Seche Environnement Sa · EURONEXT:SCHP
Seche Environnement Sa — H1 2026 Earnings Presentation
34 slides from Seche Environnement Sa's earnings presentation, Sep 9, 2026
Slide 1: H1 2026 consolidated results
H1 2026 consolidated results Information meeting September 9, 2026
Slide 2: A word of welcome: Speakers
2 A word of welcome Speakers Baptiste Janiaud Manuel Andersen Chief Financial Officer Head of Investor Relations As from now, you may submit questions by e-mail to Manuel Andersen, m.andersen@groupe-seche.com H1 2026 consolidated revenue and earnings - Outlook
Slide 3: H1 2026 results at a glance
3 H1 2026 results at a glance H1 2026 highlights Hazardous waste treatment and recovery - Trédi (France) H1 2026 consolidated revenue and earnings - Outlook
Slide 4: Highlights of the period
4 Highlights of the period Growth and profitability up in the first half of the year driven by International operations and the contribution of recent acquisitions Strategic developments : major acquisitions in Chile and Italy Commercial momentum: strong International performance and resilience acro
Slide 5: Acquisition of Hidronor
5 Acquisition of Hidronor With Hidronor, Séché becomes the No.1 in industrial waste in Chile Chilean No.1 in hazardous waste management with a 33% market share Leader in hazardous waste management Excellent performance starting in H1 2026 Company growing at around 10% per year with strong operating
Slide 6: Acquisition of La Filippa
6 Acquisition of La Filippa Strengthening of industrial waste treatment business in Italy Deployment of intra-Group industrial synergies Specialist in industrial non-hazardous waste in Northern Italy Treatment of non-hazardous industrial waste High levels of activity and profitability in H1 Milan Me
Slide 7: Focus International
7 Focus International International : a sustainable and profitable growth trajectory Commercial leaderships and loyal customer base Revenue evolution by geographic region (in €m) International development, a profitable growth engine Europe (outside France) 110,7 +17,1%* Asia 45,8 +27,3%* Revenue • R
Slide 8: Focus France
8 Focus France France : resilience across markets excluding base and one-off effects Services : exceptionally high level of activity in H1 2025 (in €m) Change in the energy sales (in €m) 168,1 16,6 12,2 141,1 9,9 133,9 H1 2024 H1 2025 H1 2026 H1 2024 H1 2025 H1 2026 HW steam/heat NHW landfill electr
Slide 9: Perspectives
9 Perspectives Business and profitability growth targets confirmed Operational agility: full effect of the performance plan in H2 Performance plan well underway First-half results support annual targets Results as of June 30, 2026 Contributed revenue €608m +€7m of EBITDA Cost-saving Performance in 2
Slide 10: Commercial, operational and financial performance in H1 2026
Consolidated financial statements for 10 the six months ended June 30, 2026 Commercial, operational and financial performance in H1 2026 Hidronor’s team - Padahuel (Chile) H1 2026 consolidated revenue and earnings - Outlook
Slide 11: Trends in key operating and financial indicators
11 Consolidated financial statements for the six months ended June 30, 2026 Trends in key operating and financial indicators June 30 (6 months) 2025 % of revenue 2026 % of revenue Gross Scope effect Foreign Organic In €m change exchange change effect Contributed revenue 580,1 100,0% 607,8 100,0% +4,
Slide 12: Contributed revenue
12 H1 2026 revenue Contributed revenue Strong contribution of newly acquired business Change in reported revenue and contributed revenue (€m) Non-contributed revenue : €44,3m (vs. €32,7m in H1 2025) IFRIC 12 investments : €10,1m vs. €0,6m 35,8 0,8 11,6 652,1 612,8 - 8,9 44,3 TGAP (general tax on pol
Slide 13: H1 2026 revenue by geography
13 H1 2026 revenue France : high H1 2025 comparison base International : strong momentum across most regions Change in Group contributed revenue by geographic region International : €261,7m revenue +30,1% (reported) (€m and actual scope) + 11,8% (organic) Positive scope effect : €35,8m (Hidronor – C
Slide 14: Quarterly change in contributed revenue
14 H1 2026 revenue France : strong Q2 base International : solid organic contribution Quarterly change in Group contributed revenue Quarterly change in France contributed revenue (€m and constant scope) (€m and constant scope) (9,6)%* (7,6)%* 2025 2026 181,8 197,1 180,6 168,0 178,1 175,6 (2,2)%* Q1
Slide 15: Change in business mix
15 H1 2026 revenue Change in business mix : resilience across markets Base effect (Services) and one-off (Energy recovery NHW) Change in Group contributed revenue by activity Change in HW contributed revenue by activity (€m and actual scope) (€m and actual scope) 29,1 607,8 416,5 5,2 14,4 427,9 580,
Slide 16: Consolidated EBITDA evolution
16 H1 2026 operating results Consolidated EBITDA evolution Strong operating performance in the International perimeter Analysis of EBITDA by geographic scope (€m) 19,9 0,0 7,3 128,3 118,2 0,0 - 17,1 France International 06.30.25 Scope effect Organic Scope effect Forex effect Organic 06.30.26 June 30
Slide 17: EBITDA growth driven by acquisitions
17 H1 2026 operating results EBITDA growth driven by acquisitions At constant scope : effective management of fixed and variable costs EBITDA up 8,5% to €128,3m or 21,1% of revenue (vs. 20,4% in at 06.30.25) Posiitive scope effect : €19,9m 19,9 128,3 118,2 19,9 2,4 108,4 At constant scope : EBITDA o
Slide 18: Change in COI
