SPIE SA: SPIE - 2026 Half-Year results

Very strong first-half performance

Further margin expansion and excellent M&A strategy execution

Cergy, July 30^th, 2026

Very strong H1 2026 results confirming Q2 organic growth rebound and further margin expansion

• • Revenue: €5,156.6m, up +3.6% vs. H1 2025, including +2.7% growth from acquisitions and +1.2% organic growth
  • Organic growth rebounded to +3.1% in Q2, confirming the expected gradual catch-up following the adverse seasonality impacts experienced in Q1
  • Further EBITA margin expansion: +20 bps to 6.2% in H1 2026
  • EBITA up +6.9% to €321.4 m
  • Adjusted net income¹: €186.5 m (+11.9% vs. H1 2025)

Dynamic bolt-on M&A activity

• • Five bolt-on acquisitions announced to date, representing approximately €670 million of annual revenue
  • Major scale-up in German Industrial Services through ROFA and SGS, complemented by targeted bolt-on acquisitions in Central Europe
  • Active and well-diversified pipeline across highly fragmented markets

Investment Grade rating achieved with Fitch and strong financial discipline maintained

• • Fitch upgraded SPIE's long-term credit rating to Investment Grade (BBB-, Stable Outlook) in April 2026
  • Successful €600 million sustainability-linked bond issuance in May 2026 (5-year maturity / 3.875% coupon), maintaining high liquidity and extending debt maturity profile to 2031
  • Outstanding operating cash flow supporting a limited +0.2x increase of the leverage ratio at end June 2026 compared to end June 2025, driven by self-financed M&A
  • Anti-dilutive share buy-back implemented in Q1 for €59 million
  • Detachment of the 2025 final dividend of €0.78 per share in May 2026 and of an interim cash dividend of €0.32 per share on September 15^th, 2026

2026 outlook confirmed

• • Strong total growth, driven by further organic growth and active bolt-on M&A
  • Continued expansion of EBITA margin

Markus Holzke, CEO, commented: "SPIE delivered a very strong first-half performance, marked by the anticipated rebound in organic growth in the second quarter, further margin expansion and dynamic bolt-on M&A activity, notably through the expansion of our industrial services platform in Germany. Outstanding cash generation and financial discipline enabled us to sustain our acquisition strategy while maintaining a solid balance sheet, as reflected in the recent achievement of Investment Grade status with Fitch. These results highlight the strength of our business model and quality of its execution across the Group as well as our ability to capture the opportunities created by Europe's accelerating drive towards both energy and digital sovereignty. We are therefore fully confident in achieving our 2026 objectives and continuing to create long-term value."

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