Spie Sa · EURONEXT:SPIE
Spie Sa — H1 2026 Earnings Presentation
44 slides from Spie Sa's earnings presentation, Jul 30, 2026
Slide 1: 2026 Half-Year Results
2026 Half-Year Results July 30th, 2026 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: FRA7 AI-Ready Data Centre for firstcolo
Germany: development of the FRA7 AI-Ready Data Centre for firstcolo (16 MW IT Capacity) • Design & build of the FRA7 AI-ready data centre in Germany for firstcolo, with 16 MW IT capacity and phased delivery (completion due by the end of 2028) • One SPIE execution model, delivering 75% of the project
Slide 4: France: IT system maintenance contract with EDF at Le Bugey
France: IT system maintenance contract with EDF on the nuclear power station site of Le Bugey • The ICEDA1, which EDF commissioned in September 2020, conditions and stores long-lived, intermediate level waste, which originates from the operation of France's nuclear fleet and the decommissioning of s
Slide 5: Belgium: installation of Tesla Megapack energy storage systems
Belgium: installation of 180 Tesla Megapack 3 energy storage systems for a large battery park • Installation and grid connection of 180 Tesla Megapack 3 battery units for a large-scale storage site in Belgium • Full electrical integration including cabling, transformers and construction of a high-vo
Slide 6: Central Europe: telecom systems and BMS in Bydgoszcz Academy of Music
Central Europe: implementation of telecommunications systems and BMS in Academy of Music in Bydgoszcz • Deployment of comprehensive telecommunications systems + Building Management System (BMS) for a new music academy building, integrating all technical and security infrastructure into one central p
Slide 7: H1 2026 Highlights
H1 2026 Highlights
Slide 8: H1 2026: very strong performance
H1 2026: very strong performance Further margin expansion and excellent M&A strategy execution Dynamic Further EBITA bolt-on M&A margin activity expansion c.€670m annual +20 bps to 6.2% Revenue growth Outstanding revenue +3.6% acquired Full-year Working Capital outlook Organic growth management conf
Slide 9: H1 2026 Financial highlights
H1 2026 Financial highlights +3.6% +0.2x total revenue +2.7% +1.2% growth vs. H1 2025 from acquisitions organic growth Revenue Leverage ratio1 € 5,157m 2.1x EBITA M&A € 321m c.€ 670m of annual revenue acquired 6.2% +6.9% EBITA margin +20 bps vs. H1 2025 5 acquisitions vs. H1 2025 announced in 2026 N
Slide 10: Revenue growth
Revenue growth Confirming expected Q2 organic growth rebound H1 2026 Group revenue growth excluding FX Total growth at constant FX Germany -1.5% +3.9% +2.2% +4.6% France -0.7% +1.9% +1.2% North-Western Europe +1.9% +1.4% +3.3% Central Europe +0.0% +12.7% +1.3% +13.9% Global Services Energy -6.7% +7.
Slide 11: Dynamic bolt-on M&A activity
Dynamic bolt-on M&A activity Strategic expansion in industrial services in Germany 5 Acquisitions announced in 2026 c. € 670m Cumulative full-year revenue acquired c. € 430m 2 c. € 180m 2 Specialised industrial services Specialised industrial services Closed on June 3rd, 2026 Signed in March 2026 c.
