Revenue for the nine months ended September 2026

• Revenue at end September 2026 of €4,051m, up +4.7% on an organic basis compared with the same period in 2025
• All activities and regions contributed to revenue growth, supported by favourable volume, price and case mix effects. The average occupancy rate in medicalized nursing homes reached 92.2% for the first nine months of 2026, compared with 90.8% over the same period in 2025, with a notably strong performance in France in the third quarter
• Success of the €2.3bn debt refinancing programme, with 92% of the Group’s financial debt at fixed rates or hedged. Confirmation by Moody’s of the B2 rating, with a stable outlook
• Integration of the training division of Fondation Œuvre Croix Saint-Simon (7 healthcare and social care training institutes in the Île-de-France region) to strengthen Clariane University’s diploma-granting training offering for nurses and care assistants in France
• Confirmation of all financial and non-financial objectives for the 2023-2026 and 2025-2028 periods

In millions of euros		YTD 30 September 2025		YTD 30 September 2026		Reported growth	Organic growth
Group revenue		3,976		4,051		+1.9%		+4.7%
France		1,709		1,694		-0.9%		+2.1%
Germany		983		1,021		+3.9%		+6.7%
Belgium and the Netherlands		628		665		+6.0%		+6.3%
Italy		460		444		-3.4%		+3.3%
Spain		197		227		+15.4%		+14.0%

Sophie Boissard, Chief Executive Officer of the Clariane Group, said:
“With organic growth of +4.7%, the first nine months of 2026 confirm the strong momentum established in the second half of 2025 across all our business segments and geographies.

In our Long-Term Care activities, the occupancy rate of our nursing homes continued to rise, reaching 92.2% over the first nine months of 2026, an increase of 140 basis points compared with the same period in 2025. I would particularly like to highlight the very strong momentum recorded in France in the third quarter, with an occupancy rate in our medicalized nursing homes of 91.1%, compared with 89.5% over the same period in 2025. Our Specialty Care activities have also returned to positive pricing and volume momentum since Q3 2025, supported by the development of outpatient activities and the measures introduced to adapt to the SMR reform in France.
From a financial perspective, we completed our refinancing programme in September, enabling us to simplify our financial structure and extend our debt maturities. With 92% of our debt at fixed rates or hedged, the Group remains largely protected against the recent rise in interest rates and benefits from a strong liquidity position.
I would also like to pay tribute to the remarkable work of our teams over the summer. The thorough preparation of our networks for heatwave and wildfire risks, together with the effective mobilisation of our teams, proved successful. I would like to warmly thank all our teams across our facilities for their commitment, responsiveness and professionalism in caring for the people we support.
Finally, in line with our “Succeed Together” corporate project, we continue to expand our training capabilities in the professions that are essential to our activities, through Clariane University, which supports nearly 8,000 employees undertaking diploma-granting training programmes each year. We are taking another step forward in France by integrating the seven healthcare and social care training institutes of Fondation Œuvre Croix Saint-Simon, which train nearly 800 young professionals each year.
On the strength of these results, we confidently confirm all our operational and financial objectives.”

Disclaimer

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, which may cause actual results to differ materially from those indicated in the forward-looking statements. These risks and uncertainties are related to factors that the Company cannot control or accurately estimate, such as future market conditions. The forward-looking information contained in this document constitutes expectations about future events and should be considered as such. Actual events or results may differ from those described in this document due to a number of risks and uncertainties described in Chapter 2 of the 2025 Universal Registration Document filed with the AMF on 27 February 2026 under registration number D.26-0054, available on the Company’s website (www.clariane.com) and the AMF website (https://www.amf-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. makes no commitment and assumes no responsibility to update the information contained in this document beyond what is required by applicable regulations.
Readers should not place undue reliance on these forward-looking statements. Neither Clariane nor any of its directors, officers, employees, agents, affiliates or advisers accepts any responsibility for the reasonableness of the assumptions or opinions expressed or the likelihood of the projections, prospects or returns being realised. Any liability for such information is expressly excluded. Nothing in this document is, or should be considered, a promise or statement for the future. Furthermore, no statement contained in this document is intended to be, or can be interpreted as, a forecast of results. Clariane’s past performance cannot be considered a guide to future performance.
The main alternative performance indicators (APIs), such as “EBITDA”, “EBIT”, “net debt” and “financial leverage”, are defined in the Universal Registration Document available on the company’s website. www.clariane.com

