Séché Environnement (SCHP) H2 2025 earnings summary

Executive summary

• Achieved 3.7% revenue growth to €1,152.0m in 2025, driven by international expansion and strategic acquisitions, despite a decline in French circular economy activities.

• EBITDA declined 7% to €225.4m, with margin down to 19.6% due to lower contribution from France and energy price effects.

• Net income (Group share) fell 39.4% to €21.5m, impacted by higher financial costs and lower operating performance.

• Major acquisitions included Hidronor (Chile), La Filippa (Italy), and planned Groupe Flamme (France).

• Financial leverage improved to 2.3x EBITDA, supported by successful green bond issuances.

Financial highlights

• Contributed revenue rose to €1,152.0m (+3.7% year-over-year), with organic growth of 0.7%.

• EBITDA decreased to €225.4m (19.6% margin), down from €242.3m (21.8%).

• Net income (Group share): €21.5m, down 39.4% year-over-year.

• Free operating cash flow was €114.0m, down from €141.8m.

• Net financial debt reduced to €548.8m, with leverage at 2.3x EBITDA.

Outlook and guidance

• 2026 revenue target set at €1,230m–€1,260m, with EBITDA expected between €260m–€270m.

• Organic growth projected at 2–3%, with additional contributions from recent acquisitions.

• Financial leverage targeted below 3x EBITDA by June 2027.

• Focus on cost savings, intra-group synergies, and strict financial discipline, aiming for €15m additional EBITDA.