PRESS RELEASE




Significant improvement
in first-half 2024-2025 results


Increase of 14% in Recurring EBITDA and 100% in net profit thanks to an
increase in the Recycling business combined with a significant
contribution from Elior Group


Paris, May 27, 2025, 5:45 p.m. - Derichebourg (ISIN code: FR000053381, Ticker: DBG), a
European leader in metal waste recycling, today announces that the Board of Directors, chaired
by Mr. Daniel Derichebourg, on May 27, 2025, approved the consolidated financial statements for
the first half of 2024/2025 as at March 31, 2025. During this meeting, the Chairman of the Board
of Directors declared: “Despite the economic upheavals of the first half-year and the uncertainties
related to the price war, particularly in the metals market, the result of our recycling business
increased. At the same time, all of the Group’s activities were highly profitable and Elior made its
first major contribution to the consolidated net profit, illustrating the strategy implemented in
recent years.”



Consolidated revenue
The revenue for the fiscal year amounted to €1.7 billion, close to that of the previous fiscal year
(-2%). In the Recycling business, the revenue decreased by 1.7%, and in the Public Sector
Services business, faced with a demanding base effect, it decreased by 7.8%.

(in thousands of metric tons) 03-31-25 03-31-24 Change
Ferrous metals 2,082.8 2,204.4 (5.5%)
Non-ferrous metals 342.1 352.9 (3.1%)
Total volumes 2,424.9 2,557.3 (5.2%)


(in millions of euros) 03-31-25 03-31-24 Change
Ferrous metals 684.6 774.0 (11.5%)
Non-ferrous metals 841.5 775.9 8.4%
Services 81.7 84.9 (3.8%)
Recycling revenue 1,607.8 1,634.9 (1.7%)
Public Sector Services revenue 89.6 97.2 (7.8%)
Holding company revenue 0.6 0.6 3.6%
Total Group 1,698.0 1,732.7 (2.0%)




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PRESS RELEASE




Recycling business
Ferrous metals

The volumes of ferrous scrap metal sold in the first half decreased by 5.5%.
The markets to which the Group is exposed (mainly the European steel industry, and to a lesser
extent the major export steel industry: Turkey, Egypt, Morocco) had limited needs for ferrous
metals during the half-year, due to their own difficulties and high production costs (energy) and
low outlets, with the construction and automotive markets slowing down for several semesters.
In addition, there is competition from low-cost semi-finished products from Chinese steel,
imported in large quantities into the European Union, and especially into Turkey. Faced with this
difficult situation, most steel production decarbonization projects have been put on hold, pending
the outcome of the discussions with the European Commission to obtain more protection
measures.
The average price of ferrous scrap metal sold by the Group was €328.7, down by 6.4% compared
to last year.
The revenue from the Ferrous Scrap Metal business amounted to €684.6 million, down by 11.5%.


Non-ferrous metals

The volumes of non-ferrous metals (NFM) sold by the Group were down by 3.1% compared to last
year. The trends differ depending on the metal: the volumes of aluminum and stainless steel are
down while those of copper and lead are up.
The average price of NFM sold was 11.9% higher than last year, resulting in an 8.4% rise in revenue
for the NFM business, to €841.5 million.


Services

The revenue from the Services business decreased by 3.8%. A steel service was terminated in
Spain. This segment is also suffering from the sluggishness of the economy in Western Europe,
which affects both the volumes of ordinary industrial waste and those concerning waste electrical
and electronic equipment (WEEE) treatment services.




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PRESS RELEASE




Recurring EBITDA1 of the Recycling business

In the context described above, the Recurring EBITDA of the Recycling business increased by
€21.0 million from €122.0 million to €143.0 million (+17.2%).
The increase in the commercial margin (+€12.8 million) is partly due to a base effect: the months
of November and December 2023 were impacted by a cyberattack which deprived the Group of
its business management resources, and during which lower-than-usual unit margins were
recorded. Secondly, despite the decline in volumes sold, the Group’s production facilities in
France processed more volumes of ferrous metals than last year due to the end (July 2024) of the
supply obligation for the four shredders sold at the request of the European Commission.
Regarding NFM, the unit margins were on average higher than last year.
The electricity savings (€6.4 million) are broadly in line with the Group’s expectations, given that
the price of electricity for 2025 in France was determined in 2024.



Public Sector Services
Revenue was down by 7.8% over the half-year, due to the impact of the full half-year impact of the
contract with the city of Marseille last year, which ended on March 31, 2024 (-€10.2 million), and
to the start-up at the end of the half-year (02/01/2025) of the contract with the city of Rennes
(+€1.6 million).

The Recurring EBITDA decreased from €20.1 million to €18.4 million (-8,6%). This decrease is
linked to the end of the Marseille contract, and to the start-up costs of the Rennes contract, which
is gradually ramping up.
The Recurring EBITDA as a percentage of revenue remains above 20%.
The recurring operating profit amounted to €10.3 million, with a recurring EBIT rate of 11.5%.
The comparison of the operating profit for the half-year (€10.3 million) was impacted by non-
recurring income of €3.8 million last year, following a favorable court decision.




