Spie Sa · EURONEXT:SPIE
Spie Sa — Investor Day (March 2025)
50 slides from Spie Sa's investor day presentation, Mar 7, 2025
Slide 1: 2025 Investor Day
2025 Investor Day March 7th, 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: SPIE Today & Tomorrow
SPIE TODAY & TOMORROW Gauthier LOUETTE Chairman & CEO 3
Slide 4: Today's Agenda
TODAY’S AGENDA TODAY’S SPEAKERS 1 SPIE - Today & tomorrow Deep dive into SPIE’s value-creating growth 2 model Evert LEMMEN Germany - Powerful growth Managing Director 3 engine SPIE Nederland Séverine WALSER Isabelle LAMBERT Sustainability Director France - A robust Human Resources Director 4 busines
Slide 5: SPIE's purpose
SPIE’s purpose Commitment #1 Commitment #2 At SPIE, We are passionate about We are a trusted partner developing our core for delivering mission- we apply our competences to solve critical services complex technical to our customers collective challenges expertise to designing and Commitment #3 Commi
Slide 6: It's a good time to be an electrical engineer
It’s a good time to be an electrical engineer The independent A highly value-creating European leader business model delivering in multi-technical services best-in-class performance Sharing a Enabler of vision The reference the energy transition for the future industry compounder and digital transfo
Slide 7: Independent pure-play pan-European leader in multi-technical services
SPIE is the independent pure-play pan-european leader in multi-technical services Germany: becoming #1 France: strong presence The Netherlands: emerging 2015 REVENUE BREAKDOWN contributor to Group’s and diversified portfolio as the strong 3rd pillar 4% revenue and earnings 11% POSITION #2 POSITION #
Slide 8: A profitable growth story built to last
A profitable growth story built to last €3.2bn Cumulative FCF since IPO REVENUE EBITA DPS 2024 2024 2024 71 1 platform acquisition acquisitions 9.9bn 712m 1.00 since IPO 70 bolt-ons € € € +7.2% +8.2% +8.0% 49% €5.3bn €351m 0.50€ of SPIE’s revenue aligned with EU taxonomy 2015 2015 2015 8
Slide 9: We are well ahead of our 2022 Investor Day commitments
We are well-ahead of our 2022 Investor day commitments 2022 CMD Organic growth 2022 INVESTOR DAY Commitments EBITA margin Cash conversion COMMITMENTS (to and 4 At least + % p.a. improvement towards Accelerating M&A through (to and 2025) through 2025) on average 6.7% in 2025 compounding model of c. 1
Slide 10: Outstanding growth runway
Energy transition and digitalization Outstanding growth runway SHIFT DIGITAL ENERGY CLEAN IN ENERGY TRANFOR EFFICIENCY MOBILITY MIX -MATION 60% Up to 60% ~ 30m € 200bn electricity consumption increase in energy savings that can be achieved European commission initiative Europe by 2030 in a context o
Slide 11: Ideally positioned to capture secular mega-trend opportunities
SPIE is ideally positioned to capture secular mega-trend opportunities % of 2024 Revenue MEGA-TREND EXPOSURE ORGANIC GROWTH PROFILE 33% SHIFT T&D and Networks DIGITAL CLEAN IN ENERGY TRANFOR MOBILITY MIX -MATION 0% Industry SHIFT ENERGY IN ENERGY EFFICIENCY MIX 21% 0% Tech FM ENERGY EFFICIENCY 0% 17
Slide 12: We are poised to deliver lasting growth
We are poised to deliver lasting growth Medium-term annual organic growth (%) 30% e-mobility GROWTH ‘BOOSTERS’ Hydrogen 35% Solar // of 2024 35% revenue Cybersecurity 20% Wind SECULAR GROWTH CONTRIBUTORS 15% Datacenter Railway Grids infrastructure of 2024 10% revenue Water Building treatment automat
Slide 13: Bolt-on M&A, a key pillar of our growth model
Bolt-on M&A, a key pillar of our growth model Strategic rationale Key driver for expanding in fragmented markets Acquisition revenue growth Strengthen SPIE's Strong strategic Acquisition of new Vast opportunities in positioning and business fit competencies mix highly fragmented markets Unparalleled