Slide 12: Further EBITA margin expansion
Further EBITA margin expansion Pricing power, selectivity, operational excellence and mix +20 bps +20 bps +10 bps +90 bps -90 bps -40 bps In €m 103 99 102 321 90 95 9.0% 8.6% 80 83 72 8.0% 70 8.2% 301 6.2% 7.0% 60 50 6.0% 6.2% 7.8% 6.1% 40 5.8% 5.0% 6.9% 6.0% 5.6% 30 4.0% 21 19 20 3.0% 13 11 10 3.3%
Slide 13: Germany
Germany Remarkable performance 34% of H1 2026 revenue Revenue & EBITA +3.9% organic growth against demanding comparison base (+6.6% in H1 2025) with strong acceleration in Q2 (+7.3%) 1,755.6 5.8% 1,678.0 ▪ High Voltage & City Networks & Grid progressively catching up as anticipated, following 5.6% w
Slide 14: France
France Strong dynamic in four main activities, good resilience overall 32% Of H1 2026 revenue Revenue & EBITA Organic growth at -0.7%, with slight quarterly volatility between Q1 (+0.6%) and Q2 (-1.9%) 1,654.6 ▪ Technical FM: strong trajectory, supported by recurring revenue & ramp-up of several mul
Slide 15: North-Western Europe
North-Western Europe Strong performance in H1 2026 21% of H1 2026 revenue +1.9% organic growth against exceptionally high comparison base (+8.1% in H1 2025) Revenue & EBITA ▪ The Netherlands: 1,073.4 • High Voltage remained a key growth engine, driven by substations 1,039.1 7.8% • ICS: data centre s
Slide 16: Central Europe
Central Europe Strong rebound in organic growth in Q2 and sustained M&A activity 9% of H1 2026 revenue Revenue & EBITA 443.7 Stable organic growth with strong rebound in Q2 (+7.3%), initiating the anticipated catch-up 385.8 3.3% 2.4% and fully compensating the weak Q1 impacted by adverse weather con
Slide 17: Global Services Energy
Global Services Energy Challenging backdrop for Oil & Gas activities 4% of H1 2026 revenue Revenue & EBITA Organic growth down -6.7% in H1 2026, after a weaker Q2 8.6% 240.5 229.4 8.2% • Oil & Gas: more selective market environment, operations in the Middel East further affected by Iran conflict fro
Slide 18: H1 2026 Financial Results
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Slide 19: Income statement highlights
Income statement highlights 26/25 In millions of euros H1 2026 H1 2025 Change Revenue 5,157 4,979 +3.6% Organic growth +1.2% +2.4% - Total growth +3.6% +5.8% - EBITA 321 301 +6.9% EBITA margin 6.2% 6.0% +20 bps Adjusted1 net income (Group share) 187 167 +11.9% Net income (Group share) 112 (13) - Not
Slide 20: +3.6% total revenue growth
+3.6% total revenue growth €m +3.6% +0.5% +2.7% -0.1% -0.2% -0.5% 5,157 +1.2% 4,979 +3.7% Total growth at constant FX H1 2025 Organic growth Acquisitions Disposals Internal transfer1 FX H1 2026 Note: 1. Internal transfer in Q1 2026 of the former Robur non-German operations, previously recognized in
Slide 21: Adjusted net income: +11.9%
Adjusted net income: +11.9% 26/25 In millions of euros H1 2026 H1 2025 Change EBITA 321.4 300.6 +6.9% Net Interest (43.0) (44.8) -3.9% Other financial charges1 (11.5) (20.9) -45.0% Adjusted income tax (80.5) (68.5) +17.6% Normative tax rate 30.2% 29.2% - Non-controlling interests 0.1 0.1 - Adjusted
Slide 22: Significant rebound of reported net income
Significant rebound of reported net income 26/25 In millions of euros H1 2026 H1 2025 Change Adjusted net income (Group share) 186.5 166.6 +11.9% Amortisation of intangible assets identified following (45.7) (58.1) -21.3% acquisitions (PPA)1 Integration costs (0.1) (0.9) - Change in fair value and a
Slide 23: Structurally negative working capital
Structurally negative working capital Outstanding working capital management Negative working capital in days of revenue COVID-19 (45) (43) (8) (38) (37) (36) (34) (34) (30) (37) (37) (22) (22)1 (27) (28) (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-
Slide 24: Free cash flow generation starting in H1 2026
Free cash flow generation starting in H1 2026 €m H1 2026 H1 2025 EBITA 321.4 300.6 IFRS 16 restatement (7.9) (6.8) Depreciation excl. IFRS 16 33.6 33.9 Net capex (23.3) (25.8) Change in Working Capital and Provisions (160.2) (276.6) Operating Cash Flow excl. IFRS 16 163.5 25.4 Taxes paid (81.0) (77.