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Recurring EBITDA = Recurring operating profit (loss) + depreciation and amortization of tangible and
intangible assets, and right-of-use assets.
Recurring operating profit (loss) = Operating profit (loss) +/- non-recurring items.
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PRESS RELEASE




Group results (financial statements subject to a limited review
by the Statutory Auditors)


(in millions of euros) 03-31-25 03-31-24 Change
Revenue 1,698.0 1,732.7 (2.0%)
Recurring EBITDA 162.1 142.0 14.1%
Recycling 143.0 122.0 17.2%
Public Sector Services 18.4 20.1 (8.6%)
Recurring operating profit (loss) 80.0 65.0 23.2%
Recycling 71.0 52.5 35.2%
Public Sector Services 10.3 13.1 (21.5%)
Net non-recurring items 0.1 3.8
Operating profit (loss) 80.1 68.7 16.5%
Net financial expenses (17.6) (18.8)
Other financial items 0.6 (1.9)
Profit (loss) before tax 63.0 48.1 31.2%
Income tax (19.9) (16.5)
Income from associates 20.9 0.8
Income from discontinued or held-for-sale activities - -
Net profit (loss) attributable to non-controlling interests (0.8) (0.8)
Net profit attributable to shareholders 63.2 31.4 101.1%


Group Recurring EBITDA

The Recurring EBITDA amounted to €162.1 million, up by 14.1%. On a rolling 12-month basis, the
Recurring EBITDA was €350 million.



Recurring operating profit (loss) Group

After taking into account €82.1 million in depreciation and amortization over the half-year, the
recurring operating profit amounted to €80.0 million, up by 23.2% compared to the first half of last
year.


Operating profit (loss)

There were no significant non-recurring items during the half-year. Last year, income of €3.8
million was recorded following a favorable court decision.
The operating profit amounted to €80.1 million, up by 16.5% compared to last year.




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PRESS RELEASE




Profit (loss) before tax

After taking into account €17.6 million in financial expenses (down by €1.2 million due to the
decrease in interest rates) and other financial income and expenses of €0.6 million, the Group’s
profit before tax amounted to €63.0 million, up by 31.2% compared to last year.


Income from associates

The income from associates (+€20.9 million) included a €20.7 million first-half gain generated by
Elior Group (+€0.5 million in the first half of 2024). As of March 31, 2025, Derichebourg SA held a
48.17% stake in Elior Group. The increase in Elior’s results compared to last year is quite
remarkable, as its net profit increased from +€1 million to +€43 million.


Consolidated net profit (loss)

The consolidated net profit totaled €64.0 million for the first half of the 2024-2025 fiscal year. The
net profit attributable to the owners of the parent amounted to €63.2 million, up by more than
100% compared to the same period of the past fiscal year.


Changes in indebtedness
The net financial debt decreased by €8.2 million over the half-year, to €705.5 million, despite the
payment of a dividend of €20.7 million in respect of the previous fiscal year.

As announced, the Group reduced its maintenance investments in order to improve its free cash
flow. 37% of the Recurring EBITDA was reinvested in manufacturing equipment. Development
investments continued with the commissioning of the hot water tank treatment line in Bonneuil-
sur-Marne, which is currently being finalized.

Over the half-year, the working capital requirement increased by €40.7 million compared to
September 30, 2024. The WCR at the end of March is generally higher than at the end of
September. At the end of March 2025, the non-ferrous metal inventories were higher than in
September 2024 (+€24 million). This increase is partly due to the high level of activity of lines that
process expensive products (copper cable shredding lines). The magnitude of the increase in the
WCR is expected to decline in the second half of the year.




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PRESS RELEASE




Outlook for the second half of the 2024-2025 fiscal year
The EBITDA increase factors mentioned during the presentation of the 2024 annual results
materialized during the half-year: improvement of the commercial margin, electricity savings, and
control of other expenses. Despite the context of the steel market over the half-year, the Group
achieved a rolling EBITDA of €350 million over 12 months.
The second half of the current fiscal year started with the fear of an all-out trade war, initiated by
the United States, causing customers to adopt a wait-and-see attitude, a drop in the price of
recycled raw materials produced by the Group, and a decline in the US dollar. Given the
immediate negative effect of this policy on the financing conditions in the United States, the latter
delayed and opened negotiations with the various stakeholders. This change made it possible to
halt the fall in prices and to clarify the outlook a little, which will be completely clear when
agreements acceptable to all have been concluded. The achievement of a Recurring EBITDA of
€350 million at the end of the fiscal year takes into account the assumption of rapid commercial
agreements, at levels of customs duties that allow the prices and volumes of recycled raw
materials to return to the levels of the first half of the year. Investments are expected to remain
below 50% of Recurring EBITDA.


