First-quarter 2026 revenue
(1) Wholeco leverage: leverage used in the context of the amendment and extension of the syndicated loan announced on 17 February 2025. Wholeco leverage is calculated using the following formula: Net financial debt excluding IFRS 16 and IAS 17, net of the Ages & Vie current account, divided by consolidated EBITDA restated for the impacts of IFRS 16 and IAS 17 and restated for certain non-cash items and the full-year impact of outstanding share-based payment plans
(2) EBITDA Opco is defined as follows: EBITDA (1) post-capitalized rents in accordance with IFRS 16 (including rents already capitalized before the application of IFRS 16, under IAS 17) and (2) adjusted for the impacts of the Group's real estate holdings. These impacts are primarily the market rents associated with the real estate assets held, as defined in the Cushman & Wakefield report on the valuation of the Group's real estate portfolio, as well as the operating costs associated with real estate ownership (calculated based on the operating costs of the Group's real estate companies)
* per current definition & balance sheet structure
Sophie Boissard, Chief Executive Officer of the Clariane Group, said:
“With organic growth of +4.9%, the first quarter of 2026 is fully in line with the momentum observed since the second half of 2025 across our various business segments and geographical regions.
Looking at our Long-Term care activities, the occupancy rate of our care homes continues to rise, reaching 91.7% in the first quarter of 2026, an increase of 1.3 percentage points compared with the same period in 2025. Our Specialty Care activities, that had been particularly affected by the conditions under which the SMR reform came into force in France, are regaining positive price/volume momentum, thanks to the adaptation measures we implemented in the second semester of 2025 and the expansion of outpatient services across all regions.
In terms of financial strategy, last February we received two inaugural ratings from S&P and Moody’s, that enabled us to carry out a first high yield and unsecured bond issue worth €500 million, on very favourable terms given the international context. The success of this inaugural issue, maturing in 2031, resulted in a subscription rate of nearly five times the amount offered from leading investors. On this basis, and bolstered by the commitment of our teams, whom I would like to thank once again, we confirm all our operational and financial objective.”
Disclaimer
This document contains forward-looking information that involves risks and uncertainties, including information included or incorporated by reference, concerning the Group’s future growth and profitability, which may result in actual results differing materially from those indicated in the forward-looking information. These risks and uncertainties relate to factors that the Company cannot control or accurately estimate, such as future market conditions. The forward-looking information contained in this document constitutes expectations regarding a future situation and should be treated as such. Subsequent events or actual results may differ from those described in this document due to a number of risks and uncertainties described in Chapter 2 of the 2025 Universal Registration Document filed with the AMF on 27 February 2026 under registration number D.26-0054, available on the Company’s website ( www.clariane.com) and the AMF’s website (https://www.amf-france.org/fr). All forward-looking statements included in this document are valid only as at the date of this press release. Clariane S.E. makes no commitment and assumes no responsibility regarding the updating of the information contained in this document beyond what is required by applicable regulations.
Readers should not place undue reliance on these forward-looking statements. Neither Clariane nor any of its directors, officers, employees, agents, affiliates or advisers accept any liability as to the reasonableness of the assumptions or opinions expressed or the likelihood of the realisation of the projections, outlooks or returns. Any liability for such information is expressly excluded. Nothing in this document is, or should be considered to be, a promise or a statement regarding the future. Furthermore, no statement contained in this document is intended to be, or may be interpreted as, a forecast of results. Clariane’s past performance cannot be taken as a guide to future performance.
In this press release, unless otherwise stated, all changes are expressed on an annual basis (2026/2025), and at constant scope and exchange rates.
Key alternative performance indicators (APIs), such as the terms ‘EBITDA’, “opco EBITDA”, “EBIT”, “net debt” and “financial leverage”, are defined in the Universal Registration Document available on the company’s website www.clariane.com .
As at 31 March 2026, the Group’s consolidated revenue stood at €1,336m, representing growth of +1.4% on a reported basis and +4.9% on an organic basis. The difference between reported and organic performance is due to the impact of disposals made in 2025 as part of the plan to strengthen the Group’s financial position.
This performance confirms the Group’s solidity, underpinned by a diversified portfolio in terms of both business lines and geographies.
The network in operation as at 31 March 2026, across all activities, now comprises 1,213 facilities, compared with 1,225 as at 31 March 2025, representing a total of nearly 90,000 beds, compared with over 91,000 beds in the first quarter of 2025. These changes take into account:
These transactions were partially offset by:
In total, the Group sold or closed 48 facilities, representing nearly 2,700 beds, whilst at the same time opening 36 modern facilities, representing a capacity of over 1,300 beds.
The revenue growth resulted from:
Revenue in France grew by +1.8% on an organic basis over the period. The decline on a reported basis is due to the impact of disposals made in 2025 as part of the plan to strengthen the financial position, particularly the Petits-fils business.
