Solutions 30 (S30) Q3 2025 TU earnings summary

Executive summary

• Q3 2025 revenue was €216.8 million, down 3.9% year-over-year, but sequential declines are easing compared to previous quarters (Q1: -12.3%, Q2: -6.7%).

• Excluding Connectivity in France, group revenue grew 3.4% in Q3, driven by strong energy and German operations.

• Energy services surged 30.8% in Q3, with France up 47.5%, now representing 22% of group revenue.

• Fiber roll-out activities resumed in Belgium; Italy posted 22.3% growth, while Spain and UK operations are being rationalized.

• Connectivity business in France declined 32.1% in Q3, with transformation measures underway to restore profitability.

Financial highlights

• Q3 2025 consolidated revenue: €216.8 million (-3.9% YoY); 9M 2025 revenue: €684.2 million (-7.9% YoY).

• Organic contraction in Q3: -6.1%, partially offset by 2.1% from acquisitions; negligible FX impact.

• Connectivity activities Q3 revenue: €146.1 million (-10.3%); Energy activities: €47.6 million (+30.8%); Technology: €23.1 million (-12.0%).

Outlook and guidance

• Transformation of the French Connectivity business is expected to show effects in early 2026.

• Fiber roll-out in Belgium is ramping up, with continued growth expected in Q4.

• Withdrawal from the UK and divestment in Spain are expected to improve margins and have no significant cash impact.