Consistent delivery of SPIE's growth model
Yet another margin step-up: 2025 outlook firmed up
Solid first-half results combining 40 bps margin step-up and 5.8% revenue growth
- Revenue: €4,979m, up +5.8% vs. H1 2024, including +3.8% growth from acquisitions and +2.4% organic growth
- Sequential improvement in organic growth: +2.6% in Q2, after +2.1% in Q1
- Another step-up in EBITA margin: +40 bps to 6.0% in H1 2025
- EBITA up +13.2% to €301m
- Adjusted net income: €166.6m (+5.7% vs. H1 2024)
Sustained bolt-on M&A activity, reinforcing leadership in attractive markets
- 3 bolt-on acquisitions signed in 2025 to date, representing €96 million in annual revenue
- Further expansion into attractive Polish Building Solutions market and high-growth fiber optic services in Switzerland
- Robust pipeline on highly fragmented markets
Strong financial structure, highly cash-generative model
- Leverage significantly reduced to 1.9x at end June 2025 from 2.4x at end June 2024 supported by outstanding working capital performance
- Successful €600 million sustainability-linked bond issuance in May 2025 (5-year maturity/ 3.75% coupon), reflecting SPIE's strong credit quality
- Anti-dilutive share buy-back implemented in Q1 for €39 million
- Interim cash dividend of €0.30 per share, i.e. 30% of the approved dividend for 2024, on September 18th, 2025
2025 margin outlook firmed up
- Strong total growth pushing revenue well above the €10 billion mark, including further organic growth and active bolt-on M&A
- Continued expansion of EBITA margin to at least 7.6%
Gauthier Louette, Chairman & CEO, commented: "SPIE's first-half results confirm the strengths of our model, the relevance of our strategy and the quality of our execution. Energy transition and digital transformation are firmly anchored as lasting growth drivers across our markets, allowing us to confidently navigate the current geopolitical and macroeconomic uncertainty. Thanks to our core focus on margin and financial discipline, we delivered once again a double-digit increase in EBITA. We kept a steady course in terms of bolt-on M&A, with all integration processes progressing well and three new acquisitions, focused on high-growth sectors. With rock-solid fundamentals, enhanced profitability and a disciplined approach to growth, SPIE is on track to meet its firmed-up 2025 targets and to continue creating long-term value."
About SPIE
SPIE is the independent European leader in multi-technical services in the areas of energy and communications. The Group's 55,000 employees are committed to the decarbonisation of the economy, supporting the energy transition and responsible digital transformation.
SPIE Group achieved in 2024 consolidated revenue of €9.9 billion and consolidated EBITA of €712 million.
www.spie.com
