Slides
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Board of Directors February 2022 FY 2024-2025 Annual results
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2 Eric GAREAU Chief Executive Officer Claranova and Avanquest Xavier ROJO Chief Financial Officer Claranova
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3 2025 A year of strategic transformation
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€118m annual revenue FY24-25 FIGURES* 4 €122m annual revenue FY23-24 FIGURES (restated) €24.1m EBITDA €24.6m EBITDA Sales largely stable (+1.4% at constant scope of consolidation and exchange rates)1 EBITDA of €24m, stable in relation to previous year, with focus on profitability of Utilities (Adaware) and PDF (Soda) activities 2 Net income of €73m linked to the sale of PlanetArt (versus a €12m loss in the previous year).Net profit of €73m linked to the sale of PlanetArt (versus a €12m loss in the previous year). 3 * The audit of the consolidated financial statements have been completed and the certification report is in the process of being issued.
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5 €118m(- 3%) Annual revenue Key figures* FY 2025 Audited financial statements. Report in progress. - 0.6% Growth change at constant exchange rates 94% Share of international revenue +€73m Net profit €24.1m EBITDA** €4m0 Equity 1.4% Like-for-like growth 20.4% EBITDA margin** * The audit of the consolidated financial statements have been completed and the certification report is in the process of being issued. ** EBITDA (Earnings before interest, taxes, depreciation and amortization) is a non-GAAP aggregate used to measure the operating performance of the businesses. It equals Recurring Operating Income before the impact of IFRS 2 (share-based payment expenses), depreciation and amortization, and the IFRS 16 impact on the recognition of leases.*** EBITDA as a percentage of sales
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6 3 growth segments: proprietary technologies • Safety-Utilities • PDF: • Photo SaaS-based subscription sales 75% recurring revenue 95.5 % B2C 45 % B2B Claranova A pure play software publisher 203 employees % of revenue North America 39% Europe 40% Oceania 5% Asia 5% Rest of the world 11% 160+ countries Claranova, at a glance 20+ Languages
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7 1% like-for-like growth with annual sales of €118m Core business with our three proprietary brands (Soda, Adaware, and InPixio), accounting for 93% of revenue Growth momentum* for Security (+5% vs. FY23-24), slightly down for PDF (-4%) and decline for Photo (-26%) as the pace of marketing investments slowed Solid growth drivers: • Recurring revenues at 75% for FY24-25 • A growing customer base (+4%) * Unaudited management data 9 7 35 34 66 69 110 109 FY24 FY25 Sales: core (€m)* 110 109 11 9 122 118 FY23-24 FY24-25 Revenue (€m) Core Non core US FY24-25 business performance 1% like-for-like (organic) sales growth
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- 0,2 -1 11 12 21 23 31 33 FY24 FY25 EBITDA: core (€m)* 8 FY24-25 business performance 6%growth in EBITDA from core businesses Utilities (Adaware)*: 9% growth in EBITDA for the full year PDF (Soda)* : focus on profitability with 11% growth in EBITDA Photo (inPixio)* : EBITDA down on FY23-24 following a drop in renewals Decrease in marketing investments for customer acquisition – Balancing growth vs. profitability * Unaudited management data: breakdown of EBITDA by product based on internal management indicators 31 33 -1 -1 -5 -8 25 24 FY23-24 FY24-25 EBITDA (€m) Core Non Core US Corporate EBITDA stable at €24m
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9 Strategic KPIs FY24-25 business performance *Key Performance Indicator: unaudited average management data KPIs calculated in connection with the sale of our proprietary software through a SaaS business model (Security, PDF, Photo) : LTV : sum of revenue generated over the customer's lifetime (all products and segments combined) Customer base: change in the number of net active customers (new customers minus cancellations) Recurring revenue: revenues generated by users of our software and/or tools on a recurring basis. This includes revenue from subscriptions for our proprietary software (Security, PDF, Photo) and advertising revenue from our base of recurring users. CAC: customer acquisition cost FY23-24 2.20 FY23-24 +11% FY23-24 75% LTV/CAC FY24-25 2.47 Customer bases FY24-25 +4% % recurring revenue FY24-25 75%
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10 Financial results 2024-2025
