Elis: Revenue Up 6.1% in Third Quarter, 2026 Targets Confirmed
Elis published revenue of €1,323.9 million for the third quarter on October 28, 2026, up 6.1% on a reported basis. Organic growth reached 3.5%, compared to 3.1% in the first quarter and 3.2% in the second quarter.
This quarter-on-quarter progression allows the group to confirm all of its 2026 financial targets. It is supported notably by the gradual rollout of major contracts signed in the first half in Europe, while organic growth in Latin America is slowing due to the situation in Mexico.
A 6.1% Increase Driven by Organic Growth, Acquisitions and Currency
Over the quarter, the 6.1% growth breaks down as 3.5% organic growth, 1.5 percentage points from acquisitions and 1.1% favorable currency effect. Over nine months, revenue reached €3,781.1 million, up 5.3%, of which 3.3% organic.
All regions are progressing on a reported basis. Southern Europe posted organic growth of 6.7%, supported by the summer season in hospitality and the continued outsourcing of workwear.
Central Europe advanced 8.5%, of which 4.5% organic and 3.9 percentage points linked to the acquisitions of Larosé and Adrett in Germany and Wäsche Perle in Switzerland. The United Kingdom and Ireland moved from a decline of 0.8% in the first half to an increase of 3.5% in the third quarter, of which 2.9% organic.
In France, the group's leading market with €382.7 million for the quarter, the increase reached 2.6%, of which 2.1% organic. This pace is in line with that of the two previous quarters, in an environment marked according to the group by an increase in business failures.
Latin America: Slowdown to 3.6% Organic Growth Due to Mexico
With €135.1 million in quarterly revenue, Latin America advanced 15.0% on a reported basis, of which 8.8% favorable currency effect. Organic growth slowed quarter-on-quarter: 9.5% in the first quarter, 6.6% in the second and 3.6% in the third.
In Mexico, the reallocation of volumes within the federal health system weighed on performance throughout the quarter. According to the group, it resulted in the loss of 50% of the affected volumes since June, or approximately €2 million per month, with no recovery or additional losses since.
Limited to one month in the second quarter, this effect carried over to the entire third quarter, in line with management's expectations. Brazil, conversely, benefits from its commercial momentum and price adjustments related to inflation in labor costs.
In France, the July fires in the Bordeaux region and southern France, as well as heat wave episodes, resulted in a shortfall estimated at approximately €2 million compared to 2025. The group clarifies that September, by contrast, was particularly strong.
2026 Targets Confirmed, Financial Leverage Down by Approximately 0.1x
Acquisitions contributed 1.5 percentage points to quarterly growth. The group reports a solid pipeline of opportunities for the end of the year and 2027, with several files under review in countries where it is already present. 2026 annual revenue will be published on January 28, 2027.
Over the fiscal year, organic growth is expected to be slightly below that of 2025, which stood at 3.8%; over nine months, it reached 3.3%. Adjusted EBITDA and adjusted EBIT margins are expected to show slight improvement.
Elis also anticipates mid-single-digit free cash-flow growth and high single-digit growth in diluted current net income per share. The financial leverage ratio is expected to decline by approximately 0.1x at December 31, 2026.