18 H1 2026 operating results Change in COI Accretive impact of Hidronor and La Filippa Historical scope : impact from the change in France EBITDA Change in COI by geographic scope (€m) 0,0 7,3 49,5 49,1 15,6 0,0 - 3,0 - 17,1 - 2,5 France International H1 2025 Scope Organic EBITDA Depr.am. & prov. Sc
Slide 19: Net income (Groupe share) reflecting the change in operating profit
19 Change in key financial indicators at June 30, 2026 Net income (Groupe share) reflecting the change in operating profit June 30 (6 months) 2025 % of 2026 % of Gross Organic €m contributed contributed change change revenue revenue Current operating income 49,1 8,5 % 49,5 8,1 % + 0,8 % (31,0) % Ope
Slide 20: Industrial investments under control
20 Industrial investments Industrial investments under control Targeted development investments Breakdown of investments recognized Change in investments recognized (€m) Total CAPEX : 7,3 % of contributed revenue 44,6 (vs. 6,1% at 06.30.25) Non-recurring CAPEX 14% 8,0 Services : €3,0m 35,6 Circular
Slide 21: Strong free cash flow generation
21 H1 2026 cash generation Strong free cash flow generation Effective management of net financial debt (vs. 12.31.25) Solid generation of free operating cash flow Net financial debt management (IFRS) in €m €m 06/30/25 12/31/25 06/30/26 EBITDA 118,2 225,4 128,3 35,3 757,4 Other operating income and e
Slide 22: Confirmed financial flexibility
22 Financial position at June 30, 2026 Confirmed financial flexibility Strong liquidity position maintained Gross financial debt structure (€m) Improvement in liquidity position (€m) 922,8 200,0 726,4 1 254,9 1 267,1 16,7 550,6 200,0 15,6 14,0 16,7 1 147,6 2,8 5,5 200,0 67,0 67,4 16,7 706,1 17,1 92,
Slide 23: Debt maturity
23 Financial position at June 30, 2026 Debt maturity 3.5 years (vs. 3,6 years at December 31, 2025) Major financing arrangements at June 30, 2026 IFRS gross debt repayment schedule (€m) Issues/RCF Tranche Coupon Maturity KPIs 923 Euro-PP €60m 2,90% 05/2026 - 05/2019 €20m 3,05% 05/2027 - Energy sel
Slide 24: H2 2026 outlook
24 H2 2026 outlook Positive business momentum and improving operating margins Focus on maximizing free cash flow and deleveraging Financial structure Deleveraging and financial flexibility Operating profitability Business Contribution from acquisitions Growth of operating profitability Organic growt
Slide 25: 2026 targets confirmed
25 2026 outlook 2026 targets confirmed Organic growth, increase in gross operating profitability and maintained financial flexibility Contributed revenue target of between €1,230m and €1,260m Organic growth of around 2-3% at 12/31/2025 historical scope Contribution from acquisitions made at the begi
Slide 26: Questions - Réponses
26 QUESTIONS - REPONSES Manuel Andersen Head of Investor Relations m.andersen@groupe-seche.com The 2026 Interim Financial Report is available on the Séché Environnement website www.groupe-seche.com Treatment of hazardous waste – ECO (Singapore) H1 2026 consolidated revenue and earnings - Outlook
Slide 27: Appendices
27 Appendices H1 2026 consolidated revenue and earnings - Outlook
Slide 28: Definition of contributed revenue
28 APPENDICES Appendix 1 Definition of contributed revenue IFRIC 12 revenue: investments in concession assets recognized as revenue and operating expenses under EBITDA in accordance with IFRIC 12. TGAP: French general tax on polluting activities paid by waste producers and collected by waste treatme
Slide 29: Contributed revenue: breakdown of the scope effect
29 APPENDICES Appendix 2 Contributed revenue: breakdown of the scope effect At June 30, 2026 – €m France International Total Hazardous waste division 0,0 20,8 20,8 Non-hazardous waste division 0,0 15,0 15,0 Total 0,0 35,8 35,8 The scope effect in H1 2026 is related to the consolidation of Hidronor a
Slide 30: Contributed revenue by geographic region
30 APPENDICES Appendix 3 Contributed revenue by geographic region Southern Africa 8% Latin America 9% France International 57% 43% Europe (outside France) 18% Asia 8% Breakdown of H1 2026 contributed revenue H1 2026 consolidated revenue and earnings - Outlook
Slide 31: Breakdown of contributed revenue by division
31 APPENDICES Appendix 4 Breakdown of contributed revenue by division Change in contributed revenue by division Change in contributed revenue - NHW division (actual scope - €m) (actual scope - €m) 15,0 Positive scope effect : €15,0m (La Filippa + Hidronor) Organic : €165,0m contributed revenue, up 0
Slide 32: Change in net financial income (loss)
32 APPENDICES Appendix 5 Change in net financial income (loss) June 30 (6 months) 2025 2026 Gross financial borrowing costs (20,8) (25,2) Income from cash and cash equivalents 2,8 5,9 Other financial income and expenses (2,6) (0,7) Net financial income (loss) (20,6) (19,9) Change in gross debt ratio
Slide 33: Breakdown of share ownership and voting rights
33 APPENDICES Appendix 6 Breakdown of share ownership and voting rights Share ownership at June 30, 2026 Voting rights at June 30, 2026 17,1% 28,0% 0,8% 0,7% 3,4% 0,7% 8,7% 1,2% 57,3% 5,5% 69,3% 7,2% Séché Family Séché Family Controlling Controlling Pégase-53 Pégase-53 stake stake Total : 7.857.732
Slide 34: Disclaimer
34 DISCLAIMER This document may contain forward-looking statements. Such statements concern trends or objectives at the date of production of this document and should not be considered as forecasts of results or any other performance indicator. Such information is by nature subject to risks and unce