Compagnie de l’Odet revenue jumps 53% to €936 million in third quarter
Key Facts
Compagnie de l’Odet reported third-quarter 2026 revenue of €936 million, up 53% organically excluding changes in consolidation scope and exchange rates, according to its financial statement published on October 23. The surge was driven mainly by energy, as Bolloré Energy revenue rose with higher petroleum product prices. But the company’s sales volumes fell during the period, showing that revenue growth did not come from a comparable expansion in sales volumes. In the first nine months of the year, group revenue reached €2.58 billion, up 21% organically. That gives a broader picture than the quarter, as the performance of other businesses varied between modest growth, stability and decline.
Bolloré Energy generated revenue of €851 million in the third quarter, up 61% organically, despite a 9% decline in sales volumes. The company attributed the performance to “the general increase in petroleum product prices.” The divergence between revenue and volumes reflects the extent to which business growth during the period relied on prices rather than higher sales volumes. Over the first nine months, the unit generated revenue of €2.318 billion, up 24%, while sales volumes fell 11%. The company linked the increase in revenue over the period to the general backdrop of rising prices associated with the conflict in the Middle East.
Energy growth in the quarter was faster than in the first half, when Bolloré Energy reported revenue of €1.467 billion, up 9%, as sales volumes fell 10%. The company said at the time that higher prices were linked to the conflict in the Middle East. At group level, first-half revenue rose to €1.644 billion from €1.547 billion in the corresponding period of 2025, while growth on a constant consolidation scope and exchange-rate basis was 8%. Comparing these figures with the nine-month results shows that third-quarter growth lifted the group’s organic growth rate to 21%. Energy was the main driver of the improvement, while sales volumes continued to decline.
In the industry sector, third-quarter revenue was €76 million, up 4%, supported by growth in systems activities, particularly Automatics System, according to the statement. Performance was uneven across businesses, however, with the company reporting a decline in Blue. In the first nine months, industry revenue was €232 million, up 2% organically, driven by higher revenue from films and systems despite a decline in Blue, particularly Bluebus. Industry growth was therefore much slower than the increase recorded by Bolloré Energy in the quarter. The figures show that growth across the group did not extend to all its businesses at the same pace.
Other activities generated revenue of €9 million in the third quarter and remained stable, with property revenue improving. The statement also cited a negative overall impact of €17 million related to Ovrsea’s exit from the consolidation scope. Changes in consolidation scope are separate from the 53% organic growth rate, which measures revenue on a constant-scope and exchange-rate basis. The impact did not prevent other activities from recording stable revenue during the quarter, according to the company. This highlights the importance of distinguishing between organic revenue trends and the impact of changes in the companies included in consolidated accounts.
In a financial update ahead of the results, the company said its board had decided to pay an exceptional interim dividend of €2.5 billion on September 29, 2026, following an exceptional distribution of €4.2 billion from Bolloré SE in June. The company reported the move in its first-half results published in September. In trading, ODET.PA shares closed at €960 on October 22, after closing at €979 the previous day, according to EL7 data. The company’s official website had listed October 23 as the date for publication of its third-quarter financial information, the date the statement was released. The results presented a picture combining strong revenue growth, a main driver based on prices, and a decline in energy sales volumes.