Clariane - comment

Clariane's Q1 revenue release should be mildly supportive for the bonds, although the absence of EBITDA or cost disclosures is likely to cap any near-term price reaction. Management reiterated its 2025–2028 targets, notably c. 5% annual organic revenue growth alongside progressive EBITDA improvement, which helps underpin sentiment. Q1 organic growth of +4.9% year-on-year was driven by favourable volume, pricing and mix across all regions, while nursing-home occupancy improved to 91.7% versus 90.4% in Q1 2025, indicating continued operational recovery.