SYNERGIE continues to grow in challenging market conditions, while maintaining financial strength

PRESS RELEASE | September 25, 2024, 5:45 PM

UNDER CHALLENGING MARKET CONDITIONS, Synergie CONTINUES TO GROW WHILE MAINTAINING ITS FINANCIAL ROBUSTNESS

Turnover: € 1,555.4 million
EBITDA: €63.3 million
Net profit: €31.7 million

On September 25, 2024, the Board of Directors of SYNERGIE, chaired by Mr. Victorien Vaney,
has approved the consolidated half-yearly financial statements for the period ended June 30, 2024. The audit procedures for these financial statements have been completed and the related reports are issued.

Consolidated – in € million	First half of 2024	First half of 2023	Change %
Gain	1,555.4	1,511.0	+2.9%
EBITDA	63.3	75.8	-16.5%
Operating profit*	50.4	63.7	-20.8%
Operating result	46.2	61.4	-24.6%
Net profit	31.7	41.2	-23.1%
Net profit Group share	29.4	38.9	-24.5%

* Recurring EBIT before depreciation, amortization and impairment of intangible assets

TURNOVER OF € 1,555.4 MILLION
SYNERGIE, a European leader in the Human Resources sector, generated revenues of €1,555.4 million, up +2.9% (+1.6% on a like-for-like basis), amid a market decline in the Group’s main countries. This performance was made possible by the contribution of all the geographic areas where the Group operates. Synergie outperformed a declining market, validating the Group’s business strategy of a diversified portfolio of customers, sectors and regions.

In France, the first half of the year was marked by a decline in growth (-2.6%), caused by a drop in volumes on the temporary employment market, with a significant drop in the last two months due to the climate of political and economic uncertainty.
International reached 59% of total revenue (vs. 57% in 2023), with Southern Europe achieving €531.8 million. International growth of +7.1% was driven by organic growth (excluding currency impact) of +4.8% and the impact of the acquisition of the RUNTIME Group in Germany (completed in May 2023), which generated €16 million in the period. Northern and Eastern Europe (+9.8%) remained strong, despite the economic slowdown also felt in these countries.

EBITDA AND CURRENT OPERATING PROFIT (EBITA)

In the first half of 2024, SYNERGIE achieved an EBITDA of €63.3 million (4.1% of revenue), compared to €75.8 million in H1 2023. This decline in EBITDA is attributed to the economic slowdown, the effects of regulatory changes in some countries and the Group’s continued investment efforts to support its growth and digitalization.

Current operating profit (EBITA) amounted to €50.4 million (3.2% of turnover), with a contribution of €22.1 million (43.9% of current operating profit) from international activities, while France contributed €28.3 million (56.1% of current operating profit).

OPERATING PROFIT

Operating profit amounted to €46.2 million, in line with the trend in current operating profit.

NET PROFIT

After deduction of taxes of €18.7 million and the financial result of €4.1 million, the consolidated net profit amounted to €31.7 million (of which the Group’s share amounts to €29.4 million).

A STRENGTHENED FINANCIAL STRUCTURE

With equity of €690.3 million as of June 30 and a cash position after debt of €313.0 million, the Group strengthens its financial strength.

OUTLOOK FOR H2

Despite the economic challenges facing certain markets in the first half of 2024, in particular the contraction of the staffing market in France and other European countries, SYNERGIE, thanks to its continued diversification and international expansion strategy, remains confident in its ability to achieve higher revenues in the second half of the year. In this context, SYNERGIE nevertheless remains very cautious about its ability to improve operating profitability.

SYNERGIE’s financial structure remains strong and the company plans to make new acquisitions, both in France and abroad.

NEXT EVENT

Announcement of income for the 3^rd quarter of 2024 on Wednesday, October 23, 2024,

after the stock exchange closes.