Slide 14: 2025-2028 outlook: EBITA to exceed €1bn by 2028
2025-2028 outlook: EBITA to exceed €1bn by 2028 Total revenue 7-9% Of which 3-4% growth average total growth p.a. average organic growth p.a over 2025-2028 Further EBITA At least Surpassing the €1bn mark margin expansion 7.7% by 2028 by 2028 Free cash flow >€2bn cumulative FCF (at 100% cash conversi
Slide 15: SPIE is part of the solution for a more sustainable world
For a more sustainable world, SPIE is part of the solution Creating our own sustainable A new 2030 A climate ambition Valuing >54,000 sustainability covering the full value committed path roadmap chain employees 15
Slide 16: Deep-dive into SPIE's value-creating growth model
DEEP-DIVE INTO SPIE’S VALUE-CREATING GROWTH MODEL Jérôme VANHOVE Group CFO 16
Slide 17: Our compounding growth model
Our compounding growth model Recurring cash-generative model allowing for self-financed M&A and growing returns Sustainable growth +6.5% organic p.a. on average (2022-2024) +12.5% total growth p.a. on average (2022-2024) Operational excellence Growing returns Self-funded bolt- Sound balance to share
Slide 18: SPIE's operational levers for strong EBITA growth
SPIE’s operational levers for strong EBITA growth EBITA MARGIN EXPANSION ≥7.7% 1000 REVENUE GROWTH 900 800 >1.0bn EBITA 7.2% Pricing power 700 margin (%) Selectivity and discipline 600 Sustainable organic growth 500 712m Bolt-on contribution Quality of execution 400 Cost synergies Cross-selling 300
Slide 19: SPIE is embarked on a cash generation step-up
SPIE is embarked on a cash generation step-up Average cash conversion (%) Free cash flow (€bn) 100% 107% >2bn 115% 1.6 1.1 2017 - 2020 2021 - 2024 2025 - 2028 19
Slide 20: Capital allocation focused on value-creating M&A and shareholder returns
Capital allocation focused on value-creating M&A and shareholder returns Priorities >€2bn over 40% 2025-2028 payout ratio and commitments Growing Dividends Anti-Dilutive Growing Self-funded SBB dividends bolt-on M&A FCF Self-financed Flexibility Bolt-on M&A for incremental & opportunistic returns an
Slide 21: SPIE's value creating approach to acquisitions
SPIE’s value creating approach to acquisitions Revenue acquired from bolt-on M&A (€m) Value creation levers Avg. revenue contribution (% of revenue Y-1) 3.5% 5.0% 6.2% 1.6% 3.1% 0.1% 4.2% 8.4% 8.7% 5.2% Cross-selling Synergies Margin Expansion # bolt-on acquisitions WC Integration expertise “Best ow
Slide 22: Rich pipeline of bolt-on acquisition opportunities
Rich pipeline of bolt-on acquisition opportunities Fueled by intact consolidation momentum and broader size spectrum of opportunities ONGOING PIPELINE CUMULATIVE REVENUE Market size SPIE Top 5 (€bn) market position market share Long-Term c.€6.5bn GERMANY 100-120 #2 ~ 3% ~150 identified targets Reven
Slide 23: Germany: Powerful growth engine
GERMANY POWERFUL GROWTH ENGINE Markus HOLZKE Managing Director SPIE Germany – Switzerland - Austria 23
Slide 24: Powerful growth engine
€3.2bn FY24 revenue 7.5% 33% of total Group FY24 EBITA margin Powerful 17,750 growth engine Employees Business lines Flawless execution of the SPIE model in Europe’s largest market >11,000 >€900m Customers Revenue acquired since 2022 24
Slide 25: Our German success story
Our German success story The SPIE model in full force Outstanding achievements… €3.2bn revenue 2 Platform acquisitions + 23 Bolt-on acquisitions 17,750 employees LEADERSHIP BEST-IN-CLASS PROFITABILITY #2 7.5% on the German market 2024 EBITA margin PLATFORMS EMPLOYER OF CHOICE BOLT-ON http://www.pms-
Slide 26: "Buy well, operate better" strategy - selected examples
