Séché Environnement (SCHP) H1 2025 earnings summary

Executive summary

• Strong commercial, operational, and financial performance in H1 2025, with revenue up 14.8% to €580.1 million, driven by robust service activity in France and internationally, especially remediation and emergencies, despite a complex macroeconomic and geopolitical environment and declining energy prices.

• Successful integration of ECO (Singapore) contributed to growth, with ramp-up of new capacities and 69% of revenue aligned with the European Green Taxonomy.

• Announced acquisition of Groupe Flamme, expected to strengthen hazardous waste market share in France, pending regulatory approval.

• Operating results improved despite lower energy sale prices and macroeconomic/geopolitical uncertainties.

• Major contract wins in remediation and emergency services, including a €180 million, 20-year contract in Nantes.

Financial highlights

• Contributed revenue reached €580.1 million (+14.8% YoY); organic growth at 7.5%.

• EBITDA rose 33.9% to €118.2 million (20.4% margin), up from 17.5% last year.

• Net income (Group share) nearly doubled to €15.9 million (2.7% margin); EPS €2.05 vs. €1.02.

• Free operating cash flow at €63.2 million; liquidity position improved to €550.6 million.

• Net financial debt reduced to €813.7 million; leverage at 2.9x EBITDA.

Outlook and guidance

• 2025 revenue target confirmed at ~€1,180 million; EBITDA margin guidance reduced to €250–260 million due to energy price impacts and customer reticence.

• 2026 revenue target set at ~€1,240 million; EBITDA expected between €275–285 million.

• Financial leverage target remains below 3x EBITDA by end-2025 and 2026.

• H2 2025 expected to see continued business momentum but with margin pressure from low energy prices and sectoral slowdowns.

• 2026 outlook to be updated post-Flamme acquisition and ECO ramp-up.