Clariane - comment

Clariane released their Q1 revenue numbers last night, in line with their guidance. They do not provide any profitability numbers but can reconfirm their FY24 guidance of stable EBITDA excluding Real Estate development activities. There are no additional asset sales beyond what was announced at FY23 numbers in February (€268m of the €1bn planned), with the UK sale completing on the 9th of April and therefore included in the Q1 numbers. Occupancy continues to improve, nearing 90% levels, and organic revenue growth of c. 7% across all regions (except Italy at 4% organic growth due to no growth in the Italian specialised care segment). 

Clariane is still waiting for some approvals before doing the equity raise: completion authorities' approval for Credit Agricola Assurances’ possible acquisition of control over Clariane, if their underwriting of the equity raise leads to such a case. Amendment to the OCEANE bonds to prevent an early redemption trigger and fairness opinion on the conditions of the capital increase. 

There is a call at 2 pm UK time and we expect the Company to continue to reaffirm previous guidance for FY24. They have also planned a medium-term plan presentation to the market on 21st May.