Synergy: Revenue Up 5%, but France Nearly Stagnant
Synergy Group released its first quarter 2026 results on Wednesday, posting a revenue of 795.1 million euros, up 5.0% year over year. However, this growth masks a highly disparate dynamic: internationally, now accounting for 62.9% of the activity, it drives the bulk of the growth with an increase of 7.8%, while France, the group's largest market at 37.1% of consolidated revenue, only grew by 0.5% in an ongoing unfavorable macroeconomic context.
International Revenue Drives Growth
In the first quarter of 2026, Synergy's international revenue reached 499.7 million euros, up by 7.8%. This momentum is primarily supported by Southern Europe, which recorded a growth of 9.8%, driven by strong performances in Spain and Italy. In Northern and Eastern Europe, revenue increased by 2.7%, thanks notably to the perimeter effect linked to the gradual integration of acquisitions made in Switzerland. However, with a constant scope, this region remains hampered by a still sluggish market environment, revealing that growth relies largely on acquisitions rather than organic dynamics.
France Shows Marginal Growth
In France, revenue stood at 295.4 million euros in the first quarter of 2026, up only 0.5%, representing 37.1% of the group's consolidated revenue. This near-stagnation occurs in an unfavorable macroeconomic context, according to the group. Synergy highlights that this stability illustrates a 'resilience superior to that of the market', thanks to the commitment of the teams and the continuous adaptation of commercial offers. The international share of the group increased by 1.7 points, from 61.2% in the first quarter of 2025 to 62.9% in the first quarter of 2026, confirming the growing dependence of the activity on external markets.
Synergy Confident in Continued Growth
Synergy has confirmed its confidence in its ability to continue its growth despite economic and geopolitical instability, maintaining vigilance in adapting its organizations and offers. The group has reaffirmed its strategy of diversification and acquisition to strengthen its position in key markets. This approach appears central in the quarter's performance: the gradual integration of acquisitions in Switzerland has significantly contributed to the growth in Northern and Eastern Europe, where organic activity remains constrained.
