Seche Environnement Sa · EURONEXT:SCHP
Seche Environnement Sa — FY2025 Earnings Presentation
43 slides from Seche Environnement Sa's earnings presentation, Mar 10, 2026
Slide 1: Full-Year 2025 Consolidated Results
Full-Year 2025 Consolidated Results Information meeting March 10, 2026
Slide 2: Speakers
2 Welcome message from Joël Séché, Chairman of the Board of Directors Speakers Maxime Séché Joël Séché Baptiste Janiaud Chief Executive Officer Chairman of the Board of Directors Chief Financial Officer As from now, you may submit questions by e-mail to Manuel Andersen, Head of Investor Relations m.
Slide 3: 2025: strategic achievements driving sustainable and profitable growth
3 2025 financial and non-financial performance 2025: strategic achievements driving sustainable and profitable growth Strengthened positioning in Sustainable Development markets 69% of revenue aligned with the European green taxonomy Markets enjoying sustained growth France: market resilience with t
Slide 4: 2025: strategic achievements in sustainable growth markets
4 2025 at a glance 2025: strategic achievements in sustainable growth markets Maxime Séché Chief Executive Officer Hazardous waste treatment - Trédi (France) Presentation of 2025 consolidated financial statements | March 10, 2026
Slide 5: Séché, a player in the ecological transition
5 Séché, a player in the ecological transition Well-positioned in ecological transition markets Long-term vision for sustainable and profitable growth markets Our values Our missions Industrial and regional Circular economy facilities (water, energy, materials) Family business Reduction Long-term vi
Slide 6: A specialist in industrial clients and complex waste
6 Séché, a player in the ecological transition A specialist in industrial clients and complex waste Diversification and internationalization of the offering Specialist in complex waste management Complementary solutions International development for industrial companies supporting a secure circular
Slide 7: High alignment of revenue with the European green taxonomy
7 Séché, a player in the ecological transition Well-positioned in ecological transition markets High alignment rate of revenue with the European green taxonomy Achievement of decarbonization targets linked to the 2028 SLB issue Eligibility and alignment of 2025 revenue with the European green taxono
Slide 8: Resilient business model: sustained long-term performance
8 Resilient business model Sustained long-term performance Model visibility Change in contributed revenue (€m) Free operating cash flow generation* (€m) 140 90% 112 114 120 101 100 70% 77 78 ≈1230-1260 80 63 1110 1152 50% 1014 60 49 59% 895 38 51% 40 45% 45% 47% 657 736 42% 39% 30% 642 20 35% 529 0
Slide 9: Economic performance in 2025
9 Economic performance in 2025 Sustained business growth in France and internationally except for circular economy activities in France and Spain Services (48% of contributed revenue): up 10.3% vs. 2024 • Dynamic markets for remediation and environmental emergencies in France and internationally • F
Slide 10: Circular economy focus (1/2)
10 Circular economy focus (1/2) Circular economy businesses Chemical purification and regeneration impacted by the chemicals sector downturn CHEMICAL PURIFICATION Contract work Adverse external factors in France 60,6 50,6 HW material recovery: chemical purification and HW INCINERATION Steam producti
Slide 11: Circular economy focus (2/2): energy recovery
11 Circular economy focus (2/2) Energy recovery: stabilization of energy sales prices primarily affecting the NHW segment in France Change in energy sales prices (steam + electricity in €/MWh) 66,7 48,4 42,6 28,0 29,6 2021 2022 2023 2024 2025 Changes in the energy sales mix (€m) Impact of external f
Slide 12: Acquisition of Hidronor
12 Acquisition of Hidronor With Hidronor, Séché becomes the N°1 in industrial waste in Chile Chilean leader in HW management Chilean hazardous waste treatment market with a 33% market share Company growing at around 10% per year with Hazardous waste treatment market (%) strong operating profitabilit
Slide 13: Acquisition of La Filippa
13 Acquisition of La Filippa Strengthening of industrial waste treatment business in Italy Deployment of intra-Group industrial synergies Specialist profile in industrial waste landfill, Breakdown of treated tonnage (%) complementary to Séché Italia Catchment area A resilient and profitable company
Slide 14: Planned acquisition of Groupe Flamme
14 Planned acquisition of Groupe Flamme Séché would strengthen its positions in its historical markets Commercial synergies would accelerate in Europe ARF Flamme Assainissement Flamme Environnement Hazardous waste management Sanitation Industrial waste management Flamme Environnement Environnement s
