Elis: H1 2025 results
Elis delivers very solid H1 2025 results
Elis leverages its resilient and sustainable business model to continue delivering profitable growth, despite a challenging macro environment in Europe
Confirmation of all full-year 2025 financial objectives
Very solid financial performance in H1 2025
Revenue of 2,343.1 million euros (+4.3% of which +3.5% organic)
Adjusted EBITDA up 5.1% to 813.8 million euros
Adjusted EBITDA margin up 30bps at 34.7% of revenue
Adjusted EBIT up 3.0% to 353.8 million euros
Adjusted EBIT margin down 20bps at 15.1% of revenue
Net income up 28.6% at 152.5 million euros
Headline net income up 2.6% at 213.2 million euros
Headline net income per share up 3.0% at 0.85 euro (on a fully diluted basis)
Free cash flow at 31.0 million euros, in line with the full-year objective
Financial leverage ratio at 1.92x as of June 30, 2025, down 0.14x compared to June 30, 2024
With close to 70% of its revenue being less exposed to economic cycles, Elis continues to execute its growth strategy, despite the slowdown in economic indicators in Europe
Q2 organic revenue growth of +4.3%; H1 organic growth at approximately +4%, adjusted for a negative calendar effect of c. 0.5-point
Strong commercial momentum, with many new contracts signed driven by increased outsourcing and the expansion of the Group's services offering
Marked rebound in Hospitality in France and Southern Europe in Q2
Favourable pricing momentum resulting from adjustments implemented to offset cost-base inflation
Further EBITDA margin improvement: up 30bps, at 34.7%
Further productivity gains, driven by the optimisation of industrial processes and logistics, lower resources consumption and improved energy purchasing conditions
Elis continues to make progress on CSR commitments: the energy efficiency of its European laundries improved by 2.7% in H1 compared to H1 2024
Continuation of acquisitions strategy in existing geographies
Recently announced acquisitions in Spain, Germany and Switzerland will strengthen the Group's network density in flat linen in these countries
In H1, the acquisitions contributed +1.8% to the reported revenue growth
The Group does not anticipate any direct negative impact from the establishment of US tariffs and reaffirms all financial objectives for the 2025 fiscal year, as communicated on March 6
Full-year organic revenue growth expected slightly below +4%
Adjusted EBITDA margin, adjusted EBIT margin, headline net income per share (fully diluted) and free cash flow all expected slightly higher than in 2024
Financial leverage ratio expected to decline c. -0.1x at December 31, 2025 vs. December 31, 2024, in line with the cash allocation policy announced in March 2025
Saint-Cloud, 30 July 2025, Elis, the global leader in circular services at work, today announces its half-year 2025 financial results. The accounts have been approved by the Management Board and examined by the Supervisory Board today. They have been subject to a limited review by the Company's auditors.
Commenting on the announcement, Xavier Martiré, CEO of Elis, said:
"In H1 2025, in a worldwide context still marked by many political and economic uncertainties, Elis demonstrated once again the robustness of its model and the relevance of its strategy, delivering a very solid financial performance over the period.
H1 2025 revenue came in at 2,343 million euros, up 4.3%, with organic revenue growth c. +4%, once restated from the negative calendar effect. EBITDA margin as well as headline net income per share are also in progress.
The Group continued to benefit from favourable structural trends, with strong commercial momentum maintained across all geographies. Elis' offers, which address increasing requirements for hygiene, traceability and supply-chain security, continue to meet strong demand; the first half saw many new contracts signed in all of the Group's markets.
In Hospitality, activity rebounded strongly in Q2 in France and Southern Europe, suggesting a strong start to the summer season in these regions.
Despite temporary weakness in some countries, the Group's H1 adjusted EBITDA margin improved by +30 basis points to 34.7%. This progress resulted from further optimisation of industrial processes and better energy purchasing conditions.
Furthermore, Elis continued to pursue its targeted acquisition strategy, strengthening its network density in flat linen across many European countries.
These solid first-half results enable us to confirm all 2025 financial objectives communicated in March.
The resilience that Elis has demonstrated throughout recent crises, its operational know-how, its strengthened organic growth and its model based on the circular economy principles are major assets with which the Group will continue to assert its leadership in all the countries in which it operates."