1. Analysis of revenue as at 30 September 2026

Group consolidated revenue reached €4,051m for the first nine months of 2026, up +1.9% on a reported basis and +4.7% organically year-on-year. The difference primarily reflects the impact of disposals completed in 2025 as part of the Group’s financial strengthening plan.
Third-quarter revenue reached €1,352m, representing reported growth of +2.4% and organic growth of +4.9% compared with Q3 2025.
This sustained performance demonstrates the resilience and strength of the Group’s business model, underpinned by its geographic diversification and two core business lines: Long-Term Care and Specialty Care.

Network development:
As of 30 September 2026, the Group operated 1,224 facilities with over 89,000 beds, compared with 1,233 facilities and over 90,000 beds a year earlier.
Changes to the network reflect the ongoing optimisation and modernisation of the Group’s portfolio, including:

• Disposals in France, Italy and Germany completed in 2025 as part of the financial strengthening plan;
• Facility closures and restructuring in Spain, Germany, France and Belgium;
• The opening of 30 new facilities in France and Spain;
• The addition of two facilities to the Spanish portfolio.

Overall, the Group continued to modernise and reshape its network, bringing 30 new facilities into operation and completing an acquisition in Spain, while disposing of or closing 40 facilities.

Revenue growth was driven by three main factors:

• Volume growth of +1.6% (+€62m), reflecting higher billable days across established facilities, the ramp-up of newly opened capacity in the Netherlands, strong activity growth within Grupo 5’s public service concession contracts in Spain, and increased outpatient activity in France.
• Positive pricing and case mix effects of +3.1% (+€118m) across all regions, particularly Germany, France, Belgium and the Netherlands.
• Portfolio and other effects of -2.8% (-€105m), primarily reflecting disposals completed under the Group’s financial strengthening plan

1. Performance by geographical region

1. France

In millions of euros	30 September 2025	30 September 2026	Reported growth	Organic growth
Revenue	1,709	1,694	-0.9%	+2.1%

Revenue in France grew by +2.1% on an organic basis over the period. The -0.9% change on a reported basis reflects the impact of disposals made in 2025 as part of the plan to strengthen the financial position. It should be noted that in the third quarter of 2026, consolidated revenue stood at €566m, down -0.4% on a reported basis due to the disposal of Petits-fils finalised in July 2025, and up a solid +2.8% on an organic basis compared with the third quarter of 2025.

• The Long-Term Care business generated revenue of €1,064m as at 30 September 2026 in France, compared with €1,098m over the same period in 2025, representing a decline of -3.1% on a reported basis, reflecting the impact of the disposal plan and in particular the sale of Petits-fils. On an organic basis, the business grew by +2.3%, driven by price adjustments and a strong increase in the average occupancy rate in Medicalized nursing homes, which stood at 89.4% over the first nine months of 2026 compared with 88.1% over the same period in 2025. In the third quarter, the occupancy rate rose significantly to 91.1%, compared with 89.5% in the third quarter of 2025.
• As at 30 September 2026, the Specialty Care business generated revenue in France of €630m, up +1.8% on an organic basis (+3.2% on a reported basis), reflecting a positive volume effect from the continued growth of outpatient activity (+17%) and a gradual improvement in case mix as the measures introduced to adapt to the SMR reform continue to take effect.

1. Germany

In millions of euros	30 September 2025	30 September 2026	Reported growth	Organic growth
Revenue	983	1,021	+3.9%	+6.7%

The +6.7% organic growth in the Group’s revenue in Germany, in the Long-Term Care business, was supported by price increases and by an occupancy rate in the Medicalized nursing homes segment averaging 92.3% over the first nine months of the financial year, compared with 90.9% over the same period in 2025.

