Spie Sa · EURONEXT:SPIE
Spie Sa — FY2025 Earnings Presentation
54 slides from Spie Sa's earnings presentation, Mar 6, 2026
Slide 1: 2025 Full-Year Results
2025 Full-Year Results March 6th, 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: 2025 Highlights
2025 Highlights
Slide 4: Germany: new substation contracts for Netze BW grid expansion
Germany: new substation contracts to implement Netze BW’s grid expansion plan • Three new contracts awarded in April 2025, for substations in the German federal state of Baden- Württemberg • These orders are part of the grid expansion plan of Netze BW, the largest grid company for electricity, gas a
Slide 5: France: partnership with Bouygues Telecom to operate data centres
France: strengthening long-standing partnership with Bouygues Telecom to operate data centres • Strengthening of a 15-year partnership with Bouygues Telecom for the operation and maintenance of its national data centre network • Providing services on three historic data centres in Île-de-France by c
Slide 6: European framework agreement with Tesla for battery storage
Signing of a European framework agreement with Tesla for the deployment of battery energy storage systems • Agreement with renewable 3-year term, applicable to all European SPIE subsidiaries with BESS installation expertise • Strengthening collaboration between SPIE and Tesla, with already several c
Slide 7: Global Services Energy: contract on world's largest offshore wind farm
Global Services Energy: contract awarded on world’s largest offshore wind farm • Significant contract awarded by DEME to SPIE’s wind power high-voltage specialist entity, SPIE Wind Connect • Carrying out 66kV inter-array cable (IAC) termination and testing on the remaining 87 wind turbine generators
Slide 8: High-quality performance for SPIE
High-quality performance for SPIE Outstanding cash generation 9 bolt-on Record acquisitions EBITA margin €347m annual +40 bps to 7.6% revenue Sustainability Outstanding acquired leadership Solid Free cash flow revenue growth €524 m 50% of revenue +4.8% 108% cash aligned with EU conversion taxonomy 8
Slide 9: Record profitability and solid revenue growth
Record profitability and solid revenue growth Pushing revenue well above the €10 billion mark Revenue Free cash flow Adjusted net income3 € 10,380m € 524m € 458m, +9.0% +5.0% Total growth at constant FX 108% Cash Conversion €2.69 Adjusted EPS +2.0% Organic growth 1.3x Leverage ratio1 at end 2025 EBI
Slide 10: Solid top-line growth
Solid top-line growth Germany confirmed as the Group’s primary growth driver 2025 Total growth at constant FX Germany +5.3% +5.0% +10.3% France -1.6% +0.8% -0.8% North-Western Europe +4.3% +0.8% +5.1% Central Europe +1.5% +12.1% +13.6% Global Services Energy -4.4% -4.4% Group +2.0% +3.0% +5.0% Organ
Slide 11: Sustained bolt-on M&A activity in 2025
Sustained bolt-on M&A activity in 2025 Reinforcing leadership in attractive markets 9 Acquisitions announced in 2025 c. € 347m Cumulative full-year revenue acquired € 70m 1 € 30m 1 € 20m 1 City Networks and Grids Specialised industrial services Specialised cybersecurity solutions Closed on July 15th
Slide 12: Strong M&A acceleration in early 2026
Strong M&A acceleration in early 2026 Strategic expansion in industrial services in Germany Acquisition of ROFA Industrial Automation AG, solidifying our leadership position in Germany Warehouse & logistics automation 20% Leading player in highly Diversified client portfolio & Sustained high single
Slide 13: Record 7.6% margin
Record 7.6% margin Pricing power, selectivity, operational excellence and accretive acquisitions +40 bps +40 bps = +110 bps +80 bps +10 bps 793 In €m 712 283 7.6% 0 7.2% 242 7.9% 242 240 250 0 156 200 7.1% 0 7.1% 125 7.5% 0 150 7.4% 0 6.3% 100 53 51 47 0 40 50 0 5.2% 6.0% 10.1% 10.2% 0 0 2024 2025 2
Slide 14: Germany
Germany Firmly established as the Group’s primary growth engine 35% of 2025 revenue Revenue & EBITA +10.3% total revenue growth, well-balanced between organic (+5.3%) and M&A contribution (+5.0%), following a record year for bolt-on acquisitions in 2024 3,581.6 7.9% ▪ High Voltage: dynamic growth th
Slide 15: France
France Steady operational efficiency and healthy financial performance 32% of 2025 revenue Revenue & EBITA Solid level of resilience, against a muted economic backdrop 3,380.9 3,353.2 7.1% 7.1% Limited revenue decline confined to: ▪ City Networks: significant wind-down of mature fibre optic roll-out
