Slide 1: 2024 Full-Year Results
2024 Full-Year Results March 6th, 2025 SPIE, sharing a vision for the future
Slide 2: Disclaimer
Disclaimer Certain information included in this presentation are not historical facts but are forward-looking statements. These forward-looking statements are based on current beliefs, expectations and assumptions, including, without limitation, assumptions regarding present and future business stra
Slide 3: 2024 Highlights
2024 Highlights
Slide 4: Germany: SPIE installs world's first industrial-scale CCU facility for a cement plant
Germany: SPIE installs the world’s first industrial-scale CCU facility for a cement plant • In Germany, SPIE Industry Services (ex Robur) is installing the world’s first industrial-scale Carbon Capture and Utilisation (CCU) facility for the cement industry at Heidelberg Materials’ Lengfurt plant • C
Slide 5: France: SPIE uses drones for 5G infrastructure services
France: SPIE uses drones for 5G infrastructure services Increasing workplace safety, reducing carbon footprint [Photo] • SPIE CityNetworks in France using drones, combined with artificial intelligence, in 5G infrastructure project design and maintenance operations that typically involve accessing eq
Slide 6: The Netherlands: SPIE selected by TenneT to reinforce power grid
The Netherlands: SPIE selected by TenneT to reinforce the Zaanstreek and north Amsterdam power grid • Installation of a 150kV high-voltage substation in Oostzaan, for grid capacity expansion required by growing use of renewable energies in the Amsterdam area • TenneT will invest €60 bn to strength
Slide 7: Belgium: SPIE installs 100th electric charging station for De Lijn
Belgium: SPIE installs 100th electric charging station for public transport company De Lijn • Commissioning of the 100th electric charging station for busses by SPIE Belgium as part of longstanding collaboration with Flemish transport company De Lijn for the deployment of 300 electric charging point
Slide 8: An olympic year for SPIE
An olympic year for SPIE Breaking all records Strong EBITA Intense bolt-on margin M&A expansion €457m annual revenue Sustainability +50 bps to 7.2% Outstanding acquired leadership Double-digit Free cash flow revenue growth €570 m 49% of revenue +13.7% 122% cash aligned with EU conversion taxonomy 8
Slide 9: Outstanding performance across the board
Outstanding performance across the board Lifting revenue, earnings and cash generation to new heights Revenue Free cash flow Adjusted net income3 € 9,901m € 570m € 420m +13.7% Total growth vs. 2023 122% Conversion Cash +22.0% vs. 2023 +4.3% vs. 2023 1.6x Leverage €2.50 Organic growth ratio 1 at end
Slide 10: Another year of strong revenue growth
Another year of strong revenue growth Dynamic organic growth and intense bolt-on M&A 2024 Total growth at constant FX Germany +6.3% +26.7% +33.0% +1.4% France +1.7% +3.1% North-Western Europe +7.9% +2.6% +10.5% Central Europe -2.9% +0.4% -2.5% Global Services Energy +13.7% +10.1% +23.8% Group +4.3%
Slide 11: Intense bolt-on M&A activity
Intense bolt-on M&A activity Low-risk, high-return growth strategy at the core of SPIE’s model 8 Acquisitions in 2024 c. € 457m Cumulative annual revenue acquired Technical City Networks Industrial Nuclear Industrial Building Cloud ICT Facility Management and Grids Services Services Services Solutio
Slide 12: Strong margin expansion across all segments
Strong margin expansion across all segments Pricing power, operational excellence and accretive acquisitions +50 bps +90 bps +10 bps +40 bps +20 bps +120 bps 712 In €m 242 242 584 0 229 7.2% 7.5% 0 200 7.1% 6.7% 162 0 7.0% 125 150 0 107 6.6% 6.3% 5.9% 100 0 51 39 40 50 0 5.2% 36 0 5.0% 10.1% 8.9% 0
Slide 13: Germany
