Spie Sa · EURONEXT:SPIE
Spie Sa — Spie Sa Ord — H1 2025 Earnings Presentation
42 slides from Spie Sa's earnings presentation, Jul 31, 2025
Slide 1: 2025 Half-Year Results
2025 Half-Year Results July 31st, 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: Germany: technical services for a new data centre in Frankfurt
Germany: delivering comprehensive technical services for a new data centre in Frankfurt • SPIE managing full scope of technical installations including HVAC, electrical systems, fire protection, and building management for the new FRA03 data centre near Frankfurt • 16 MW facility designed to maximis
Slide 4: The Netherlands: battery system at Volvo's HQ
The Netherlands: SPIE installed a 500 kWh battery system at Volvo’s HQ to support photovoltaic EV charging • Installation of a 500 kWh modular battery system to manage peak loads and support photovoltaic EV charging at Volvo’s headquarters in Beesd • The system eliminates grid bottlenecks by ensurin
Slide 5: Poland: technical equipment in an industrial complex near Łódź
Poland: installation of technical equipment in an industrial complex near Łódź • Two SPIE Polish subsidiaries (o/w Elektromontaż Poznań) have successfully completed the installation of mechanical and electrical systems at a new 110,000 m² industrial complex in Ksawerów, near Łódź • SPIE Stangl Techn
Slide 6: France: Ventilation system studies for EPR2 reactors
France: Ventilation system studies for EPR2 reactors • As part of a consortium, SPIE Nucléaire signed a contract with EDF to conduct ventilation system studies for France’s future EPR2 nuclear reactors • Studies will focus on safety systems, temperature control, and smoke extraction in the reactors
Slide 7: H1 2025 Highlights
H1 2025 Highlights
Slide 8: H1 2025: consistent delivery of SPIE's growth model
H1 2025: consistent delivery of SPIE’s growth model Yet another margin step-up: 2025 outlook firmed up Sustained bolt-on Another step-up M&A activity in EBITA margin €96m annual +40 bps to 6.0% revenue Revenue growth Outstanding WC performance acquired +5.8% 2025 margin outlook firmed up Organic gro
Slide 9: H1 2025 Financial highlights
H1 2025 Financial highlights +5.8% -0.5x total revenue +3.8% growth +2.4% vs. H1 2024 from acquisitions organic growth Leverage Revenue ratio1 € 4,979m 1.9x EBITA M&A € 301m € 96m of annual revenue acquired2 +40 bps +13.2% vs. H1 2024 vs. H1 2024 3 acquisitions announced in 2025 Notes: 1. Ratio of n
Slide 10: Revenue growth
Revenue growth Driven by Germany and North-Western Europe H1 2025 total growth at constant FX Germany +6.6% +8.4% +15.0% France -2.0% +1.2% -0.8% North-Western Europe +8.1% +0.8% +8.9% Central Europe -4.1% +5.0% +0.9% Global Services Energy -6.5% -6.5% Group +2.4% +3.5% +5.9% Organic growth Change i
Slide 11: Another step-up in EBITA margin: +40 bps in H1
Another step-up in EBITA margin: +40 bps in H1 All margin levers at play +40 bps +40 bps +10 bps +100 bps +30 bps +20 bps 301 In €m 95 99 99 266 90 6.0% 9,0% 80 75 8,0% 72 70 5.6% 60 7,0% 6.0% 6.1% 56 5.6% 6.9% 50 22 6,0% 5.2% 21 40 5.9% 13 5,0% 30 4,0% 11 20 3.3% 8.6% 3.0% 8.4% 10 3,0% 0 2,0% H1 20
Slide 12: Sustained bolt-on M&A activity
Sustained bolt-on M&A activity Reinforcing leadership in attractive markets 3 Acquisitions announced YTD c. € 96m Cumulative full-year revenue acquired Closing of the acquisitions € 70m 1 City Networks and Grids signed in 2024 Closed on July 15th, 2025 € 19m 1 Building Technology and Automation Clos
Slide 13: Germany
Germany Now SPIE’s number one revenue contributor 34% of H1 2025 revenue Revenue & EBITA Revenue up +15.0% in H1 2025 ▪ Very high growth in High Voltage supported by exceptionally favourable project phasing 1,678.0 5.6% ▪ City Networks & Grid: overall sustained demand nationwide 1,459.2 5.2% ▪ Solid
Slide 14: France