Slide 16: North-Western Europe
North-Western Europe Strong performance in the Netherlands and Belgium 20% of 2025 revenue Revenue & EBITA Revenue growth driven by strong organic performance of +4.3% 2,101.7 ▪ The Netherlands: strong performance, despite a challenging comparison base in High Voltage 2,000.0 7.4% 6.3% • Backlog con
Slide 17: Central Europe
Central Europe Return to growth momentum, following phasing effects in H1 9% of 2025 revenue Revenue & EBITA +14.7% revenue growth, including +1.5% of organic growth and a +12.1% contribution from bolt-on acquisitions, reflecting sustained M&A activity in Poland and Switzerland 882.0 769.2 6.0% ▪ Po
Slide 18: Global Services Energy
Global Services Energy Selective contract acquisition in a low barrel price environment 4% of 2025 revenue Revenue & EBITA Revenue decline in 2025, including -4.4% organically 504.9 ▪ Exceptionally high comparison base in H1 10.1% 461.4 10.2% ▪ -4.2% impact from currency movements, mainly driven by
Slide 19: 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 first shareholder c.25,000 10% Employees participating from - 8.1% employee funds 17 countries - 1.9% management +16% vs. 2024 >6,000 Public 9
Slide 20: Financial Results
2025 Financial Results
Slide 21: Income statement highlights
Income statement highlights New margin step-up and solid revenue growth 25/24 In millions of euros 2025 2024 Change Revenue 10,380 9,901 +4.8% Organic growth +2.0% +4.3% - Total growth +4.8% +13.7% - EBITA (incl. IFRS16) 793 712 +11.4% EBITA margin 7.6% 7.2% +40 bps Adjusted1 net income 458 420 +9.0
Slide 22: +4.8% total revenue growth
+4.8% total revenue growth €m +4.8% +3.2% -0.2% -0.1% 10,380 +2.0% 9,901 +5.0% Total growth at constant FX 2024 Organic growth Acquisitions Disposals FX 2025 22
Slide 23: Adjusted net income: +9%
Adjusted net income: +9% 25/24 In millions of euros 2025 2024 Change EBITA 793.5 712.1 +11.4% Net Interest (92.6) (87.2) +6.2% Other financial charges1 (42.3) (30.0) +41.0% Adjusted profit before tax 658.6 594.9 +10.7% Adjusted income tax (198.6) (173.3) +14.6% Normative tax rate 30.2% 29.1% - Non-c
Slide 24: Reported net income impacted by ORNANE fair value adjustment
Reported net income impacted by ORNANE fair value adjustment 25/24 In millions of euros 2025 2024 Change Adjusted net income (Group share) 457.6 419.8 +9.0% Amortisation of allocated goodwill1 (117.3) (105.1) +11.6% Change in fair value and amortisation cost of the (175.9) (23.6) +645.3% ORNANE deri
Slide 25: Structurally highly negative working capital
Structurally highly negative working capital Best-in-class working capital management Working capital in days of revenue Balance sheet amount of working capital at year-end (€m) COVID-19 (8) (21) (27) (26) (32) (34) (45) (43) (38) (37) (36) (34) (1,000) (976) (813) (834) (824) (884) (588) (665) (386
Slide 26: Outstanding cash conversion and Free cash flow
Outstanding cash conversion and Free cash flow €m, excluding IFRS 16 Free Cash Flow1 % Cash conversion2 COVID-19 105% 122% 102% 116% 101% 139% 98% 97% 109% 122% 108% 570 524 427 296 323 315 288 285 268 178 234 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 Notes: 1. Free Cash Flow is defined
Slide 27: Slight decrease in net debt
Slight decrease in net debt Reflecting slower M&A activity, after a record fully self-financed spend in 2024 €m Free Cash Flow: €524m Operating Cash Flow: €838m 108% cash conversion +779 (920) (1,262) (182) +20 (11) (1,145) (234) (50) (265) +72 (58) +45 Dec. 2024 EBITA D&A Net Change Taxes Others2 A
Slide 28: Leverage kept as low as 1.3x
Leverage kept as low as 1.3x Balance sheet remains very strong Group leverage ratio Ratio excluding IFRS 16 and based on pro forma EBITDA (including full year contribution from acquisitions and excluding minorities) SAG acquisition Robur, ICG and Otto acquisitions 3.3x 3.0x 2.6x 2.7x 2.3x 2.4x 1.8x
Slide 29: Strong financial structure
Strong financial structure Well-diversified debt structure, attractive financing conditions Debt profile & maturities (in m€) Very attractive financing conditions as of end-2025 - excluding securitization program Liquidity c. 3.4% €1,791m NEW (May 2025) Weighted cost of gross debt €791m net cash 1,0
Slide 30: Recommended dividend: €1.08 per share, up +8%
