Delta Plus Group: Revenue up 0.4% in the third quarter, but organic decline of 4.4%
Delta Plus Group published consolidated revenue of €97.1M for the third quarter on November 5, 2026, up 0.4%. At constant scope and exchange rates, activity fell 4.4%.
The gap is due to the scope effect of 4.4% (€4.3M), contributed by Sicur Delta in Italy and Athenas in Brazil, consolidated since January 1, 2026.
The organic decline deepened compared with the second quarter (-3.7%), after -5.0% in the first. The group partly explains this by a high comparison base: the third quarter of 2025 had been the only quarter of the financial year with organic growth (+2.0%), notably thanks to the invoicing of a multi-year contract in France.
Published growth relies on acquired companies
Over the first nine months, revenue reached €293.4M, up 3.1% on a reported basis and down 4.4% at constant scope and exchange rates. The scope effect amounts to 8.1% (€23.0M) over the period, while the exchange rate effect is unfavorable by 0.6% (€1.7M).
In the third quarter, the contribution from acquisitions mechanically diminishes: Gevanta (Lithuania) and Baspa (Chile), consolidated since July 1, 2025, are now part of the constant scope, where they contribute positively. Published growth thus slows to 0.4%, compared with 8.1% in the second quarter, with the exchange rate effect turning favorable again at 0.4% (€0.3M).
France weighs on Europe, China slows the non-European zone
In Europe (€46.2M), published revenue fell 2.5%, as the contribution from Sicur Delta (€2.2M) did not offset an organic decline of 7.1%. This decline has nonetheless eased compared with the second quarter (-9.0%).
France, where the construction market remains "in sharp contraction" according to the group, alone accounts for more than half of the group's organic decline for the quarter.
Other European markets are developing differently: Germany returns to growth, the United Kingdom stabilizes and the decline eases in Spain. Historical Italy, the Benelux, Poland and the Czech Republic remain down, while Romania, Hungary and Lithuania are progressing.
Outside Europe (€50.9M), published sales rise 3.2%, supported by Athenas (€2.1M) and exchange rates, but organic activity falls back 1.8%, after +1.3% in the second quarter. Latin America, North America and Oceania are growing, without offsetting the Middle East, still sharply down, and China.
At the time of its half-year results publication on August 31, 2026, the group cited a gradual recovery in China among its opportunities. Activity there fell sharply in the third quarter, due to a stock adjustment by one of the main distributors in August and September; the group describes it as one-off, with orders resuming in early October.
Published growth confirmed for 2026, without positive organic growth
The group confirms it expects growth in its published revenue for fiscal 2026, thanks to recent acquisitions, after €389.65M achieved in 2025. It does, however, confirm that it does not anticipate positive organic growth over the year, and expects a smaller organic decline in the fourth quarter, which will be compared with a base of -5.4%.
The acquired companies are beginning to generate commercial synergies: Baspa's masks are sold in Latin America, notably in Argentina, before expanding to other regions from 2027. Jérôme Benoit, chairman and chief executive officer, stated: "On an organic basis, the quarter remains difficult", adding that he approaches the end of the year "with caution".
Over nine months, the group's published trajectory thus depends on acquisitions, whose quarterly contribution decreases as they enter the constant scope, while the historical business remains down in all major regions.