For the longer term, the Group remains optimistic:
the uncertainties surrounding the implementation schedule, or even the very principle of
implementation, of industrial projects for the production of steel by direct reduction
(intended to replace blast furnaces) make electric steel mills an excellent compromise for
achieving balance between production cost and environmental footprint;
industrial metals, for which the Group is a leading player, are at the heart of the energy
transition;
in France, Derichebourg has a network of powerful and high-quality tools which it
supplements each year with new high value-added sorting lines. Two new lines will be
commissioned in the second half of the year: a hot water tank treatment line in Bonneuil-
sur-Marne, and a copper cable granulate treatment line in Madrid. Other projects are
being studied, such as a new lead refinery, which would be the most modern in France, or
are being prepared, such as the creation of a recycling line (Phase 1) for electric batteries,
in partnership with LG Energy Solutions;
the results of Elior Group, which has also successfully refinanced its debt, are again
significantly positive, which should ultimately result in the payment of dividends;
the Group’s sound financial structure enables it to be agile in different market conditions
and to seize external growth opportunities, particularly in periods of uncertainty or
downturns.




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PRESS RELEASE




About Derichebourg

The Derichebourg Group is a major player in the provision of environmental services, services to
businesses and to regional and local governments. The Group is currently present in 13 countries
and has 5,559 employees worldwide. In 2024, the Derichebourg Group’ s revenue amounted to €3.6
billion. For more information: http://www.derichebourg.com



Contact
Derichebourg NewCap
Investor Relations and Communication Investor relations
communication@derichebourg.com Louis-Victor Delouvrier/Theo Martin
derichebourg@newcap.eu
Tel.: +33 (0)1 44 71 94 94




Annex 1: Income statement
(in millions of euros) 03-31-25 03-31-24 Change
Revenue 1,698.0 1,732.7 (2.0%)
Recurring EBITDA 162.1 142.0 14.1%
Recycling 143.0 122.0 17.2%
Public Sector Services 18.4 20.1 (8.6%)
Recurring operating profit (loss) 80.0 65.0 23.2%
Recycling 71.0 52.5 35.2%
Public Sector Services 10.3 13.1 (21.5%)
Net non-recurring items 0.1 3.8
Operating profit (loss) 80.1 68.7 16.5%
Net financial expenses (17.6) (18.8)
Other financial items 0.6 (1.9)
Profit (loss) before tax 63.0 48.1 31.2%
Income tax (19.9) (16.5)
Income from associates 20.9 0.8
Income from discontinued or held-for-sale activities - -
Net profit (loss) attributable to non-controlling interests (0.8) (0.8)
Net profit attributable to shareholders 63.2 31.4 101.1%




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PRESS RELEASE




Annex 2: Balance sheet
Assets
(in millions of euros) 03-31-25 09-30-24 Change
Goodwill 276.3 275.9
Intangible assets 1.8 2.3
Property, plant and equipment 821.6 822.2
Right-of-use assets 302.9 310.0
Financial assets 6.9 6.9
Interests in associates and joint ventures 409.2 389.4
Deferred taxes 15.6 19.1
Other assets 2.0 -
Total non-current assets 1,836.3 1,825.7 0.6%
Inventories 201.1 175.3
Trade receivables 286.1 274.6
Tax receivables 5.6 9.9
Other assets 80.3 69.2
Financial assets 14.5 16.1
Cash and cash equivalents 184.4 192.2
Financial instruments 1.7 0.6
Total current assets 773.7 737.9 4.8%
Total non-current assets and groups of assets held for sale -
Total assets 2,609.9 2,563.6 1.8%

Liabilities
(in millions of euros) 03-31-25 09-30-24 Change
Group shareholders’ equity 1,074.4 1,030.9
Non-controlling interests 3.1 3.3
Total shareholders’ equity 1,077.5 1,034.2 4.2%
Loans and financial debts 720.2 748.1
Provision for pensions and similar benefits 29.9 29.3
Other provisions 29.3 30.4
Deferred taxes 37.7 37.7
Other liabilities 3.6 3.4
Total non-current liabilities 820.7 848.9 (3.3%)
Loans and financial debts 169.7 157.8
Provisions 6.2 5.4
Trade payables 392.8 376.5
Tax payables 15.9 11.7
Other liabilities 126.5 128.0
Financial instruments 0.6 1.1
Total current liabilities 711.7 680.5 4.6%
Total liabilities related to a group of assets held for sale -
Total equity & liabilities 2,609.9 2,563.6 1.8%

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PRESS RELEASE




Annex 3: Passage of net financial debt from September 30, 2024, to March 31, 2025

Net financial debt at September 30, 2024 713.7
Recurring EBITDA (162.1)
Change in working capital requirements 40.7
Net financial expenses 17.6
Corporate income taxes 8.1
Net CAPEX 60.0
New rights of use from operating leases 11.1
Dividends 20.7
Other (4.3)
Net financial debt at March 31, 2025 705.5




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