Clariane - comment

A combination of volume growth and pricing improvements, particularly in Germany, enabled Clariane to report strong revenue and EBITDA results on Friday evening. These operational gains, together with previously executed asset disposals and capital increases, place the company on track to meet its leverage reduction target, set in 2023, of below 5.0x by December 2026, from 6.2x in December 2023. It is currently at 5.1x. Occupancy continued to recover, with a 12-month average of 91% in FY25, and management reiterated its medium-term objectives through 2028, including sustained organic growth and further operating improvements.

The company confirmed that it will not pay a dividend for FY25 due to covenant restrictions. Overall, both the results and the call struck a constructive tone, with management focused on a return to profitability, continued deleveraging, and medium-term growth, while restructuring concerns continue to recede.