Séché Environnement (SCHP) Q1 2025 TU earnings summary

Executive summary

• Q1 2025 revenue reached €296.5 million, up 12.4% year-over-year, with contributive revenue at €280.3 million, up 13.4%, driven by strong performance in France and a rebound internationally.

• Organic growth was 5.4% at constant scope and exchange, supported by the integration of Eco (Singapore)/ECHO, which contributed €18.3 million.

• Growth targets for 2025 confirmed, supported by strong performance in France and a rebound internationally.

• Services and Hazard Management segments led growth, while Circular Economy activities saw a slight decline.

• Successful €400 million Green Bond issuance with a 4.5% coupon and 5-year maturity, enhancing financial flexibility.

Financial highlights

• Published revenue: €296.5 million vs. €263.9 million a year ago (+12.4%); contributive revenue: €280.3 million, up 13.4% from €247.2 million.

• Organic revenue growth at 5.4% year-over-year; reported growth at 13.4%.

• Non-contributive revenue slightly down due to lower IFRIC 12 investments; IFRIC 12 investments decreased to €0.1 million from €1.8 million.

• TGAP tax increased to €16.1 million from €14.9 million.

• Eco contribution aligned with business plan at €18.3 million.

Outlook and guidance

• Annual revenue target of €1.18 billion reaffirmed, with expected organic growth of about 3% and aiming for 6% like-for-like growth.

• Favorable market trends expected to continue in both France and international markets, especially in Services and Hazard Management.

• Anticipated recovery in European Solarca markets and ramp-up of major contracts in Latin America.

• No anticipated trend breaks; cautious optimism maintained due to macroeconomic environment.

• No direct exposure to international trade risks.