Clariane - comment

Clariane released its FY24 financials last night. The numbers for FY24 are in line with previous guidance. Clariane is enjoying a good trajectory operationally coupled with disposal proceeds in line with its target, both of which are supporting the credit. The Company appears to be able to manage its cost inflation, with occupancy increasing aiding this effort. Further asset sales, included in the 2024-25 plan to strengthen the balance sheet, are in progress, and the Company are confident it will meet its €1bn gross proceeds from disposals by the end of FY25 target. Clariane has added a further objective of achieving “Wholeco” financial leverage below 5.5x at year-end 2025 and 5.0x by year-end 2026 (currently at 5.8x).  

Operationally, the Company expects a steady improvement in occupancy rates and favourable price impacts which will drive organic growth in revenue by 5% and growth in EBITDA by 6-9% on a like-for-like basis.  

This morning, at 9 a.m., it hosted a meeting with French analysts, to be followed by an English conference call at 2 p.m.