I. 2025 half-year results
H1 2025 revenue
(In millions of euros)
Q1
2025Q2
H1
Q1
2024Q2
H1
Q1
Var. Q2
H1
France
322.5
361.3
683.8
316.6
346.6
663.2
+1.9%
+4.2%
+3.1%
Central Europe
300.3
305.3
605.5
275.2
281.6
556.8
+9.1%
+8.4%
+8.8%
Scandinavia & East. Eur.
158.7
158.7
317.4
157.0
152.4
309.4
+1.1%
+4.1%
+2.6%
UK & Ireland
138.2
148.7
286.9
132.5
143.4
275.9
+4.3%
+3.7%
+4.0%
Latin America
107.9
110.7
218.6
114.5
117.8
232.3
-5.8%
-6.0%
-5.9%
Southern Europe
96.8
117.3
214.1
90.2
105.4
195.5
+7.3%
+11.3%
+9.5%
Others
7.7
9.2
16.8
6.4
7.1
13.5
+18.9%
+29.3%
+24.3%
Total
1,131.9
1,211.1
2,343.1
1,092.4
1,154.2
2,246.7
+3.6%
+4.9%
+4.3%
« Others » includes manufacturing entities, holdings companies and Asia. Percentage change calculations are based on actual figures.
H1 2025 revenue breakdown
(In millions of euros)
H1 2025
H1 2024
Organic growth
External growth
FX
Reported growth
France
683.8
663.2
+3.1%
-
-
+3.1%
Central Europe
605.5
556.8
+2.6%
+5.7%
+0.4%
+8.8%
Scandinavia & East. Eur.
317.4
309.4
+1.6%
-
+0.9%
+2.6%
UK & Ireland
286.9
275.9
+2.8%
-
+1.2%
+4.0%
Latin America
218.6
232.3
+7.3%
-
-13.2%
-5.9%
Southern Europe
214.1
195.5
+6.2%
+3.2%
-
+9.5%
Others
16.8
13.5
+3.3%
+20.1%
+0.9%
+24.3%
Total
2,343.1
2,246.7
+3.5%
+1.8%
-1.0%
+4.3%
« Others » includes manufacturing entities, holdings companies and Asia. Percentage change calculations are based on actual figures.
H1 2025 organic revenue growth
Q1 2025 organic growth
Q2 2025organic growth
H1 2025organic growth
France
+1.9%
+4.2%
+3.1%
Central Europe
+1.9%
+3.4%
+2.6%
Scandinavia & East. Eur.
+1.2%
+2.1%
+1.6%
UK & Ireland
+2.3%
+3.3%
+2.8%
Latin America
+6.5%
+8.0%
+7.3%
Southern Europe
+4.7%
+7.5%
+6.2%
Others
-2.7%
+8.8%
+3.3%
Total
+2.5%
+4.3%
+3.5%
« Others » includes manufacturing entities, holding companies and Asia. Percentage change calculations are based on actual figures.
Q2 2025 revenue
(In millions of euros)
Q2 2025
Q2 2024
Organic growth
External growth
FX
Reported growth
France
361.3
346.6
+4.2%
-
-
+4.2%
Centrale Europe
305.3
281.6
+3.4%
+4.5%
+0.5%
+8.4%
Scandin. & East. Eur.
158.7
152.4
+2.1%
-
+2.0%
+4.1%
UK & Ireland
148.7
143.4
+3.3%
-
+0.4%
+3.7%
Latin America
110.7
117.8
+8.0%
-
-14.0%
-6.0%
Southern Europe
117.3
105.4
+7.5%
+3.8%
-
+11.3%
Others
9.2
7.1
+8.8%
+20.1%
+0.4%
+29.3%
Total
1,211.1
1,154.2
+4.3%
+1.6%
-1.0%
+4.9%
« Others » includes manufacturing entities, holding companies and Asia. Percentage change calculations are based on actual figures.
H1 adjusted EBITDA
(In millions of euros)
H1 2025
H1 2024restated1
Var. H1 2025 / H1 2024
France
285.8
271.4
+5.3%
As of % of revenue
41.8%
40.9%
+90bps
Central Europe
196.7
175.0
+12.4%
As of % of revenue
32.3%
31.3%
+100bps
Scandinavia & East. Eur.
