Stronger seasonality impact in Q1 not affecting full-year outlook
Outstanding bolt-on M&A activity in Germany
Sustained momentum in underlying trends
Cergy, April 24th, 2026
Stronger seasonality impact in Q1 2026
- Q1 2026 revenue: €2,450.3 million, up +1.7% year-on-year at constant FX
- Organic growth of -0.9%, reflecting temporary weather-related disruptions in Germany and Central Europe; gradual catch-up expected over the coming quarters
- +2.7% contribution from 2025 bolt-on acquisitions
- Structural growth trends unaltered, supported by sustained momentum in Europe to strengthen energy sovereignty and advance the energy transition
Outstanding M&A activity in Germany and Central Europe
- Exceptional start to the year, with four transactions announced early 2026, representing approximately €667?million of annual revenue
- Major scale-up in Industrial Services in Germany, with agreements signed to acquire ROFA Industrial AG and SGS Industrial Services (combined annual revenue of
c. €610?million) - Continued expansion in Central Europe, with the acquisitions of Invizo in Slovakia and BLOCK Group in the Czech Republic, together contributing around €57?million of annual revenue and strengthening SPIE's position in high-value, technology-driven services
- Major scale-up in Industrial Services in Germany, with agreements signed to acquire ROFA Industrial AG and SGS Industrial Services (combined annual revenue of
- All transactions to be self-financed, while maintaining SPIE's disciplined leverage policy
- Well-diversified and active M&A pipeline, offering further high-quality opportunities fully aligned with SPIE's strategic priorities
Completion of anti-dilutive Share buy-back
- Between March 9th and March 19th, 2026, SPIE repurchased 1,250,000 of its own shares to partially offset the dilutive impact of the new shares issued under the SHARE FOR YOU 2025 employee shareholding plan and the Group's long-term incentive plan
- These shares have been cancelled on March 30th, 2026
2026 outlook confirmed
- Strong total growth, driven by further organic growth and active bolt-on M&A
- Continued expansion of EBITA margin
Gauthier Louette, Chairman & CEO, commented:
"On the M&A front, SPIE has made an exceptionally strong start to 2026, with outstanding bolt-on activity representing approximately €667 million of acquired annual revenue across our core geographies. In particular, our major scale-up in Industrial Services in Germany marks a significant step forward in the largest industrial services market in Europe. Organic growth was affected in the first weeks of the year by adverse weather conditions in Germany and Central Europe, but we will see a gradual catch-up over the upcoming quarters. Overall, structural trends remain fully intact and are even strengthening, as the current geopolitical crisis further highlights the urgent need for Europe to transition to low-carbon electricity. With a solid balance sheet, continued focus on operational excellence, and financial discipline, we reiterate our strong confidence in achieving our 2026 guidance."
