(BFM Stock Exchange) – The recycling group and communities services plunges on the Paris Stock Exchange after having revised down its annual profitability objective. Derichebourg cites the customs policy of the Trump administration which had consequences for the prices of raw materials.

Derichebourg’s latest communication offers a unpleasant surprise to its shareholders. The group specializing in recycling and community services indicated Tuesday September 2 after the closing of the markets that it has lowered its profitability target for its entire staggered financial year 2024-2025.

Derichebourg now expects to complete its year ended at the end of September 2025 on an EBITDA (gross operating profit) running between 300 and 310 million euros, against a previous forecast of 350 million euros.

On the Paris Stock Exchange, the market does not appreciate this warning on results at all and lets him know. The title Derichebourg still drops by 10% around 11 a.m. after having collapsed by more than 18% at the opening.

Derichebourg justifies this adjustment by an unfavorable economic context, which draws its roots from the Trump administration’s commercial policy. The group explains that it was less favorable than anticipated by management when the half -yearly results are published in late May.

The company had set its initial objective taking into account “the hypothesis of a rapid return of prices and volumes of materials marketed by the group at the level of the first half in particular thanks to an imminent trade agreement with the United States”.

“A renewed economic activity that did not take place”

Derichebourg then expected that a rapid conclusion of a trade agreement triggers “an economic catch -up”. Las, this trade agreement only only occurred at the end of July, too late in the second half of the company. Also, the company deplores “high” customs duties (15% minimum), even “very high for steel, aluminum and copper (50%)”.

Derichebourg also quotes a weakening of the dollar from the euro, which has led to a drop in raw material prices including non-ferrous scraps and metals, expressed in euros. The group explains that this unfavorable effect on the euro/dollar pair comes to affect its margins.

The company also says it is penalized by the import of Chinese steel semi-production and a low consumption of scraps in Europe.

“Derichebourg is a company specializing in communities services, but a historic and important part of its activity is linked to the scrap trade. However, this sector is subject to prices that vary quite frequently. And in this case, they have alerted to their very high customs duties to metals in the United States. Which has weighed fairly strongly on the prices of the ferraille since there is a surplus of the United States.” reports Alain Du Brusle, Deputy Managing Director of Claresco Finance, at the BFM Business branch on Wednesday September 3.

“The previous objectives supposed the return of volumes and prices at the level of the first semester, which was not the case,” notes Oddo BHF.

“Fundamental solids”

In this context, the new objective of current Ebitda set by Derichebourg, between 300 and 310 million euros, induces a contraction of this indicator from 21 to 26% in the second half, reports Oddo BHF.

This marks a frank degradation compared to the previous semester. The Dericheburg current Ebitda had then increased by 14% over the first six months of the year 2024-2025, thanks to the increase in recycling activity and a significant contribution from Elior Group.

The company also says it is targeting a turnover between 3.25 and 3.4 billion euros, which is therefore expected to decrease compared to the 3.6 billion euros in revenues made in 2023-2024.

The management says despite everything to maintain its investment policy but intends to adapt it to the context in which the company evolves. Derichebourg will notably spread certain maintenance investments.

In total, the investment envelope provided by the company should be around 50% of the current Ebitda, in order to limit the effects of lowering the profitability target on cash flows. Oddo BHF estimates this envelope at 150 million euros.

The company also wanted to reassure the solidity of its fundamentals and its medium-term prospects. Derichebourg cites as growth relays the development of the electric sector, highlighted by the announcement of ArcelorMittal concerning an investment in a new electric steel in Dunkirk.

“In addition, the financial structure of the group remains healthy allowing the achievement of possible acquisitions”, notes the design office.

For the current exercise, Oddo BHF lowers its topline estimates (turnover) and 17% its EBITDA forecasts at 300 million euros by 11.10%, which implies a margin of 9%.

“Visibility remains at this limited stage for exercise 2026 which will start on October 1,” also warns the design office, which maintains its opinion to neutral, while lowering its price objective to 5 euros.

The results of the financial year ended on September 30, 2025 of Derichebourg will be published on December 4, 2025 after-Bourse.