1. Belgium and the Netherlands

In millions of euros	30 September 2025	30 September 2026	Reported growth	Organic growth
Revenue	628	665	+6.0%	+6.3%

The Group’s revenue in Belgium, where it operates in the Long-Term Care business, stood at €522m, compared with €502m as at 30 September 2025, an increase of +4.6% on an organic basis (+4.1% on a reported basis), driven by higher tariffs and an occupancy rate in Medicalized nursing homes of 94.0% on average over the first nine months of the financial year, compared with 92.5% over the same period in 2025.

In the Netherlands, revenue as at 30 September 2026 stood at €143m, compared with €126m as at 30 September 2025, an increase of +13.1% on an organic basis (+13.5% on a reported basis).

• The Long-Term Care business generated revenue of €140m as at 30 September 2026, up +13.6% on an organic basis (+14.0% on a reported basis), with an occupancy rate averaging 83.3% over the first nine months of the financial year, compared with 75.9% over the same period in 2025. This growth reflects, in particular, the ramp-up of new capacities opened in 2024 and 2025, supported by a favourable sectoral environment.
• The Specialty Care business, which accounts for only a marginal share of revenue in this country (2%), changed by -8.0% over the period.

1. Italy

In millions of euros	30 September 2025	30 September 2026	Reported growth	Organic growth
Revenue	460	444	-3.4%	+3.3%

The Italian market remained buoyant over the first nine months of the year, with revenue up +3.3% on an organic basis. The -3.4% change on a reported basis reflects disposals made in 2025 as part of the plan to strengthen the Group’s financial position.

• The Long-Term Care business generated revenue of €245m as at 30 September 2026, up +5.0% on an organic basis (-5.5% on a reported basis), supported by a high occupancy rate averaging 97.7% over the period, compared with 97.4% over the same period in 2025, and by tariff revisions.
• The Specialty Care business generated revenue of €199m, up +1.4% on an organic basis (-0.6% on a reported basis).

1. Spain

In millions of euros	30 September 2025	30 September 2026	Reported growth	Organic growth
Revenue	197	227	+15.4%	+14.0%

Revenue in Spain stood at €227m as at 30 September 2026, up +15.4% on a reported basis and +14.0% on an organic basis.

• Revenue from the Long-Term Care business stood at €61m, up +26.4% on both an organic and reported basis, driven by higher rates and a significant increase in the average occupancy rate to 93.8% over the period, compared with 92.1% over the same period in 2025.
• The Specialty Care business recorded revenue of €166m, up +10.0% on an organic basis (+11.8% on a reported basis). This performance resulted from the expansion of its network and services following the acquisition of Grupo 5.

1. Performance by business segment

In millions of euros		30 September 2025		30 September 2026		Reported growth	Organic growth
Long-Term Care		3,013		3,053		+1.3%		+5.2%
Medicalized nursing homes		2,527		2,616		+3.5%		+5.3%
Alternative living solutions		486		437		-10.0%		+4.9%
Specialty Care		963		998		+3.7%		+2.9%
Specialty and post-acute		686		701		+2.2%		+1.6%
Mental health		276		297		+7.5%		+6.3%
Total Group		3,976		4,051		+1.9%		+4.7%

1. Long-Term Care business

The Long-Term Care business, which accounts for 75% of the Group’s business, comprises the Medicalized nursing homes and Alternative living solutions segments. This business generated total revenue of €3,053m as at 30 September 2026, compared with €3,013m as at 30 September 2025, representing growth of +1.3% on a reported basis and +5.2% on an organic basis.

• The Medicalized nursing homes segment (65% of the Group’s revenue) grew by +5.3% on an organic basis. This organic growth is driven both by the continued increase in business volume, reflected in the rise in the occupancy rate, which averaged 92.2% over the first nine months of 2026 compared with 90.8% over the same period in 2025, and by an increase in rates.
• The Alternative living solutions segment (11% of the Group’s revenue) grew by +4.9% on an organic basis (-10.0% on a reported basis, primarily due to the disposal of Petits-fils in France in July 2025). This performance is driven by the continued expansion of the shared housing network.