“Buy well, operate better” strategy - Focus on selected examples EVOLUTION SINCE ACQUISITION Electrical engineering solutions for traffic & energy infrastructures Electrical engineering and automation services Strengthen presence in Germany STRATEGIC RATIONALE and enter the market of traffic enginee
Slide 27: Capitalizing on leadership position in buoyant T&D services market
Capitalizing on leadership position in buoyant T&D services market # 1 # 1 30% share of T&D services in Germany’s 2024 revenue HIGH VOLTAGE CITYNETWORKS & GRIDS >10% CAGR TRANSMISSION (4 TSOs) • Annual investments of at least €14bn until 2035 – +11,000km grid extension until 2032, 7,000km grid mode
Slide 28: Beyond Germany: T&D services at Group level
Beyond Germany: T&D services at Group level Supported by energy transition investments across Europe 9 OUTLOOK >10,000 countries employees 1 To unlock energy transition, grid expansion and modernization are GRID required in all countries where SPIE operates ~€1.5bn INVESTMENTS – Transmission grid: >
Slide 29: Widely expanded portfolio with strong momentum in all engines
Widely expanded portfolio with strong momentum in all engines of SPIE’s business TOP TOP TOP 3 3 10 DATA CENTER TELCO INFRASTRUCTURE PHARMA Largest Data Center market in Europe, 10% Largest market in Europe, with clear dominance in Rhine-Main area CAGR expected in FTTx market with a high export shar
Slide 30: Clear ambition to become the #1 player
SPIE is well on track to reach its full potential in Germany Clear ambition to become the #1 player INTERNALLY STRONG ORGANIC FURTHER MARGIN ABUNDANT CONSOLIDATION PREPARED GROWTH AHEAD INCREASE OPPORTUNITIES Largest, fragmented market in Europe Management Team Customer reputation Capture further gr
Slide 31: France: A robust business
FRANCE A ROBUST BUSINESS Arnaud TIRMARCHE Managing Director - SPIE France 31
Slide 32: Forged for strength and future-proof
€3.4bn FY24 revenue 7.1% 34% of total Group FY24 EBITA margin Forged for strength and 19,000 future-proof Business lines Employees Short-term agility, long-term visibility c.9,500 6 Customers Bolt-on acquisitions since 2022 32
Slide 33: Driving excellence in French multi-technical services
Driving excellence in French multi-technical services Strong positions across diversified markets Diversified business mix Building Solutions #4 player A well- Full spectrum Industry incl. Nuclear established of technical ICS footprint expertise >300 Tech FM locations T&D and Networks FY 2024 c.9,50
Slide 34: Increasingly mission critical
Increasingly mission critical From technical services provider to tier-1 partner for mission critical, end-to-end multi technical solutions TECHNOLOGY PLAYS A GROWING ROLE IN OUR CLIENTS’ BUSINESSES DATA CENTER ENERGY PERF. CONTRACT CYBERSECURITY NUCLEAR French bank Ensuring digital sovereignty and
Slide 35: A business managed for quality
A business managed for quality Strong focus on margins and cash SELECTIVITY IS KEY CASH MANAGEMENT DEEPLY ROOTED IN OPERATIONS Customer financing metric embedded in grassroot operational management Focus on small contracts Strict contract selection c.€50k on average risk analysis opportunity WC perf
Slide 36: Constantly enhancing our offering to capture new opportunities
Constantly enhancing our offering to capture new opportunities Set up of a new production line to manufacture the next-generation Ventolin at GSK's Evreux plant COMBINED TECHNICAL OFFERS TARGETING COMPLEX SITUATIONS AND SENSITIVE SITES Building HVAC system & Fire protection Solutions Fluids manageme
Slide 37: Robust outlook despite short-term headwinds
Robust outlook despite short-term headwinds Short-term agility, long-term visibility Headwinds in the short-term… …solid mid/long-term visibility on our markets REVENUE CAGR 2025-2028 (%) 5% Slow down in customers decision-making 0% office real estate public sector -5% POWER NUCLEAR WIND SOLAR BUILD
