Derichebourg (DBG) H1 25/26 earnings summary

Executive summary

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

• Revenue increased 7.8% year-over-year to €1.83 billion, 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.

• The group announced the acquisition of Scholz Recycling, expected to close in H2 2026, to expand operational scale in Eastern Europe.

• 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.

• Current/recurring EBITDA was €177.8 million (+9.7% YoY), and current/recurring EBIT was €98.4 million (+23.0% YoY).

• Net financial debt decreased by €27.9 million to €654.9 million, with a leverage ratio of 1.95x.

• EPS for the period was €0.46, up from €0.40 a year earlier.

• 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 EBITDA guidance raised to €350–370 million, reflecting strong H1, regulatory tailwinds, and robust demand for non-ferrous metals.

• H2 2026 expected to continue favorable trends, with new production lines and copper cable granulators starting.

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

• The group aims to finalize and integrate the Scholz acquisition in the second half.

• Geopolitical risks, such as Middle East tensions and the Strait of Hormuz closure, could increase inflationary pressures.