Q3 contributed revenue up +11%, o/w +5% on an organic basis1
2026 revenue target confirmed
Regulatory News:
Séché Environnement (Paris:SCHP):
Q3 2026 confirms the return to growth in France and the continued strong momentum of expansion internationally.
In France, growth is driven by the strong contribution from the Services segment, improved performance in the Circular Economy segment, and the resilience of the Hazard Management segment.
Internationally, most geographic regions are showing a significant increase in business activity, in line with previous periods. The solid contributions from subsidiaries acquired at the start of the year are reinforcing sustained growth in this segment.
These positive developments enable Séché Environnement to confirm its revenue target for 2026.
Q3 2026 showed a strong level of activity, with contributed revenue (€308.8m) up +11.4% on a reported basis and 4.6% on an organic basis1, driven by a return to growth in France and strong performance in international markets.
In France, with activity up 1.8%, the industrial and municipal markets confirmed their resilience. The Hazardous Waste business line posted significant growth, supported by the Services and Circular Economy activities, while the Non-Hazardous Waste business line continued to be impacted by lower electricity sales due to the industrial accident early this year at a Waste-to-Energy Plant2
The International segment confirmed its sustained growth momentum (+27.8% on a reported basis and +9.4% on an organic basis) across all regions, and particularly in Latin America and Southern Africa.
Over the first nine months, Séché Environnement generated contributed revenue of €916.6m (vs. €857.4m a year earlier), up +6.9% on a reported basis and +0.2% on an organic basis.
These positive trends are expected to continue over the coming months and reinforce the target of contributed revenue of between €1,230m and €1,260m for the current fiscal year1
Comments on Business Performance in Q3 2026
In Q3 2026, Séché Environnement reported consolidated revenue of €330.2m, compared to €295.5m a year earlier.
The reported revenue includes non-contributed revenue3 of €21.4m compared to €18.2m a year earlier, which breaks down as follows:
In €m | Q3 2025 | Q3 2026 |
"IFRIC 12" investments | 2.4 | |
General Tax on Polluting Activities (TGAP) | 18.2 | 19.0 |
Non-contributed revenue | 18.2 | 21.4 |
The scope effectamounted to €17.2m: it comprises contributions from Hidronor (Chile) totaling €12.6m and from La Filippa (Italy) totaling €4.6m.
The currency effectwas positive at +€1.4m compared to (€0.7m) a year earlier and primarily reflects the appreciation of the South African rand (ZAR) and, to a lesser extent, South American currencies against the Euro.
Excluding non-contributed revenue, contributed revenuetotaled €308.8m in Q3 2026, compared with €277.3m a year earlier, marking an increase of +11.4% on a reported basis and +4.6% on an organic basis compared with the same period in 2025.
This trend reflects continued strong activity internationally and a return to growth in the French market.
Analysis by Geographic areas
Consolidated figures
In €m | Q3 2025 | Q3 2026 | Gross Change | Organic Change |
Subsidiaries in France | 175.6 | 178.8 | +1.8% | +1.8% |
of which scope effect |
|
|
|
|
International subsidiaries | 101.7 | 130.0 | +27.8% | +9.4% |
of which scope effect |
| 17.2 | ||
Contributed revenue | 277.3 | 308.8 | +11.4% | +4.6% |
In Q3 2025, revenue at constant exchange rates would have totaled €278.7m, reflecting a positive currency effect of €1.4m for the period.
The France perimeter confirmed the strength of its Industrial and Municipal markets, particularly in the Hazardous Waste sector, while the International perimeter posted sustained growth in most geographic regions:
- In France, revenue stood at €178.8m, marking a +1.8% increase compared to Q3 2025.