Slide 38: Netherlands: Emerging as strong third pillar
NETHERLANDS EMERGING AS STRONG THIRD PILLAR Evert LEMMEN Managing Director - SPIE Nederland 38
Slide 39: Emerging as SPIE's strong 3rd pillar
€1.6bn FY24 revenue ~7% 16% of total Group FY24 EBITA margin Emerging as SPIE’s strong 6,000 3rd pillar Business lines Employees Rock-solid foundations for future growth >3,600 ~€500m Customers Cumulative revenue acquired since 2022 39
Slide 40: Step-change following the successful integration of Worksphere
Step-change following the successful integration of Worksphere Successful integration of Unleashing SPIE Netherland’s full potential Organization revamped Cost synergies delivered Undisputed Enhanced Building Solutions now the largest BU €9m p.a. delivered within 18 months leader growth profile Comp
Slide 41: Rock-solid foundations for future growth
Today: The Netherlands’ #1 multi-technical services provider Rock-solid foundations for future growth FY24 revenue 6% Strong brand and visibility Balanced T&D and Networks Market share portfolio Industry Leadership Tech FM exposed to and scale >80 Building Solutions Attractive strong employer in ICS
Slide 42: Energy transition will fuel our growth going forward
Strong outlook Energy transition will fuel our growth going forward Leader Tackling Mastering the Entire in High Voltage services Mid & Low Voltage Asset Life Cycle Huge need for grid extension, Deploying our proven model modernization and de-congestion in the attractive MV cabling market (HV lines
Slide 43: Harnessing digital transformation to drive growth across all divisions
Strong outlook Harnessing digital transformation to drive growth across all divisions Industry Services Tech FM ICS Digitalisation drives process and utility DICE - Digital Indoor Climate and Energy optimisation Data sovereignty Efficiency & automation Digital sensors Real-time monitoring Hybrid clo
Slide 44: Sustainability at the core of SPIE's strategy
SUSTAINABILITY AT THE CORE OF SPIE’S STRATEGY Séverine WALSER Human Resources Director Isabelle LAMBERT Sustainability Director 44
Slide 45: Valuing our people
Valuing our people Growing from 46,000 employees at end-2021 to over 54,000 at end- 2024 STRONG ABILITY TO RECRUIT >6,000 c.4,000 c.4,500 recruitments p.a. apprentices recruited recruited through referral since 2022 1 since 2022 program since 2022 STRONG ABILITY TO RETAIN SPIE’s entrepreneurial mind
Slide 46: An ambitious new 2030 sustainability roadmap
SPIE aims to contribute to a more sustainable world An ambitious new 2030 sustainability roadmap CLIMATE CHANGE MITIGATION EU Taxonomy Scope Scope Health Diversity aligned 1&2 3 & Safety revenue Above 50% -50% -55% -30% +20% of SPIE’s revenue SPIE’s direct carbon footprint SPIE’s indirect carbon ave
Slide 47: Focus on reducing carbon emissions
Focus on reducing carbon emissions Scope 1, 2 and 3 Accelerate the downward trajectory A new quantitative objective on scope 1 & 2 emissions on indirect emissions (scope 3) -50% reduction of SPIE’s direct carbon footprint in 2030 vs 2019 -55% reduction of SPIE’s indirect carbon footprint (intensity)
Slide 48: Outlook & Conclusion
OUTLOOK & CONCLUSION Gauthier Louette Chairman & CEO 48
Slide 49: 2025-2028 outlook: EBITA to exceed €1bn by 2028
2025-2028 outlook: EBITA to exceed €1bn by 2028 Total revenue 7-9% Of which 3-4% growth average total growth p.a. average organic growth p.a over 2025-2028 Further EBITA At least Surpassing the €1bn mark margin expansion 7.7% by 2028 by 2028 Free cash flow >€2bn cumulative FCF (at 100% cash conversi
Slide 50: March 79,2025 SPIE
March 79,2025 50 SPIE