Pizzorno Environment: Net Profit Up 68% to €23.5M in 2025
Pizzorno Environment records a consolidated turnover of €274.5M in 2025, stable compared to 2024, while its current operating result increases by 27.5% to €26.4M. This improvement in financial performance is accompanied by a strengthening of the financial structure with €108.8M in gross cash and an order book of €1.12 billion providing visibility for the coming years.
Growth in Cleaning Services, Setback in Treatment and Recovery
The turnover of €274.5M masks contrasting developments according to the Group's businesses. The Cleaning activity shows positive dynamics with a turnover increase of 5.5% to €229.2M, supported by the start of new contracts with the Community of Communes Lacs et Gorges du Verdon, Grenoble Alpes-Metropolis, and the Community of Communes of the Region of Audruicq.
The Treatment and Recovery activity, on the other hand, fell by 18.9% to €45.3M, a consequence of the termination of the Public Service Delegation at the Aboncourt site (end of 2024) and the reduction of exceptional non-recurring tonnages at the Ecopôle Azur Valorisation site. The Zephire activity (owned 49%) recorded a turnover of €34.7M in 2025.
Operating Result Increases Despite Impact in Morocco
The current operating result progresses by 27.5% to €26.4M (margin of 9.6%) compared to €20.7M a year earlier (margin of 7.6%). However, this improvement includes a global impact related to the signing of a memorandum of understanding with Morocco in June 2025, resulting in a provision reversal of €22.5M and a definitive loss of €10.6M.
The Gross Operating Surplus, however, fell to €40.7M from €50.1M in 2024, incorporating the impact of the definitive loss in Morocco. The cost of net financial debt decreased to €0.8M (compared to €1.6M in 2024) and other financial products and charges amounted to €0.9M (compared to -€2.0M in 2024). The net profit attributable to the Group stands at €23.5M, up 68% from €14.0M in 2024.
Order Book of €1.12 Billion and Consolidated Financial Structure
As of March 31, 2026, the order book amounts to €1.12 billion, consisting exclusively of firm contracts. The contract renewal rate reached 97.6% in terms of turnover, reflecting customer loyalty. New contracts or renewals include the award of household waste collection for the Community of Communes of the Gulf of Saint-Tropez (€88M over 7 years), the renewal of the contract for Dracénie Provence Verdon Agglomeration (€54M over 6 years), and Métropole Toulon Provence Méditerranée (€85M over 7 years).
The financial structure remains solid with gross cash and financial asset investments of €108.8M as of December 31, 2025 (compared to €105.0M in 2024) and very well-controlled net debt at -€1.2M. The Self-Financing Capacity amounts to €38.6M (compared to €46.4M in 2024). An exceptional interim dividend of €3.75 per share was paid on November 20, 2025, following the memorandum of understanding with Morocco, with no additional dividend proposed.
