2023 Q2 Revenue Report

Grand Duchy of Luxembourg, LUXEMBOURG

  • Revenue for the second quarter of 2023 up +18.8% to €263.4 million, accelerating compared to the first quarter
  • Revenue for the first six months of 2023 up +16.7% to €518.7 million
  • Confirmation of the group’s excellent momentum in the Benelux and “Other Countries”
  • Confirmation of double-digit growth, the group expects to surpass the symbolic €1 billion milestone by the end of 2023
  • Confirmation of long-term outlook for sustained growth
In millions of eurosH1Q2
20232022% change20232022% change
From France199.4221.9-10.1%97.8105.2-7.1%
From Benelux179.998.5+82.7%97.151.8+87.7%
From Other Countries139.3124.0+12.3%68.564.8+5.8%

62% of group revenue generated outside of France

Consolidated revenue

Growth accelerated during the second quarter of 2023, with consolidated revenue of €263.4 million, representing an exclusively organic increase of 18.8% compared to the same period in 2022.

Solutions 30’s consolidated half-year revenue for 2023 amounted to €518.7 million, up +16.7% (+16.65% on an organic basis).

This excellent performance was driven by particularly robust growth in the Benelux, Poland, and the United Kingdom. It puts the group on target to exceed the symbolic milestone of €1 billion in revenue before the end of 2023.

Revenue by region

In France, second-quarter revenue in 2023 amounted to €97.8 million compared to €105.2 million a year earlier, a more modest decline when comparing with the first quarter.

Connectivity Solutions generated revenue of €69.7 million, down 7% compared to the second quarter of 2022, as the market overall remains under pressure. The group has gained market share with its biggest customer, and as expected, revenue from this service provider is growing. However, this increase has not compensated for the overall slowdown in this market segment. Furthermore, the price reductions applied by some customers in 2022 have only been partially offset by negotiating price increases to adjust for inflation.

The market now seems to be stabilizing with a volume of between 800,000 and 900,000 new subscribers per quarter, down compared to 2021 when this business peaked during the pandemic (950,000 to 1,150,000 new subscribers per quarter). The number of fiber subscribers reached 19 million by the end of March 2023, out of 34 million premises currently eligible for fiber.

Revenue from Energy Solutions amounted to €9.8 million compared to €12.9 million the previous year, down 24%. This business remains impacted by the end of smart meter deployments in France, which only contributed revenue of €1.8 million over the period. The deployment pace of new activities—mainly related to B2B2C renewable energies and electric mobility—is still irregular which is typical during the start-up phase, as customers adjust their business model and operational processes. This has overshadowed the otherwise good performance of the B2B photovoltaic business. Efforts to strengthen the group’s ability to execute in this sector and to expand its offerings are bearing fruit, as shown by the upward trajectory of both sales and invoicing. The acquisition of ELEC ENR announced today is strategic for Solutions30 as it will give the group total coverage of France and a base of operations in the northeast. This part of the country is experiencing strong growth in the deployment of photovoltaic power plants, given the availability and accessibility of land. ELEC ENR’s recognized operational capabilities and quality management chain helped it reach €5.6 million in revenue by the end of 2022, in a region where Solutions30 has already signed €10 million worth of projects. 

Finally, Technology Solutions posted revenue of €18.3 million, up 4% over the quarter, driven by the increase in payment solution and security system installations, as well as related maintenance.

Over the first six months of the year, revenue in France is down 10.1% to €199.4 million.

In the Benelux, revenue in the second quarter of 2023 amounted to €97.1 million compared to €51.8 million a year earlier, representing organic growth of 87.7%.

Revenue from Connectivity Solutions more than doubled to reach €77.8 million during the quarter, compared to €37.4 million in the second quarter of 2022. This very strong growth is essentially due to the rapid roll-out of fiber optics across the country and the group’s ability to keep up with much faster installation schedules than anticipated.

