Derichebourg (DBG) H1 25/26 earnings summary

Executive summary

• Net income rose 16.3% year-over-year to €73.5 million, driven by improved volumes and margins in Recycling and Public Sector Services.

• Revenue increased 7.8% year-over-year to €1,829.8 million, with Recycling up 7.9% and Public Sector Services up 5.8%.

• EBITDA margin improved to 9.7% of sales, reflecting effective cost management and higher non-ferrous margins.

• Signed binding agreement to acquire Scholz Recycling, expanding European footprint; expected to close in H2 2026.

• Market sentiment improved due to new EU quotas, tariffs, and the CBAM mechanism.

Financial highlights

• Turnover reached €1,829.8 million in HY26, up from €1,698.0 million in HY25.

• Recurring EBITDA was €177.8 million (+9.7% YoY); recurring EBIT was €98.4 million (+23.0% YoY).

• Net financial debt decreased by €27.9 million to €654.9 million.

• Net income attributable to shareholders was €73.5 million, up 16.3% year-over-year.

• One-off gain of €21.6 million on marketable securities, partially offset by a €25 million provision for loss at Elior Italy.

Outlook and guidance

• Full-year recurring EBITDA guidance raised to €350–370 million, reflecting strong H1 and improved outlook.

• H2 2026 expected to continue favorable trends, with gradual volume increases and high non-ferrous prices supporting margins.

• Ferrous scrap demand anticipated to strengthen in Q4 due to new EU tariffs.

• New treatment lines and copper cable granulators to start in H2.

• Monitoring geopolitical risks, especially in the Middle East, and potential inflationary pressures.