Germany Outstanding performance; now top contributor to Group’s earnings 33% of 2024 revenue Revenue & EBITA +33.0% total revenue growth, driven by intense bolt-on M&A and +6.3% organic growth 3,245.8 7.5% Massive investments from TSOs and DSOs to adapt the grid to the energy transition 6.6% 2,440
Slide 14: France
France Robust performance, continuous margin increase 34% of 2024 revenue Revenue & EBITA 3,279.3 3,380.9 Robust performance across all divisions highlighting strength of SPIE France’s offering 7.0% 7.1% Growth in Technical Facility Management and Building Solutions supported by: • Sustained deman
Slide 15: North-Western Europe
North-Western Europe Very strong performance in the Netherlands 20% of 2024 revenue Revenue & EBITA +10.5% revenue growth, topping the 2 billion euros mark in 2024 The Netherlands: 2,000.0 1,809.6 6.3% • Significant energy transition investments, fueling growth in High Voltage, Industry Services 5
Slide 16: Central Europe
Central Europe Strong performance in Poland and Austria, contract phasing impacts 8% of 2024 revenue Revenue & EBITA Poland: • High-Voltage activities benefiting from strong investments in grid 772.6 769.2 5.2% infrastructure and renewable energy production 5.0% • Short term: negative impact from
Slide 17: Global Services Energy
Global Services Energy Activity now firmly anchored at a high level 5% of 2024 revenue Revenue & EBITA +13.7% organic growth in 2024 10.1% Exceptionally high activity levels in H1 driven by major shutdown maintenance operation in 8.9% 504.9 West Africa 407.1 36.4 51.0 Q4: organic stabilisation (
Slide 18: Shareholding structure
Shareholding structure Success of SPIE’s 2024 employee shareholding plan SPIE is one of the 7 companies listed on the SBF 120 index whose employees are the first shareholder 9.6% >21,000 - 7.8% employee funds Employees participating from - 1.8% management 19 countries +25% vs. 2023 5.0% >5,000 Emplo
Slide 19: 2024 Financial Results
2024 Financial Results
Slide 20: Income statement highlights
Income statement highlights Outstanding financial performance in 2024 24/23 In millions of euros 2024 2023 Change Revenue 9,901 8,709 +13.7% Organic growth +4.3% +8.4% - Total growth +13.7% +7.6% - EBITA (incl. IFRS16) 712 584 +21.9% EBITA margin 7.2% 6.7% +50 bps Adjusted1 net income 420 344 +22.0%
Slide 21: +13.7% total revenue growth
+13.7% total revenue growth €m +13.7% +9.2% +0.2% n.a. 9,901 +4.3% 8,709 +13.5% Total growth at constant FX 2023 Organic growth Acquisitions FX Disposals 2024 21
Slide 22: Organic revenue growth rebounded in Q4
Organic revenue growth rebounded in Q4 Group organic revenue growth 6,2% 6.2% 5,8% 5,4% 5.8% 5.4% FY24: +4.3% 4.2% 4,2% 3.0% 3,0% 1,7% 1.7% Q1 2024 Q2 2024 H1 2024 Q3 2024 Q4 2024 H2 2024 22
Slide 23: Adjusted net income: +22%
Adjusted net income: +22% Increasing in line with EBITA 24/23 In millions of euros 2024 2023 Change EBITA 712.1 584.2 +21.9% Net Interest (87.2) (73.4) +18.8% Other financial charges1 (30.0) (30.8) -2.5% Adjusted profit before tax 594.9 480.0 +23.9% Adjusted income tax (173.3) (135.2) +28.2% Normati
Slide 24: Reported net income: +14.5%
Reported net income: +14.5% 24/23 In millions of euros 2024 2023 Change Adjusted net income (Group share) 419.8 344.0 +22.0% Amortisation of allocated goodwill1 (105.1) (78.1) +34.6% Integration costs (4.8) (2.0) +138.2% Change in fair value and amortisation cost of the (23.6) (0.5) - ORNANE derivat
Slide 25: Structurally highly negative working capital
Structurally highly negative working capital Best-in-class working capital management Working capital in days of revenue COVID-19 €(1000)m €(884)m Balance sheet amount of working capital at year-end €(813)m €(834)m €(824)m €(665)m €(588)m (45) €(458)m (8) (43) €(386)m €(391)m (37) (38) (37) (36) (32
Slide 26: Outstanding cash conversion leading to all-time high Free cash flow