Revenue from Energy Solutions was up 43% to €14.6 million, compared with €10.2 million a year earlier. This business is driven by the ongoing deployment of smart meters in Flanders and the start of new contracts related to new energies, electric mobility, and smart grids.

Lastly, Technology Solutions posted revenue of €4.7 million, up 14%.

Over the entire first half of 2023, revenue rose by 82.7% to €179.9 million.

In all other countries, the group posted quarterly revenue of €68.5 million, compared to €64.8 million a year earlier, representing purely organic growth of 5.8%.

In Germany, revenue amounted to €14.5 million compared to €15.1 million a year earlier. Fiber-optic deployments are expected to start in the second half of the year.

In Italy, revenue amounted to €17.1 million in the second quarter of 2023, compared to €18.4 million one year earlier. The conditions under which ultra-fast broadband infrastructure deployments are being executed have deteriorated in recent months due to the national service provider’s recurring operational difficulties. The entire sector has been affected, and Solutions30 has decided to slow down the pace of call-outs until the situation returns to normal and a more efficient way of operating has been found, in agreement with its various partners.

On the Iberian Peninsula, revenue amounted to €14.3 million compared to €14.5 million a year earlier. This market is generally stable, and the group is reorganizing its offering to focus on its most profitable businesses.

In Poland, revenue amounted to €12.2 million, up an impressive 51%. The country continues to benefit from market share gains, in both fixed and mobile networks.

Finally, in the United Kingdom, Solutions30 posted quarterly revenue of €10.5 million, up 21%, reflecting FTTH deployments in Greater London.

In all these countries, the group posted revenue of €139.3 million for the first half of 2023, an increase of 12.3% (12.25% organic growth) compared to the first half of 2022.


The solid performance of the first six months confirms the group’s objective of double-digit growth in 2023 and that it is on target to exceed €1 billion in revenue before the end of the year.

Meanwhile, the group continues to work on improving its margins, the effects of which will become apparent during the first half of the year. In France, operational and organizational efforts to restore margins and improve conditions for certain telecoms contracts are beginning to bear fruit. In the Benelux, strong growth and rapid ramp-ups could temporarily weigh on the EBITDA margin (EBITDA/Revenue), but this margin will remain above 10%. Lastly, the situation in Italy will have an impact on EBITDA margins for other countries in the first half of the year, but the group-wide impact will be limited. In this context, the group confirms that its margins will gradually improve throughout the year, with a significantly higher consolidated EBITDA margin for the first half of the year compared with the second half of 2022.

The group intends to pursue its strategy of focusing on organic growth to achieve a critical mass everywhere it operates, while working to improve profitability. The group will leverage the scale effects it expects from its booming markets, returning to dynamic and profitable growth over the long term. As illustrated by the acquisition of ELEC ENR, the group is open to external growth opportunities that will expand its coverage or complement its expertise in high-potential markets.

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2023 HY Earnings Report                                                                                                   September 21, 2023

About Solutions30 SE

The Solutions30 group is the European leader in solutions for new technologies. Its mission is to make the technological developments that are transforming our daily lives accessible to everyone, individuals and businesses alike. Yesterday, it was computers and the Internet. Today, it’s digital technology. Tomorrow, it will be technologies that make the world even more interconnected in real time. With more than 65 million call-outs carried out since it was founded and a network of more than 15,000 local technicians, Solutions30 currently covers all of France, Italy, Germany, the Netherlands, Belgium, Luxembourg, the Iberian Peninsula, the United Kingdom, and Poland. The share capital of Solutions30 SE consists of 107,127,984 shares, equal to the number of theoretical votes that can be exercised.
Solutions30 SE is listed on the Euronext Paris exchange (ISIN FR0013379484- code S30). Indexes: MSCI Europe ex-UK Small Cap | SBF 120 | CAC Mid 60 | NEXT 150 | CAC Technology | CAC PME.
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