Slide 25: Limited leverage increase
Limited leverage increase Strong financial discipline Group leverage ratio Ratio of net debt excluding the impact of IFRS 16 to pro forma EBITDA (including full-year impact of acquisitions and excluding minority interests) on a trailing twelve-month basis. Robur, ICG and Otto acquisitions ROFA acqui
Slide 26: Investment Grade achieved with Fitch
Investment Grade achieved with Fitch Well-diversified debt structure, high liquidity maintained Debt profile & maturities (in m€) Very attractive financing conditions as of June-2026 - excluding securitization program Liquidity NEW c. 3.7% €1,562m (May 2026) Weighted cost of gross debt Based on draw
Slide 27: Outlook
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Slide 28: 2026 outlook confirmed
2026 outlook confirmed 2026 outlook Strong total growth, driven by Continued expansion of Proposed dividend further organic growth and EBITA margin at c.40% of Adjusted net income1 active bolt-on M&A attributable to the Group Note: 1. Adjusted for i) operating income items restated from the Group’s
Slide 29: SPIE
SPIE
Slide 30: Financial schedule and IR contact details
IR contact details IR SPIE 2025 Investor Day SPIE 2022 Investor Day @SPIE IR application Investor Relations Replay available here Focus on MT perspectives Available for iPad, iPhone investors@spie.com Replay available here and Android devices Financial schedule Interim dividend ex-date : September 1
Slide 31: Appendix
Appendix
Slide 32: Shareholding structure
Shareholding structure Success of SPIE’s 2025 employee shareholding plan SPIE is one of the few companies listed on the SBF 120 index whose employees are the largest shareholder c.25,000 8.4% Employees participating from - 8.0% employee funds 17 countries - 0.4% management +16% vs. 2024 >6,000 Publi
Slide 33: H1 2026 revenue growth by segment
H1 2026 revenue growth by segment o/w o/w o/w organic o/w external o/w internal foreign In millions of euros H1 2026 H1 2025 Change growth growth disposals transfer1 exchange Germany 1,755.6 1,678.0 +4.6% +3.9% +2.2% - -1.5% - France 1,654.6 1,635.5 +1.2% -0.7% +1.9% - - - North-Western Europe 1,073
Slide 34: Consolidated income statement
Consolidated income statement In millions of euros H1 2026 H1 2025 Revenue 5,168.3 4,994.0 Operating expenses (4,966.9) (4,811.3) Other income 44.2 44.8 Recurring operating income 245.6 227.5 Other operating expenses (2.8) (5.1) Other operating income 8.7 5.5 Total other operating income (expenses)
Slide 35: Consolidated statement of financial position
Consolidated statement of financial position In millions of euros June 30, 2026 Dec 31, 2025 Equity Share capital 79.6 80.0 In millions of euros June 30, 2026 Dec 31, 2025 Share premium 1,324.9 1,383.5 Non-current assets Consolidated reserves 570.4 512.5 Intangible assets 1,179.7 1,182.6 Net income
Slide 36: Consolidated cash flow statement
Consolidated cash flow statement In millions of euros H1 2026 H1 2025 CASH AND CASH EQUIVALENTS AT BEGINNING OF THE PERIOD 751.0 644.5 Operating activities Net income 112.0 (13.5) Loss from companies accounted for under the equity method (0.1) (0.4) Depreciation, amortization, and provisions 204.6 2
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 In millions of euros H1 2026 H1 2025 In millions of euros H1 2026 H1 2025 EBITA 321.4 300.6 Revenue (as per management accounts) 5,156.6 4,978
Slide 38: Net debt and leverage
Net debt and leverage In millions of euros June 30, 2026 Dec 31, 2025 Loans and borrowings as per balance sheet 3,606.5 3,020.7 Debt on operating and financial leases - continued activities (621.2) (632.6) Capitalized borrowing costs 14.0 9.7 Amortization cost of the convertible bond derivative comp
Slide 39: Convertible bond ORNANE
Convertible bond ORNANE Fair value adjustment triggered by strong increase in share price in 2025 55.00 49.3 € 50.4 € 47.7 € 400 50.00 ✓ No cash impact 350 45.00 300 40.00 220.9 235.6 212.1 250 ✓ IFRS accounting 35.00 30.0 € 200 ✓ No impact on 30.00 25.00 150 Adjusted net income ✓ Fair value based o
Slide 40: Cash-flow statement – Management accounts
Cash-flow statement – Management accounts H1 2026 H1 2026 H1 2025 IFRS 16 impacts In millions of euros excl. IFRS 16 incl. IFRS 16 excl. IFRS 16 EBITA 313.5 7.9 321.4 293.8 Depreciation 33.6 116.7 150.3 33.9 Net capex (23.3) - (23.3) (25.8) Change in Working Capital and Provisions (160.2) (0.1) (160
Slide 41: Financing conditions (1/4) – Summary of medium and long-term financing
Financing conditions (1/4) – Summary of medium and long-term financing as of June 30th, 2026 Securitisation ORNANE Bond Bond Term Loan Revolving Credit (Approved NeuCP 2028 2030 2031 amount) Amount €600m - (1) €300m €400m - (2) €600m €600m Issue date October 2022 October 2022 June 2023 January 2023
Slide 42: Financing conditions (2/4) – Cost of bank debt facilities
Financing conditions (2/4) – 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 43: Financing conditions (3/4) – ORNANE
Financing conditions (3/4) – 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 44: Financing conditions (4/4) – Securitisation program
Financing conditions (4/4) – Securitisation program Characteristics of the securitisation program The securitisation program initially established in 2007, has been renewed under the conditions below: • The Securitization program will run for four years until June 2027 (except in the event of early