Synergy: Revenue Up 7.9% in H1, but Only 2.3% Organically
Synergy has reported its first half 2026 revenue at €1,709.0 million, up 7.9% compared to the same period in 2025. However, this growth masks a contrasting reality: acquisitions in Canada and Switzerland contribute €89.4 million (over half of the overall growth), while organic growth is only at 2.3%. In France, business is down by 0.6%, still hampered by a mixed market.
Acquisitions Drive Growth to 7.9%
The semi-annual revenue of €1,709.0 million shows a 7.9% increase in reported figures, an apparent acceleration against a deteriorated environment. Internationally, growth reached 13.5%, largely supported by the integration of Canadian (Agilus acquisition) and Swiss activities, generating a perimeter effect of €89.4 million. This perimeter effect alone represents the main driver of the reported growth. On a constant scope and currency basis, organic growth stands at 2.3%, a much more moderate pace. Internationally, the group now accounts for 63.6% of total revenue, up from 60.5% a year earlier, reflecting an acceleration of geographic expansion strategy through acquisitions.
France Stable, Southern Europe Dynamic, Northern Europe Penalized Excluding Acquisitions
Geographically, the contrasts are pronounced. French revenue stands at €622.5 million, down 0.6%, confirming a decline after a first quarter of growth. This inflection in the second quarter reflects a French market that remains mixed according to management. In Southern Europe, growth remains strong at 10.4%, reflecting the relative dynamism of these markets. Northern and Eastern Europe recorded a growth of 5.6%, but this figure largely relies on the integration of Swiss activities. On a constant scope and currency basis, this region shows a decline of 3.5%, confirming that excluding acquisitions, activity remains penalized by a stagnant market environment.
Confidence in Continued Growth Amid Economic and Geopolitical Uncertainties
Synergy has declared its confidence in maintaining growth momentum, while remaining vigilant to the heightened economic and geopolitical uncertainties fueled by the conflict in the Middle East. The group will present its complete half-year results on September 23, 2026. For investors, the main challenge lies in the group's ability to generate sustainable organic growth: a rate of 2.3% against a backdrop of generic acquisitions remains insufficient to validate a growth strategy independent of M&A. The publication of the half-year accounts will be critical in assessing operational profitability and prospects for a return to more resilient internal growth.
