Elior Group (ELIOR) H1 2025 earnings summary

Executive summary

• Organic revenue grew 1.5% in H1 2024-2025, with contract catering up 2.3% and multiservices down 0.6%; consolidated revenue reached €3,213 million, up 2.9% year-over-year, driven by organic growth, acquisitions, and favorable currency effects.

• Adjusted EBITA/EBITDA margin improved to 4.1% (up 90bps year-over-year), with contract catering margin up 120bps to 5.2%.

• Net profit from continuing operations surged to €43 million from €1 million a year earlier, with adjusted attributable net profit reaching €56 million.

• Free cash flow improved to €205 million, up €36 million year-over-year.

• Net debt reduced by €146 million in six months to €1,111–1,123 million, with leverage ratio down to 3.3x EBITDA.

Financial highlights

• Revenue rose to €3,213 million from €3,123 million year-over-year, with organic growth of 1.5%, bolt-on acquisitions contributing 0.9%, and currency effects 0.7%.

• Adjusted EBITA increased to €132 million from €100 million, with margin up to 4.1% from 3.2%.

• Free cash flow reached €205 million, with EBITDA to free cash flow bridge showing strong cash conversion.

• Net result group share increased to €43 million from €1 million last year.

• Net debt/EBITDA leverage ratio improved to 3.3x, below the 4.5x covenant.

Outlook and guidance

• Full-year organic revenue growth guidance revised to 1–2% (from 3–5%), focusing on profitability.

• Adjusted EBITA/EBITDA margin guidance raised to 3.3–3.6% for the full year.

• Leverage ratio expected below 3.5x at year-end, well under covenant threshold.

• CAPEX expected at 2.0–2.5% of revenue; working capital change of €80–120 million; non-recurring cash outflows of €15–20 million.