Full-year 2024 results. Solid operating performance in 2024. Financial position strengthened.

• Operational recovery confirmed:
  • 2024 revenue totalled €5,282 million, up 6.6% on an organic basis, compared to an annual target of more than 5%, supported by all the Group’s business segments and regions
  • EBITDA, pre IFRS 16, excluding disposals and real-estate development activity, increased by 9.2%, corre-sponding to a + 30 basis point margin increase. Taking into account the impact of the real-estate devel-opment activity, EBITDA pre IFRS 16 and excluding disposals rose by +€7m, slightly ahead of the target of a stable performance in value
  • Operating cash flow* pre IFRS 16 was €400 million, up from €288 million in 2023, with a solid improve-ment in the WCR variation (€84 million)
• Balance sheet strengthened significantly:
  • 2024-2025 Plan to strengthen the financial position by €1.5 billion on track:
    ▪ Completion of the first three parts, including €329 million of capital increases
    ▪ €1 billion disposal programme (final part of the plan) is on track with €504 million in gross proceeds finalised in 2025 at good valuation multiples of between 11x and 13x 2024 EBITDA
  • Strong reduction of €409 million in net debt (pre IFRS 16 and IAS 17)
  • Wholeco** leverage ratio reduced to 5.8x from 6.2x as of 31 December 2023
  • Syndicated loan amended and extended and issuance of a new real-estate credit line, totalling €775 million with a final maturity in 2029
• Group results:
  • Net profit from continuing operations totalled €5 million pre IFRS 16, compared with a loss of €49 million in 2023
  • The net loss Group Share pre IFRS 16 more than halved to €20 million, compared with a loss of €63 million in 2023. The net loss Group Share post IFRS 16 was €55 million, compared with a loss of €105 million in 2023
• Commitments delivered on in terms of the quality of operations and care for patients and residents with 2024 non-financial results in line with the Group’s 2024–2026 CSR roadmap and an NPS*** of +44
• Outlook for 2025:
  • Target Increase of around 5% in revenue on an organic basis, together with a discipline on operating expenses, supporting expected growth of between 6% and 9% in pro forma EBITDA pre IFRS 16.
  • In line with the new covenant in the syndicated facility, the Group targets a continued reduction of its financial net debt with the Wholeco leverage ratio expected to be below 5.5x at year-end 2025

The full financial statements for 2024 are available on www.clariane.com. The consolidated audited financial statements for 2024 were approved by the Board of Directors at its meeting of 24th February 2025. The Statutory Auditors will be issuing a report with unconditional certification within the coming days. The consolidated financial statements were prepared in accordance with the IFRS 16 standard. For purposes of comparability, the financial information below is presented excluding the application of IFRS 16.

*Operating cash flow is defined as EBITDA +/– WCR variation +/- other non recurring items – maintenance capex
**Wholeco leverage: leverage ratio adopted for the purposes of the amendment and extension of the syndicated loan announced on 17 February 2025. Wholeco leverage is calculated as follows: Net financial debt pre IFRS 16 and IAS 17/consolidated EBITDA pre IFRS 16 and IAS 17
***The calculation of the Net Promoter Score (NPS) based on satisfaction surveys corresponds to the share of promoters (scores 9 and 10/10) less the percentage of detractors (scores from 0 to 6/10)

The commitment of our 63,000 employees, whom I wish to thank for their hard work and commit-ment, and the support of our stakeholders, has enabled Clariane to deliver a solid operating performance in 2024, while making considerable progress with the plan to strengthen its financial structure.

Building on this plan, the agreement recently reached with our banking partners provides us with addi-tional visibility, so we can continue pursuing our sustainable development and fulfilling our purpose. I’d like to thank to our 22 banking partners for their renewed confidence.

I’m proud of our strong non-financial results, as we reached or exceeded our main objectives. Our Net Promoter Score from patients and residents is highly impressive at +44, above the sector average, and our training programmes go from strength to strength, with close to 13% of our employees enrolled on a training course leading to a qualification.

I am looking ahead to 2025 with confidence and determination, buoyed by these achievements benefit-ting from the momentum created by both our “At Your Side” corporate project and our common purpose of “Taking care of each person’s humanity in times of vulnerability”.

Disclaimer
This document contains forward-looking statements that involve risks and uncertainties, including those included or incorporated by reference, con-cerning 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 re-sults may differ from those described in this document due to a number of risks and uncertainties described in Chapter 2 of the 2023 Universal Regis-tration Document filed with the AMF on 30 April 2024 under registration number D.24-0380, as amended (i) in section 3 of the amendment filed with the AMF on 31 May 2024 under number D.24-0380-A01 (the “First Amendment”) and (ii) in section 2 of the amendment filed with the AMF on 12 June 2024 under number D.24-0380-A02 (the “Second Amendment”) available on the Company’s website (www.clariane.com) and that of the AMF (www.amf-france.org). All forward-looking statements included in this document are valid only as of the date of this press release. Clariane S.E. un-dertakes 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.
In this press release, and unless indicated otherwise, all changes are stated on a year-on-year basis (2024/2023), and at constant scope and exchange rates. 
The main alternative performance measures (APMs), such as EBITDA, EBIT, net debt and financial leverage, are defined in the Universal Registration Document available on the company’s website at www.clariane.com.