Synergy: Revenue Grows to €3.24 Billion, but UK Impairment Weighs
Synergy has released its 2025 results, marked by a revenue increase of 1.8% to €3.241 billion and an improvement in EBITDA to €134.4 million. However, the group must absorb a goodwill impairment in the UK that affects the operating result, highlighting that international growth remains uneven across geographic areas.
Revenue Analysis
Synergy recorded an annual revenue of €3.241 billion, up 1.8% compared to 2024, corresponding to 1.0% on a constant scope and currency basis. This performance demonstrates some resilience in an economic and geopolitical environment described as uncertain. Internationally, revenue now accounts for 60.9% of total sales, up from 60.3% a year earlier. Internationally, activity grew by 2.9% (1.5% on a constant scope and currency basis), driven by recent acquisitions and strong growth in Southern Europe, which increased by 4.8%, particularly in Italy and Spain. In France, revenue was €1.265.9 million, representing 39.1% of the consolidated total, almost stable compared to 2024. This stability represents an outperformance relative to the French market, according to the group. However, Northern and Eastern Europe saw a decline of 2.4% (2.7% on a constant scope and currency basis), penalized by the decline of the interim market in this region.
Financial Performance
The group's EBITDA increased to €134.4 million from €130.6 million in 2024, reaching 4.1% of revenue. This improvement reflects, according to the group, the strength of the economic model based on a diversified customer mix and rigorous cost management. EBITA reached €102.6 million, or 3.2% of revenue, slightly down from €103.7 million in 2024, with an international contribution of €60.2 million representing 58.7% of this aggregate. Operating income was €89.3 million, down €6.3 million mainly due to a goodwill impairment in the UK in a less favorable market environment. The consolidated net result was €54.2 million after a tax charge of €36.0 million and a financial result of €0.9 million.
Financial Position and Outlook
Synergy strengthens its financial position with a net cash position of €317.2 million, an improvement of €28.5 million compared to the end of 2024, while equity reached €754.0 million, confirming a balanced structure. For the fiscal year 2026, the group anticipates revenue exceeding that of 2025, while approaching the year cautiously in a context where economic and geopolitical tensions persist. This confidence is based on the resilience of the model and the diversification of activities. Two strategic acquisitions mark the year 2026: that of Agilus Workforce Solutions, the eighth player in the Canadian market, and that of House of Flexwork in Switzerland. The group indicates its intention to actively pursue its strategy of targeted acquisitions. The general assembly on June 4, 2026, will propose a dividend of €0.6 per share, to be paid on July 1, 2026.
