Séché Environnement (SCHP) Q3 2025 TU earnings summary

Executive summary

• Nine-month contributed revenue reached €857.4 million, up 8.3% year-over-year and 3.8% like-for-like, driven by strong Hazard Management and Environmental Services, but offset by a decline in Circular Economy activities in France and Spain.

• Q3 2025 activity confirmed H1 trends, with international operations showing solid growth and France experiencing a decline, mainly due to weaker circular economy activities.

• The annual revenue target for 2025 is confirmed at approximately €1,180 million.

Financial highlights

• Q3 2025 contributed revenue was €277.3 million, down 3.2% year-over-year on a reported basis and 2.9% at constant exchange rates.

• For the nine months ended September 30, 2025, international operations grew 21.6% in published data and 7.3% organically, while France grew 2.2%.

• Services revenue for nine months was €418.1 million (+14.4% published, +13.8% organic), while Circular Economy revenue fell 7% to €235.7 million (-9.2% like-for-like).

• Hazardous Waste segment revenue for nine months was €613.6 million (+12.0% published, +5.1% organic), while Non-Hazardous Waste was €243.8 million (+0.2% published, +0.6% organic).

• Non-contributory revenue was €50.9 million, down from €55.8 million a year earlier.

Outlook and guidance

• Revenue target for FY 2025 is confirmed at approximately €1,180 million, with continued resilience expected in France (excluding circular economy) and strong activity in Hazard Management.

• International outlook remains positive, with a strong Q4 base anticipated from major contracts in Latin America.

• Energy sales revenue is expected to remain residual, estimated at €20 million for 2025.

• New chemical purification products are expected to improve performance in 2026.