Outstanding cash conversion leading to all-time high Free cash flow €m, excluding IFRS 16 Free Cash Flow1 % Cash conversion2 570 COVID-19 427 323 315 296 288 285 268 234 139% 178 122% 122% 116% 109% 100% 105% 102% 101% cash 98% 97% conversion 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 Notes:
Slide 27: Limited increase in net debt
Limited increase in net debt Despite exceptional M&A investment €m Free Cash Flow: €570m Operating Cash Flow: €852m (1262) (145) +42 (5) (920) 122% cash conversion (930) (793) +701 (38) (244) +75 (81) +157 Dec. 2023 EBITA D&A Net Change Taxes Others2 Acquisitions Dividend Empl. FX impact Dec. 2024 N
Slide 28: Leverage kept as low as 1.6x
Leverage kept as low as 1.6x Balance sheet remains very strong Group leverage ratio Ratio of net debt at end December to pro forma EBITDA, excluding IFRS 16 SAG acquisition 3.3x 3.0x 2.6x 2.7x 2.3x 2.4x 1.8x 1.6x 1.6x 1.2x 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 28
Slide 29: Sound financial profile
Sound financial profile Well-diversified debt structure, attractive financing conditions Debt profile & maturities (in m€) Very attractive financing Liquidity as of Dec. 2024 conditions €1,645m c. 3.4% €645m net cash Weighted cost of gross debt €1,000m undrawn RCF 600 600 1,0003 Based on drawn Group
Slide 30: Recommended dividend: €1.00 per share, up +20.5%
Recommended dividend: €1.00 per share, up +20.5% In € per share Of which: Sustained dividend growth 1,00 1.0 €0.25 €0.75 0.83 COVID-19 0.73 0.58 0.60 0.56 0.53 0.50 0.44 interim dividend to be paid on paid in May 16th, 2025 0.17 ex date: Sept. 2024 May 14th , 2025 2015 2016 2017 2018 2019 2020 2021
Slide 31: Sustainability
Sustainability
Slide 32: Sustainability at the core of our business
Sustainability at the core of our business 2024 performance Climate change mitigation Green share Carbon footprint reduction People EU Taxonomy Scope Workplace Gender Scope 3 aligned 1&2 safety diversity revenue 49% -21% 1 58% = +24% in 2024 in 2024 vs 20192 in 20242 in 2024 vs 20192 increase in 202
Slide 33: SPIE, a key enabler for energy transition
SPIE, a key enabler for energy transition 2024 EU taxonomy-aligned revenue 2024 EU taxonomy-aligned revenue SHIFT ENERGY LOW CARBON IN ENERGY MIX EFFICIENCY MOBILITY Total 22% 25% 2% 49% (vs. 48% in 2023) (vs. 21% in 2023) (vs. 24% in 2023) (vs. 3% in 2023) 33
Slide 34: Valuing our people
Valuing our people Strong ability to recruit and integrate Strong ability to retain In 2024 In 2024 c.6,800 c.1,500 6.6% Recruitments1 New apprentices Voluntary turnover (vs. 7% in 2023) c.4,000 SPIE’s Promoting From bolt-on acquisitions in 20241 entrepreneurial mindset equality & diversity Employee
Slide 35: 2025 Outlook
2025 Outlook
Slide 36: 2025: looking at another year of strong financial performance
2025: looking at another year of strong financial performance 2025 outlook Strong total growth, pushing Continued expansion Proposed dividend Group revenue well above the of EBITA margin at c.40% of Adjusted net income1 €10bn mark attributable to the Group Further organic growth Active bolt-on M
Slide 37: SPIE's 2025 Investor Day
SPIE’s 2025 Investor Day March 7th, 2025 – 9.00-12.00 CET Aero Club De France, 6 Rue Galilée, 75116 Paris, France investors@spie.com 37
Slide 38: Financial schedule
IR contact details IR SPIE 2022 Investor Day SPIE 2021 Investor Day @SPIE IR application Focus on MT perspectives Focus on ESG Available for iPad, iPhone Replay available here Replay available here and Android devices Investor Relations investors@spie.com Financial schedule 2025 Investor Day March 7
Slide 39: Appendix
aa x il ae Mi in a “7 2 ‘_— ~ Ss Appendix SPIE
Slide 40: How SPIE managed to offset inflation in the last years
How SPIE managed to offset inflation in the last 2 years A proven pricing power and initiatives PRICING LEVERS & INITIATIVES PROVEN PRICING POWER Indexation clauses in all our contracts The quality of execution Very short cycles of our activities The mission critical nature and shorter validity of o