1. Specialty Care business

The Specialty Care business, which comprises the Specialty and post-acute (SMR) and Mental health segments, generated revenue of €998m in the first nine months of 2026 (compared with €963m as at 30 September 2025), representing 25% of the Group’s revenue, up +2.9% on an organic basis.

• The Specialty and post-acute segment (17% of the Group’s revenue) grew by +1.6% on an organic basis. This growth was driven both by the continued increase in business volume, particularly in outpatient care, and by an improvement in the case mix following the implementation of the SMR reform in France.
• The Mental health segment (7% of the Group’s revenue) grew by +6.3% on an organic basis. This performance is driven by the dynamism and expansion of its network, particularly in Spain following the acquisition of Grupo 5.

1. Recent events
2. Energy cost hedging

The Group’s hedging policy provides strong visibility on its energy costs despite the macroeconomic uncertainties resulting from the events in the Middle East. Accordingly, as at 30 September 2026:

• 98% of forecast energy requirements for 2026 were hedged;
• 88% of forecast energy requirements for 2027 and 2028 were already hedged.

As a reminder, in 2025, energy costs represented approximately 2% of revenue and 9% of purchasing expenditure.

1. Refinancing transactions amounting to €2.3bn

A simplified financial structure and extended maturities. Through the refinancing transactions successfully completed during the first nine months of the year, representing a total amount of nearly €2.3bn, the Group has profoundly simplified its financial structure, leaving a homogeneous base comprising senior unsecured bonds, a euro-denominated hybrid issue and a revolving credit facility whose terms are aligned with those of the senior bonds.

The Group has also extended its debt maturity profile, with the next significant maturities now scheduled for 2030, 2031 and 2032, while strengthening its financial flexibility through a single covenant and the absence of any liquidity maintenance covenant.

Very limited exposure to the recent rise in interest rates. The bond issues carried out between 10 April and 8 September 2026, all at fixed rates, secure the cost of debt over a long period and, in particular, made it possible to refinance certain more expensive instruments or instruments whose interest rate was set to increase. Accordingly, as at 30 September 2026, 92% of the Group’s financial debt is at fixed rates or hedged, thus very largely protecting the Group against the recent rise in interest rates.

As a reminder, at 30 June 2026, the Group held €1,411m in cash and cash equivalents (excluding the undrawn revolving credit facility). This amount included the €333m proceeds from the successful hybrid bond issue completed on 23 June 2026, which were subsequently used to redeem the ODIRNANE on 8 September 2026.

Moody’s credit analysis review on October 27, 2026 confirming B2 rating / Outlook stable.

1. €500m High Yield and senior unsecured bond issue maturing in 2031 (April 2026)

On 10 April 2026, Clariane announced the success of its inaugural issue of senior unsecured (“High Yield”) bonds for a nominal amount of €500m, maturing in 2031, bearing interest at an annual rate of 6.875% and issued at 100% of their nominal value. Significantly oversubscribed by leading institutional investors, both in France and abroad, this issue is intended, together with available cash, to refinance the Schuldschein maturing in 2026 and 2027 as well as the Euro PP bonds maturing in 2027 and 2028, either at maturity or early.

1. €230m tap of the 2031 High Yield and senior unsecured bonds (April 2026)

On 28 April 2026, the Group supplemented this transaction with the placement of €230m of additional senior bonds, assimilated and fungible with the existing bonds (same terms and conditions, 6.875% rate and 2031 maturity), issued at 101.25% of their nominal value, bringing the total outstanding amount of the series to €730m. The net proceeds from this offering, which was also significantly oversubscribed, enabled the refinancing of the perpetual green hybrid bonds with a nominal amount of £200m issued in June 2021, which bore a coupon of 13.168% per year.

1. €333m hybrid bond issue (June 2026)

On 23 June 2026, Clariane placed €333m of deeply subordinated undated hybrid bonds, bearing interest at a fixed rate of 7.875% for the first three years, then reset every five years, with a 3-year issuer call option. Issued at par, these bonds enabled, together with available cash, the full redemption of the ODIRNANE with a nominal amount of €332.5m, before the interest rate step-up scheduled to take effect from 8 September 2026.