The +8.3% organic growth in the Group’s revenue in Germany, within the Long Term Care business, was driven by price increases and an occupancy rate in the Medicalized nursing homes segment, which averaged 92.0% over the first three months of the financial year, compared with 90.4% over the same period in 2025.
The Group’s revenue in Belgium, where it operates in the Long Term Care sector, stood at €170m, compared with €164m in the first quarter of 2025, an increase of +4.2% on an organic basis (+3.7% on a reported basis), driven by higher tariffs and an average occupancy rate in Medicalized nursing homes of 93.7% over the first three months of the financial year, compared with 92.5% over the same period in 2025.
In the Netherlands, revenue as at 31 March 2026 stood at €47m, compared with €41m in the first quarter of 2025, an increase of +12.8% on an organic basis (+13.5% on a reported basis).
The Italian market remained buoyant over the first three months of the year, with revenue up by +3.5% on an organic basis. The reported decline of -3.5% is due to disposals made in 2025 as part of the plan to strengthen the Group’s financial position.
Revenue in Spain stood at €74m as at 31 March 2025, up +15.5% on a reported basis and +15.2% on an organic basis.
The Long Term Care division, which accounts for 75% of the Group’s business, comprises the ‘Medicalized nursing homes’ and ‘Alternative living solutions’ segments. This business generated total revenue of €1,001m as at 31 March 2026, compared with €990m as at 31 March 2025, representing an increase of +1.1% on a reported basis and +5.5% on an organic basis.
The Specialty Care business, which comprises the ‘Specialty and post-acute’ and ‘Mental health’ segments, generated revenue of €335m (compared with €327m in the first quarter of 2025), representing 25% of the group’s revenue, up +3.3% on an organic basis.
As part of its policy to hedge its energy costs, and given the current macroeconomic context linked to the situation in the Middle East, the Group states that as at 27 February 2026:
As a reminder, in 2025, energy costs represented approximately 2% of revenue and 9% of purchasing expenditure.
On 10 April, Clariane announced the successful issuance of new €500m senior “High Yield” and “unsecured” bonds maturing in 2031.
These bonds bear interest at an annual rate of 6.875% and were issued at 100% of their nominal value.
The offering attracted strong interest from a large number of leading institutional investors, both in France and abroad, resulting in very strong oversubscription.
Clariane plans to use the net proceeds from the offering, together with its available cash, to refinance its Schuldschein maturing in 2026 and 2027, as well as its Euro PP bonds maturing in 2027 and 2028, either upon maturity or early.
The Company continues to actively monitor market conditions with a view to keep streamlining its financial structure on an opportunistic basis.
The Group reiterates its main objectives for the period from 1 January 2023 to 31 December 2026:
In order to achieve these objectives, and given the finalisation of the plan to strengthen its financial position, the Group will rely mainly on:
With regard to non-financial indicators, restated for the effects of the scope of consolidation related to the disposal plan, the Group reiterates its 2023-2026 objectives:
Continue to implement the low-carbon energy decarbonisation strategy as validated by the Science-Based Target initiative (SBTi), leading to a 27% reduction in energy-related greenhouse gas emissions when compared to 2021.
Following the successful implementation of the various components of its plan to improve its financial position, the Group announced its main objectives for the period 2025-2028:
This significant improvement in pre-IFRS 16 EBITDA and opco EBITDA over the entire period should be supported by:
Investors are invited to refer to the Universal Registration Document filed on 27 February 2026 with the AMF under no. D.26-0054, and in particular to the risk factors relating to Clariane described in Chapter 2 “Risk Factors” of this document. The Universal Registration Document may be obtained free of charge from the Company, as well as on the Company’s website ( www.clariane.com) and on the AMF’s website (www.amf-france.org).
In connection with the publication of its first-quarter 2026 revenue, Clariane will hold a conference call and a webcast, in English, on 24 April 2026 at 3.00 pm (CET).
A replay of this conference call will be available via the link here.
The presentation to be used during this event will be available on the Clariane website www.clariane.com on 24 April 2026 from 12:00 noon (CET).
APPENDICES
(1) Pro forma figures for disposals carried out as part of the Plan to strengthen the Financial Position
( 1) Pro forma figures reflecting disposals carried out as part of the Plan to strengthen the Financial Position
(2) EBITDA Opco is defined as follows: EBITDA (1) post-capitalized rents in accordance with IFRS 16 (including rents already capitalized before the application of IFRS 16, under IAS 17) and (2) adjusted for the impacts of the Group's real estate holdings. These impacts are primarily the market rents associated with the real estate assets held, as defined in the Cushman & Wakefield report on the valuation of the Group's real estate portfolio, as well as the operating costs associated with real estate ownership (calculated based on the operating costs of the Group's real estate companies)
Attachment