Claranova reports first-half sales down 9% but core business is strong

Claranova, the former parent company of PlanetArt, reported revenue of €49 million in H1 2025–2026 (July–December 2025), 95% of which was generated by the group’s core businesses. The half-year is significantly impacted by a very unfavorable currency effect (-6%) and the scope effect related the disposal of the group’s non-core U.S. operations at the end of October5 (-4%). Supported by positive developments in some segments, the decline in revenue is limited to -9% at constant exchange rates and scope (-19% at actual rates).

Continuing the momentum from the first quarter, the group maintained its focus on the Document segment (PDF), a key driver of future growth. First-half sales in this segment increased by 6% year on year, supported by particularly strong B2B growth (+18%). This momentum increased the contribution from professional customers to 6% of Group revenue in H1, compared with 4.5% at the end of FY 2024–20252.

This B2B growth was driven by increased marketing investment in the PDF segment (+16%) and the rollout of a new go-to-market (GTM) strategy supported by a revamped sales organization. In addition, sustained investment in product development, including R&D and artificial intelligence, led to improved renewal rates during the period, the company said.

“We concentrated our spending on the Document segment (PDF), the key focus of our development strategy,”  said Eric Gareau, Chief Executive Officer of Claranova. “As a result, faster customer acquisition, higher renewal rates and a more assertive go-to-market strategy are delivering tangible results, with sales in this segment up 6% in H1, and a further increase in the share of B2B and recurring revenue in Group revenue.”

Growth in the Document segment (PDF) was offset by lower sales in the Group’s other business segments. More broadly, the first-half performance reflects a reallocation of marketing investment, with spending reduced across the Group’s other segments (-14%).

In Utilities & Security, sales declined by 16%, reflecting a deliberate reduction in marketing spend, slower advertising revenue, and weaker seasonal performance (Black Friday and year-end holidays). In the Photo segment, revenue declined by 24%, primarily due to lower marketing investment.

“Throughout H1 2025–2026, we selectively reduced investment in the Utilities and Photo segments in order to preserve profitability and mitigate the impact of external factors (currency movements and market dynamics),” added Gareau. “Tight control over operating costs and a disciplined approach to marketing investment should enable us to maintain an EBITDA margin3 above 20% on a comparable basis for the half-year.”

Building on its strong track record in document technologies, the group continues to focus product development on Intelligent Document solutions, a high-potential growth driver, and on targeting higher-margin customer segments. Marketing investments deployed at the start of the financial year, together with progress in customer acquisition and retention, are expected to gain further traction in H2 2025–2026. The share of recurring revenue also continued to increase, reaching 80% at the end of H1 2025–2026, compared with 75% six months earlier².

In line with its previously announced commitments, the group is actively working on refinancing its Cheyne debt at market rates to reduce its cost of debt, while continuing to enhance overall profitability.