Clariane

Latest Results (02.09.2026):

Clariane — First quarter 2026: Group revenue was €1,336m (reported +1.4% year‑on‑year) and rose +4.9% on an organic basis versus Q1 2025. Growth was broad‑based across segments and regions, supported by higher volumes, pricing and favorable case mix; the average occupancy rate for medicalized nursing homes reached 91.7% (Q1 2026) versus 90.4% (Q1 2025).

Top-line performance

Q1 2026 revenue: €1,336m (reported +1.4%; organic +4.9% compared with Q1 2025).

Regional contribution

All regions grew organically: Germany +8.3% (to €339m), Spain +15.2% (to €74m), Belgium & Netherlands +5.9% (to €217m), France organic +1.8% (reported €555m), Italy organic +3.5% (reported €151m).

Operations & occupancy

Operational drivers cited were favourable volume, pricing and case mix; medicalized nursing‑home occupancy averaged 91.7% in Q1 2026 (up from 90.4% in Q1 2025).

Financing activity

Issued a €500m senior high‑yield unsecured bond maturing 2031 at 6.875% (largely oversubscribed). Net proceeds will be used to refinance existing maturities, notably the Euro PP and Schuldschein due 2026–2028.

2023–2026 targets (confirmed)

Clariane reconfirmed: average annual organic revenue growth ≈ +5% (CAGR); improvement of EBITDA margin by 100–150 bps by 31 Dec 2026 (pre‑IFRS 16, pro forma, excluding disposals/real‑estate development) from a 10.5% baseline (31 Dec 2023); and reduction of net financial debt (pre‑IFRS 16) to ~€3bn — Wholeco leverage <5x by 31 Dec 2026.

2025–2028 roadmap (confirmed)

Medium‑term objectives reconfirmed: pro‑forma revenue growth ≈ +4% p.a.; EBITDA (pre‑IFRS 16, pro‑forma) CAGR +7% to +9%; Opco EBITDA CAGR +11% to +14%; Wholeco leverage around 4.5x by end‑2028.