Announcement • Jun 10
Paprec France SA completed the acquisition of an additional 30.64% stake in Groupe Pizzorno Environnement (ENXTPA:GPE). Paprec France SA entered into agreement to acquire an additional 30.64% stake in Groupe Pizzorno Environnement (ENXTPA:GPE) for €76.6 million on February 9, 2026. A cash consideration of €76.6 million valued at €62.5 per share will be paid by Paprec France SA. As part of consideration, €76.6 million is paid towards common equity of Groupe Pizzorno Environnement. Upon completion, Paprec France SA will own 50.64% stake in Groupe Pizzorno Environnement.
The transaction is subject to subject to antitrust regulations.
Paprec France SA completed the acquisition of an additional 30.64% stake in Groupe Pizzorno Environnement (ENXTPA:GPE) on June 9, 2026. The transaction received approval from French Competition Authority on June 4, 2026. Acting in concert with Paprec, the Pizzorno-Devalle family retains a direct stake of 21.18% of the share capital and 30% of the voting rights, thereby becoming the Company’s second-largest shareholder and remaining fully committed alongside Paprec. As a result of the completion of Paprec’s acquisition and the entry into force of the new shareholders’ agreement, the composition of PIZZORNO Environnement’s Board of Directors has been amended as follows: The Board now includes six members appointed upon Paprec’s proposal, two representatives of the Pizzorno-Devalle family (currently Magali Devalle and Frédéric Devalle), two independent directors (Reynald Gorini and Chatti-Gautier), and one employee representative director. Magali Devalle has stepped down as Chairwoman of the Board and has been appointed Vice-Chairwoman, while Frédéric Devalle remains Chief Executive Officer. The Pizzorno-Devalle family will retain these positions as long as it holds at least 7.5% of PIZZORNO Environnement’s share capital or voting rights. It is specified that a Deputy Chief Executive Officer will be appointed at a later date upon Paprec’s proposal. With the agreement of the Pizzorno-Devalle family, Mathieu Petithuguenin was appointed Chairman of the Board of Directors of PIZZORNO Environnement on June 9, 2026. In accordance with applicable regulations, Paprec will shortly file with the French Financial Markets Authority (Autorité des marchés financiers) a mandatory simplified tender offer for all PIZZORNO Environnement shares not already held, directly or indirectly, by Paprec or the concert parties. The offer price will be €62.5 per share. Announcement • May 21
Groupe Pizzorno Environnement, Annual General Meeting, Jun 25, 2026 Groupe Pizzorno Environnement, Annual General Meeting, Jun 25, 2026. Location: 109 rue jean aicard, draguignan France Reported Earnings • May 18
Full year 2025 earnings: EPS and revenues miss analyst expectations Full year 2025 results: EPS: €6.08 (up from €3.62 in FY 2024). Revenue: €277.2m (up 1.5% from FY 2024). Net income: €23.5m (up 68% from FY 2024). Profit margin: 8.5% (up from 5.1% in FY 2024). The increase in margin was primarily driven by lower expenses. Revenue missed analyst estimates by 1.7%. Earnings per share (EPS) also missed analyst estimates by 5.5%. Revenue is forecast to grow 2.4% p.a. on average during the next 2 years, compared to a 4.7% growth forecast for the Commercial Services industry in France. Over the last 3 years on average, earnings per share has increased by 6% per year whereas the company’s share price has increased by 8% per year. 
