Saur Group has reported a robust set of full-year results for 2024, with revenues reaching €2,317m, marking a 10.8% increase on the previous year. Organic growth stood at 7.8%, underpinned by price increases in Water services, sustained momentum in Industrial water solutions, and a strong commercial performance across all business units.
The company’s EBITDA rose sharply by 23.3% to €274m, with profitability bolstered by commercial development, tariff indexation, and disciplined cost control, despite lower water volumes in France. Operating result turned positive at €19m, a notable improvement from a loss of €9m in 2023, while the financial result stood at €(32)m, benefiting from unrealised gains related to the marked-to-market of its Iberian Virtual Power Purchase Agreement.
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.”
The year saw a number of strategic acquisitions, including Ekos Poznań in Poland, CTGA in Portugal, and Natural Systems Utilities in the United States. These deals contributed positively to growth and were instrumental in enhancing Saur’s international footprint.
Segment highlights
In France, Water services revenue rose by 4.1% to €1,399m. Growth was driven by tariff indexation, ongoing works, and new commercial wins, though overall volume was impacted by unfavourable weather conditions. EBITDA in the domestic segment increased by 11.4% to €132m, with margin improvements supported by productivity gains and price adjustments that helped offset inflationary pressures.
The international Water services division recorded €374m in revenues, up 23.2%, supported by volume growth, pricing actions, and acquisitions
The international Water services division recorded €374m in revenues, up 23.2%, supported by volume growth, pricing actions, and acquisitions. The integration of Ekos Poznań and CTGA accounted for a 6.4 percentage point contribution to growth. EBITDA in the segment surged by 63.1% to €66m, with margin gains of 4.3 points attributed to energy cost reductions and favourable contract renegotiations, including with the Las Palmas municipality.
Industrial water solutions posted revenues of €545m, representing a 22.5% increase, with 12.8% of that growth organic. The acquisition of Natural Systems Utilities significantly boosted the Group’s U.S. presence. EBITDA for this segment grew by 20.2% to €76m, with a sustained margin of 14%.
Improved cash flow, but net result remains negative
While the Group's net result remained negative at €(19)m, this marked a considerable improvement from €(55)m in 2023. Free cash flow also moved close to breakeven at €(3)m, from €(76)m the previous year. These gains were supported by a €30m increase in funds from operations and a €48m improvement in working capital, reflecting tighter controls and group-led initiatives. Capital expenditure remained stable year-on-year.
In light of ongoing strategic investments and a focus on deleveraging, Blethon has decided not to recommend the payment of a dividend for the year ended 31 December 2024.
The Group reiterated its focus on operational efficiency and long-term value creation as it continues to expand its presence across Europe and North America.
