Solutions30: Net Loss of €60.7M, Facing a Pivotal Year
Solutions30 enters a pivotal year as the French technology group announces deteriorated annual results on March 30, 2026. On one hand, a deep collapse: the net loss reaches €60.7M, including notably the cost of ongoing transformations. On the other, a more nuanced reality: excluding Connectivity in France, revenue increased by 2.9%. This duality highlights the magnitude of the challenge: Solutions30 must not only stem the French bleeding but also prove that its growth drivers—energy, Germany, Benelux—can structurally compensate for its French telecom activities.
Divergent Revenue Paths
Solutions30's consolidated revenue stood at €892.4M in 2025, down by 5.4%, reflecting a negative organic growth of 6.9%. This contraction, however, masks contrasting trajectories. In France, the discomfort is acute: revenue plunged by 15.4%, with Connectivity activity tumbling by 34.6% due to a slowdown in fiber deployment and selective measures initiated since 2024. France still accounts for 34.2% of the group's revenue. Conversely, Germany soared with an organic growth of 13.5% (€95.9M in revenue), while the Other Countries segment expanded by 9.9% after adjusting for discontinued activities. The Benelux remains a safe haven, with solid margins at 12.6% of adjusted EBITDA, up from 10.0% a year earlier.
EBITDA Adjusted Down Amid Challenges
The group's adjusted EBITDA fell by 12.7% to €65.2M, with a margin compressed to 7.3%, 60 basis points below 2024. This deterioration encapsulates a crucial phenomenon: the promising activities struggle to offset the French downturn. French adjusted EBITDA plummeted from €34.1M to €14.5M (margin of 4.8%), a direct result of the Connectivity crisis. In Germany, the margin eroded to 6.3% from 11.2% in 2024, despite a growth context, due to more irregular fiber deployments than anticipated. The Other Countries segment offers a glimmer of hope: adjusted EBITDA surged by 65.5% to €9.6M, with a margin increase of 230 basis points to 6.9%. At the consolidated level, adjusted EBIT stands at €7.3M compared to €29.5M in 2024, illustrating the current inability of the group to translate its revenue into operable profit.
Financial Structure Deteriorates Amid Challenges
Although Solutions30 has a gross cash reserve of €73.2M, its financial structure has deteriorated. Net bank debt skyrocketed from €0.8M to €36.3M, while total net debt (including IFRS 16 lease debt) reached €99.6M, equivalent to 1.5 times adjusted EBITDA. Free cash flow contracted from €40.2M to €15.0M, penalized by a negative change in working capital of €18.1M—mainly due to a shift in the activity mix towards energy, where projects generate longer billing cycles. Critically, Solutions30 acknowledges that the targets set during the Capital Markets Day in September 2024 will 'follow a more gradual timeline than anticipated.' The rationalization actions for Connectivity in France, whose initial effects are expected in the second half of 2026, remain central to the repositioning. However, the group has identified levers to reduce cash flow risks in case of further deterioration of French telecom activities.
