Oddo BHF maintains its Outperform rating and price target of 77 euros on the stock following the publication of 2025 results.
Based on previously reported annual revenue of 3,372.0 million euros, EBITDA came in at 145.3 million euros (matching estimates), compared to 149.1 million euros previously. This represents a 2.5% decline, resulting in a margin of 4.3% (in line with estimates) versus 4.8% (-50 bps).
Oddo BHF indicates that these results are perfectly in line with its expectations.
"The 2025 fiscal year was characterized by an inflection point at year-end, with a return to organic growth of +2% in the fourth quarter, compared to -0.2% for the full year," the research firm highlighted.
According to Oddo BHF, the main variance from its estimates stems from the recognition of 26.1 million euros in impairment charges related to U.S. entities due to underperformance.
"Regarding the outlook, management remains cautious and has not provided guidance. However, they confirmed an improvement in demand across temporary staffing markets in Europe and the USA," the analyst noted.
For 2026, Oddo BHF has factored in a return to stronger organic momentum of +2% and projected a stable EBITDA margin of 4.3%, leading to an expected EBITDA of 149 million euros (+2.5%).
Groupe CRIT specializes in temporary work services. The group also provides airport assistance. Net sales break down by activity as follows:
- temporary work services (86.3%): intended for industry, services and building and civil engineering works. At the end of 2025, the group had a network of 800 branches located primarily in France (475);
- airport assistance (13.7%): assistance for aircraft (towing, luggage loading and unloading, fuel and other supplies, etc.), for passengers (registration, security, and luggage handling), and for traffic (flight plan establishment, load control, etc.).
Net sales are distributed geographically as follows: France (55%), Italy (24.5%), the United States (6.4%), Spain and Portugal (4.6%), Switzerland (4.1%), the United Kingdom (2.3%), Africa (2.2%) and other (0.9%).
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