Derichebourg (DBG) H1 24/25 earnings summary

Executive summary

• Revenue for the first half of 2024-2025 was €1,698.0m, down 2.0% year-over-year, mainly due to declines in Recycling (-1.7%) and Services to Local Authorities (-7.8%).

• EBITDA rose 14.1% to €162.1m, with margin improvement from cost savings, improved recycling margins, and absence of prior year cyberattack.

• Net income attributable to shareholders doubled to €63.2m (+101.1% year-over-year), driven by recycling and Elior Group's contribution.

• Despite economic headwinds and metals market price wars, all group activities remained profitable.

• The group’s financial structure remains robust, with net financial debt reduced by €8.2m over the semester.

Financial highlights

• EBITDA margin improved to 9.5% from 8.2% year-over-year; recurring operating income up 23.2% to €80.0m.

• Operating income rose 16.5% to €80.1m.

• Net financial expenses decreased by €1.2m due to lower interest rates.

• Earnings per share reached €0.40, up from €0.20 a year earlier.

• Net financial debt at €705.7m, with a leverage ratio of 2.02x and debt service coverage of 8.93x.

Outlook and guidance

• Management targets a rolling 12-month EBITDA of €350m, assuming rapid resolution of global trade tensions and recovery in recycled material prices and volumes.

• Investments are expected to remain below 50% of current EBITDA; new high-value sorting lines to be commissioned in France and Spain.

• The group remains optimistic long-term, citing strong positioning in the energy transition and ongoing industrial projects.