EPC Group: Activity Up 17.8% in the Third Quarter, Driven by Civil Explosives
EPC Group published on 12 November 2026 consolidated revenue (including joint ventures) of €175.3 million for the third quarter, up 17.8%.
Over nine months, growth is 14.4%, to €498.0 million: the last quarter thus accelerates the cumulative trend, with growth of 17.5% at constant exchange rates and scope.
The same inflection appears in the measure excluding joint ventures, which corresponds to IFRS revenue: +20.1% for the quarter, compared with +16.4% over nine months, at €460.8 million. This acceleration rests on civil explosives, while the Urban Mining division, exposed to the French market, declined 3.4% over the quarter.
Civil Explosives Accelerate to +18.2% in the Third Quarter
The historic Explosives & Drilling and Blasting business generated €390.8 million over nine months, i.e. more than 78% of consolidated activity, up 14.3%. In the third quarter alone, its growth reached 18.2%, to €134.8 million. This division therefore explains most of the gap between the group's quarterly and cumulative growth rates.
Growth is mainly organic. The consolidation of Pirobrás, included since 1 June 2025, added 0.6 point to nine-month growth, while exchange rate variations (mainly Canadian dollar and pound sterling) subtracted 0.7 point. The two effects almost offset each other: excluding joint ventures, growth stands at 16.3% at constant exchange rates and scope.
International Operations Drive Growth, France Slows
The Africa Asia Pacific zone grew 27.0% in the third quarter, compared with 18.3% over nine months, and 42.7% excluding joint ventures for the quarter.
Senegal shows growth of 89% over nine months, following the signing of the Boto gold mine contracts (€23 million over three years) and Sabodala (approximately €10 million per year over an initial five-year term).
In the same zone, Burkina Faso grew 112% and the Australian subsidiary Blastcon 82% over nine months. Conversely, the Saudi subsidiary MCS was affected by the slowdown in the cement and public works markets, and activity is slightly down in Guinea.
In Europe Mediterranean America (+14.8% in the quarter), Canada remains the main contributor, with +40.6% at constant exchange rates over nine months. Brazil grew 47% in the third quarter and Spain 17% over the period.
France, by contrast, weighs on the zone. The contribution of the distribution subsidiary fell 15.6% in the third quarter, and the Urban Mining division (deconstruction and circular economy) came to €30.5 million for the quarter.
Over nine months, it retains growth of 2.1%, at €86.2 million, the group citing the absence of new large-scale contracts in construction and industry.
New Activities and Contracts Not Yet Contributing
The Energetics & Defence division, whose creation the group announced on 22 October 2026, is presented separately for the first time. It generated €12.2 million over nine months, compared with €1.6 million a year earlier, including €6.7 million in the third quarter alone, thanks to logistics services for defence manufacturers and plant feasibility studies.
Several contracts are not yet reflected in the figures. Blastcon's contract with Ravenswood Gold, effective 4 November 2026 for five years, represents forecast average annual revenue above €20 million; it is accompanied by the takeover of a significant share of Roc-Drill's assets and personnel.
The French hydroelectric contract won in July 2026, worth more than €5 million, has not yet contributed.
The group indicates that the momentum of its international activities enables it to ensure double-digit growth for the group as a whole, despite the French context. It anticipates that this trend will allow it to confirm, for the financial year, the performance of the first half.
Over nine months, international growth in civil explosives thus offsets the slowdown in Urban Mining and distribution in France.
