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%
     

*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 enregistre ce trimestre encore une bonne dynamique sur l’ensemble de ses réseaux et activités, soutenue par des sous-jacents solides en matière de qualité et par le fort investissement de ses équipes que je tiens à remercier. La croissance du chiffre d’affaires bénéficie d’une part de la progression régulière des taux d’occupation dans l’activité Maisons de retraite médicalisées et Habitats partagés ainsi que, d’autre part, de l’amélioration continue du case mix et des volumes, notamment ambulatoires, dans les activités de Santé spécialisée. Alors que le Groupe a pu finaliser son plan de renforcement de sa structure financière dans de bonnes conditions au premier semestre, nous faisons plus que jamais de l’amélioration de notre marge opérationnelle notre priorité, dans le respect de nos engagements et notre mission. Les actions entreprises en France et en Allemagne pour ajuster l’organisation centrale et opérationnelle du Groupe au périmètre post cessions et aux nouvelles conditions de marché et de régulation, notamment dans le SMR, produisent leurs premiers effets au second semestre 2025, avec une accélération attendue en 2026, conformément à la feuille de route que nous nous sommes fixés.