High-quality performance with outstanding cash generation
Upgraded mid-term margin target
Governance evolution, ensuring smooth transition and full strategic continuity
Cergy, March 6th, 2026
Record profitability and solid revenue growth, pushing revenue well above the €10 bn mark
- Revenue: €10,380 million, up +4.8% vs. 2024, including +3.2% growth from acquisitions and +2.0% organic growth, with Germany confirmed as the Group's primary growth driver (+5.3%), well supported by North-Western Europe (+4.3%)
- EBITA increased sharply by 11.4% to €793 million, with the margin reaching a record 7.6% (+40 bps), driven by pricing power, selectivity, operational excellence and accretive acquisitions
- Adjusted net income1: €458 million (+9% vs. 2024)
- Recommended dividend: €1.08 per share2, up 8%
Another year of outstanding free cash flow
- €524 million of free cash flow and 108% cash conversion, significantly above the 100% target, underpinned by best-in-class working capital management ((34) days of revenue) evidencing once again the Group's highly cash-generative profile
- Very strong balance sheet and further deleveraging down to 1.3x3
Sustained bolt-on M&A momentum through 2025 and very dynamic start to 2026
- 9 bolt-on acquisitions announced in 2025, adding c. €347 million of annual revenue
- 2 transactions announced in early 2026, including the signing of an agreement to acquire ROFA Industrial AG, a strategic step up in Industrial Services in Germany (c. €430 million in annual revenue, high-single digit EBITA margin profile)
- A healthy and well-diversified pipeline of further opportunities
Reaffirming leadership in sustainability
- Full achievement of our 2025 environmental objectives, including several overachievements
- Ambitious new 2030 sustainability roadmap, raising environmental and social targets
2026 outlook
- Strong total growth, driven by further organic growth and active bolt-on M&A
- Continued expansion of EBITA margin
Mid-term EBITA margin target raised to reach 8% by 2028
- Revenue is expected to grow at an average annual rate of 7% to 9%, including organic growth of 3% to 4% per year on average over the 2025-2028 period
(Unchanged)
- EBITA margin is expected to expand further to reach 8% by 2028, resulting in EBITA surpassing €1 billion by the end of the period
(Previously: EBITA margin is expected to expand further and reach at least 7.7% by 2028, resulting in EBITA surpassing the €1 billion mark by the end of the period)
- The Group expects to generate cumulative free cash flow in excess of €2 billion over the 2025-2028 period (based on 100% cash conversion)
(Unchanged)
Governance evolution ensuring smooth transition and full strategic continuity
- Gauthier Louette announced that he will not seek the renewal of his mandates as Chairman and CEO at the end of his term in April 2026, pursuant with the age limit set out in SPIE's by-laws.
- The Board of Directors has decided to adopt a new governance structure with a separation of the functions of Chairman of the Board of Directors and Chief Executive Officer.
- In accordance with the succession plan, the Board has unanimously decided to appoint Markus Holzke, currently CEO of SPIE Germany, Switzerland and Austria, as Chief Executive Officer of SPIE and Mr. Patrick Jeantet as non-executive Chairman of the Board, with effect following the annual general shareholders meeting to be held on 30 April 2026.
- It will also propose the appointment of Markus Holzke as a Director at the coming annual general shareholders meeting.
- The Board expresses its deep gratitude for Gauthier Louette's nearly 23 years of tenure and looks forward to working with Markus Holzke.
Please refer to the dedicated press release.
Gauthier Louette, Chairman & CEO, commented: "SPIE delivered another high-quality performance in 2025, combining record profitability with solid revenue growth, despite a demanding geopolitical and macroeconomic environment. Germany reaffirmed its position as our main growth engine, with North-Western Europe also contributing meaningfully, while France continued to demonstrate steady operational efficiency and financial performance.
Our unwavering focus on selectivity and financial discipline translated into a sharp increase in EBITA, with our already best in class margin reaching a record 7.6%. Free cash flow was once again outstanding. We also continued to consolidate our presence in attractive markets, closing the year with nine acquisitions.
With half of our revenue now aligned with the EU Taxonomy, we have further cemented our role as a key enabler and a driving force of Europe's energy transition.
Supported by the strength of our business model and the vast long-term opportunities in our markets, we enter 2026 with confidence. This sustained momentum empowers us to lift our mid-term margin target to reach 8% by 2028. The year is already off to a strong start on the M&A front, marked by a strategic step up of our industrial services activities in Germany-
After more than 40 years with SPIE, I will leave the company with profound respect and gratitude for our employees, whose remarkable competence and commitment have shaped its success. I am very pleased that the Board has chosen Markus Holzke as new CEO. He embodies SPIE's values and long-term vision, and his superb track-record within the Group - from joining through an acquisition to leading our largest region - is a clear illustration of his outstanding commitment and leadership. With the strong support of the Executive Committee, I am absolutely confident that Markus will drive SPIE to new heights."
1 Adjusted for i) operating income items restated from the Group's EBITA, ii) the change in fair value and amortisation costs of derivative related to the ORNANE, and iii) the corresponding normative tax income adjustment
2 Subject to shareholders' approval at the next Annual General Meeting on April 30th, 2026
3 Leverage ratio at the end of December 2025, excluding IFRS 16 and based on pro forma EBITDA (including full year contribution from acquisitions and excluding minorities)
