• First-half revenue: €49 million
• Improvement in the EBITDA margin which rose to 20.6% (vs. 18.4% in H1 2024-2025)1
• Improved financial result at -€5 million (vs. -€10 million in H1 2024-2025)
• Net income of €2.3 million, compared with a €6 million loss last year2
• Net debt reduced to €44 million (vs. €57 million in H1 2024-2025)
Paris, France – March 25, 2026, 6:30 p.m. (CET). Claranova (Euronext Growth : FR0013426004 – ALCLA) improved its operating margin and reported positive net income while maintaining debt under control in H1 2025-2026 (July to December 2025), in line with its commitments. Revenue in the first half was affected by exogenous factors (currency effects and the disposal of non-core activities with a combined impact of -10%), as well as by slower sales in the Utilities and Photo segments, partly offset by strong commercial momentum (+6%)3 in the Document (PDF) segment.
The operating margin improved by more than two percentage points, driven by the disposal of non-core activities in the United States, lower royalty costs associated with Utilities sales4, tighter control over operating costs, and a reallocation of customer acquisition marketing spend primarily toward the Document (PDF) segment. As previously announced, the Group’s reinvestment strategy in the Document (PDF) segment has increased the contribution of B2B sales (6% of revenue3).
In addition, the Group’s net financial result improved by €5 million, benefiting from a 65% reduction in finance costs (€3 million compared with €8.5 million in H1 2024–2025). This positive trajectory is reflected in a return to profitability, with net income from continuing operations of €2.3 million, alongside a reduction in net debt. Building on this performance, and in line with its commitments, the Group confirms that discussions with banks are advancing to refinance the Cheyne debt at competitive market rates.
The Group continues to invest in its marketing and sales organization to strengthen its visibility in the B2B channel and to develop new products and partnerships in the Intelligent Document segment, as illustrated by the partnership with Reverso.5 The ramp-up of its B2B offering, supported by its technology platform, has resulted in an increase of more than 30% in leads and potential customers for proprietary products at the heart of AI-driven document transformation.
Eric Gareau, Chief Executive Officer of Claranova, commented: “In less than twelve months, we have fundamentally transformed the Group and strengthened its financial structure. The results for the first half confirm the relevance of this strategic shift. We now operate a clearer, more profitable business model with a strong focus on cash generation. While further progress is still required, the shift toward recurring revenue and a higher-value B2B customer base is fundamentally transforming the Group’s profile.”
[1] EBITDA compared to restated H1 2024-2025
[2] Net income from continuing operations
[3] Management data prepared under local accounting standards and presented in US dollars
[4] The Group has completed the migration of its products to its proprietary technology, generating cost savings compared with the prior year
[5] Press release March 23, 2026