France Strong resilience, focus on margins 33% Of H1 2025 revenue Revenue & EBITA 1,649.5 1,635.5 Slight revenue contraction (-0.8%) against high comparison basis 6.0% 6.1% H1 decrease limited to two divisions: • City Networks: ongoing ramp-down of mature fibre optic roll-out activities 98.7 99.1 •
Slide 15: North-Western Europe
North-Western Europe Outstanding performance in H1 2025 21% of H1 2025 revenue Revenue & EBITA The Netherlands: • High Voltage services: very strong growth, driven by energy transition investments and grid 1,039.1 954.0 6.9% expansion 5.9% • Building Solutions supported by high recurring activity an
Slide 16: Central Europe
Central Europe Revenue growth expected to turn positive in H2 8% of H1 2025 revenue Revenue & EBITA 379.8 385.8 3.3% ▪ Poland: negative impact from delayed execution in High Voltage, but positive sector outlook 3.0% driven by high energy transition investments 11.3 12.6 ▪ Austria: high level of acti
Slide 17: Global Services Energy
Global Services Energy Solid business trends, high comparison basis 5% of H1 2025 revenue Revenue & EBITA -6.5% organic revenue contraction entirely due to one-off shutdown maintenance in H1 2024 262.0 8.4% 240.5 8.6% ▪ Oil & Gas maintenance : solid business trends across most countries of operation
Slide 18: H1 2025 Financial Results
H1 2025 Financial Results
Slide 19: Income statement highlights
Income statement highlights Combining margin step-up and solid revenue growth 25/24 In millions of euros H1 2025 H1 2024 Change Revenue 4,979 4,705 +5.8% Organic growth +2.4% +5.8% - Total growth +5.8% +14.4% - EBITA 301 266 +13.2% EBITA margin 6.0% 5.6% +40 bps Adjusted1 net income (Group share) 16
Slide 20: +5.8% total revenue growth
+5.8% total revenue growth €m +5.8% +3.8% -0.3% -0.0% 4,979 +2.4% 4,705 +5.9% Total growth at constant FX H1 2024 Organic growth Acquisitions Disposals FX H1 2025 2025 Half-Year Results July 2025 20
Slide 21: Adjusted net income: +5.7%
Adjusted net income: +5.7% 25/24 In millions of euros H1 2025 H1 2024 Change EBITA 300.6 265.6 +13.2% Net Interest (44.8) (38.8) +15.4% Other financial charges1 (20.9) (8.4) +149.7% Adjusted income tax (68.5) (61.5) +11.2% Normative tax rate 29.2% 28.2% - Non-controlling interests 0.1 0.7 n.a. Adjus
Slide 22: Reported net income impacted by ORNANE fair value adjustment
Reported net income impacted by ORNANE fair value adjustment 25/24 In millions of euros H1 2025 H1 2024 Change Adjusted net income (Group share) 166.6 157.6 +5.7% Amortisation of intangible assets identified following (58.1) (57.9) +0.2% acquisitions (PPA)1 Integration costs (0.9) (0.3) - Change in
Slide 23: Convertible bond ORNANE
Convertible bond ORNANE Fair value adjustment triggered by strong increase in share price in H1 50 47.7€ 350 45 ✓ No cash impact 300 40 212.1 250 33.8€ ✓ No impact on 200 ✓ IFRS accounting 35 30.0€ 150 30 89.3 Adjusted net income ✓ Fair value based on SPIE’s 54.5 100 25 share price at period-end 50
Slide 24: Structurally negative working capital
Structurally negative working capital Highly cash-generative business model Negative working capital in days of revenue COVID-19 (45) (43) (8) (38) (37) (36) (34) (30) (37) (22) (22) (22)1 (27) (16) (17) (7) Jun-19 Dec-19 Jun-20 Dec-20 Jun-21 Dec-21 Jun-22 Dec-22 Jun-23 Dec-23 Jun-24 Dec-24 Jun-25 I
Slide 25: Free cash flow
Free cash flow €m H1 2025 H1 2024 EBITA 300.6 265.6 IFRS 16 restatement (6.8) (4.8) Depreciation excl. IFRS 16 33.9 29.9 Net capex (25.8) (34.8) Change in Working Capital and Provisions (276.6) (335.9) Operating Cash Flow excl. IFRS 16 25.4 (79.9) Taxes paid (77.8) (78.8) Net interest paid (39.5) (3
Slide 26: Significant deleveraging vs. June 2024
Significant deleveraging vs. June 2024 Historically low H1 seasonal releveraging Group leverage ratio Ratio of net debt at end June and end December to pro forma LTM EBITDA, excluding IFRS 16 3.9x 3.9x 3.6x 3.6x 3.0x 3.0x 2.7x 2.8x 2.8x 2.4x 2,5 2.3x 2.3x 2.4x 2,1 1.8x 1.9x 1.6x 1.6x 1.2x Jun-19 Dec
Slide 27: Strong financial structure
