Aurea: third-quarter revenue up 16% on a like-for-like basis, driven by commodity prices
Aurea published third-quarter revenue of €49.7 million on 5 November 2026, up 16% on a like-for-like basis, while growth reaches 9% over the first nine months, at €157.5 million.
The last quarter therefore accelerates the trend of the cumulative figure, under the effect of the rise in hydrocarbon and metal prices highlighted by the group.
These growth rates exclude M Lego, RULO, TDA Valorisation and Flaurea Chemicals. On a reported basis, the nine-month cumulative figure for 2025 stood at €173.3 million. On a like-for-like basis, nine-month revenue for 2026 (€157.5 million) rises 9% compared with the same period in 2025 (€145.0 million), but remains below the published 2025 figure, the gap being due to the scope of consolidation.
Growth moves from 9% over nine months to 16% in the third quarter
The group, which specialises in waste regeneration, described a three-stage trajectory for the financial year: a first quarter marked by an unfavourable environment, a rebound in the second quarter, then a further improvement in the third. This sequence explains the gap between the growth of the quarter and that of the cumulative figure.
According to Aurea, the business benefited from a more favourable environment in the raw materials markets, with a significant rise in hydrocarbon and metal prices against a backdrop of international geopolitical tensions. Growth therefore rests partly on a price effect, external to the group.
On a reported basis, the quarter came to €49.7 million compared with €48.7 million a year earlier, a more modest increase than that shown on a like-for-like basis (€42.8 million in the third quarter of 2025). The reading of growth therefore depends directly on the scope retained.
Metals and oil drive the increase, while pharmaceutical chemicals decline
The Metals & Alloys division, which accounts for €31.7 million of the quarter's €49.7 million, saw its revenue rise 23% on a like-for-like basis, after a 14% increase over nine months.
Aluminium benefited from supply tensions, while Regeal continued to ramp up its industrial facility after adjustment measures taken at the beginning of the year.
The Petroleum Derivatives division grew 24% to €12.7 million, compared with 7% over nine months. This increase stems from oil prices, "despite a slowdown in collected volumes in an inflationary context".
EPR continued its growth, while fuel distribution was penalised by the level of prices and the weather.
Conversely, Pharmaceutical Chemicals declined 7% on a like-for-like basis, to €4.0 million. RVA leads the division, but Sargon slowed from the second quarter due to the postponement of several commercial projects towards the end of the 2026 financial year and the beginning of the 2027 financial year.
The smaller Rubber and Developments division (€1.2 million) fell 48%. The Roll Gom site was "deliberately shut down during the summer" as part of its recovery plan, while Meta Regeneration remains affected by a technical incident that occurred in the first quarter.
Aurea maintains a cautious approach for the end of the financial year
Despite the improvement observed since the second quarter, the group indicated that it is approaching the end of the financial year with caution, in an economic and geopolitical environment deemed uncertain. It cites limited visibility on order books, already noted in copper powders, to justify rigorous management of its activities and resources.
This tone follows that adopted in the report on the 2025 financial year, published on 7 May 2026. Aurea is pursuing its recovery plans and the rationalisation of its portfolio of activities, and says it is attentive to external growth opportunities as well as targeted disposals. Fourth-quarter revenue will be published on 11 February 2027 after market close.
The publication thus combines an acceleration driven by metal and oil prices with a scope in the process of being tightened, which places reported revenue below that of last year.
