Claranova : Half-year Financial Report as of December 31, 2021

HALF-YEAR FINANCIAL REPORT

This document is a free translation of the original French language version of the interim financial report (rapport semestriel) provided solely for the convenience of English-speaking readers. This report should consequently be read in conjunction with, and construed in accordance with French law and French generally accepted accounting principles. While all possible care has been taken to ensure that this translation is an accurate representation of the original French document, this English version has not been audited by the company's statutory auditors and in all matters of interpretation of information, views or opinions expressed therein, only the original language version of the document in French is legally binding. As such, the translation may not be relied upon to sustain any legal claim, nor be used as the basis of any legal opinion and Claranova expressly disclaims all liability for any inaccuracy herein.

CHAIRMAN'S MESSAGE2

KEY FIGURES3

THE BUSINESS PORTFOLIO 4

INTERIM MANAGEMENT REPORT 7

CONDENSED CONSOLIDATED INTERIM

FINANCIAL STATEMENTS FOR HALF-YEAR

ENDED DECEMBER 31, 2021 16

STATUTORY AUDITORS' REVIEW REPORT

ON THE INTERIM FINANCIAL INFORMATION 39

STATEMENT BY THE PERSON RESPONSIBLE

FOR THE ORIGINAL FRENCH VERSION

OF THE INTERIM FINANCIAL REPORT 40

In the interim financial report, the term "Group" refers to Claranova and its subsidiaries and the terms "Claranova" and the "Company" refer to the company, Claranova.

This interim financial report contains information about the Group's objectives and development strategy. Such information may be identified by the use of the future and conditional tenses and by forward-looking terms such as "consider", "envisage", "think", "target", "expect", "intend", "should", "aim", "estimate", "believe", "wish" and "may" or, in certain cases, the negative form of these terms, or similar expressions.

The reader's attention is drawn to the fact that these objectives and development strategy depend on circumstances and events which may or may not occur.

These objectives and development priorities are not historical data and should not be interpreted as a guarantee that the facts or data will occur, that the assumptions will be proven correct or that the objectives will be achieved By their nature, these objectives may not be achieved and the statements and information presented in this Document may prove to be incorrect, without the Company being required in any way to provide an update, subject to applicable regulations and, particularly, the AMF General Regulations.

This interim financial report contains information about the Company's business and the market and industry in which it operates. This information notably stems from studies conducted by internal and external sources (analysts' reports, specialized studies, sector publications, and any other information published by market research firms, companies and government agencies). The Company considers that this information presents a true and fair view of the market and industry in which it operates and accurately reflects its competitive position. However, while this information is considered reliable, it has not been independently verified by the Company.

CHAIRMAN'S MESSAGE

Chaiman's message

In a very challenging environment, Claranova demonstrates the strength of its business model and cross-cutting approach to the world of technology

With €281 million in revenue and €23 million in in H1 2021-2022, we succeeded in keeping our results on track despite the unique context. PlanetArt, which largely contributed to Group revenue, was impacted by the combined effects of the end of lockdown measures, a structural transformation in customer acquisition channels and supply chain constraints that continued during the year-end holiday season. However, by leveraging its strategic strengths based on a fabless, multi-channel and global approach and focus on developing digital marketing know-how, it was able to meet these challenges. And so despite a pace of growth significantly below our historical levels, this division continued to outperform its competitors in terms of revenue. This performance is all the more noteworthy when considering that the EBITDA margin held steady despite pressure on costs from multiple fronts.

With revenue of €51 million and EBITDA of €8 million, up 22% and 56% respectively over the first six months, Avanquest continues to reap the benefits of its transformation to a SaaS sales model.

On this basis, the virtuous circle of subscription renewals is now fuelling growth in both revenue and profitability of our software publishing business.

Finally, our IoT business has taken advantage of the end of the health crisis to accelerate commercial deployments and expand its network of channel partners. World-class leaders like Sodexo are continuing to join our network, highlighting the interest of manufacturers in this maturing sector.

In closing, it is not possible to speak during this period of renewed armed conflict in Europe, without having a thought for our Ukrainian partners and subcontractors. While Claranova has a limited commercial exposure to Ukraine or Russia, our Avanquest division has maintained close relationships for many years with a number of IT development and customer support partners located in cities particularly hard-hit by the war. Claranova has taken measures to ensure their safety and support them during this tragic period, including by relocating certain support functions to the West of the country and helping to bring employees and their families to safety.

PIERRE CESARINI

Chairman and Chief Executive Officer of Claranova group

2 -

KEY FIGURES

Key figures

€281m

8%

€23m

in H1 revenue

EBITDA margin

EBITDA (1)

ANNUAL REVENUE

ACTUAL EXCHANGE RATES

EBITDA (1)

(€m)

AND LIKE-FOR-LIKE

(In € million)

GROWTH (2)

278 234

281

68% 19%

23 23

2019/20

11

19% 17%

1%

2019/20

2020/21

2021/22

2020/21

2021/22

-6%

2019/20

2020/21

2021/22

Real growth

Organic growth

• (1) EBITDA (Earnings before interest, taxes, depreciation and amortization) is a non-GAAP aggregate used to measure the operating performance of the businesses. It is equal to Recurring Operating Income before depreciation, amortization, share-based payments including related social security expenses and the IFRS 16 impact on the recognition of leases. A reconciliation of recurring operating income and EBITDA is presented in Section 1.4 of this document. The IFRS 16 impact is presented in Chapter 2, Note 9, of this document.

• (2) Like-for-like (organic) growth equals the increase in revenue at constant consolidation scope and exchange rates.