Growth is notably driven by the Hazardous Waste business line. It is supported by the significant contribution of Services activities, particularly those in the Environmental Emergency sector, while Circular Economy activities were generally better oriented and Hazard Management activities confirm their resilience. - The International perimeter reported revenue of €130.0m, up +27.8% compared to Q3 2025 (on a reported basis) and +9.4% on an organic basis, reflecting continued strong organic growth momentum in most geographic regions:
- In Europe, the increase in revenue (+5.2% to €49.2m) reflects the positive performance of platform operations in Italy and the strong growth of Solarca (industrial maintenance-Spain);
- In Southern Africa, the sharp rise in business (+13.8% at constant exchange rates to €28.3m) reflects the strong contribution from Spill Tech (environmental emergency response) and the positive performance of Interwaste (South Africa) and Rent-A-Drum (Namibia);
- In Latin America, with revenue up +21.7% at constant exchange rates to €16.8m, the geography benefited from strong activity among industrial customers and the sustained contribution of multi-year service contracts;
- In Asia, Eco posted growth of +4.8% at constant exchange rates, with revenue of €18.4m, reflecting the strength of Singapore's industrial markets and the gradual rollout of materials recovery activities (chemical purification), while the Services activities (mainly soil remediation contracts) recorded a slight decline in invoicing after a particularly strong H1 2026.
Analysis by Activities
Consolidated figures
In €m | Q3 2025 | Q3 2026 | Gross Change | Organic Change |
Services | 137.6 | 153.6 | +13.1% | +10.5% |
of which scope effect |
| 2.1 | ||
Circular Economy | 72.5 | 74.8 | +3.3% | +2.5% |
of which scope effect |
| 0.4 | ||
Hazard Management | 69.0 | 80.3 | +16.3% | -4.7% |
of which scope effect |
| 14.7 | ||
Contributed revenue | 277.3 | 308.8 | +11.4% | +4.6% |
Growth in Q3 2026 was driven by the Services activities in France, Southern Africa, and Latin America. The Circular Economy activities, particularly materials recovery in France, returned to growth, while the Hazard Management activities posted non-significant weaker performance:
- The Services activities generated revenue of €153.6m, a sharp increase compared with the same period last year (+13.1% on a reported basis and +10.5% on an organic basis). This change reflects:
- In France: the strong contribution from the Environmental Emergency business, alongside solid activity level from the Comprehensive Offers and Industrial Water Treatment businesses;
- Internationally: the strong performance of Solarca in Spain (chemical cleaning), which benefits from a robust order backlog, and the contribution of major services contracts (Total Waste Management) in Latin America.
- The Circular economy activities generated total revenue of €74.8m, up +3.3% on a reported basis and +2.5% on an organic basis. This trend demonstrates:
- In France: the return to growth for materials recovery activities (particularly solvent regeneration and chemical purification) within the Hazardous Waste business line, while electricity sales within the Non-Hazardous Waste business line remain hampered by the accident that occurred early this year involving the turbogenerator at a major waste-to-energy plant4 operating under a public service delegation contract.
- Internationally: Eco posted significant activity level with the launch of its new solvent regeneration and chemical purification operations, and Valls Quimica (solvent regeneration) returned to growth after a weaker H1 2026.
- Hazard Management activities generated revenue of €80.3m, up +16.3% on a reported basis. The 4.7% organic decline, which is not representative of the resilience of these markets, primarily reflects:
- In France: the apparent decline in hazardous waste incineration due to the transfer, at the beginning of the fiscal year, of a customer portfolio from Trédi (France) to Mecomer (Italy), while both business lines confirmed the strength of the markets with industrial clients and local governments;
- Internationally: the positive performance of these activities in Latin America and Southern Africa, and Eco's more selective approach to markets, focusing on the added value of business.
