Séché Environnement: revenue up 11.4% in third quarter, France returns to growth
Séché Environnement published on October 27, 2026 contributive revenue of 308.8 million euros in the third quarter, up 11.4% on a reported basis and 4.6% on an organic basis. The group confirmed its annual contributive revenue target of between 1,230 and 1,260 million euros.
The main change concerns France. After a decline of 5.3% over the first nine months, French subsidiaries grew 1.8% in the third quarter. International remained the primary driver, with growth of 27.8% on a reported basis, partly linked to companies acquired at the beginning of the year.
Over nine months, the group's organic growth stands at 0.2%, while management targets organic growth of between 2% and 3% for the full year.
A quarter at 308.8 million euros of contributive revenue, driven by international
On a consolidated basis, third quarter revenue reached 330.2 million euros, compared to 295.5 million euros a year earlier. This amount is above the 323 million euro estimate retained by the sole analyst tracked prior to publication. It includes 21.4 million euros of non-contributive revenue (compared to 18.2 million euros), composed of 19.0 million euros of TGAP (general tax on polluting activities) and 2.4 million euros of IFRIC 12 investments.
The scope effect amounts to 17.2 million euros: 12.6 million euros comes from Hidronor (Chile) and 4.6 million euros from La Filippa (Italy). The exchange effect is positive at 1.4 million euros, compared to a negative effect of 0.7 million euros a year earlier, mainly thanks to the appreciation of the South African rand and, to a lesser extent, South American currencies against the euro.
International subsidiaries achieved 130.0 million euros, compared to 101.7 million euros, representing growth of 27.8% on a reported basis and 9.4% on an organic basis. Europe advanced 5.2% to 49.2 million euros, driven by Italy and Solarca in Spain.
Southern Africa gained 13.8% at constant exchange rates (28.3 million euros), Latin America 21.7% (16.8 million euros) and Asia 4.8% (18.4 million euros), where soil remediation activities recorded a slight billing decline after a strong first half of 2026.
France: +1.8% for the quarter, non-hazardous waste affected by an incident
French subsidiaries achieved 178.8 million euros in revenue, up 1.8%, with no scope effect. This growth is based on the Hazardous Waste division, supported by Services (notably environmental emergency) and the return to growth in material recovery (solvent regeneration, chemical purification).
At group level, the Hazardous Waste division reached 224.3 million euros, up 13.8% on a reported basis and 7.9% on an organic basis. Services advanced 13.1% on a reported basis and 10.5% on an organic basis, to 153.6 million euros, and Circular Economy by 3.3% and 2.5% respectively, to 74.8 million euros.
The Non-Hazardous Waste division (84.5 million euros) shows growth of 5.4% on a reported basis but an organic decline of 3.4%.
The group attributes this mainly to the decline in electricity sales following the failure, at the beginning of the year, of the turbo-alternator of an energy recovery unit operated under a public service delegation, as well as to lower contribution from occasional decontamination contracts. This incident was already mentioned among the risks cited during the interim publication of September 9, 2026.
Hazard Management activities advanced 16.3% on a reported basis, to 80.3 million euros, but declined 4.7% on an organic basis. According to the group, this decline mainly reflects the transfer, at the beginning of the fiscal year, of a customer portfolio from Trédi (France) to Mecomer (Italy).
2026 target confirmed, with organic growth targeted at 2% to 3%
Over the first nine months, contributive revenue stands at 916.6 million euros, compared to 857.4 million euros a year earlier, representing growth of 6.9% on a reported basis and 0.2% on an organic basis.
International contributes 391.7 million euros (+29.3% on a reported basis, +10.4% on an organic basis, including 53.0 million euros from scope effect), France 524.9 million euros (-5.3%).
For the fourth quarter, the group indicates that France will be compared to a weak base from the same period in 2025 and that major international regions should continue their growth.
When publishing 2025 results on March 18, 2026, the revenue guidance for 2026 had been set at 1,245 million euros, a level situated at the midpoint of the confirmed range.
Séché Environnement maintains a target of contributive revenue of between 1,230 and 1,260 million euros for 2026, incorporating the contribution of companies acquired at the beginning of the year and organic growth of between 2% and 3%. Annual results will be published on March 15, 2027, after market close.
