Derichebourg Confirms Strong Performance in First Half, Ahead of Planned Integration of Scholz Recycling
The recycling group reports a robust first half of 2025-2026 with a current EBITDA up by 9.7% to €177.8 million, driven by the rise in non-ferrous metal prices and European steel protection measures. However, the signing of the acquisition contract with Scholz Recycling, a German giant in the sector, shifts focus towards the operational and financial challenges of the second half.
Non-Ferrous Metals and Scrap Support Profitability
The recycling activity generates a current EBITDA of €158.4 million, up 10.7% compared to the same period in the previous year. This increase stems from a 14.6% average rise in non-ferrous metal (NFM) prices, particularly driven by a 20% surge in copper. Volumes increased by 4.4%, with non-ingot aluminum rising by 10%, and copper products advancing by 17%.
The scrap activity, although slowed by a 7.1% decrease in the average price to €305.4 per ton, benefits from regulatory dynamics in Europe. The implementation of the MACF has sparked renewed interest in European steel, while European steel protection measures, including a reduction of about 47% in import quotas, are set to take effect on July 1, 2026, pending required approvals. Turkish steel production increased by 6% over the semester, offering additional commercial opportunities.
Net Income Rises Despite Higher Tax Burden
The consolidated net income reaches €74.2 million, marking a 15.9% increase from the first half of the previous fiscal year. This improvement is supported by a current operating income of €98.4 million, up by 23.0%, benefiting from better-preserved margins in the context of sustained prices.
The earnings per share amount to €0.46 (basic and diluted), up from €0.40 previously, marking a 15% increase. The effective tax rate is set at 35.6%, compared to 31.6% in the first six months of the previous fiscal year, reducing the net impact of the operational improvement. The contribution from the stake in Elior Group (accounted for using the equity method at 48.17%) drops to €10.1 million from €20.7 million a year earlier, due to a tariff dispute with an Italian client of the catering group.
Scholz Recycling: A Transformative Acquisition with Undisclosed Financial Terms
Derichebourg announced on May 5, 2026, the signing of the contract to acquire 100% of Scholz Recycling, a giant founded in 1872 and based in Germany. The group, with 3,500 employees and a 2025 revenue of €1.6 billion, operates over 100 direct recycling centers and partnerships in Austria and Romania. The transaction is expected to be finalized in the second half of 2026, subject to merger clearances and foreign investment approvals. Derichebourg plans to finance the acquisition through its existing cash reserves (€202.1 million), confirmed credit lines, and a bank bridge loan. The group maintains its guidance for current EBITDA for the full fiscal year 2025-2026 at between €350 and €370 million, despite challenges faced in the second half of 2025.