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11 FY24-25 consolidated income statement FY24-25 financial results In €m FY 2025 FY 23-24 (restated basis) FY 23-24 (reported basis) Revenue 118 122 496 Raw materials and purchases of goods (1) (3) (136) Other purchases and external expenses (57) (59) (218) Taxes, duties and similar payments (1) - (0) Employee expenses (20) (20) (71) Depreciation, amortization and provisions (net of reversals) (5) (5) (12) Other recurring operating income and expenses (13) (13) (19) Recurring operating income 21 22 39 Other operating income and expenses (6) (5) (8) Operating Profit 14 17 31 Net financial income (expense) (37) (33) (34) Tax expense (5) (7) (8) Net income (loss) from continuing operations (28) (22) Net income (loss) from discontinued operations 101 10 Net Income 73 (12) (12) 1 2 Sales marginally up 1% on a like-for- like basis Recurring Operating Income of €21m (EBITDA: €24m - see next slide) down slightly (€22m in FY23-24) Net Profit of €73m , compared with a loss of €(12)million last year 3 3 1 2 IFRS 5: classification of expenses and income related to discontinued operations (PlanetArt and myDevices) on a separate line of the P&L: net income from discontinued operations AMF DOC-2021-02: presentation of a pro forma income statement
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Net income from discontinued operations including (i) €102.5 million in income from PlanetArt (including €102 million in capital gains from the sale) and (ii) €(1.5) million in income from MD. 12 FY24-25 Net Income In €m FY 2025 FY 23-24 (restated basis) FY 23-24 (reported basis) EBITDA* 24 25 46 Impact of IFRS 16 on leases expenses 2 2.4 6 Share-based payments including social security contributions) (0) (0) (1) Depreciation, amortization and provisions (5) (5) (12) Recurring operating income 21 22 39 Other operating income and expenses (6) (5) (8) Operating Profit 14 17 31 Net financial income (expense) (37) (33) (34) Tax expense (5) (7) (8) Net income (loss) from continuing operations (28) (22) Net income (loss) from discontinued operations 101 10 Net Income 73 (12) (12) FY24-25 financial results 2 2 1 1 Net financial income /(expense) impacted by: • Borrowing costs of €26m, including €25m related to Cheyne debt (€17m interest and PIK, and €8m RA penalty). • Foreign exchange losses of €3m (of which €2m unrealized) • amortization of borrowing costs for €8m EBITDA of €24m down slightly by (2)%, but an EBITDA margin** improved to 20.4% (+18 bps) * EBITDA (Earnings before interest, taxes, depreciation and amortization) is a non-GAAP aggregate used to measure the operating performance of the businesses. It equals Recurring Operating Income before the impact of IFRS 2 (share-based payment expenses), depreciation and amortization, and the IFRS 16 impact on the recognition of leases. ** i.e. EBITDA as a percentage of revenue Loss from continuing operations of €28 million impacted by total financial expenses 3 3 4 4
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FY 2025 (pro forma) (5.8) 4.1 1.7 - (3.1) (0.7) (0.8) (0.2) (10.6) 13 Breakdown of pro forma* net financial expense FY24-25 financial results Interest expense based on the Cheyne principal of €45m post partial repayment 2 BPI and PGE loan interest expense (excluding SaarLB debt repaid at closing of PlanetArt sale) In €m FY 2025 Cost of Cheyne debt (25.0) Of which interest expense 11.9 Of which capitalized interest expense 4.9 Of which prepayment penalty 8.4 Foreign exchange gains/(losses) (3.1) Other interest expense (1.2) Amortization of borrowing costs (7.6) Other financial expenses (0.2) Net financial income (expense) (37.1) 2 1 In accordance with Annex 20 of Delegated Regulation No. 2019/980 supplementing European Union Regulation No. 2017/1129, the recommendations issued by ESMA (ESMA32-382-1138 of March 4, 2021) and AMF position-recommendation DOC-2021-02 of the Autorité des marchés financiers (AMF), Claranova has prepared an unaudited pro forma consolidated income statement for the year ended June 30, 2025 and related explanatory notes (together, "Unaudited pro forma financial information"). The purpose of the Unaudited Pro Forma Financial Information is to present Claranova's consolidated income statement for the year ended June 30, 2025 as if the disposal of PlanetArt had taken place on July 1, 2024. The Unaudited Pro Forma Financial Information is presented for illustrative purposes and reflects a hypothetical situation. As such, it does not reflect Claranova's consolidated income statement for the fiscal year ending June 30, 2025, had the sale of PlanetArt been effective as of July 1, 2024 nor is it an indication of the Claranova Group's future results. 3 3 Amortization of borrowing costs on residual debt 1
