Séché Environnement: growth driven by acquisitions in first half, group net income down 23%
In the first half of 2026, Séché Environnement based its growth on its international activities and two acquisitions completed early in the year, in Chile and Italy. At the same time, group net income fell by 23.3%, linked according to the group to non-recurring charges related to acquisitions and the performance plan, while business activity declined in France.
Revenue at €607.8m, EBITDA up 8.5%
Contributive revenue for the first half of 2026 stood at €607.8m, up 4.8% compared to €580.1m in the first half of 2025. This growth includes a positive scope effect of €35.8m related to the acquisitions of Hidronor in Chile (€24.8m in revenue) and La Filippa in Italy (€11.0m), consolidated since January 1, 2026. At constant scope, revenue came to €572.0m, down 1.5% at constant exchange rates. EBITDA increased by 8.5% to €128.3m, or 21.1% of contributive revenue, compared to €118.2m (20.4%) a year earlier, including a scope effect of €19.9m. At constant scope, it declined by 8.3% to €108.4m (18.9% of revenue). Current operating income remained stable at €49.5m. Operating income fell by 8.1% to €45.2m, however, affected by €4.0m in non-recurring charges related to the performance plan and business combinations. Group net income stood at €12.2m, down 23.3% compared to €15.9m in the first half of 2025, bringing earnings per share to €1.57 compared to €2.05.
France declining, international growing organically by 11.8%
The half-year reflects distinct developments between the French market and international markets. In France, contributive revenue declined by 8.7% to €346.1m, compared to €378.9m a year earlier, in a context of unfavorable comparison with the first half of 2025 marked by major contracts of approximately €20m in Services. French EBITDA fell by 20.0% to €68.6m (19.8% of revenue), compared to €85.7m (22.6%) in the first half of 2025, primarily affected by a temporary reduction in volumes in Services and by a temporary decline in electricity volumes sold, linked to major maintenance on an energy recovery unit operated under public service delegation. Conversely, international revenue reached €261.7m, compared to €201.2m a year earlier, with organic growth of 11.8% at constant exchange rates. At constant scope, international EBITDA increased by 22.5% to €39.8m (17.6% of revenue at constant scope), compared to €32.5m (16.2%), excluding the contribution of the two acquired companies. The two acquired subsidiaries contributed to EBITDA at €12.0m for Hidronor and €7.9m for La Filippa, representing 48.3% and 71.8% of their revenue respectively.
2026 objectives confirmed, debt at 2.9x EBITDA
The two acquisitions, financed from available cash, weighed €224m on net financial debt at June 30, 2026, bringing it to €757.4m compared to €548.8m at end of 2025. The IFRS financial leverage ratio stood at 2.9x EBITDA, compared to 2.3x on December 31, 2025, below the 3.0x ceiling targeted by the group. Operating free cash flow increased by 14.1% to €72.1m. Séché Environnement confirmed its 2026 objectives: contributive revenue between €1,230m and €1,260m, EBITDA between €260m and €270m, and IFRS financial leverage below 3.0x EBITDA on December 31, 2026, excluding the effect of the Groupe Flamme acquisition project. The performance plan targets €7m of additional EBITDA in 2026. The group also notified the Groupe Flamme acquisition project to the Competition Authority at the end of the first half of 2026.
