Séché Environnement (SCHP) H1 2026 earnings summary

Executive summary

• Achieved strong international growth and record operating profitability, driven by targeted acquisitions in Chile (Hidronor) and Italy (La Filippa), validating the international diversification strategy despite macroeconomic and geopolitical uncertainties.

• Revenue grew 6.4% year-over-year to €652.1m, with contributed revenue up 4.8% to €607.8m; EBITDA rose 8.5% to €128.3m.

• International operations now account for 43% of contributed revenue, up from 35% last year, reflecting successful geographic diversification.

• Net income (Group share) declined 23.3% year-over-year to €12.2m, mainly due to non-recurring charges and a high comparison base in France.

• Maintained financial flexibility and confirmed 2026 targets for revenue growth, operating profit, and leverage despite major acquisitions.

Financial highlights

• Consolidated revenue: €652.1m (+6.4% YoY); contributed revenue: €607.8m (+4.8% YoY).

• EBITDA: €128.3m (+8.5% YoY), margin 21.1% of contributed revenue.

• Net income (Group share): €12.2m (-23.3% YoY); EPS: €1.57 (-23.4% YoY).

• Free operating cash flow: €72.1m (+14.1% YoY); free cash flow to EBITDA ratio at 56%.

• IFRS net financial debt: €757.4m; leverage ratio: 2.9x EBITDA; liquidity position: €726.4m.

Outlook and guidance

• 2026 annual targets reaffirmed: contributed revenue €1,230m–€1,260m, EBITDA €260m–€270m, financial leverage below 3x EBITDA by year-end 2026 (excluding major acquisitions).

• Organic revenue growth of 2–3% expected, with international segment as main driver.

• H2 2026 expected to benefit from favorable comparison base in France and continued international growth.

• Additional €7m EBITDA expected from performance plan in 2026.

• Industrial CAPEX for 2026 targeted at ~€110m, with flexibility on development investments.