Economia
2025 Half-Year results
The 2025 interim financial report, including the interim management report and the condensed consolidated interim financial statements at 30 June 2025, is available on the company’s website www.clariane.com. The condensed interim consolidated financial statements were approved by the Board of Directors at its meeting on 29 July 2025 and were subject to a limited review by the Statutory Auditors. The condensed interim consolidated financial statements have been prepared in accordance with IAS 34. For comparison purposes, the following financial information is presented excluding the application of IFRS 16
Operating cash flow is defined as EBITDA +/- change in WCR +/- other non-recurring items - maintenance capex
Wholeco leverage ratio: ratio adopted for the purposes of the amendment and extension of the syndicated loan announced on 17 February 2025. The Wholeco leverage ratio is calculated as follows: Net debt pre-IFRS 16 and IAS 17/consolidated EBITDA pre-IFRS 16 and IAS 17.
Sophie Boissard , Chief Executive Officer of the Clariane group, said:
In the first half of 2025, we completed the plan to strengthen our financial position six months ahead of schedule. We carried out disposals on good terms, obtaining high valuation multiples. Through that plan, our Group has significantly strengthened its balance sheet and shareholder structure, and regained normal access to the debt market, as shown by our successful bond issue in June. These various transactions mean that we can repay our revolving credit facility in full.
Since the second quarter, our Long-Term Care business saw good momentum in all countries, and the occupancy rate was over 91% at the end of July.
Despite the good business momentum of our healthcare activities in all countries, in France we were penalised by the way in which the government’s new framework for financing medical, post-acute and rehabilitation activities was introduced. This resulted in implementation delays and “pricing discrepancies” that adversely affected our financial performance in the first half.
In the second half of the year, we will benefit from the corrective measures we have implemented as part of the reform of medical, post-acute and rehabilitation activities, through active management of the case mix and the adjustment of care organisations. The Long-Term Care business will benefit from the positive momentum in occupancy rates and the full impact of tariff increases in Germany. We are also deploying an adjustment plan designed to align our central organisation with our post-disposal scope and leverage the benefits of the digital transformation that we began more than a year ago.
With the quality of our geographical positions and business activities, and above all with the outstanding commitment of our people, whom I would like to commend, we will continue our transformation in order to address new healthcare challenges and support the patients and carers who place their trust in us.”
Important information
This press release and the information it contains do not constitute an offer to sell or an invitation to buy or subscribe bonds in any country, particularly the United States. They do not constitute an offer to buy or an invitation to sell bonds, or an invitation to take part in the offer. The distribution of this press release may, in certain countries, be subject to specific regulations, and people in possession of this press release must inform themselves of the applicable restrictions and comply with them.
This document contains forward-looking statements that involve risks and uncertainties, including information 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-looking statements. These risks and uncertainties relate to factors that the Company cannot control or estimate precisely, such as future market conditions. The forward-looking statements made in this document constitute expectations for the future and should be regarded as such. Actual events or results may differ from those described in this document due to a number of risks and uncertainties that are described in Chapter 2 of the 2024 Universal Registration Document filed with the Autorité des Marchés Financiers (AMF) on 31 March 2025 under the registration number D.25-0209, which is available on the Company’s website ( www.clariane.com ) and on the website of the AMF, the French financial markets authority (https://www.amf-france.org/fr). All forward-looking statements included in this document are valid only as of the date of this press release. Clariane S.E. undertakes no obligation and assumes no responsibility to update the information contained herein beyond the requirements of applicable regulations.
Readers are cautioned not to place undue reliance on these forward-looking statements. Neither Clariane nor any of its directors, officers, employees, agents, affiliates or advisors accepts any responsibility for the reasonableness of any assumptions or opinions expressed or for the likelihood of any projections, prospects or performance being achieved. Any liability for such information is expressly excluded. Nothing in this document is, or should be construed as a promise or representation regarding the future. Furthermore, nothing contained in this document is intended to be or should be construed as a forecast of results. Clariane’s past performance should not be taken as a guide to future performance.
The main alternative performance indicators (APIs), such as EBITDA, EBIT, net debt and financial leverage, are defined in the Universal Registration Document available on the company’s website www.clariane.com.
The Group’s consolidated revenue in the first half of 2025 totalled
€2,656 million , representing reported growth of 0.8% and 2.8% proforma (adjusted for disposals). The difference between reported growth and proforma growth (adjusted for disposals) arises from the impact of disposals carried out in 2024 and 2025 as part of the plan to strengthen the Group’s financial position. Adjusted for property development revenue and the revision of expected revenue with respect to healthcare reforms in France,
the Group’s organic growth was 4.8%.
That performance confirms the relevance of the Group’s strategy and business model, which is based on a diversified portfolio of businesses and geographical markets.
At 30 June 2025, the network consisted of 1,225 facilities, versus 1,219 at 31 December 2024 and 1,217 at 30 June 2024, representing almost 91,000 beds. The number of facilities June 30, 2025, takes into account:
The above factors were partly offset by:
Overall, the Group has sold or closed 12 facilities since 1 January 2025, while during the same period it has brought into service 18 modern facilities, representing additional net capacity of almost 450 beds.
