Elis: Record Results in 2025, Further Growth Expected in 2026
The global specialist in rental and maintenance of linen and professional clothing published on March 11, 2026, its annual results for 2025, showcasing record levels across all major financial indicators. The revenue reached 4.8 billion euros and operational profitability continued to improve. For 2026, the group anticipates further improvement in its financial indicators, while expecting organic revenue growth to be slightly lower than that recorded in 2025.
Financial Performance in 2025
Elis recorded a revenue of 4,796.8 million euros in 2025, up by 5.5% excluding exchange rate effects, including 3.8% organic growth. The reported growth was 4.9% after considering the scope effect (+1.8%) and a negative exchange rate effect (-0.7%). The operational profitability also improved. The adjusted EBITDA reached 1,700.1 million euros, up by 5.6% compared to 2024. The adjusted EBITDA margin was established at 35.4% of the revenue, an improvement of 20 basis points. The adjusted EBIT amounted to 766.6 million euros, up by 4.6%, with a stable margin at 16.0%. The net results also reflected strong performance. The net income amounted to 366.6 million euros, up by 8.6%. The recurring net income reached 467.3 million euros, marking a 4.7% increase. The recurring net income per diluted share reached 1.85 euros, up by 5.2%. Cash generation remained robust. The free cash flow was established at 358.6 million euros, up by 3.5%. Meanwhile, the group's financial structure continued to improve. The financial leverage ratio was at 1.75x the adjusted EBITDA as of December 31, 2025, compared to 1.85x a year earlier, marking the lowest level recorded by the group.
Regional Growth Dynamics
Elis's growth is based on contrasting regional dynamics. In France, the revenue grew by 3.3%, driven particularly by the professional clothing activity in the industrial, commercial, and services sectors. The hospitality and restaurant sector benefited from a favorable summer season and sustained activity levels at the end of the year. In Central Europe, the reported revenue increased by 8.5%, including 3.0% organic growth, supported by favorable business dynamics, particularly in professional clothing. In Scandinavia and Eastern Europe, the reported growth reached 3.3%, including 1.9% organically, with particularly strong performances in Finland, the Baltic countries, and Norway. In the United Kingdom and Ireland, the reported growth was 1.7%, in a described more challenging economic environment. Latin America displayed the highest organic growth in the group, at 8.2%, driven particularly by new contract signings in the healthcare sector and sustained business dynamics in Brazil and Mexico. However, a negative exchange rate effect limited the reported growth to 0.5%. In Southern Europe, the revenue grew by 11.2%, including 6.7% organically, thanks notably to the dynamism in hospitality and restaurant and the development of outsourcing professional clothing.
Outlook for 2026
For 2026, Elis anticipates further progress across all its financial indicators. The group expects organic revenue growth to be slightly lower than that of 2025, linked to a decrease in the number of new contract signings observed in the fourth quarter of 2025. However, the adjusted EBITDA and EBIT margins are expected to improve slightly, thanks to continued productivity gains across different geographic areas and an anticipated decrease in the energy bill, enabled by an active policy of hedging gas and electricity purchases. The free cash flow is expected to grow in the 'mid-single digit' range, while the recurring net income per diluted share is projected to increase in the 'high-single digit' range compared to 2025. The group also plans a further reduction in its debt leverage, by approximately 0.1x by the end of 2026.