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14 Cash position at June 30, 2025 FY24-25 financial results In €m FY 2025 FY 23-24 (restated basis) FY 23-24 (reported basis) Cash flow from operations before working capital changes, tax and financial charges 33 42 42 Change in working capital requirements 0 2 8 Taxes and net interest paid (4) (7) (10) Change in working capital, taxes and interest paid on discontinued operations (6) 2 Net cash flow from (used in) operating activities 24 40 40 Of which cash flow from continuing operations 14 15 Of which cash flow from discontinued operations 9 24 Net cash flow from (used in) investing activities 88 (5) (5) Of which cash flow from continuing operations 90 (3) Of which cash flow from discontinued operations (2) (2) Net cash flow from (used in) financing activities (142) (65) (65) Of which cash flow from continuing operations (126) (59) Of which cash flow from discontinued operations (16) (5) Increase (decrease) in cash (31) (30) (30) Opening cash position on July 1 37 67 67 Effects of exchange rate fluctuations on cash and cash equivalents 0.3 0.3 0.3 Closing cash position on June 30 6.3 37 37 Of which cash flow from continuing operations 5.6 15 2 1 3 4 €14m in operating cash flow from continuing operations, stable compared to FY23-24 2 €90m in cash flow from (used in) investing activities from continuing operations , including disposal of PlanetArt for €98m, a pdfforge earn- out payment of €5m and capitalized R&D expenditures of €3m 3 Cash flow from (used in) financing activities: outflow of €126m (€93m Cheyne*, €13m SaarLB, €14m SCEP purchase, €6m other debts & IFRS 16) 1 4 Excluding the balance from the PlanetArt sale for €4.6m received on July 2, 2025: theoretical post-sale Group cash position of €10m * Claranova’s share of the sale price: €120.9m, less €4.6m received on July 2, €8.5m held in a retention account, and PlanetArt’s €9.5m in cash – Net total: €98m.” **Cash flow from (used in) financing activities reflects an outflow related to the Cheyne debt over FY24-25 (new €20m loan, €87.5m principal repayment, €8.4m prepayment penalty, €12m interest paid, and €5m capitalized interest) – Net outflow: €93m
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In €m FY 2025 FY 23-24 Bank debt 47.4 134.8 Bonds 0 0 Other financial liabilities 0 0 Accrued interest 0.4 4 Total financial liabilities* 47.8 138.8 Cash 5.6 36.8 Net debt 42.2 102.0 Cash balance on disposal of PlanetArt ** (in millions of euros) 4.6 - Theoretical net debt post PlanetArt disposal 37.6 102.0 15 Significant reduction in net debt at June 30, 2025 FY24-25 financial results New €20m Cheyne loan to finance the SCEP acquisition, offset by repayment of €87.5m on the Cheyne debt, €12.5m on the SaarLB pool debt, €2m to Bpifrance, and €1m on the state-guaranteed loan (PGE). Cathay debt exit: PlanetArt (- €12m) and MD (-€4m) 1 2 3 1 2 4 3 * Excluding lease liabilities resulting from the adoption of IFRS 16 **The €4.5m cash balance from the sale of PlanetArt received on July 2, 2025, and recorded as a receivable in the FY 24-25 consolidated financial statements. ***Defined as the ratio of net debt to EBITDA 66% reduction in financial debt Net debt stood at €42m , down from €102 million last year 4 Theoretical net debt post PlanetArt disposal at €38m: leverage ratio post PlanetArt disposal at 1.56
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16 Gross debt*: massive debt reduction for the Group -€108 million**, or -68% as of June 30, 2025 Gross debt at 06/30/2025 Lender Principal at June 30 25 Inception date Maturity date Maturity (years) Annual interest rate (%) Type of interest Payment of interest Payment of principal French government guaranteed loans (PGE) Claranova SE €1.0m 05/22/21 05/22/26 5 0.3% Simple Annual Annual straight- line repayment BPI Avanquest SAS €4.0m 06/30/22 06/30/27 5 2.0% Simple Quarterly Quarterly straight-line repayment Cheyne Claranova DEV €45.4m 04/04/24 04/04/28 4 Max (€3m; 2.5%) +6.5% & PIK 3.75% Simple + Optional PIK 3.25% Quarterly On maturity FY24-25 financial results *With PIK reimbursement 45 45 45 45 4 2 1 3 5 1 50 48 48 50 06/30/2025 06/30/2026 06/30/2027 04/04/28 Outstanding gross debt (€m) Cheyne BPI Cheyne PIK French government guaranteed loans (PGE) / 45* / 45* 48 /47* 48 /45* 50 /45* * Debt excluding financing arrangement fees (€2.5m at June 30 2025) ** Gross debt of €158m at December 31 2024.