Slide 15: Economic, operational, and financial performance in 2025
15 2025 consolidated financial statements Economic, operational, and financial performance in 2025 Baptiste Janiaud Chief Financial Officer Emergency response in Rouen - SUI (France) Presentation of 2025 consolidated financial statements | March 10, 2026
Slide 16: Changes in key economic and financial performance indicators
16 Consolidated financial statements for the year ended December 31, 2025 Changes in key economic and financial performance indicators As of December 31 2024 % of 2025 % of Gross Scope Foreign Organic €m contribute contribute change effect exchange change d revenue d revenue effect Contributed reven
Slide 17: Contributed revenue growth: +3.7%
17 Change in contributed revenue Contributed revenue growth: +3.7% Q4 in line with trends seen during the summer Change in reported revenue (€m) 8,2 21,5 1 253,5 37,1 1 190,4 ( 3,7) 101.5 80.0 Non-contributed revenue¹: €101.5m (vs. €80.0m in 2024) IFRIC 12 investments: €34.1m vs. €13.0m General tax
Slide 18: Revenue by geographic region
18 Revenue by geographic region Second half penalized in France by circular economy activities Positive trajectory for most international markets International scope effect International: revenue €416.9m, up 17.7% (on a reported basis) up 8.3% (organic*) International Positive scope effect: +€37.1m
Slide 19: Quarterly change in revenue by scope
19 Quarterly change in revenue by scope France: challenging H2 basis of comparison + circular economy impact Solid contribution from international activities Quarterly change in contributed revenue (€m) Quarterly change in France contributed revenue (€m) (constant scope) (constant scope) +8.2% +5.8%
Slide 20: Changes in the business mix by sector
20 Changes in the business mix by sector Strength of the hazardous waste sector Decline in certain circular economy activities Change in contributed revenue by activity (€m) Change in HW revenue by activity (€m) (actual scope) (actual scope) 53.2 33.3 826.8 762,9 ( 22,6) 51,9 25,9 1 152,0 1 110,4 (
Slide 21: EBITDA down 7%
21 EBITDA EBITDA down 7% Slowdown in the France scope Change in EBITDA by region (€m) 242,3 0,0 15,8 225,4 ( 0,8) ( 0,9) ( 30,9) France International 2024 Scope effect Constant scope Scope effect Foreign exchange effect Constant scope 2025 As of December 31 2024 2025 €m Consolidated France Internal
Slide 22: EBITDA impacted by the lower contribution from France
22 EBITDA EBITDA impacted by the lower contribution from France Decline in operating performance of certain activities EBITDA down 6.9% to €225.4m, or 19.6% of contributed revenue (vs. 21.8% in 2024) Positive scope effect: €15.8m 21,1 6,3 At constant scope: EBITDA at 18.2% of revenue at constant sco
Slide 23: Decline in COI
23 Current operating income Decline in COI Less buoyant operating performance in France €m 101,1 0,0 11,6 82,1 7,1 ( 0,4) ( 0,9) ( 5,3) ( 30,9) France International Scope D/A & provisions Foreign exchange… D/A & provisions 2024 EBITDA (organic) Scope EBITDA (organic) 2025 As of December 31 2024 2025
Slide 24: From Current Operating Income to Net Income (Group Share)
24 Change in key financial indicators From Current Operating Income to Net Income (Group Share) As of December 31 2024 % of 2025 % of Gross Organic €m contributed contributed change change revenue revenue Current operating income 101.1 9.1% 82.1 7.1% -18.8% -29.9% Operating income 91.7 8.3% 81.5 7.1
Slide 25: Industrial investments under control
25 Industrial investments Industrial investments under control Targeted development investments Breakdown of investments recognized Change in investments recognized (€m) Total CAPEX: 8.4% of contributed revenue (vs. 8.4% in 2024) 13,5% 93.8 96.7 Non-recurring CAPEX MM&R Services: €8.3m 25,9 26,0 Cir
Slide 26: Cash generation
26 Cash generation Control of WCR and recurring CAPEX Strong generation of free operating cash flow €m As of December 31 2024 2025 EBITDA 242.3 225.4 Other operating income and expenses 15.1 (1.7) Rehabilitation and maintenance costs on sites and assets under concession arrangements (31.0) (25.1) (i
Slide 27: Net financial debt
27 Net financial debt Financial agility Reduction in net debt at constant scope (before IFRS 16) €m 849,7 Cash effects Non-cash effects 14,4 18,7 3,7 27,6 ( 114,0) 32,9 548,8 8,1 ( 292,6) Free cash flow Net financial CAPEX Dividends Misc. NFD at 12/31/25 NFD at 12/31/24 Net non-recurring CAPEX Exter
Slide 28: Financial position: improved financial flexibility
