Saur delivers profitability growth and improved cash performance in H1 2025

Revenues: €1,118m, flat vs last year

EBITDA*: €120m, up +9.4% with a margin improvement of +1pt

Operating result*: €(8)m

Leverage: 5.3x (vs 5.8x in June 2024), on the back of margin growth and improved working capital performance ⁽¹⁾

Outlook 2025:

Revenue: Moderate organic growth
EBITDA: Operational excellence and costs focus
Continued deleveraging

The aggregates marked with an (*) are non-IFRS, detailed definition is presented in the appendix to this press release.

Audit procedures on the consolidated financial statements have been completed. The auditors are in process of issuing their report.

Note (1): 5.9x in Jun-24 as per previous methodology (Dec. 2023 definition) vs 5.8x as per new leverage definition (cf. definitions in appendices).

"Saur delivered a strong first half of 2025, marked by solid profitability growth and margin improvement, with EBITDA up +9.4%. This performance highlights the strength of our Water Services activities, both in France and internationally, driven by successful tariff updates, solid commercial development, and continued productivity gains. Despite a more complex environment for Industrial Water Solutions, we maintained resilience through effective cost management and operational discipline. As we move forward, we remain committed to delivering robust organic growth, enhancing profitability, and continuing our deleveraging trajectory. "

Patrick Blethon

CEO of Saur

Saur reported revenues of €1,118 million for H1 2025. Water services benefited from price increases mainly in Iberia, solid commercial momentum and contribution from 2024 M&A (Ekos and CTGA). This performance was partially offset by a softer contribution from Industrial Water Solutions, reflecting few project delays linked to ongoing macroeconomic uncertainties partly mitigated by O&M activities.

EBITDA came in at €120 million in H1 2025, up +9.4%. Strong profitability growth and margin increase of +1 pt were mainly driven by Water Services through commercial development, positive price effects and improving productivity.

Saur’s operating result was €(8) million in H1 2025, below last year due to depreciations and exceptional costs impacted by a lower basis in 2024 with one-off provision reversal.

Financial result was €(34) million in H1 2025. The decline compared to H1 2024 is mainly explained by the increase in financial interests following the new bond issued in 2024 as well as the impact of exchange rates.

Net result was €(49) million in H1 2025.

Free cash flow was at €(73) million, impacted by H1 cash seasonality, compared to €(138)m in H1 2024 showing an improved working capital performance on all business units with the positive effects of the cash action plans.

Water services – France

Water Services – France generated revenues of €693 million in H1 2025 slightly below last year, the solid commercial performance and positive volumes being offset by negative phasing on concessive and projects works.

EBITDA came in at €65 million in H1 2025, up by +15.6% compared to the same period last year. EBITDA margin improved by +1.4 pts underpinned by positive price effects, strong costs monitoring and productivity gains showing the results of the performance plan implemented.

Water services – International

Water services – International revenues increased by +19% to €195 million in H1 2025. This double-digit growth is driven by price increases, works development and commercial activity. The full-year impacts of CTGA in Portugal and Ekos Poznań in Poland also had a positive impact on the topline (+5.9 pts).

EBITDA reached €27 million in H1 2025. This represents a significant increase of +31.8% compared to H1 2024 and an improvement of margin of +1.3pts thanks to price increase with successful rebalancings in Spain and tariff update on Las Palmas contract, and thanks to well-monitored costs.

Industrial water solutions

Industrial water solutions posted revenues of €231 million in H1 2025, below last year by -9% but above H1 2024 by +10%, reflecting projects delays in a context of ongoing macroeconomic and political uncertainties. Commercial fundamentals remain nevertheless strong, with a record backlog of €828m at the end of June 2025 and an increased order intake at €590m on an LTM basis. EBITDA reached €28 million, highlighting the business resilience and effective cost management.

Balance sheet

Net debt was €1,559 million, up +€161 million compared to December 31^st, 2024.

At June 30^st, 2025, the Group had cash and cash equivalents of €558 million (including treasury liabilities and €68 million NEU commercial paper) and total liquidity of €708 million.

Group leverage decreased by -0.5 pts to reach 5.3x as of June 30^th, 2025, compared to June 30^th, 2024.

ESG

Saur has adopted a new Sustainability Roadmap 2025-2030 based on three main pillars:

Putting our employees and clients at the heart of change
Acknowledging that our resources are limited but circular
Pursue an ambitious shared and ethical governance

Behind each pillar, KPIs and objectives are defined to be achieved by 2030.

All along 2024, Saur has strengthened its methodology and has improved the quality of the data to calculate a new version of its carbon footprint. Saur has been supported by consultants from reputable low-carbon strategy specialist, Carbone4 all along the process. Saur has detailed its operational levels to keep decreasing its CO2 emissions.

Saur is also concerned by the two-year postponement of the implementation of the CSRD directive. It means that Saur will have to publish its first CSRD report in 2028 (on 2027 data). Nevertheless, Saur has finalized and audited its double materiality analysis as required by ESRS 1 of CSRD and Saur continues its efforts to achieve progressive compliance.

Finally, Saur just published on its website the first allocation report related to the 2024 Blue bond emission.

Disclaimer

We are providing this information voluntarily, and the material contained in this announcement is presented solely for information purposes and is not to be: (i) construed as providing investment advice; (ii) relied upon or the form the basis for any investment decisions; or (iii) regarded as a recommendation or an offer to sell, or a solicitation of any offer to buy any securities or other form of financial asset.

This presentation contains forward-looking statements which are based on current plans and forecasts of Saur’s management. Such forward-looking statements are by their nature subject to a number of important risk and uncertainty factors that could cause actual results to differ in a variety of substantial and very material respects from the plans, objectives and expectations expressed in such forward-looking statements.

No representation or warranty, express or implied, is provided in relation to the fairness, accuracy, correctness, completeness or reliability of the information, opinions or conclusions expressed therein.

These such forward-looking statements speak only as of the date on which they are made, and Saur undertakes no obligation to update or revise any of them, whether as a result of new information, future events or otherwise (and has no notification obligations to any person in this regard). It should not be regarded by recipients as a substitute for the exercise of their own judgment. Neither Saur, nor any of its directors, officers, employees, affiliates, direct or indirect shareholders, advisors or agents accepts any liability for any direct, indirect, consequential or other loss or damage suffered by any person as a result of relying on all or any part of this announcement and any and all liability is expressly disclaimed.

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