109.3
108.1
+1.1%
As of % of revenue
34.4%
34.9%
-50bps
UK & Ireland
91.5
85.7
+6.7%
As of % of revenue
31.9%
31.1%
+80bps
Latin America
71.0
80.5
-11.8%
As of % of revenue
32.5%
34.7%
-220bps
Southern Europe
68.2
62.5
+9.2%
As of % of revenue
31.8%
31.9%
-10bps
Others
(8.6)
(9.0)
+4.1%
Total
813.8
774.3
+5.1%
As of % of revenue
34.7%
34.5%
+30bps
1 : Please refer to the « Restated income statement for prior financial years » section of this release. Margin rates and percentage change calculations are based on actual figures.« Others » includes manufacturing entities, holding companies and Asia.
France
H1 2025 revenue was up 3.1% (entirely organic). Commercial activity was solid across all markets. In Hospitality, the activity in Q2 was satisfactory, driven by a favourable comparable base and good pricing momentum that offset cost-base inflation.
Optimised use of water and energy resources, along with productivity gains, led to an adjusted EBITDA margin improvement of 90bps to 41.8% in H1 2025.
Central Europe
The region's revenue was up 8.8% in H1 2025 (+2.6% on an organic basis), factoring in a negative calendar effect c. -0.6%. Organic growth was driven by the commercial performance of the Netherlands and Belgium. In Germany, growth is subdued; we continue to take a very selective approach to the Healthcare market, where operators are subject to strong budget constraints. The acquisitions of Moderna and Wasned in the Netherlands, respectively consolidated since 1 March 2024 and 1 November 2024, as well as the acquisitions of Ernst in Germany and Bodensee in Switzerland, whose revenue has been consolidated since 1 January 2025, contributed c. +5.7% to region's growth in the first half.
H1 2025 adjusted EBITDA margin was at 32.3%, up 100bps compared to H1 last year, driven by better purchasing conditions for energy in the region, and further operational improvements in Germany.
Scandinavia & Eastern Europe
Revenue for the region was up 2.6% in H1 2025 (+1.6% on an organic basis, factoring in a negative calendar effect c. -0.4%). Organic growth was driven by the performance of Finland and the Baltics, where our offer continues to be a resounding success. Pricing effect was limited, with inflation lower than in 2024. The competitive landscape remains challenging in Denmark, and we experienced some limited volume declines.
In H1 2025, adjusted EBITDA margin was down 50bps, compared to H1 2024, at 34.4%; margins improved strongly in the Baltics, were stable in Sweden and declined in Denmark.
UK & Ireland
The region's revenue was up 4.0% in H1 2025 (+2.8% on an organic basis), with a positive FX impact of +1.2%. Pricing momentum was slightly below 2024 levels, reflecting lower inflation in the first half. In Hospitality, the UK recorded many new contracts, but client activity remained somewhat disappointing.
In H1 2025, productivity gains in workshops and improvements in logistics costs contributed +80bps to adjusted EBITDA margin, which improved to 31.9%.
Latin America
The region's revenue was up 7.3% in H1 2025, but reported growth was down 5.9%, linked to the strongly negative evolution (-13.2%) of local currencies. In Brazil, organic growth was close to +10%, driven by commercial dynamism in workwear (both standard and cleanroom) and in Healthcare. In Mexico, organic growth was close to +5%, with several contract tenders won at the end of the first half, expected to contribute to second-half growth.
The H1 adjusted EBITDA margin was down 220bps, at 32.5%. Recent social policy decisions by governments in the region (minimum wage increases, gradual reductions in working time, premium pay for certain hours, etc.) have not yet been fully integrated in our pricing indices. Margin should nevertheless stabilise in H2 2025 compared to H2 2024.
Southern Europe
The region's revenue was up 9.5% in H1 2025 (+6.2% on an organic basis), driven by dynamism in Hospitality. In Industry, Trade & Services, further outsourcing continued, and we recorded many new contract signings in workwear (both standard and cleanroom). All the countries in the region were well-oriented, notably Italy posting organic growth close to +8%. Finally, the acquisitions of Carsan and Bugaderia Neutral in Spain, respectively consolidated since 1 January 2025 and 1 June 2025, contributed +3.2% to the half-year growth.
In H1 2025, the adjusted EBITDA margin was down 10bps, at 31.8%, impacted by an unfavourable calendar effect. However, the full-year margin is expected to be higher.
Others
The ‘others' category comprises the manufacturing entities (including French household linen maker Le Jacquard Français and UK washroom appliance manufacturer Kennedy Hygiene), as well as holding companies and the Group's activities in Asia (including Malaysia and Singapore).
Adjusted EBITDA to net income
(In millions of euros)
H1 2025
H1 2024restated1 ...
