Revenue for the nine months ended 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 billion 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 adjustment 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

Sophie Boissard, Chief Executive Officer of the Clariane Group, said: “Clariane has once again shown strong momentum across all its networks and activities this quarter, supported 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 position 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.”

Important information

This press release and the information it contains do not constitute an offer to sell or an invitation to buy or subscribe bonds in any country, particularly the United States. They do not constitute an offer to buy or an invitation to sell bonds, or an invitation to take part in the offer. The distribution of this press release may, in certain countries, be subject to specific regulations, and people in possession of this press release must inform themselves of the applicable restrictions and comply with them.

This document contains forward-looking statements that involve risks and uncertainties, including information included or incorporated by reference, concerning the Group’s future growth and profitability that could cause actual results to differ materially from those indicated in the forward-looking statements. These risks and uncertainties relate to factors that the Company cannot control or estimate precisely, such as future market conditions. The forward-looking statements made in this document constitute expectations for the future and should be regarded as such. Actual events or results may differ from those described in this document due to a number of risks and uncertainties that are described in Chapter 2 of the 2024 Universal Registration Document filed with the Autorité des Marchés Financiers (AMF) on 31 March 2025 under the registration number D.25-0209, which is available on the Company’s website () and on the website of the AMF, the French financial markets authority (-france.org/fr). All forward-looking statements included in this document are valid only as of the date of this press release. Clariane S.E. undertakes no obligation and assumes no responsibility to update the information contained herein beyond the requirements of applicable regulations.

Readers are cautioned not to place undue reliance on these forward-looking statements. Neither Clariane nor any of its directors, officers, employees, agents, affiliates or advisors accepts any responsibility for the reasonableness of any assumptions or opinions expressed or for the likelihood of any projections, prospects or performance being achieved. Any liability for such information is expressly excluded. Nothing in this document is, or should be construed as a promise or representation regarding the future. Furthermore, nothing contained in this document is intended to be or should be construed as a forecast of results. Clariane’s past performance should not be taken as a guide to future performance.

The main alternative performance indicators (APIs), such as EBITDA, EBIT, net .

1. Analysis of revenue as of 30 September 2025
   
   
   
   

As of 30 September 2025, the Group's consolidated revenue reached €3,976m, representing growth of +1.1% on a reported basis and +4.9% on an organic basis. The difference between reported and organic performance is due to the impact of disposals in 2024 and 2025 as part of the plan to strengthen the Group's financial position, restated for real-estate revenue and the revision of expected income from the reform of healthcare activities in France.

This momentum confirms the Group's solidity, which is based on a diversified portfolio in terms of both activities and geographies.

In the 3^rd quarter of 2025, revenue amounted to €1,320 million, up +1.8% on a reported basis and +5.1% on an organic basis.

As of 30 September 2025, the Group operates a network -all activities combined- of 1,233 facilities, compared with 1,216 as at 30 September 2024, for a total of more than 90,000 beds, a stable number compared with the same date in 2024. These changes take into account:

• Disposals carried out as part of the plan to strengthen the Group's financial position (United Kingdom, France, Italy and Germany); and
• The closure and restructuring of facilities in Germany, Spain and Belgium.

These operations were partially offset by:

• The opening of new Ages & Vie shared homes in France;
• The commissioning and opening of new facilities in Spain, Belgium, the Netherlands and Germany;

In total, between September 2024 and September 2025, the Group sold or closed 24 facilities, while at the same time opening 41 modern facilities.

The 4.9% organic growth in revenue resulted from:

• A 1.2% increase in volumes, representing a net increase of €47 million (growth in the number of days billed on mature networks and the commissioning of additional capacity);
• A positive pricing impact of +3.7% or +€138 million across all regions, particularly in France, Germany and the Belgium-Netherlands region;
• A negative scope impact of -2.8% to -€109 million;
• A negative impact from other items of -1.0% to -€33 million, related to the reform of medical, post-acute and rehabilitation activities and the real-estate development of Ages & Vie in France.

1. Performance by geographical area
   
   
   
   

1. France

Revenue in France rose by 3.4% on an organic basis over the period as a whole. The decline on a reported basis is due to the impact of various disposals since 2024 as part of the plan to strengthen the financial position, most notably Petits-fils on 30 July 2025.