Slide 41: Revenue and EBITA
Revenue and EBITA REVENUE 2024 Q1 2024 Q2 2024 H1 2024 Q3 2024 9m 2024 Q4 2024 FY 2024 France (including Nuclear services) 819.9 829.5 1,649.5 791.8 2,441.3 939.6 3,380.9 Germany 621.0 838.2 1,459.2 866.7 2,325.9 919.9 3,245.8 North-Western Europe 472.4 481.7 954.0 482.8 1,436.8 563.1 2,000.0 Centra
Slide 42: Quarterly organic growth by segment
Quarterly organic growth by segment Q1 2024 Q2 2024 H1 2024 Q3 2024 9m 2024 Q4 2024 FY 2024 France +2.2% +2.1% +2.1% +0.4% +1.5% +0.9% +1.4% Germany +4.1% +7.8% +6.0% +5.7% +5.9% +7.4% +6.3% Central Europe +3.2% +3.3% +3.2% -10.7% -1.6% -6.0% -2.9% North-Western Europe +10.0% +6.8% +8.3% +2.9% +6.4%
Slide 43: Consolidated income statement
Consolidated income statement In millions of euros 2024 2023 Revenue 9,919.7 8,725.4 Other income 89.7 88.9 Operating expenses (9,463.9) (8,335.0) Recurring operating income 545.5 479.2 Other operating expenses (36.7) (28.7) Other operating income 40.2 10.0 Operating income 548.9 460.6 Net income (l
Slide 44: Consolidated statement of financial position
Consolidated statement of financial position Dec 31st, In millions of euros Dec 31st, 2024 In millions of euros Dec 31st, 2024 Dec 31st, 2023 2023 Non-current assets Equity Share capital 79.3 78.2 Intangible assets 1,246.4 1,028.9 Share premium 1,362.0 1,319.4 Goodwill 4,179.2 3,504.7 Consolidated r
Slide 45: Consolidated cash flow statement
Consolidated cash flow statement In millions of euros 2024 2023 CASH AND CASH EQUIVALENTS AT BEGINNING OF THE PERIOD 1,113.6 1,181.8 Operating activities Net income 275.0 239.3 Loss from companies accounted for under the equity method (0.5) (1.0) Depreciation, amortization, and provisions 362.0 295.
Slide 46: Income statement bridges
Income statement bridges Reconciliation between revenue (as per management accounts) and Reconciliation between EBITA and operating income revenue under IFRS In millions of euros 2024 2023 In millions of euros 2024 2023 Revenue (as per management accounts) 9,900.9 8,709.0 EBITA 712.1 584.2 Holding a
Slide 47: Net debt and leverage
Net debt and leverage In millions of euros Dec 31st, 2024 Dec 31st, 2023 Loans and borrowings as per balance sheet 2,800.0 2,549.8 Debt on operating and financial leases – continued activities (583.7) (453.2) Capitalised borrowing costs 9.3 10.2 Amortisation costs of the convertible bond (ORNANE) de
Slide 48: Cash-flow statement – Management accounts
Cash-flow statement – Management accounts 2024 2024 IFRS 16 2023 IFRS 16 2023 excl. incl. In millions of euros impacts excl. IFRS 16 impacts incl. IFRS 16 IFRS 16 IFRS 16 EBITA 700.9 11.2 712.1 575.5 8.8 584.2 Depreciation 75.0 186.1 261.1 55.7 152.5 208.2 Capex (81.0) - (81.0) (53.9) - (53.9) Chang
Slide 49: Financing conditions (1/3) – cost of bank debt facilities
Financing conditions (1/3) – cost of bank debt facilities Cost of bank debt facilities The table below presents the costs of the bank facilities put in place in October 2022 (€600 million term loan). These costs are margins added to EURIBOR (or any other applicable base rate with a floor at zero per
Slide 50: Financing conditions (2/3) – ORNANE
Financing conditions (2/3) – ORNANE Detailed characteristics of the ORNANE convertible bonds SPIE issued Sustainability-linked bonds settled in cash and/or convertible into new shares and/or exchangeable for existing shares (« ORNANE »), for an amount of €400 million and bear interest at an annual r
Slide 51: Financing conditions (3/3) – Securitisation program
Financing conditions (3/3) – Securitisation program Characteristics of the securitisation program The securitisation program established in 2007 with a maturity at June 2023, has been renewed under the conditions below: • The Securitisation program will run for four years until June 2027 (except in