Séché's Global Gambit: International Growth and Green Finance Counter Domestic Woes

CHANGÉ, France – March 09, 2026 – Séché Environnement presented a nuanced financial picture for 2025, demonstrating the resilience of its international strategy and the power of its green financing initiatives amidst significant headwinds in its home market. While the French environmental services giant reported a 3.7% increase in contributed revenue to €1,152.0 million, profitability metrics softened, with EBITDA declining 7.0% to €225.4 million and net income attributable to the group falling 39.4% to €21.5 million.

The results tell a story of a company navigating a complex global landscape by aggressively pursuing growth abroad and making strategic acquisitions, all while managing challenges within its core French circular economy operations.

A Tale of Two Markets

Séché Environnement's 2025 performance was sharply divided by geography. The company's international subsidiaries emerged as the primary engine of growth, accounting for 36% of total revenue, up from 32% in 2024. International revenue surged by 17.7%, driven by strong momentum in key regions. Latin America saw a remarkable 33.8% increase in revenue at constant exchange rates, fueled by the ramp-up of major service contracts. Southern Africa also posted robust growth of 9.0%, spurred by environmental emergency activities.

In stark contrast, the French market, which still represents 64% of revenue, faced a challenging second half. After a promising start to the year, organic revenue in France ultimately fell by 2.8% for the full year. This downturn was attributed to a confluence of factors impacting the circular economy sector. A notable slowdown in the European chemicals industry led to a "wait and see attitude" from industrial clients, depressing demand for services like solvent regeneration and chemical purification.

Furthermore, the stabilization of energy prices at lower levels diminished the profitability of the company's energy recovery activities, which had benefited from windfall effects in previous years. Compounding these issues, the company's non-hazardous waste energy recovery units in France suffered unforeseen shutdowns in the fourth quarter after explosions of nitrous oxide cylinders caused significant damage. This combination of market softness and operational incidents led to a significant contraction in profitability for the French scope.

Green Finance Fuels a Global Acquisition Spree

While navigating domestic market pressures, Séché Environnement significantly bolstered its financial firepower and executed a bold external growth strategy. The company's strong sustainability credentials proved to be a powerful tool, enabling it to tap into the burgeoning green finance market. In March 2025, the group successfully issued its first Green Bond for €400 million, followed by an additional €70 million issue in July. This was complemented by a heavily oversubscribed inaugural green hybrid bond for €300 million in September.

These successful offerings, underpinned by a credible Sustainability Framework validated by Sustainalytics, reaffirmed strong investor confidence and provided the capital for a series of strategic acquisitions set to reshape the company's competitive footprint. The acquisitions, which will add an estimated €230 million to the company's net financial debt, are squarely focused on high-value hazardous and industrial waste management:

• Groupe Flamme (France): Séché announced its intention to acquire the last major independent hazardous waste operator in France. With around €100 million in revenue, Groupe Flamme will significantly reinforce Séché's position in the French hazardous waste incineration market, particularly in the industrial heartland of Hauts-de-France.

• Hidronor (Chile): The acquisition of Chile's leading hazardous waste company, effective in early 2026, makes Séché the number one player in the country. Hidronor serves over 2,500 industrial clients in critical sectors like mining and energy, posting a strong EBITDA margin of over 30%.

• La Filippa (Italy): This acquisition of a specialist in non-hazardous industrial waste management strengthens Séché's portfolio in Northern Italy, creating synergies with its existing operations and enhancing its service offering to major industrial clients.

These moves signal a clear strategic pivot, leveraging financial strength to gain market share in specialized, high-margin sectors that are less susceptible to the volatility seen in its domestic circular economy activities.

Sustainability as a Financial Engine

Séché Environnement's ability to fund its expansion is inextricably linked to its proven track record on sustainability. The company's business model is deeply aligned with environmental objectives, with an impressive 84% of its revenue eligible and 69% aligned with the stringent criteria of the European Green Taxonomy—figures far exceeding the European average.

In 2025, the company exceeded the decarbonization targets set in its 2021 environmental impact bond. This included achieving a 10% reduction in Scope 1 and 2 greenhouse gas emissions and a 40% increase in avoided emissions for its clients through material recovery, all against a 2020 baseline. Its ESG performance has been recognized with a "Low Risk" rating from Sustainalytics and a gold medal from EthiFinance, further burnishing its credentials with investors.

This robust ESG framework is not just a matter of corporate responsibility; it is a core component of the company's financial strategy, unlocking access to capital on favorable terms and creating a competitive advantage in a world increasingly focused on the ecological transition.

Charting a Course for 2026

Looking ahead, Séché Environnement is focused on integrating its new acquisitions and improving profitability. In his statement, CEO Maxime Séché acknowledged the "challenging macroeconomic and geopolitical environment" but affirmed that "all our teams are fully mobilized for success."

The company is rolling out a Performance Plan designed to generate an additional €15 million in EBITDA in 2026 through cost savings and synergies. The official outlook forecasts modest organic revenue growth of 2-3%, but with the full-year contribution from La Filippa and Hidronor, total revenue is projected to reach between €1,230 million and €1,260 million. EBITDA is targeted to reach €260-€270 million.

A key priority for the coming year is deleveraging. Despite the cost of the acquisitions, the company's financial leverage ratio improved significantly in 2025, falling to 2.3x EBITDA from 3.2x the prior year, thanks to strong cash generation and the hybrid bond issue. The group confirmed its target to bring leverage below 3.0x by mid-2027. Underscoring its long-term vision, Séché has also defined new, ambitious 2030 sustainability targets, including a 25% reduction in GHG emissions validated by the Science Based Targets initiative (SBTi), ensuring that its growth trajectory remains firmly rooted in its commitment to environmental stewardship.