Analysis by Business Lines
Consolidated Data
In €m | Q3 2025 | Q3 2026 | Gross Change | Organic Change |
Hazardous waste | 197.1 | 224.3 | +13.8% | +7.9% |
of which scope effect |
| 10.7 | ||
Non-hazardous waste | 80.2 | 84.5 | +5.4% | -3.4% |
of which scope effect |
| 6.5 | ||
Contributed revenue | 277.3 | 308.8 | +11.4% | +4.6% |
In Q3 2026, the significant organic growth in the Hazardous Waste (HW) business line underscores the strength of industrial markets in France and internationally, while the Non-Hazardous Waste (NHW) business line was impacted in France by a decline in electricity sales due to the failure of the turboalternator in a waste-to-energy plant operating under a public service delegation contract.
- The Hazardous Waste business line reported revenue of €224.3m, up +13.8% on a reported basis and +7.9% on an organic basis. This significant increase reflects the positive trend in markets, particularly industrial markets both in France and internationally:
- In France, the business line is supported by strong performance in the Services business and a return to growth in the Circular Economy business, particularly in materials recovery (solvent regeneration, chemical purification, etc.);
- Internationally, the solid growth is supported across all activities in most regions.
- The Non-Hazardous Waste business line reported revenue of €84.5m, up +5.4% on a reported basis but down -3.4% on an organic basis.
This trend is primarily attributable to:- In France, a decline in electricity sales due to the failure, early in this year, of a turbogenerator at a power plant operating under a public service delegation contract, and a lower contribution from some Services activities ("spot" contracts for soil remediation) compared to the same period last year;
- Internationally, strong growth in NHW activities in Southern Africa.
Growth Targets Confirmed for 2026
The Q3 2026 confirms a return to growth for operations in France and sustainable growth momentum internationally.
In an uncertain macroeconomic environment, Séché Environnement anticipates that these positive trends will continue in the coming months. In France, the Q4 will be compared to the low base of the same period in 2025, and operations are expected to confirm their resilience. Internationally, the main geographic regions are expected to continue their sustained growth.
These favorable prospects enable Séché Environnement to confirm its target of contributed revenue of between €1,230m and €1,260m for the current fiscal year, including a dynamic contribution from the scopes acquired at the beginning of the year and organic growth ranging between +2% to +3%.
Video Conference
A video conference regarding the activity for Q3 2026 will be held
on October 27, 2026, at 6:00 p.m. (CET).
The link to join the conference is available on the Company's website
www.groupe-seche.com
A presentation will be available at 5:45 p.m. on Séché Environnement's website:
in French: PowerPoint Presentation
in English: PowerPoint Presentation
A recording of the conference will be available on the Company's website at the same link on Wednesday Oct. 28, 2026.
Upcoming Events
Consolidated results as of December 31, 2026: March 15, 2027, after market close.
About Séché Environnement
Séché Environnement is a leading player in waste management-including the most complex and hazardous types-and environmental services, particularly in the event of environmental emergencies. Thanks to its expertise in creating circular economy loops, decarbonization, and hazard management, as well as its cutting-edge technologies developed by its R&D department, Séché Environnement has been contributing for nearly 40 years to the ecological transition of industries and regions, as well as to the protection of life. As a French family-owned industrial group, Séché Environnement supports its customers through its subsidiaries located in 9 strategic countries and more than 120 locations worldwide, including approximately 50 industrial sites in France. With a workforce of approximately 7,400 employees, including about 3,000 in France, Séché Environnement generated €1,152 million in revenue in 2025, with approximately 36% coming from international operations.
Séché Environnement has been listed on Euronext's Eurolist (Compartment B) since November 27, 1997. The stock is included in the CAC Mid&Small, EnterNext Tech 40, and EnterNext PEA-PME 150 indices. ISIN: FR 0000039139 Bloomberg: SCHP.FP Reuters: CCHE.PA
Important Notice
This press release may contain forward-looking statements. Such statements represent either trends or objectives as of the date of this press release and should not be construed as forecasts of earnings or any other performance indicators. By its very nature, this information is subject to risks and uncertainties that are difficult to predict and generally beyond the Company's control, which may cause actual results and developments to differ significantly from the trends and objectives stated. These risks include those described in the Company's Universal Registration Document available on its website (www.groupe-seche.com
This information therefore does not reflect the Company's future performance, which may differ significantly, and no guarantee can be given regarding the realization of these forward-looking statements.
