Clariane - comment - 26Q3

Clariane’s Q3 organic growth of 4.9% (4.7% over nine months) is tracking ahead of the c.4.3% we model for H2, with France at 2.8% against our c.2%, Benelux (7.1%) and Italy (4.0%) ahead, Germany (5.9%) in line and Spain (11.2%) slightly below our 12%. Medicalised occupancy averaged 92.2% over nine months (90.8% a year ago), with France at 91.1% in Q3 (89.5%). Reported revenue is still behind our forecast: it grew 1.9% over nine months against the c.3% we model for FY26. Management confirmed all targets (did not raise them), including total leverage below 5.5x at year-end and around 5x by 2028, and Moody’s affirmed B2 stable. With capex of c.€300m a year committed and the French election still ahead, we see little to change our view for now.