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17 Simplified balance sheet: shareholders' equity restored to a positive position In €m FY 2025 FY 23-24 Goodwill 80 96 Other non-current assets 15 37 Right-of-use lease assets 2 12 Current assets (excl. cash) 30 46 Cash and cash equivalents 6 37 Assets held for sale 3 0 Total assets 136 228 Equity 40 (8) Financial liabilities 48 139 Lease liabilities 2 13 Other non-current liabilities 4 4 Other-current liabilities 37 81 Liabilities held for sale 6 0 Total equity and liabilities 136 228 3 FY24-25 financial results 2 2 4 3 4 Cash position at €6m (excluding €4.6m PlanetArt disposal balance): theoretical post-sale cash position of €10m Equity capital of €40m now positive again compared to last year Significant reduction in financial* debt (-66%) * Debt including financing arrangement fees (€2.5m at June 30 2025). Total assets decreased from €228m to €136m following the sale of PlanetArt.5 5 1 Current assets of €30m, including €4.6m from the balance of the PlanetArt sale and €8.5m held in a retention account. 1
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18 A strengthened financial position and a renewed risk profile FY24-25 financial results * Including the cash balance from the sale of PlanetArt received on July 2, 2025 for €4.6m €118m Revenue €37m Net financial expense ±1.6 * Net leverage €40m Shareholders' equity €50m Gross debt - €108m 20.4% Margin EBITDA €10m * Cash €73m Net profit Excl. US$10m pledged as security for 12 months Refinancing objective
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19 49/100 Corporate Social and Environmental Responsibility Claranova continued its efforts to strengthen its CSR approach and improve its environmental, social and governance practices in FY 24-25. The continuous improvement of EthiFinance's ESG rating illustrates this long- term commitment to sustainability. First Sustainability Statement in accordance with the CSRD Directive. Publication of an ESG Strategic Plan, built around concrete, measurable objectives for 2030, based on three fundamental pillars: • responsible governance ensuring ethics, transparency and data protection ; • a strong social commitment to skills development, diversity and safety in the workplace, as well as a stimulating working environment; • a pragmatic environmental trajectory to reduce our greenhouse gas emissions, improve energy efficiency, and promote recycling and product circularity. CSRD: FY24-25 scope including PlanetArt and myDevices Fully committed to a proactive CSR approach
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Our environmental commitments Measuring and reducing our greenhouse gas emissions Monitoring and increasing the share of low-carbon energy used for data storage and servers Encouraging circularity and recycling of materials and products ESG Strategic Plan 2025-2030 Our commitments Our HR commitments Supporting skills development Promoting diversity Ensuring a safe and healthy working environment: "Zero Damage” Encouraging social dialogue Our corporate governance commitments Raising awareness and training in cybersecurity Protecting personal data Ensuring transparent and responsible marketing Preventing corruption and influence peddling 20
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21 Outlook FY 2025-2026
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22 Key upcoming projects Sale of non-core activities in the United States Refinancing of Cheyne Capital debt Refinancing to be completed before the end of FY25-26 Financing terms aligned with the Group’s renewed risk profile Flexibility to support the growth plan Acceleration of B2B growth Transfer to Euronext Growth Outlook
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Euronext Growth Claranova's positioning on Euronext Growth 23 Reasons for the transfer: Greater visibility for Claranova on Euronext Growth No disadvantage for shareholders Lighter regulatory framework Lower costs Market capitalization Revenue EBITDA: Margin Euronext B&C 197 companies Euronext Growth 259 companies # 119 Top 60% # 97 Top 49% # 64 Top 32% # 26 Top 13% # 43 Top 17% # 56 Top 22% # 17 Top 7% # 9 Top 3% Outlook
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24 Outlook 2025-2028
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25 A clearly defined goal for 2028* CAP 2028 €150-160m Revenue CAGR of 8% to 11 Close to 0 Net leverage*** High profitabilityRamping up Over FY 2027-2028 - ** sales as a percentage of EBITDA *** ratio of net financial debt to EBITDA A healthy debt profile 23%-25% EBITDA margin**
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26 Appendix: 2025-2030 ESG Strategic Plan: Indicators & Objectives Glossary 26
