APPLUS SERVICES S.A.

Latest Results (18.01.2026):

APPLUS SERVICES S.A. — Quarter 4, 2023 (year ended 31 December 2023): For the full year 2023 Applus reported Group revenue of €2,057.9 million and adjusted operating cash generation, but significant non‑recurring charges and higher finance costs reduced reported profits. The consolidated financial statements for the year ended 31 December 2023 were audited with an unqualified opinion by Deloitte.

Top-line and underlying EBITDA

Revenue rose to €2,057.9m in 2023 (2022: €1,898.5m). Operating profit before depreciation, amortisation and similar items (comparable to EBITDA) increased to €336.1m (2022: €317.3m), showing underlying operational growth.

Operating profit and impairments

Reported operating profit fell to €110.1m (2022: €135.3m). The decline reflects higher depreciation/amortisation (€179.4m vs €170.3m) and significant impairment and disposal losses of €37.3m in 2023 (including a €25m goodwill impairment), compared with €6.0m in 2022.

Net profit, attributable result and EPS

Net consolidated profit was €33.5m (2022: €61.9m). Profit attributable to the parent fell to €20.2m (2022: €48.6m). Basic earnings per share was €0.16 (2022: €0.36).

Cash flow and liquidity

Operating cash flow was strong at €323.8m (2022: €249.0m). Cash and cash equivalents increased to €203.6m (2022: €183.0m). Investing outflows were higher (€155.6m used), reflecting acquisitions and capex.

Debt and financing

Gross borrowings (short‑ and long‑term obligations and bank borrowings) totaled approximately €881.2m (long‑term €831.1m + short‑term €50.0m). Cash of €203.6m provides partial coverage; net leverage remains a key metric to monitor given acquisition and refinancing activity.

Equity and other comprehensive income

Total equity declined to €589.1m from €643.0m a year earlier, driven by negative translation and valuation adjustments. Total comprehensive income for 2023 was €1.8m (2022: €81.8m), with significant exchange translation losses contributing to the swing.

Audit and key audit matters

The auditor (Deloitte) issued an unqualified opinion. Key audit matters highlighted were impairment testing of goodwill and intangible assets (goodwill at €802.7m), recoverability of deferred tax assets (€52.6m recognised; unrecognised tax losses noted), and provisions for tax and litigation.