Solutions30: revenue down 14.8% over nine months, refocused scope up 3%
Solutions30 published revenue of €563.1 million for the first nine months of the financial year on November 5, 2026, down 14.8% year on year. This decline stems from the scope the group is exiting, whose revenues fell 55.9% to €88.3 million.
Conversely, the retained activities grew 3.0% to €474.8 million. The third quarter widens this gap: group sales fell 22.9% to €162.7 million, while the refocused scope gained 2.8% to €153.2 million.
According to management, this quarterly trend mainly reflects the complete halt, at the end of September, of a loss-making telecoms framework contract in France. The group will present its new roadmap at a strategic webinar on November 17, 2026.
The retained scope generated a 9.9% adjusted EBITDA margin in the first half
To isolate the profitability of the retained activities, Solutions30 used data for the first half of 2026. The refocused scope generated adjusted EBITDA of €33.2 million on revenue of €333.6 million, i.e. an adjusted EBITDA margin of 9.9%, including group structure costs.
Over the same period, the exiting scope recorded adjusted EBITDA of -€16.2 million on revenue of €66.7 million, i.e. an adjusted EBITDA margin of -24.3%. It thus offset nearly half of the positive adjusted EBITDA of the retained activities, bringing the group's figure down to €17.0 million, for a margin of 4.2%.
The pre-tax impact of these activities amounts to -€23.5 million in the first half, including -€15.2 million of operating loss in France and -€7.2 million of restructuring costs. According to the group, the consolidated net income of the refocused scope alone would have been break-even over the period. The company specifies that this breakdown, provided for information purposes, could be subject to minor adjustments.
Benelux and other countries hold up, France declines 32.1%
Benelux, which accounts for 43% of revenue, fell 8.4% to €240.1 million, due to the planned end of digital meter rollouts in Flanders and the Netherlands. Excluding these completed projects, the region grew 4.6% over nine months and 2.8% in the third quarter.
France, the second-largest market with 27% of the total, shows a 32.1% decline to €154.6 million, including -34.7% on an organic basis, partially offset by the contribution of So-Tec. The discontinued framework contract had represented €117.6 million of revenue in 2025 while being loss-making. In the third quarter, French sales fell 53.5% to €34.1 million.
On the refocused scope, France remains stable, up 0.6% to €73.6 million. The Other countries segment grew 4.1% to €104.2 million, driven by energy services in Italy, charging stations in Spain and Elektra Realizacje in Poland.
In Germany, the decline is limited to 2.2% in the third quarter
In Germany, which represents 11% of revenue, revenue fell 10.0% over nine months to €64.1 million, but only 2.2% in the third quarter to €23.4 million. The group refocused its customer base on established operators and completed the termination of a contract with a FiberCo, for which it expects to receive compensation.
Solutions30 won about ten contracts with Deutsche Telekom, which are expected to generate more than €20 million in cumulative revenue by the end of 2027. In Belgium, the group is among the partners selected for the pooling of fiber programs, with new zones allocated in 2027, and has renewed its partnership with HP until September 2029.
Chief Executive Officer Gianbeppi Fortis stated that ending the French contract amounts to eliminating “the last source of losses of the group”. The exit from the loss-making scope, planned by the end of 2026, will leave a portfolio representing about 84% of revenue for the first nine months, the only part to have generated positive adjusted EBITDA in the first half.
