2024 Q1 Revenue Report - Seite 2

Across Europe, Solutions30 is rolling out the same model that has driven its success for 20 years. It is well positioned to capture the many profitable growth opportunities of the digital transformation and the energy transition, on which we will present in details at our capital markets day in September.”

Solutions30 generated €265.0 million in consolidated revenue in Q1 2024, up 3.8% compared to the same period in 2023 (3.4% organic growth).

Benelux

In the Benelux, now the group’s leading region in terms of revenue and margins, revenue for the quarter amounted to €100.7 million, with 21.6% of purely organic growth, despite a very high basis for comparison (+77.2% in Q1 2023).

The Connectivity business generated revenue of €78.7 million, or 78% of the region’s total, up +24.0%. After an extremely active 2023, the ramp-up of fiber-optic deployments and connections continued at a high pace, despite the impact of unfavorable weather conditions for “outdoor” roll-out activities. On the basis of recent planning work carried out with municipalities and customers, the group now believes it can minimize the anticipated impact of local elections in Belgium on the pace of deployments.

Revenue of the Energy business amounted to €16.7 million, a +14.6% increase that was driven by the continuing deployment of digital meters. The recent contract with Fluvius to modernize the low-voltage energy grid in Flanders, adapting it to the new usage patterns of the energy transition (see press release of April 23, 2024), has opened the door to further diversification in a buoyant sector.

The Technology business maintained its strong momentum, with revenue of €5.3 million growing organically by +11.6% over the quarter, mainly driven by IT services.         

France

In France, 2024 first-quarter revenue amounted to €97.9 million, down -3.7%, including an organic decline of -4.9% and the impact of the acquisition of Elec-ENR, consolidated from July 2023, for +1.2%.

Solutions30 continues to rebalance its business mix in France in favor of Energy activities, where a current boom driven by the energy transition has confirmed the segment’s potential as a powerful growth driver. Energy activities generated revenue of €17.5 million in Q1, rising sharply by +47.6%. This performance was driven by activities related to renewable energies, which doubled in size compared with Q1 2023 (+84% organically), notably with the start of major photovoltaic infrastructure projects. Commercial activity is strong in this sector thanks to the recent ENR law no. 2023-175 of March 10, 2023, which mandates the installation of solar panels in outdoor parking lots exceeding 1,500 square meters to accelerate renewable energy production. Lastly, as the successful integration of Elec-ENR, acquired in July 2023, continues, the group has completed its acquisition of a minority stake in So-Tec, a photovoltaic structure installer in southern France. The Group plans to gradually increase its ownership and consolidate the anticipated €20 million in revenue expected from So-Tec by 2025. Looking ahead, the group plans to continue pursuing selective acquisitions opportunistically, reaffirming its strategy to consolidate the sector at the European level.