Revenue as of 30 September 2025
- Third-quarter organic revenue growth of +5.1%
- Year to date revenue at 30 September 2025 reached €3,976m, an increase of +4.9% on an organic basis
- All activities and regions contributed to the momentum in revenue growth
- The occupancy rate for nursing homes averaged 90.8% for the first nine months of 2025, compared with 90.2% for the same period in 2024. In the third quarter of 2025, occupancy rates rose to 91,6%, compared with 90.7% for the same period in 2024
- Continued improvements in pricing and case mix
- Significant strengthening of the financial position with the completion of the €1 bil-lion disposal programme and with the Group's refinancing through a bond issue for €400 million, increased to €500 million on 1 August 2025
- 2025 financial targets:
- Confirmation of the organic revenue growth target of around +5% and a wholeco financial leverage ratio of less than 5.5x
- EBITDA, pre-IFRS 16 and pro forma for disposals, expected to grow around +10% in the second half of 2025 (vs. 2024), compared to the decline of -4.1% recorded in the first half. Pre-IFRS 16 EBITDA margin in the second half should settle at around 12% with the gradual ramp-up of ad-justment and cost-saving measures in France and Germany. In view of these various factors, EBITDA, pre-IFRS 16 and pro forma for disposals for the full year is expected to increase, although at a level below the initial range of +6% to +9%
| In millions of euros | 30 September 2024 | 30 September 2025 | Published growth | Organic growth |
| Group revenue | 3 933* | 3 976 | +1,1% | +4,9% |
| France | 1 739** | 1 709 | -1,7% | +3,4% |
| Germany | 930 | 983 | +5,7% | +8,2% |
| Belgium and the Netherlands | 597 | 628 | +5,1% | +5,1% |
| Italy | 465 | 460 | -1,2% | +2,4% |
| Spain and United Kingdom* | 201 | 197 | -2,3% | +6,4% |
*Given the final signing of the sale of all of the Group's activities in the United Kingdom on 9 April 2024, the Group's performance includes revenue generated in the United Kingdom for the entire first quarter of 2024. Furthermore, given the sale of Petits-fils on 30 July 2025, revenue as at 30 September 2024 includes all of Petits-fils' business at that date.
**Given the sale of Petits-fils on 30 July 2025, revenue as at 30 September 2024 includes all of Petits-fils' activity at that date.
1Wholeco leverage: leverage used in connection with 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/Consolidated EBITDA excluding IFRS 16 and IAS 17
Clariane has once again shown strong momentum across all its networks and activities this quarter, sup-ported by solid underlying quality and by the strong commitment of its teams, whom I would like to thank. Revenue growth benefited from steady increases in occupancy rates in the Long-term Care and Community Care activities, as well as from continued improvement in case mix and volumes, particularly in outpatient care in Specialty Care. The Group was able to finalise its plan to strengthen its financial po-sition under favourable conditions in the first half of the year, and we are now more than ever focused on improving our operating margin in accordance with our commitments and our mission. The actions undertaken in France and Germany to adjust the Group's central and operational organisation to the post-divestiture scope and to new market and regulatory conditions, particularly in medical, post-acute and rehabilitation activities, are bearing fruit in the second half of 2025, with an acceleration expected in 2026, in line with the roadmap we have set for ourselves.
