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 continued ramp-up of new capacities.

• Net income (Group share) nearly doubled to €15.9m, reflecting improved operational efficiency and the accretive ECO acquisition, with 69% of revenue aligned with the EU green taxonomy.

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

• Announced the proposed 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.

Financial highlights

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

• EBITDA increased 33.9% to €118.2m (20.4% margin); operating income up 74.5% to €49.2m.

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

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

• Net financial debt reduced to €813.7m; 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 energy price impacts and customer reticence.

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

• 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.

• Financial leverage to remain below 3x EBITDA.

• Short-term margin growth limited by low energy prices and customer reticence; medium-term prospects remain strong.