Séché Environnement (SCHP) H1 2025 earnings summary

Executive summary

• Revenue grew 14.8% year-over-year to €580.1m in H1 2025, driven by strong service activity in France and internationally, especially remediation and emergencies, with successful integration of ECO and planned acquisition of Groupe Flamme to strengthen hazardous waste management, pending regulatory approval.

• EBITDA rose 33.9% to €118.2m (20.4% margin), and net income (Group share) nearly doubled to €15.9m, reflecting improved operational efficiency and accretive acquisitions.

• Financial leverage improved to 2.9x EBITDA, supported by robust free cash flow and successful green bond issues, extending debt maturity and boosting liquidity.

• 69% of revenue aligned with the EU green taxonomy, confirming strong positioning in ecological transition.

Financial highlights

• Contributed revenue reached €580.1m (+14.8% YoY), with organic growth of 7.5%.

• EBITDA: €118.2m (20.4% margin), up from €88.3m (17.5% margin) in H1 2024.

• Net income (Group share): €15.9m (2.7% margin), up 98.8% YoY; EPS €2.05 vs. €1.02.

• Free operating cash flow: €63.2m; liquidity position improved to €550.6m.

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

Outlook and guidance

• 2025 revenue target confirmed at ~€1,180m; EBITDA guidance revised to €250–260m (21–22% margin) due to €15m negative impact from lower energy prices.

• 2026 revenue target set at ~€1,240m, with EBITDA between €275m and €285m (22–23% margin).

• H2 expected to see normalization of emergency and remediation contributions; current guidance excludes effects of Group Flam acquisition and ECO ramp-up.

• Financial leverage to remain below 3x EBITDA.