Saur delivers strong profitable growth across all segments in 2024
Revenues: €2,317m, up +10.8%
Organic growth: +7.8%
EBITDA*: €274m, up +23.3%
Operating result*: €19m
Leverage: 4.9x (vs 5.4x in December 2023) (1)
Outlook 2025:
- Revenue growth: Robust organic growth
- EBITDA: Operational excellence and costs focus
- Continued deleveraging
Paris, March 26th, 2025 – Saur Group reported FY 2024 revenues of 2,317 million, up +7.8% yearon-year in organic.
Patrick Blethon, Chief Executive Officer of Saur, said:
“Saur delivered a strong performance in 2024, with revenues reaching €2,317 million, up +10.8%,
demonstrating the dedication of our teams and the strength of our business model. Our EBITDA
increased significantly by +23.3%, along with profitability improvements, driven by strong operational
execution, tariff increases, and disciplined cost management. The Group achieved its deleveraging
trajectory for the year, while successfully realizing strategic targeted acquisitions in Europe and the U.S.
Looking ahead, we remain focused on executing our strategy, enhancing operational efficiency, and
driving long-term value.”
Saur reported revenues of €2,317 million in 2024, up +10.8%. Organic growth was 7.8%,
reflecting price increase in Water services, sustained organic growth in Industrial water solutions and a
successful commercial development across all Business Units. Acquisitions had a net positive impact on
growth, due to the integration of Ekos Poznań in Poland as well as the acquisition of Natural Systems
Utilities in the USA and CTGA in Portugal.
EBITDA* came in at €274 million in 2024, up +23.3%. Profitability growth was driven by all
business units coupled with a margin increase of +1.2 pts, notably driven by Water services through
commercial development, price increase and improving productivity, despite lower volumes in France.
Industrial water solutions benefitted from a strong commercial momentum.
Operating result* was positive, at €19 million in 2024 (compared to €(9) million last year), as a
result of a strong EBITDA* performance combined with a significant reduction in exceptional costs,
despite higher depreciation & amortization expenses.
Financial result* was €(32) million in 2024. The improvement compared to 2023 is mainly
explained by the positive impact of unrealized gains linked to the marked-to-market of the Virtual PPA
in Iberia which offset the increase in financial interest following the new bond issued in 2024.
Net result was €(19) million in 2024 (compared to €(55) million last year).
Free cash flow breaking even at €(3) million (compared to €(76) million last year). Funds from
operations increased by €30 million compared to last year mainly driven by EBITDA* growth and strict
monitoring of exceptional costs. Change in working capital significantly improved by €48 million
compared to the year prior, mainly driven by a successful Group led initiative. Organic capital
expenditures stable compared to the year prior.
The Chief Executive Officer has decided to not recommend to the General assembly the payment of a
dividend for the year ended December 31st, 2024.
Water services - France
Water services - France revenue increased by +4.1% to €1,399 million in 2024. Growth dynamic was
positive, underpinned by tariff indexation, works development and commercial momentum, despite
lower volumes and unfavorable weather.
EBITDA* came in at €132 million in 2024, up by 11.4% compared to the same period last year. EBITDA
margin improved despite lower volumes thanks to commercial development and productivity gains.
Inflationary impacts on costs have been offset by tariff increase.
Water services - International
Water services - International delivered revenues of €374 million in 2024. Revenues increased by
23.2%, driven by volumes, price increase, works development and commercial activity. The acquisitions
of Ekos Poznań in Poland and CTGA in Portugal also had a positive impact on the topline (+6.4pts).
EBITDA* came in at €66 million in 2024. This represents an increase of +63.1% compared to 2023.
EBITDA margin significantly improved by 4.3pts, thanks to cost reduction especially on energy, and
price increase, notably following successful negotiations with Las Palmas municipality.
Industrial water solutions
Industrial water solutions posted a growth of +22.5%, of which +12.8% organic, reaching €545 million
revenues in 2024. This success was driven across all business lines and by the strategic acquisition of
Natural Systems Utilities, which bolstered market presence in the United States.
EBITDA* increased by +20.2% in 2024 to reach €76 million, with sustainable margin level at 14.0%.
BALANCE SHEET
Net debt was €1,398 million, up +€157 million compared to December 31st, 2023.
At December 31st, 2024, the Group had cash and cash equivalents of €671 million (including treasury
liabilities and €53 million NEU commercial paper) and total liquidity of €821 million.
Group leverage decreased by (0.5)pts to reach 4.9x as of December 31st, 2024(1).
In October 2024, the Group successfully refinanced its revolving credit facility for an amount of €400
million with a final maturity of five years. Additionally, the Group issued a Blue Bond with a nominal
amount of €550 million and a five-year maturity to refinance the bond maturing in September 2025.
As part of this transaction, a partial buyback of the €450 million tranche was executed for an amount
of €208 million.
ESG
In 2024, Saur's overall CSR performance continues to be recognized:
- EcoVadis Gold Medal (77/100): Recognized leadership in CSR performance
- 99/100 on Gender Equality Index for the second consecutive year
In 2024, Saur strengthened its commitment to climate change by taking actions both to reduce
greenhouse gas emissions and to adapt to new climatic conditions.
The methodology for calculating the carbon footprint has been completely overhauled for all scopes 1,
2 and 3, making it possible to update the data more accurately and improve the reliability of the results.
For scope 3 in particular, Saur has relied as much as possible on physical rather than monetary flows.
At the same time, Saur has launched a first wave of analysis of the sites it operates in terms of their
exposure and vulnerability to climate hazards in order to identify risks and adapt infrastructures
accordingly.
As at December 2024, the Group considered that based on the current trajectory it will not be able to
meet the objectives set for 2025 in our April 2027 and September 2028 sustainability linked bonds.
OUTLOOK
FY2025 outlook:
- Revenue: Robust organic growth
- EBITDA: Operational excellence and costs focus
- Continued deleveraging
CONFERENCE CALL
Patrick Blethon, Chief Executive Officer and Alice Schmauch, Chief Financial Officer, will present this
press release during a conference call in English to be held today at 11.00 a.m. Paris time (CET). The
press release will be posted on the Saur investor website.
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 forwardlooking 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.
ABOUT SAUR
As the first water company to issue blue bonds in 2024, Saur is pioneering the integration of
environmental responsibility and financial innovation, offering high-quality services and smart water
solutions to all, from small towns to large cities and industrial clients, while protecting the environment.
Guided by our purpose “to advocate that everyone gives water the value it deserves,” Saur serves 20
million consumers and partners with 9,200 local authorities and industrial clients. In 2024, the Group
achieved over €2.3 billion in revenue and employed 12,000 people worldwide, operating in over 25
countries, including Cyprus, Finland, France, Italy, Netherlands, Poland, Portugal, Saudi Arabia, Spain,
United-Kingdom, United States of America. We provide essential water distribution, wastewater
treatment, and smart water solutions to communities and industries.
#missionwater