Strong financial structure Successful €600 million sustainability-linked bond issuance in May 2025 Debt profile & maturities (in m€) Very attractive financing conditions as of end-June 2025 - excluding securitization program Liquidity c. 3.4% BB+ €1,295m Weighted cost of gross debt Credit ratings NE
Slide 28: Outlook
2025 Outlook
Slide 29: 2025 margin outlook firmed up
2025 margin outlook firmed up Strong total growth, pushing Continued expansion Proposed dividend Group revenue well above the of EBITA margin to at least 7.6% at c.40% of Adjusted net income1 €10bn mark attributable to the Group Previously: “Continued expansion of EBITA margin” ✓ Further organic gro
Slide 30: IR contact details
IR contact details IR SPIE 2025 Investor Day SPIE 2022 Investor Day @SPIE IR application Investor Relations Replay available here Replay available here Available for iPad, iPhone investors@spie.com and Android devices Financial schedule Interim dividend ex-date : September 16th, 2025 Interim dividen
Slide 31: Appendix
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Slide 32: Shareholding structure
Shareholding structure SPIE is one of the 7 companies listed on the SBF 120 index whose employees are the first shareholder 9.4% - 7.4% employee funds - 2.0% management Free float 90.6%* * 7.1% of the capital (at end-June 2025) Note: All information as of end-June 2025 32
Slide 33: H1 2025 revenue growth by segment
H1 2025 revenue growth by segment o/w organic o/w external o/w o/w foreign In millions of euros H1 2025 H1 2024 Change growth growth disposals exchange Germany 1,678.0 1,459.2 +15.0% +6.6% +8.4% - - France 1,635.5 1,649.5 -0.8% -2.0% +1.2% - - North-Western Europe 1,039.1 954.0 +8.9% +8.1% +2.1% -1.
Slide 34: Consolidated income statement
Consolidated income statement In thousands of euros H1 2025 H1 2024 Revenue 4,994,023 4,656,111 Other income 58,795 51,326 Operating expenses (4,825,274) (4,516,215) Recurring operating income 227,544 191,222 Other operating expenses (5,083) (11,896) Other operating income 5,483 4,300 Total other op
Slide 35: Consolidated statement of financial position
Consolidated statement of financial position In thousands of euros June 30, 2025 Dec 31, 2024 Equity Share capital 78,995 79,383 In thousands of euros June 30, 2025 Dec 31, 2024 Share premium 1,323,098 1,361,967 Non-current assets Consolidated reserves 513,779 362,644 Intangible assets 1,208,117 1,2
Slide 36: Consolidated cash flow statement
Consolidated cash flow statement In thousands of euros H1 2025 H1 2024 CASH AND CASH EQUIVALENTS AT BEGINNING OF THE PERIOD 644,497 1,113,633 Operating activities Net income (13,497) 56,033 Loss from companies accounted for under the equity method (364) (147) Depreciation, amortization, and provisio
Slide 37: Income statement bridges
Income statement bridges Reconciliation between revenue (as per management accounts) and Reconciliation between EBITA and operating income revenue under IFRS First Half First Half In millions of euros In millions of euros H1 2025 H1 2024 2025 2024 Revenue (as per management accounts) 4,978.8 4,704.5
Slide 38: Net debt and leverage
Net debt and leverage In millions of euros June 30, 2025 Dec 31, 2024 Loans and borrowings as per balance sheet 2,922.5 2,800.0 Debt on operating and financial leases - continued activities (598.7) (583.7) Capitalized borrowing costs 11.4 9.3 Amortization cost of the convertible bond derivative comp
Slide 39: Cash-flow statement – Management accounts
Cash-flow statement – Management accounts H1 2025 H1 2025 H1 2024 excl. IFRS 16 impacts incl. In millions of euros excl. IFRS 16 IFRS 16 IFRS 16 EBITA 293.8 6.8 300.6 260.9 Depreciation 33.9 105.7 139.6 29.9 Net capex (25.8) - (25.8) (34.8) Change in Working Capital and Provisions (276.6) 0.5 (276.1
Slide 40: 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 41: 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 42: 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