1. €500m High Yield and unsecured senior bond issue maturing in 2032 and new €700m revolving credit facility (September 2026)

On 8 September 2026, the Group announced the success of a new issue of €500m of senior unsecured bonds maturing in 2032, at an annual rate of 6.875% and issued at par. The net proceeds, together with available cash, are allocated to the full repayment and cancellation of the €350m term loan granted under the syndicated loan and the €150m term loan granted under the real-estate loan, resulting in the termination of these two agreements and the related commitments.

At the same time, on 21 September, Clariane signed an agreement with its existing and new banking partners setting up a €700m unsecured revolving credit facility with a five-year maturity, extendable up to €900m, replacing the existing syndicated revolving credit facility. Bearing interest at EURIBOR plus a margin of between 1.75% and 3.50% depending on the leverage level, with an adjustment mechanism linked to ESG criteria, this facility is subject to a single financial covenant of total net leverage (“Wholeco” leverage) of less than 7.00x until June 2027, then gradually reduced to 6.00x from June 2029, with no liquidity maintenance covenant.

The revolving credit facility also contains customary distribution restrictions, including a limitation on annual dividend distributions to 7% of Clariane’s market capitalisation, subject to the consolidated net leverage ratio of the group not exceeding 4.5x.

1. Expansion of Clariane University’s diploma-granting training programmes for nurses and care assistants

Clariane University, which supports nearly 8,000 employees undertaking diploma-granting training programmes each year, will integrate the training division of Fondation Œuvre Croix Saint Simon from 17 November 2026. The division comprises seven healthcare and social care training institutes in the Paris region, with capacity for 900 young professionals.

This partnership with an institution recognised for its expertise and academic excellence will enable Clariane University to further develop its initial and continuing training programmes in professions that are essential to the Group’s activities and face significant recruitment challenges, and to offer European training pathways.

This transaction supports the objectives of the Group’s Succeed Together corporate project, which identifies employer-brand strength and skills development as key drivers of its profitable growth strategy.

1. Objectives
2. 2023-2026 objectives:

The Group reiterates its main objectives for the period from 1 January 2023 to 31 December 2026:

• An average annual organic growth objective (CAGR) for revenue of approximately +5% on a pro forma basis, supported in particular by a gradual and steady increase in occupancy rates and activity volumes, including outpatient care, an improvement in the case mix and the ongoing catch-up in pricing, particularly in Germany;
• A target improvement of 100 to 150 basis points in the EBITDA margin, pre-IFRS 16, pro forma for disposals and excluding real-estate development, by 31 December 2026, compared with 31 December 2023, when it stood at 10.5%, supported mainly by revenue growth and targeted improvement measures relating to the central cost structure and rental expenses;
• An objective to reduce its net financial debt, pre-IFRS 16 and on a comparable balance sheet basis, to around €3 billion, representing a Wholeco financial leverage ratio of less than 5.5x¹ as at 31 December 2026.

In order to achieve these objectives, and given the finalisation of the plan to strengthen its financial position, the Group will rely mainly on:

• Continued improvement in operational performance;
• And maintaining strict investment discipline, for an amount of approximately €300m per year, divided equally between maintenance and development investments.

With regard to non-financial indicators, restated for the effects of the scope of consolidation related to the disposal plan, the Group reiterates its 2023-2026 objectives:

• Maintain the net promoter score (NPS) for residents/patients and families at a level greater than or equal to 40;
• Maintain the number of employees enrolled in qualifying paths at over 7,200, in line with its mission commitments;
• Reduce the lost-time accident frequency rate to 29;
• Continue to implement the low-carbon energy decarbonisation strategy as validated by the Science Based Targets initiative (SBTi), leading to a 27% reduction in energy-related greenhouse gas emissions.

