Derichebourg (DBG) H1 24/25 earnings summary

Executive summary

• Net income attributable to shareholders more than doubled year-over-year, reaching €63.2 million, driven by improved EBITDA, margin gains, and Elior's contribution.

• Revenue declined 2% year-over-year to €1,698 million, mainly due to lower volumes in recycling (-1.7%) and public sector services (-7.8%).

• EBITDA margin improved to 9.5% from 8.2% year-over-year, reflecting cost savings and margin recovery.

• All group activities remained profitable despite economic headwinds and metals market volatility.

• No significant non-recurring items impacted the period; last year included a €3.8 million gain from a court decision.

Financial highlights

• Recurring EBITDA rose 14.1% to €162.1 million; rolling 12-month EBITDA at €350 million.

• Net financial debt decreased by €8.2 million to €705.5 million, despite a €20.7 million dividend payment.

• Operating profit increased 16.5% to €80.1 million; recurring operating profit up 23.2% to €80.0 million.

• Profit before tax rose 31.2% to €63.0 million, aided by lower financial expenses.

• Earnings per share doubled to €0.40 from €0.20.

Outlook and guidance

• Group targets recurring EBITDA of €350 million for the full year, assuming stabilization in tariffs, trade agreements, and recycled raw material prices.

• Investments expected to remain below 50% of recurring EBITDA; new sorting lines and projects underway in France and Spain.

• Optimism for long-term fundamentals, supported by energy transition and decarbonization trends.