28 Financial position Improved financial flexibility Financial ratings Liquidity position consolidated at a high level Strengthened liquidity position (€m) Structure of gross financial debt (€m) S&P: BB/stable Fitch: BB/stable 922.8 200,0 16,7 1,254.9 15,6 356.5 67,0 706,1 1,019.4 170,0 80,9 16,7 18
Slide 29: Debt maturity: 3.6 years
29 Financial position Debt maturity: 3.6 years IFRS gross financial debt repayment schedule 923 (€m) 505 392 356 333 348 162 102 94 70 66 76 78 50 Cash + RCF + Facilities 2026 2027 2028 2029 2030 >2030 Situation at 12/31/2024 Situation at 12/31/2025 Presentation of 2025 consolidated financial statem
Slide 30: 2026 targets
30 Outlook 2026 targets Baptiste Janiaud CFO Séché Group Peru teams – Kanay (Peru) Presentation of 2025 consolidated financial statements | March 10, 2026
Slide 31: 2026 targets: return to growth and increased profitability
31 Outlook 2026 targets Return to growth and increase in operating profitability • Maintain strict financial discipline Financial structure Business activity Operating profitability • Strong H1 2025 basis for •Impact of the Performance Plan + comparison in services accretive effect of acquisitions •
Slide 32: Financial discipline: deleveraging and flexibility
32 Solid financial profile Financial discipline: deleveraging and flexibility Leverage < 3x as of 06/30/2027 Free operating cash flow generation* (€m) 142 EBITDA – 150 90% 114 CAPEX > 130 101 70% 100 77 78 63 50% 49 59% 50 38 51% 42% 45% 45% 47% 30% 35% 39% 0 10% 2018 2019 2020 2021 2022 2023 2024 2
Slide 33: Outlook for 2026
33 Outlook for 2026 2026: improved organic growth and enhanced operating profitability 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 beginning of the year (La Filippa + Hidronor) EBITD
Slide 34: Appendices
34 Appendices Treatment of hazardous waste – ECO (Singapore) Presentation of 2025 consolidated financial statements | March 10, 2026
Slide 35: Definition of contributed revenue
35 Appendices Appendix 1 Definition of contributed revenue IFRIC 12 revenue: investments in assets under concession arrangements 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 collect
Slide 36: Contributed revenue: breakdown of the scope effect
36 Appendices Appendix 2 Contributed revenue: breakdown of the scope effect As of December 31, 2025 (12 months) - €m France International Total Hazardous waste division 0.0 31.6 31.6 Non-hazardous waste division 0.0 5.5 5.5 Total 0.0 37.1 37.1 As of December 31, 2025 (12 months) - €m France Internat
Slide 37: Breakdown of contributed revenue by client sector
37 Appendices Appendix 3 Breakdown of contributed revenue Segmentation of client portfolio by business sector <2% 2,1% 2,7% 27,4% 3,0% 3,5% 4,9% 5,0% 5,3% 16,1% 10,4% 10,5% Environmental services Energy - Raw materials Chemicals Local authorities/government Services Metallurgy Healthcare - Pharmacy
Slide 38: Breakdown of contributed revenue by division
38 Appendices Appendix 4 Breakdown of contributed revenue by division NHW sector: Contributed revenue of €325.2m down 6.4% (on a reported basis) 5,5 Positive scope effect: €5.5m (ECO) Like for like: Contributed revenue down 8.0% 319,7 347,5 France: revenue €243.5m, down 11.8% vs. 2024 31,6 Internati
Slide 39: Change in operating income
39 Appendices Appendix 5 Change in operating income As of December 31 2024 2025 Gross €m % of contributed €m % of contributed change revenue revenue Contributed revenue 1,110.4 1,152.0 +3.7% EBITDA 242.3 21.8% 225.4 19.6% -7.0% COI 101.1 9.1% 82.1 7.1% -18.8% Operating income 91.7 8.3% 81.5 7.1% -11
Slide 40: Change in net financial income
40 Appendices Appendix 6 Change in net financial income As of December 31 – (€m) 2024 2025 Gross financial borrowing costs (36.9) (46.2) Income from cash and cash equivalents 4.6 8.4 Other financial income and expenses (3.1) (4.3) Net financial income (loss) (35.4) (42.1) Change in gross debt costs:
Slide 41: Non-financial performance
Appendices 41 Appendix 7 Non-financial performance Non-financial indicators 2020 2021 2022 2023 2024 2025 2025 objectives 2026 objectives 2027 objectives 2028 objectives 2030 objectives CLIMATE-ENERGY France 2020 constant scope 640 651 631 570 571 533 (-17%) 576 (-10%) 557 (-13%) GHG emissions - Sco
Slide 42: Breakdown of shares and voting rights
42 Appendices Appendix 8 Breakdown of shares and voting rights Share ownership at 12/31/2025 Breakdown of voting rights at 12/31/2025 17,2% 29,0% 0,7% 0,7% 8,5% 0,7% 1,2% 61,8% 7,2% 72,9% Total: 7,857,732 shares Total: 13,333,916 voting rights Séché family Pégase-53 Séché family Pégase-53 Treasury s
Slide 43: Disclaimer
43 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