1. 2025-2028 objectives

Following the successful implementation of the various components of its plan to strengthen its financial position, the Group reiterates its main objectives for the period 2025-2028:

• Average annual growth (CAGR) in revenue of around +4% on a pro forma basis, supported in particular by:
  • Growth in business volumes in the Long-Term Care business, driven by a progressive increase in the average occupancy towards full capacity in Medicalized nursing homes, a steady improvement in pricing over the period based on the continued development of a differentiated, high-quality offering, and the dynamism of the Alternative living solutions segment;
  • Growth in revenue in the Specialty Care business, which will be supported in particular by the continued growth of outpatient activity, an improvement in the case mix and the full effects of the correction of anomalies linked to the implementation of the new pricing framework applicable to SMR activities.
• An average annual growth rate (CAGR) in pro forma pre-IFRS 16 EBITDA of between +7% and +9%;
• An average annual growth rate (CAGR) in pro forma EBITDA opco of between +11% and +14%.

This significant improvement in pre-IFRS 16 EBITDA and EBITDA opco over the entire period should be supported by:

• Revenue growth;
• Effective control of external rental expenses;
• Targeted improvement measures focusing on the central cost structure, particularly in France and Germany;
• The gradual decline in the relative weight of internal rents compared to business growth.

• Wholeco financial leverage², as defined in its bank financing agreements, of around 5x at the end of 2028.

1. Meeting and conference call:

In connection with the publication of its revenue as at 30 September 2026, Clariane will hold a conference call, in English, on 29 October 2026 at 3.00 pm (CET).
Connection:

• You can register to listen to the conference here
• This conference will also be available via webcast; you can register by clicking here

A replay of this conference call will be available via the link here.
The presentation to be used during this event will be available on the Clariane website www.clariane.com on 29 October 2026 from 12.00 pm (CET).

1. Indicative financial calendar – 2027 publications

• 25 February 2027:         2026 results after the close of trading on Euronext Paris
• 29 April 2027:                         Q1 2027 revenue after the close of trading on Euronext Paris
• 20 May 2027:                         2027 Annual General Meeting
• 28 July 2027:                         H1 2027 results after the close of trading on Euronext Paris
• 28 October 2027:         Q3 2027 revenue after the close of trading on Euronext Paris

APPENDICES

1. Revenue by quarter

(In €m)	Q1					Q2					Q3
By country	2025	2026	Reported growth	Organic growth		2025	2026	Reported growth	Organic growth		2025	2026	Reported growth	Organic growth
Total Group	1,317	1,336	+1.4%	+4.9%		1,339	1,364	+1.9%	+4.2%		1,320	1,352	+2.4%	+4.9%
France	567	555	-2.2%	+1.8%		574	574	-0.0%	+1.7%		568	566	-0.4%	+2.8%
Germany	324	339	+4.6%	+8.3%		331	340	+2.7%	+6.1%		328	342	+4.4%	+5.9%
Belgium/Netherlands	206	217	+5.6%	+5.9%		209	221	+5.6%	+5.9%		213	227	+6.6%	+7.1%
Italy	156	151	-3.5%	+3.5%		161	154	-3.9%	+2.6%		143	139	-2.6%	+4.0%
Spain	64	74	+15.5%	+15.2%		64	75	+16.8%	+15.9%		68	77	+13.8%	+11.2%
By business	2025	2026	Reported growth	Organic growth		2025	2026	Reported growth	Organic growth		2025	2026	Reported growth	Organic growth
Total Group	1,317	1,336	+1.4%	+4.9%		1,339	1,364	+1.9%	+4.2%		1,320	1,352	+2.4%	+4.9%
Long-Term Care	990	1,001	+1.1%	+5.5%		1,020	1,023	+0.3%	+4.6%		1,003	1,029	+2.6%	+5.7%
Specialty Care	327	335	+2.3%	+3.3%		318	341	+7.0%	+3.1%		317	322	+1.8%	+2.4%

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1 The objectives relating to “Wholeco” financial leverage, as communicated in the publications of the 2025 annual results and first-quarter 2026 revenue, have been mechanically adjusted in line with the new capital structure following the refinancing of the GBP Hybrid Bonds.

2 The objectives relating to “Wholeco” financial leverage, as communicated in the publications of the 2025 annual results and first-quarter 2026 revenue, have been mechanically adjusted in line with the new capital structure following the refinancing of the GBP Hybrid Bonds.

Attachment

• PR Clariane – Revenue 9M 2026-FV