Synergie: Revenue up 8% in first half, but net income down 10%
Synergie released its half-year accounts on September 23, 2026, closed as of June 30, 2026. The temporary staffing group posted revenue growth of 8%, but this expansion is largely driven by acquisitions completed in Canada and Switzerland.
At the same time, EBITDA, operating income, and net income declined in a market environment that the group describes as uncertain.
Growth of 8% driven two-thirds by scope changes
Synergie recorded half-year revenue of €1,710.5 million, up 8.0% compared to the first half of 2025. At constant scope and exchange rates, growth stands at 2.3%.
The difference is explained by acquisitions completed in Canada (Agilus) and Switzerland, which generated a scope effect of €89.6 million. International operations now represent 63.6% of the group's revenue, compared to 60.5% a year earlier, with growth of 13.6% (+4.2% at constant scope and exchange rates).
Southern Europe grew 10.6%, driven by Italy and Spain. Northern and Eastern Europe grew 5.6%, supported by the integration of the Swiss operation, while at constant scope and exchange rates it declined 3.5%. In France, revenue stands at €622.8 million, virtually stable (-0.5%), with activity declining in the second quarter following growth in the first.
EBITDA margin at 3.6%, down year-on-year
First-half 2026 EBITDA stands at €61.4 million, down 2.8%, or 3.6% of revenue compared to €63.2 million and 4.0% a year earlier. The group attributes this decline in profitability to intensified competition in certain markets, a 2025 comparison base that included favorable non-recurring items, as well as integration costs and the mechanical dilution effect related to the Swiss and Canadian acquisitions.
Operating income stands at €40.0 million, compared to €45.4 million in the first half of 2025 (-11.8%), reflecting ordinary operating income of €42.1 million and a net charge of €2.1 million mainly related to the period's acquisitions.
After a tax charge of €16.6 million and net financial income of €1.1 million, consolidated net income reaches €24.5 million, down 10.0%. Net income attributable to the group stands at €24.4 million (-10.3%).
Net cash position of €258.5 million and caution for the second half
Synergie displays a net cash position of €258.5 million and shareholders' equity of €762.3 million. For the second half of 2026, the group indicates it is approaching the period with caution and determination, in a context of economic and geopolitical uncertainty intensified by the conflict in the Middle East.
It relies on the integration of acquisitions completed in Switzerland and Canada as well as on the momentum observed in several markets, particularly in Southern Europe, to support its outlook. The next release, relating to third-quarter 2026 revenue, is scheduled for October 21, 2026 after market close.