The Company makes no commitment to updating this information. More complete information about the Company can be obtained on its website (www.groupe-seche.com
This press release does not constitute an offer of securities or a solicitation of an offer to purchase securities in any jurisdiction, including the United States. The distribution of this press release may be subject to laws and regulations in effect in France or abroad. People in possession of this press release must familiarize themselves with these restrictions and comply with them.
APPENDIX 1
Definitions Related to Contributed Revenue
IFRIC 12 Revenue: investments made in concession assets, re-billed to the Grantor, and recognized as revenue in accordance with IFRIC 12.
TGAP: General Tax on Polluting Activities paid by the waste producer and collected on behalf of the government by treatment operators. This tax is remitted to the government without impacting operating margins.
Its year-to-year change according to fiscal regulations and to the sector and type of treatment results in the recognition in reported revenue of:
- Non-economic revenue resulting from the increase in the amount of tax collected, particularly within the Non-Hazardous Waste business line;
- Differentiated trends across business lines and activities that are not representative of their economic performance, particularly within the Hazard Management activities (thermal treatment and final waste management).
Its restatement as non-contributed revenue has no impact on operating margins, particularly EBITDA.
APPENDIX 2
Details of Contributory Revenue as of September 30, 2026 (9-month cumulative total)
Breakdown by geographic region
Consolidated data
In €m | Sep. 30, 2025 | Sep. 30, 2026 | Gross change | Organic Change |
Subsidiaries in France | 554.5 | 524.9 | -5.3% | -5.3% |
of which scope effect |
|
| ||
International Subsidiaries | 302.8 | 391.7 | +29.3% | +10.4% |
of which scop effect |
| 53.0 | ||
Contributed revenue | 857.4 | 916.6 | +6.9% | +0.2% |
Breakdown by Activity
Consolidated data
In €m | Sep. 30, 2025 | Sep. 30, 2026 | Gross Change | Organic Change |
Services | 418.1 | 434.8 | +4.0% | +1.4% |
of which scope effect |
| 6.4 | ||
Circular Economy | 235.7 | 237.8 | +0.9% | +0.1% |
of which scope effect |
| 1.5 | ||
Hazard Management | 203.6 | 244.0 | +19.9% | -2.1% |
of which scope effect |
| 45.1 | ||
Contributed revenue | 857.4 | 916.6 | +6.9% | +0.2% |
Breakdown by business lines
Consolidated data
In €m | Sep. 30, 2025 | Sep. 30, 2026 | Gross Change | Organic Change |
Hazardous waste | 613.6 | 652.1 | +6.3% | +0.8% |
of which scope effect |
| 31.5 | ||
Non-hazardous waste | 243.8 | 264.5 | +8.5% | -1.2% |
of which scope effect |
| 21.5 | ||
Contributed revenue | 857.4 | 916.6 | +6.9% | +0.2% |
1 On a like-for-like basis and at constant exchange rates.
2 See press release dated September 9, 2026
3 See Appendix 1
4 UVE: Energy Recovery Unit
View source version on businesswire.com: https://www.businesswire.com/news/home/20261027098151/en/
Contacts:
SÉCHÉ ENVIRONNEMENT
Analyst Investor Relations
Manuel ANDERSEN Medeia ULUGBEK-KYZY
Head of Investor Relations Investor Relations
m.andersen@groupe-seche.com /m.ulkugbekkyzy@groupe-seche.com
+33 (0)1 53 21 53 60 +33 (0)1 53 21 53 89
Media Relations
Anna JAEGY
Head of Communications
a.jaegy@groupe-seche.com
+33 (0)1 53 21 53 53
