Delta Plus: Q1 2026 Revenue Up 1%, but Organic Activity Declines by 5%
Delta Plus Group announced on Tuesday a slight increase in revenue for the first quarter of 2026, up 1.0% to 95.6 million euros. However, this apparent performance masks a 5.0% decline in organic activity. Growth is solely driven by acquisitions made at the end of 2025 and beginning of 2026 (Baspa, Gevanta, Sicur Delta, Athenas), while the wait-and-see macroeconomic environment and geopolitical tensions in the Middle East weigh on the group's historical base.
Acquisitions Support Limited Published Growth
The consolidated revenue for the first quarter reached 95.6 million euros, up 1.0% compared to the same quarter in 2025 (94.6 million euros). This modest growth masks a very heterogeneous composition: the perimeter effect of acquisitions contributes +9.6% (9.1 million euros), while the exchange rate decline absorbs -3.6% (-3.4 million euros). In constant scope and exchange rates (organic growth), activity fell by 5.0%, a loss of 4.7 million euros on a comparable basis. This contraction reflects an environment still marked by uncertainty, particularly in January and February, and then an accelerated weakening in March due to disruptions linked to geopolitical tensions in the Middle East.
Contrasting Geography, with Published Growth Supported by Acquisitions
Europe posted revenue of 51.5 million euros, representing published growth of 4.1%, but an organic decline of -5.4%. This region benefits from the integration of Gevanta (Lithuania) and Sicur Delta (Italy), which strengthen the group's positioning in technical segments and those with higher added value. The Benelux zone and Eastern European countries (Slovakia, Romania, Hungary, Czech Republic) maintain a good commercial dynamic, while France, Spain, and the historical activity in Italy remain under pressure, with volumes hindered by ongoing hesitancy. Outside Europe, revenue fell to 44.1 million euros (-2.3% published, -4.5% organic). Latin America (Baspa in Chile, Athenas in Brazil) offers a growth relay, while the United States continues its operational turnaround plan. China remains in negative territory, and the Middle East, although of limited exposure, has experienced a shift in client projects.
Management Reduces Expectations for the Semester, Financial Discipline Maintained
Faced with the intensification of geopolitical tensions and the lack of visibility on their duration, Delta Plus Group adopts a cautious approach for the first half of the fiscal year. At this stage, the group does not anticipate positive organic growth for the first semester of 2026. Nevertheless, it continues to rely on the contribution of recent acquisitions, whose integration is in line with expectations. The group has commercial, operational, and logistical levers to support a gradual improvement over the rest of the year, backed by its geographical diversification (over 110 countries, 18 manufacturing sites) and the dynamics of certain areas outside Europe, particularly in Latin America. It reaffirms its priority to preserve a solid level of operational profitability in 2026.
