Press release November 13, 2024




Q1 2024-2025 revenue: €89m
• Avanquest and PlanetArt sales remain on track
• Slowdown confirmed for myDevices (-12% at constant exchange rates)

This press release presents unaudited Group consolidated revenue, prepared in accordance with IFRS.

Paris, France - November 13, 2024, 6:00 p.m. (CET). Claranova (Euronext Paris: FR0013426004 - CLA)
reported Q1 2024-2025 (July - September 2024) revenue of €89m, down marginally (-2% at actual
exchange rates) from last year, mainly due to the disposal of Avanquest's non-core activities which accounted
for nearly €2m in Q1 2023-2024. On that basis, like-for-like1 revenue for Q1 2024-2025 remained stable. This
result does not yet reflect the positive impact of the first measures implemented under the new “One
Claranova” roadmap. Nevertheless, in line with the Group's strategy focused on profitability, the continuing
development of key activities resulted in good first quarter performance.
Reflecting its commitment to create a more integrated Group, the recent acquisition of PlanetArt's minority
interests2 has accelerated Claranova's transformation into an operating company focused on its core
businesses and paved the way for implementing the first operational synergies.
On that basis, Claranova reaffirms its targets for like-for-like CAGR of 5%-8%3 and annual revenue of €575-
625m by 20274, accompanied by an EBITDA5 margin of 13%-15%. The target ratio of net financial debt to
EBITDA also remains below 1x.


Revenue trends by division for Q1 2024-2025:


Jul. to Sep. Jul. to Sep. Change at
Change at Change
constant
In €m 2024 2023 Change constant
consolidation
on a like-for-like
(3 months) (3 months) exchange rates basis
scope

PlanetArt 60 60 0% 0% 0% 0%

Avanquest 27 29 -6% -4% 1% 3%

myDevices 1.9 2 -13% -12% -13% -12%

Revenue 89 91 -2% -2% 0% 0%




Eric Gareau, Chief Executive Officer of Claranova commented: "This first quarter, in line with our expectations,
confirms the strength of our business before we have even started implementing our new ‘One Claranova’
strategic roadmap. At the same time, the weaker performance of myDevices only confirms the validity of our
decision to sell this business in order to concentrate on our core activities. With the buyout of PlanetArt's
minority shareholders, we now have all the latitude we need to implement our roadmap that will reinforce
Group synergies and profitability in the quarters ahead. "




1 Like-for-like defined as at constant exchange rates and consolidation scope
2
Press release of November 11, 2024
3
Excluding external growth
4
FY 2026-2027
5
EBITDA as a percentage of sales. 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.
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Press release November 13, 2024



PlanetArt: revenue stable at €60m
Revenue of PlanetArt, the Group's e-commerce division for personalized objects, remained steady at €60m
for Q1 2024-2025 driven by the strong performance of its mobile and web-based offerings. Teams are
continuing to work on improving returns on marketing investments and optimizing the division’s costs. The
implementation of synergies under the "One Claranova" roadmap will contribute to economies of scale and an
acceleration in the division's sales.


Avanquest: 3% like-for-like growth in the first quarter
After growth of 14% last year6, Avanquest, the software publishing subsidiary, reported revenue of €27m for
Q1 2024-2025, up 3% like-for-like (- 6% at actual exchange rates). It has benefited from the disposal of its
non-core activities7 in Europe whose results in sales and losses were adversely affecting the division’s
performance. The remaining non-core activities, based in the United States, are still earmarked for sale, and
accounted for only 9% of revenue in the quarter, or €2m at end of September 30, 2024.
The percentage of core business consisting of the sale of proprietary SaaS solutions accounted for 91% of the
division's revenue for the quarter (87% last year), or €25m (+2% on a like-for-like basis). For this first quarter,
sales growth in the Security segment offset the slowdown in the PDF and Photo segments. In addition, efforts
to reduce operating costs enabled the division to improve margins over the period.


myDevices: business slowdown confirmed
In Q1 2024-2025, revenue for myDevices, Claranova's IoT division, of €1.9m, in line with the trend of previous
months, was down 12% at constant exchange rates (-13% at actual exchange rates) compared to last year's
first quarter. As a reminder, this division provides little synergy with the Group's other activities and is no longer
considered strategic. Consequently, on November 5, the Group retained the investment bank Canaccord
Genuity to sell this division, with the aim of completing the transaction within the next few months.




Financial calendar:
December 04, 2024: Annual General Meeting




About Claranova:

Claranova is a global leader in e-commerce for personalized objects (photo prints, photo books, children's
books, etc.), software publishing (PDF, Photo and Security) and the Internet of Things (IoT). As a truly
international group, in 2024 it reported revenue of nearly a half a billion euros, with 95% of this amount
originating from outside France.

Through its products and solutions sold in over 160 countries, the Group's mission is to "Transform
technological innovation into user-centric solutions". By leveraging its digital marketing expertise, AI and data
from over 100 million active customers worldwide, Claranova develops technological solutions, available
online, on mobile devices and tablets, for a wide range of private and professional customers.

Operating in high-potential markets, the Group will pursue a growth strategy focused on profitability and
operational excellence, in line with its "One Claranova" strategic roadmap.


Claranova is eligible for French “PEA-PME” tax-advantaged savings accounts

6
On a like-for-like basis (+6% at actual exchange rates)
7
Press release of October 19, 2023
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Press release November 13, 2024

For more information on Claranova Group:
https://www.claranova.com or https://twitter.com/claranova_group



Disclaimer:

All statements other than statements of historical fact included in this press release about future events are
subject to (i) change without notice and (ii) factors beyond the Company’s control. Forward-looking statements
are subject to inherent risks and uncertainties beyond the Company’s control that could cause the Company’s
actual results or performance to be materially different from the expected results or performance expressed or
implied by such forward-looking statements.

Definitions and calculation methods for alternative performance indicators:
“Like-for-like” (organic) growth is defined as the change in revenue at constant structure (scope of
consolidation) and exchange rates. “Exchange rate effects” are calculated by applying year N-1 exchange
rates to year N revenue. “Consolidation scope effects” are calculated by taking into account acquisitions in the
current year, contributions to the current year from acquisitions in the previous year up to the anniversary date
of acquisitions and businesses deconsolidated in the current year, minus any contributions from the previous
year. By definition, sales for the previous year plus the effects of changes in Group scope of consolidation,
exchange rate effects and like-for-like growth for the period correspond to sales for the current year.
Percentages for exchange rate effects, Group consolidation scope effects and like-for-like growth percentages
are calculated on the basis of the previous year's sales.




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