• Revenue from Long-term Care rose by 2.8% on an organic basis over the first nine months of the year, supported by the effect of price adjustments. The average occupancy rate was down slightly compared with 30 September 2024, standing at 88.1% compared with 89.1% for the same period in 2024, due to the seasonal flu epidemic which was particularly active at the beginning of the year. The occupancy rate of 89.5% in the third quarter, showed a clear improvement over the first and second quarters of 2025, though was down compared to the same period in 2024 (90.7%).
• Specialty Care grew by +2.9% on an organic basis, reflecting higher volumes thanks to the continued development of the outpatient activity (+17%), which offset the temporarily unfavourable tariff base effects due in particular to the postponement of annual indexation to 1 April 2025. The pricing reform had a significant negative impact over the entire period, particularly in the first half of the year, but this effect is gradually fading as the Group's case mix adjustment measures take effect. As a result, in the third quarter, revenue from this activity grew by 7.2% on an organic basis, marking a clear improvement compared with previous quarters.
• Finally, the Community Care activity grew organically by +17.4% over the first nine months of the year, driven by strong demand in this activity. Revenue for this activity fell by -14.1% on a reported basis due to the sale of the Petits-fils activity on 30 July 2025.

1. Germany

Revenue in Germany improved significantly at 30 September 2025, supported by steady growth in volumes and continued price recovery.

• Revenue from Long-term Care operations rose by +8.1% on an organic basis, supported by higher prices and an occupancy rate that averaged 90.9% over the first nine months of the financial year, compared with 89.6% over the same period in 2024. In the third quarter, the occupancy rate improved significantly, reaching 91.4%, compared with 90.1% over the same period in 2024.
• Revenue from Community Care grew by +8.5%on an organic basis.

1. Belgium and the Netherlands

Growth remains strong in the region, with revenue up +5.1% on an organic basis at 30 September 2025.

In Belgium, revenue for 30 September 2025 amounted to €502m, up +3.9% on an organic basis.

• Long-term Care grew by +3.9% on an organic basis, supported by both an occupancy rate of 92.5% for the period, compared with 91.8% for the same period in 2024, and a steady increase in rates. It should be noted that in the third quarter, the occupancy rate averaged 92.8%, compared with 91.6% over the same period in 2024.
• Community Care (which accounts for around 7% of revenue generated in Belgium) grew by +4.0% on an organic basis.

In the Netherlands, revenue as of 30 September 2025 stood at €126 million, up +10.1% on an organic basis.

• Long-term Care grew organically by +10.4%, with an average occupancy rate of 75.9% over the first nine months of the financial year, compared with 72.8% over the same period in 2024. In the third quarter, the occupancy rate averaged 76.1%, compared with 72.7% over the same period in 2024. This increase reflects the positive impact of the commissioning of new capacities following the opening of four new greenfield sites in 2025, which are gradually ramping up, supported by a favourable sector environment.
• Specialty Care, which accounts for nearly 3% of revenue in this country, was down 2.9% on organic basis.
• Finally, Community Care (close to 14% of revenue generated in this country) was up 11.1% on an organic basis.

1. Italy

The Italian activities remained buoyant over the first nine months of the year, with revenue up +2.4% on an organic basis. The slight contraction of -1.2% on a reported basis was due to disposals made as part of the plan to strengthen the Group's financial position.

• Long-term Care grew by +2.8% on an organic basis, supported by price revisions and by high occupancy rates, averaging 97.5% over the period, compared with 96.3% over the same period in 2024.
• In the third quarter, the occupancy rate averaged 97.6%, compared with 96.6% over the same period in 2024.
• Specialty Care (approximately 44% of revenue generated in this country) posted organic growth of +1.8%.
• Finally, Community Care (7% of revenue generated in this country) grew by +3.0% on an organic basis.

1. Spain and the United Kingdom*

* Given the completion of the sale of all of the Group's activities in the United Kingdom on 9 April 2024, the Group's performance therefore includes the financial performance achieved in the United Kingdom for the entire first quarter of 2024.

The United-Kingdom business was fully deconsolidated on 9 April 2024 following the sale of all Group assets and operations in the region. At that date, UK revenue totaled €17 million.

Revenue in Spain amounted to €197 million as of 30 September 2025, up +6.4% on an organic basis (+6.8% on a reported basis).

