5

5

-1

0

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 KPIs1

LTV/CAC2

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

FY253

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 Divestiture2

Strategic refocus

✓✓

OOrgrgaannisizaatitoionn

OSpimtpimlifieizdesdtruscttruurecture

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

EBITDA1

EBITDA margin2

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

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

‌Net Income H1 2025-2026

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

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 2nd 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

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

‌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/

‌

‌2nd 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

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

‌

&

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

ir@claranova.com

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