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Our environmental commitments Measuring and reducing our greenhouse gas emissions Monitoring and increasing the share of low-carbon energy used for data storage and servers Encouraging circularity and recycling of materials and products Environmental commitments Metrics and targets Metrics Set targets for reducing greenhouse gas emissions Published data on energy consumption and origin associated with data storage and servers, and set related targets to increase the share of low-carbon energies Implementation of a global strategy to measure and improve environmental impact Targets 2026 2026 2027 27
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Our HR commitments Supporting skills development Promoting diversity Ensuring a safe and healthy working environment: "Zero Damage” Encouraging social dialogue Social commitments Metrics and targets * A manager is a first level or workforce manager exercising direct supervisory authority of an operational team. ** Severity rate = (Total number of days lost due to occupational accidents or illness / Number of hours worked) x 1,000 Metrics Average training time per employee per year Percentage of employees benefiting from performance appraisals and skills development Proportion of women in workforce Proportion of women in management* (%) Severity rate (number of days lost due to accidents at work or occupational illnesses divided by the number of hours worked)** Number of employees covered by a workplace health and safety management system Participation in an internal mobilization and engagement survey Targets 20 hours in 2030 >90% each year >40% by 2030 >40% by 2030 <0.10 each year 100% in 2030 >70% by 2030 28
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Our corporate governance commitments Raising awareness and training in cybersecurity Protecting personal data Ensuring transparent and responsible marketing Preventing corruption and influence peddling Governance commitments Metrics and targets The Health Insurance Portability and Accountability Act is an American law passed in 1996. It establishes rules for the security, confidentiality and protection of personal health information (known as PHI: Protected Health Information). Metrics Completion rate of cybersecurity awareness training courses Setting up a HIPAA* compliance policy Data protection awareness training completion rate Implementation of a transparent, responsible marketing policy and employee training program Completion rate of awareness-raising training on preventing corruption and influence peddling Targets >90% each year 2027 >90% each year 2027 >90% each year 29
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30 Glossary EBITDA (Earnings before interest, taxes, depreciation and amortization): a non-GAAP aggregate used to measure the operating performance of the businesses. It equals Recurring Operating Income before the impact of IFRS 2 (share-based payment expenses), depreciation and amortization, and the IFRS 16 impact on the recognition of leases. LifeTime Value (LTV) sum of revenues generated by a customer over his or her entire lifetime as a customer (all products and segments combined). Customer Acquisition Cost (CAC): total cost incurred to acquire a new customer. It represents the total cost of marketing and sales investments divided by the number of customers acquired in a year. Annual Recurring Revenue (ARR): recurring revenue is defined as revenue generated by recurring customer use of our software and/or tools. This includes revenue from subscriptions for our proprietary software (Security, PDF, Photo) and advertising revenue from our base of recurring users. Lifetime Value/Customer Acquisition Cost ratio measures the return on investments spent to acquire new customers (B2B and B2C) Average Annual Net Churn Rate (proprietary SaaS software – B2B and B2C): this measures the net change in revenue from existing customers, after taking into account both the loss of revenue due to cancellations and growth from existing customers, such as through upgrades. The more this metric is negative, the better the customer retention rate is and the more the company is able to maintain and grow its recurring revenue.
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Analysts & Investors Contact +33 1 41 27 19 75 ir@claranova.com www.claranova.com Disclaimer This document contains forward-looking statements concerning Claranova’s financial position, operating results, businesses, strategy and projects. Although Claranova believes that the forward-looking statements are founded on reasonable assumptions, they do not give any assurance as to the future performance of the Company. Actual results may differ significantly from forward-looking statements due to a certain number of risks and uncertainties, the majority of which are beyond Claranova’s control and notably the risks described in the FY 2023-2024 Universal Registration Document filed with the AMF on October 31, 2024. The information presented in this document is provided for information purposes only. The 2023-2024 Consolidated Financial Statements take precedence. 31