• Long-term Care (approximately 21% of revenue generated in this country) grew by +4.4% on an organic basis, supported by a slight increase in prices and an average occupancy rate of 92.1% over the period, compared with 89.8% over the same period in 2024. In the third quarter, the average occupancy rate was 93.0%, compared with 91.3% in the same period in 2024.
• Specialty Care, (close to 76% of revenue generated in this country), grew by +6.6% on an organic basis. This performance was driven by the expansion of the network and services following the acquisition of Grupo 5.
• Community Care, which accounts for just over 3% of revenue generated in this country, remains subject to strong variance given the size of this activity, recording an increase of +14.6% over the period as a whole.

1. Performance by activities
   
   
   
   

1. Long-term Care

The Long-term care segment, which accounts for 63.6% of the Group's activity, generated revenue of €2,527m at 30 September 2025, up +3.1% on a reported basis and +4.7% on an organic basis.

This organic growth is based on an increase in prices and on the continued increase in volumes, reflected in the rise of occupancy rates which averaged 90,8% for the period, up from 90.2% for the same period in 2024

In the third quarter of 2025, revenue amounted to €848 million, an increase of +1.9% on a reported basis and +3.3% on an organic basis. The average occupancy rate improved to 91.6% compared to 90.7% in the third quarter of 2024.

1. Specialty Care

The Specialty care segment generated revenues of €963 million in the first nine months of 2025, representing 24.2% of the Group's revenue, down 3.0% on a reported basis reflecting the disposal of the home hospitalisation business in 2024 and adjustments to certain provisions in France in the first half of the year.

On an organic basis, it grew by +3.2% over the first nine months of the year and +6.7% in the third quarter.

1. Community care

Revenue from the Community Care segment amounted to €486 million at 30 September 2025, representing 12.2% of the Group's revenue, a +9.4% increase on an organic basis. Taking into account the sale of Petits-fils on 30 July and certain small disposals in Germany and Italy, activity decreased by 1.0% on a reported basis.

In the third quarter of 2025, revenue amounted to €155 million, up +1.3% on a reported basis and +11.7% on an organic basis.

1. Outlook
2. Outlook for 2025

In 2025, the Group's main objective was to finalise its plan to strengthen its financial position and regain normal access to financing, which was achieved six months ahead of schedule.

In terms of its operating performance and as indicated in its half year 2025 results published on 29 July 2025, the Group will benefit in the second half of the year from:

• The finalisation of the disposal plan;
• Continued volume growth in all geographies, particularly in France, both in the mature network and in facilities in ramp-up phase;
• The full effect of price increases and tariff revaluations, particularly in Germany;
• And finally, the continued improvement in the case mix in specialised healthcare activities in France

It will also benefit from the initial effects of the adjustments and cost-saving measures implemented in its central and operational organisations following the disposal programme, and to adapt, particularly in France, to the new regulatory framework and the more uncertain market environment. These measures are gradually being ramped up and will deliver their full effect in the 2026 financial year.

In this context, Clariane:

• confirms its organic revenue growth target of around +5% and a wholeco¹ financial leverage ratio of less than 5.5x
• expects EBITDA, pre-IFRS 16 and pro forma for disposals, 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 adjustment 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%.

1. Outlook for 2023-2026:
   
   
   
   

In 2026, the favourable operational improvement trajectory expected in the second half of 2025 should continue. The Group targets an improvement of its pre-IFRS 16 EBITDA margin, pro forma of disposal and excluding real-estate development, by 100 to 150 basis points compared to 2023.

The Group confirms its objective of reducing its Wholeco financial leverage to below 5x as of 31 December 2026.

1. Meeting and conference call:

In connection with the publication of its revenue figures for the period ended 30 September 2025, Clariane will hold an online information meeting in English on 28 October 2025 at 3:00 p.m. (CET).

Connection:

• Via live webcast by following the link
• By live telephone by clicking on the following link:

A replay of this event will be available by following the link

The presentation supporting this event will be available on Clariane's website from 12:00 p.m. (CET).

1. Provisional calendar of financial publications in 2026
   
   
   
   
   • 26 February 2026: 2025 annual results after the close of trading on Euronext Paris
   • 23 April 2026: First quarter 2026 revenue after the close of trading on Euronext Paris
   • 12 May 2026: 2026 Annual General Meeting
   • 29 July 2026: Revenue and results for the first half of 2026 after the close of trading on Euronext Paris
   • 28 October 2026: Revenue for the third quarter of 2026 after the close of trading on Euronext Paris

1 As defined in the amendment and extension to the syndicated facility agreement announced on February 17, 2025.

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