Delta Plus: First Half Revenue Up 4.5%, Organic Growth Still Hindered
Delta Plus Group achieved a consolidated revenue of €196.3 million in the first half of 2026, up 4.5% compared to the same period in 2025. This increase is driven by acquisitions made since the second half of 2025, while organic activity declined by 4.3% on a constant scope and exchange rate basis. However, the group notes an improvement in organic trajectory in the second quarter, with a return to growth outside Europe, and confirms it expects gradual improvement in the second half, although no longer anticipating positive organic growth for the full year 2026.
Acquisitions Support Published Growth
The consolidated revenue for the first half of 2026 reached €196.3 million, up 4.5% compared to the first half of 2025. This growth primarily stems from a positive scope effect of 10.0% (€18.7 million), linked to the acquisitions of Baspa in Chile, Gevanta in Lithuania, Sicur Delta in Italy, and Athenas in Brazil. Conversely, activity declined by 4.3% on a constant scope and exchange rate basis, while the exchange rate effect remained unfavorable at 1.1% over the entire semester. The second quarter, however, marked an improvement in commercial dynamics. Revenue reached €100.7 million, up 8.1% in reported data, after a 1.0% increase in the first quarter. The organic decline was reduced to 3.7%, from 5.0% in the first quarter.
Contrasting Dynamics Across Regions
In Europe, revenue reached €97.8 million, up 3.3% in reported data thanks to acquisitions in Lithuania and Italy. However, on a constant scope and exchange rate basis, activity declined by 7.1% over the semester, with the second quarter showing an organic retreat of 9.0%, mainly due to the contraction of the French construction market. Outside Europe, revenue stood at €98.5 million, up 5.8% in reported data. After an organic decline of 4.5% in the first quarter, the region returned to organic growth of 1.3% in the second quarter, driven by improvements in China, a return to positive dynamics in North America, and strong performance in Latin America. In the Middle East, the conflict interrupted a favorable dynamic; however, at this stage, the affected projects are mainly postponed and not canceled. Logistic disruptions and order delays were also observed in some markets in Europe and Asia, notably in India and the Philippines.
Gradual Improvement Expected in the Second Half
Delta Plus Group indicates it no longer anticipates positive organic growth for the full year 2026, due to the resurgence of tensions in the Middle East and lack of visibility on their evolution. However, the group continues to expect a gradual improvement in organic trajectory in the second half. The published revenue is expected to continue growing throughout the year thanks to the contribution of recent acquisitions, whose integration and performance are deemed in line with expectations. Delta Plus also reaffirms its priorities: maintaining a solid operational profitability level, continuing the integration of acquisitions, and preserving a robust financial structure. The 2026 first-half results will be published on August 31, 2026, after market close.