On that basis, the Group’s 65,000 healthcare professionals cared for around 570,000 residents and patients in the first six months of the year.
Reported revenue growth of 0.8% resulted from:
EBITDAR pre-IFRS 16 amounted to €546 million in the first half of 2025, stable (-0.2%) on a proforma basis (adjusted for disposals) and up very slightly (+0.8%) on a proforma basis and excluding property development activities.
EBITDA pre-IFRS 16 amounted to €263 million during the period, down 6.0% proforma (adjusted for disposals) and down 4.1% proforma and excluding property development activities. The decrease reflects the impact of the healthcare pricing reform in France. The various measures put in place by the Group to manage the case mix and adjust the organisation in line with the new pricing framework should offset these negative effects by the end of 2025.
The fall in EBITDA pre-IFRS 16 resulted from:
Taking into account these effects, EBITDA margin pre-IFRS 16, on a proforma basis and excluding the property business, was 9.9% in the first half of 2025, versus 10.7% in the same period of 2024.
In terms of net profit, Group share pre-IFRS 16, the Group made a loss of €47 million in the first half of 2025 as opposed to a loss of €28 million in the first half of 2024. That loss includes the costs associated with the various transactions underway to dispose of assets and refocus the business portfolio but not the related capital gains, which will be recognised in the second half and are estimated at above €200 million.
The increased loss resulted from:
These increases in costs were partly offset by:
In terms of net profit, Group share post-IFRS 16 , the Group made a loss of €59 million in the first half of 2025 as opposed to a loss of €52 million in the year-earlier period.
Net debt increased by €101 million in the year to 30 June 2025 (including IAS 17). Excluding IAS 17, the increase in net debt was €114 million.
This increase in net debt largely reflected:
It should be noted that the impact on net debt caused by the completion of the disposal plan, and the disposal of Petits-fils in particular, will not be seen until the second half of 2025.
The Group’s real-estate portfolio had a value of €2,608 million as of 30 June 2025, versus €2,672 million as of 30 June 2024 and €2,612 million at 31 December 2024.
Most of the decline resulted from disposals completed during the period. At constant scope, the figures are relatively stable. The average capitalisation rate in the first half of 2025 was 6.4%, the same as the full-year 2024 figure and slightly higher than the first-half 2024 figure of 6.3%.
The change did not have a material impact on the valuation of assets in the Group’s financial statements, which are recognised at historical cost.
Real-estate debt fell to €1,494 million as of 30 June 2025 as opposed to €1,680 million as of 30 June 2024 and €1,489 million as of 31 December 2024, after adjustments for Ages&Vie receivables. With its real-estate portfolio valued at €2,608 million as of 30 June 2025, the Loan to Value (LTV) ratio stood at 57% on the same date versus 63% as of 30 June 2024 and 57% as of 31 December 2024.
The Group’s net debt excluding IFRS 16 and IAS 17 was €3,559 million as of 30 June 2025 versus €3,771 million as of 30 June 2024, representing a €212 million decrease.
It consisted of:
The Group’s Wholeco financial leverage ratio , as defined in the contract to extend the syndicated credit facility announced on 17 February 2025, was 5.6x as of 30 June 2025 proforma (adjusted for disposals for which proceeds have been received to date, including Petits-fils) as opposed to 5.8x as of 30 June 2024 proforma (adjusted for capital increases) and as of 31 December 2024. Opco financial leverage was 3.5x as of 30 June 2025 proforma (adjusted for disposals for which proceeds have been received to date, including Petits-fils) as opposed to 3.6x as of 30 June 2024 proforma (adjusted for capital increases) and 3.8x as of 31 December 2024.
The €1.5 billion plan announced on 14 November 2023 was intended to secure and accelerate the reduction in Clariane’s debt, to give the Group a financial position aligned with an economic environment that has been made more challenging by inflation, higher interest rates and tougher conditions in the credit and real-estate markets, and ultimately to give the Group more room for manoeuvre in the execution of its strategy.
With the success of the rights issue on 5 July 2024, following on from the reserved capital increase that took place on 12 June 2024, the first three components of the plan were completed eight months after its launch.
The fourth and final part of the plan, i.e. a programme to dispose of operational and real-estate assets and to form asset partnerships – intended to refocus the Group’s business activities geographically and raise around €1 billion in gross disposal proceeds – was completed in the first half of 2025 , six months ahead of the initial schedule, through the disposal of Petits-fils for a gross amount of €345 million, finalised on 29 July 2025.
Capital gains associated with the asset disposal programme (including the disposal of the Petits-fils network) are estimated at more than €200 million for full-year 2025.
In line with the Group’s expectations, the completion of this plan has made a significant contribution to its aims of reducing debt, improving its Wholeco financial leverage ratio and regaining normal access to the debt market.
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