Séché Environnement S.A.

Reported H1 2025 revenue was EUR 580.1 million, up organically by over 7.5% and up 14.8% on contributed revenue versus EUR 505 million last year. EBITDA was EUR 118.2 million, with margin at 20.4% versus 17.5% last year; current operating income was EUR 49.1 million, with margin at 8.5%. Net income group share doubled versus H1 2024. Free operating cash flow was EUR 63 million, and net financial debt declined to EUR 813.7 million, bringing leverage to 2.9x EBITDA. For full-year 2025, management confirmed revenue guidance of EUR 1.280 billion and now expects EBITDA of EUR 250 million to EUR 260 million, citing an estimated EUR 15 million EBITDA hit from lower electricity and energy sale prices.

Baptiste Janiaud emphasized that the group delivered dynamic growth in a more complex environment, helped by services, remediation, emergency work, and the ECO acquisition. He was positive on the company’s resilience and cash generation, but clearly more cautious on the margin outlook because energy prices have fallen and the macro backdrop is making customers, especially in chemicals, more wait-and-see. His tone was confident on execution and balance sheet strength, while conservative on near-term profitability.

Manuel Andersen highlighted the mix of growth drivers across France and internationally, including strong service contracts in remediation, industrial water, and emergency response, plus the successful refinancing of ECO. He noted ECO added EUR 37.1 million of scope revenue and that the new green bond financing totaled EUR 470 million after a EUR 400 million issue and a EUR 70 million tap, improving liquidity. He also pointed to strong balance sheet metrics, with liquidity at EUR 550.6 million, net debt at EUR 813.7 million, leverage at 2.9x, and debt maturity extended to 4.6 years.

Analysts focused on whether H2 organic growth can match the company’s medium-term 5% target, and management said H2 growth should be below that rate because Q4 2024 was an unusually strong comparison base. Questions also centered on the chemical sector and management said the weakness there comes from customers delaying activity, affecting solvent regeneration, purification, and incineration, but that margins are broadly not structurally different from the group. On ECO, management said the Linde carbon soot contract was delayed by customer-side timing, with production starting in August and a meaningful ramp expected in 2026 rather than H2 2025.