avril 03, 2024

Saur reports sustained growth and resilient performance in 2023

Paris, April 3rd, 2024 - Saur Group reported FY 2023 revenues of €2,092 million, up +8.1% year-on-year reported and organic.

Patrick Blethon, Chief Executive Officer of Saur said:

"In 2023, Saur reached a new milestone with a revenue exceeding €2 billion. Amidst continued challenges, Saur remained steadfast in its commitment to innovation and efficiency, navigating disruptions with resilience. Scaling of the Industry segment, growth in municipal activities in France and price indexation fueled a sustained revenue growth of +8.1%.

Through organic growth and targeted investments, the performance of our Industrial Water segment was remarkable, showcasing the strength of our diversified business model. This segment delivered a two-fold increase in EBITDA and a notable margin increase of +3.7 percentage points.

Looking ahead, we are energized and optimistic about the upcoming opportunities. Our strategic roadmap, #missionwater, serves as our guiding compass towards becoming the champion of the water transition by 2030."


Year end results 2023 - Saur Group

Saur reported revenues of €2,092 million in 2023, up +8.1% in organic growth. The tariff indexation and the strong commercial momentum in French municipal activities and in Industrial water solutions fueled sustained growth despite economic headwinds. Acquisitions had a net positive impact on growth, mainly due to the successful integration of Aqua-Chem and Mobile Water Services as well as the acquisitions of Suez Industrial Water Ltd in the UK and Cirtec in 2023.

2023 was a year of significant commercial success. Water France Services achieved €57 million of new wins, ending the year with a positive commercial balance. Water Services International recorded €19 million new wins in Iberia and Industrial Water Solutions closed the year with a record high €543 million order intake.

EBITDA came in at €222 million. EBITDA margin was temporary impacted in France by inflationary pressures which will be offset by price indexation mechanism with a time lag. The group benefitted from its diversification towards Industrial water segment, which doubled its profitability in 2023 on the grounds of its topline growth and successful protection against inflation.

Operating result was €(9) million in 2023. Exceptional costs were cut in half compared to 2023.

Financial expenses were €(38) million in 2023, including the impacts of the Group’s new €300 million Sustainability Linked bond issued in 2023 and the mark-to-market of the Virtual PPA in Iberia for €(9)m.

Net result was €(55) million in 2023.

Free cash flow was negative by €(76) million, impacted by a negative change in working capital.

The Executive Chairman has decided to not recommend to the General assembly the payment of a dividend for the year ended December 31st, 2023.


Business units key figures_ 2023 Year end results Saur Group

Water Services – France

Water services France revenue increased by +7.9% to €1,428 million in 2023. Growth dynamic was positive, underpinned by tariff indexation, which allowed the pass-through of 2022 inflation, and strong commercial momentum on both municipal activity and works. This growth was however slightly offset by unfavorable weather effect this summer on volumes leading to an annual decrease of (2.5)%.

EBITDA* came in at €128 million in 2023. Results were impacted by a surge in inflation mainly on electricity, despite tariff indexation and mitigation action plans notably productivity improvement. Moreover, unfavorable weather conditions negatively impacted volumes this summer.

Water services - International

Water services - International delivered revenues of €219 million in 2023. Despite positive price effect, the decline compared to last year reflects the return of Gdansk in Poland and Setubal in Portugal to municipal services as well as the disposal of Colombian activities.

EBITDA* came in at €31 million in 2023. Successful economic rebalance negotiation with Las Palmas municipality offset the impact of the scope of activities changes.

Industrial water solutions

Industrial water services posted a growth of +44% in 2023, of which +€17.4% organic, reaching €445 million revenues in 2023. This success was fueled by a broader service offering, notably the scaling of the rental business, and strategic acquisitions, which bolstered our market presence and geographical footprint, capitalizing on surging demand for water management outsourcing and higher regulatory constraints.

EBITDA doubled in 2023 to reach €63 million accompanied by notable margin increase of +3.7pts. Organic performance through strong commercial momentum, successful pricing strategy and significant growth of the recurring activities were the pillars of this robust profitability. This demonstrates the resilience of the business in an adverse environment.


Net debt is €1,241 million, up +€239 million compared to December 31, 2022.

At December 31st, 2023, the Group had cash and cash equivalents of €307 million (including €40m NEU CP) and total liquidity of €507 million following the issuance of a €300 million sustainability linked bond in April 2023.

Group leverage reached a peack at 5.2x as of December 31, 2023, temporary impacted by the conjunctural surge of inflation.

ESG (1)

In 2023, Saur has begun to adapt its ESG Roadmap 2021-2025 to ensure all group entities involvement in ESG stakes issues. It has been given a more international, industry-focused dimension. Commitments regarding emerging subjects like adaptation to climate change, water quality and protection of human rights have been formally introduced. Strengthening this roadmap is a step in the right direction towards becoming the champion of hydric transition.

Moreover, Saur’s SBTi targets have been validated in September 2023. By 2030, Saur commits to reduce its absolute GHG emissions scope 1 and 2 by 42% from a 2021 base year, following a 1,5°C trajectory aligned with the Paris Agreement. It also commits to reducing its scope 3 indirect emissions by 25% particularly those generated by its value chain.

The 2 Sustainability Performance Targets associated to its bonds (water preservation and carbon emissions intensity reduction) comments:

  • A great deal of work was carried out all along 2023 to make Saur’s water withdrawals per subscriber KPI more reliable. Saur is improving its completeness and accuracy of measurement. Thus it could result in changes in observed performance
  • The Group is in line with its target of reducing its Scope 1 and 2 emissions to 24 tCO2eq/€m by 2025 (3-year rolling average). At the end of 2023, carbon emissions have fallen significantly compared to 2020, from 144.3 to 75,01 tCO2eq/M€*.

(1) 2023 Unaudited figures. Data may be adjusted afterwards.


FY2024 outlook:

  • Revenue growth: Double digits
  • EBITDA margin improvement
  • Committed to deleveraging