Recommended dividend: €1.08 per share, up +8% In € per share Of which: Sustained dividend growth 1.08 1.00 €0.30 €0.78 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 13th, 2026 0.17 ex date: Sept. 2025 May 11th , 2026 2015 2016 2017 2018 2019 2020 2021 20
Slide 31: Sustainability
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Slide 32: Sustainability at the core of our business
Sustainability at the core of our business 2025 performance AMBITION 2025 TARGETS 2025 2030 TARGETS Contribute to a low-carbon 50% > 50% economy Percentage of 2025 revenue aligned with EU 50% Revenue aligned with EU taxonomy taxonomy climate criteria over the period 2025-2030 -25% -30% -50% Reductio
Slide 33: Valuing our people
Valuing our people Strong ability to recruit and integrate Strong ability to retain In 2025 In 2025 c.7,000 c.2,700 5.9% Recruitments1 Apprentices Voluntary turnover (vs. 6.6% in 2024) > 800 SPIE’s Promoting From bolt-on acquisitions in 20251 entrepreneurial mindset equality & diversity Employees as
Slide 34: SPIE, a key enabler for energy transition
SPIE, a key enabler for energy transition 2025 EU taxonomy-aligned revenue 2025 EU taxonomy-aligned revenue SHIFT ENERGY LOW CARBON IN ENERGY MIX EFFICIENCY MOBILITY Total 22% 26% 2% 50% (vs. 49% in 2024) (vs. 22% in 2024) (vs. 25% in 2024) (vs. 2% in 2024) 34
Slide 35: Reduce SPIE's carbon footprint
Reduce SPIE’s carbon footprint SPIE Scopes 1 & 2 reduction pathway Scope 3 reduction with committed suppliers 100 100 68% 91 90 90 58% 90 80 87 79 47% 3,317 70 70 60 2,097 2019 2020 2021 2022 2023 2024 2025 29% 1 SPIE reduction pathway SBTi theoretical linear reduction 17% 1,147 348 30 2021 2022 202
Slide 36: Outlook
Outlook
Slide 37: 2026: looking at another year of strong financial performance
2026: looking at another year of strong financial performance 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 Governance evolution with the appoi
Slide 38: Upgraded 2028 margin ambition
Upgraded 2028 margin ambition Unchanged Total revenue 7-9% Of which 3-4% = growth average total growth p.a. average organic growth p.a over 2025-2028 Upgraded Further EBITA To reach 8.0% by 2028 Surpassing the €1bn mark margin expansion (Previously at least 7.7% by 2028) by 2028 Unchanged Free cash
Slide 39: Financial schedule
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 Quarterly information as at March 31st
Slide 40: Appendix
Appendix
Slide 41: Overview of SPIE's activities
Overview of SPIE’s activities Ideally positioned to capture secular mega-trend opportunities Our business lines offer recurring revenue and visibility to our business ICS Data centers, cloud and managed services, user environment, collaborative and unified communication, IP networks and security 10%
Slide 42: Revenue and EBITA
Revenue and EBITA REVENUE 2025 Q1 2025 Q2 2025 H1 2025 Q3 2025 9m 2025 Q4 2025 FY 2025 Germany 789.7 888.3 1,678.0 922.0 2,600.0 981.6 3,581.6 France 813.5 822.0 1,635.5 791.1 2,426.5 926.7 3,353.2 North-Western Europe 511.4 527.7 1,039.1 498.4 1,537.5 564.2 2,101.7 Central Europe 179.9 205.9 385.8
Slide 43: Quarterly organic growth by segment
Quarterly organic growth by segment Q1 2025 Q2 2025 H1 2025 Q3 2025 9m 2025 Q4 2025 FY 2025 Germany +7.2% +6.0% +6.6% +2.1% +5.0% +6.1% +5.3% France -2.1% -1.9% -2.0% -1.0% -1.7% -1.3% -1.6% North-Western Europe +7.5% +8.6% +8.1% +3.2% +6.5% -1.3% +4.3% Central Europe -4.1% -4.2% -4.1% +9.9% +0.2% +
Slide 44: Consolidated income statement
Consolidated income statement In millions of euros 2025 2024 Revenue 10,397.0 9,919.7 Operating expenses (9,892.3) (9,463.9) Other income 95.0 89.7 Recurring operating income 599.7 545.5 Other operating expenses (20.3) (36.7) Other operating income 20.0 40.2 Operating income 599.4 548.9 Net income (
Slide 45: Consolidated statement of financial position
Consolidated statement of financial position In millions of euros Dec 31st, 2025 Dec 31st, 2024 In millions of euros Dec 31st, 2025 Dec 31st, 2024 Non-current assets Equity Share capital 80.0 79.3 Intangible assets 1,182.6 1,246.4 Share premium 1,383.5 1,362.0 Goodwill 4,295.0 4,179.2 Consolidated r
Slide 46: Consolidated cash flow statement
Consolidated cash flow statement In millions of euros 2025 2024 CASH AND CASH EQUIVALENTS AT BEGINNING OF THE PERIOD 644.5 1,113.6 Operating activities Net income 178.7 275.0 Loss from companies accounted for under the equity method (0.5) (0.5) Depreciation, amortization, and provisions 459.0 362.0
Slide 47: 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 2025 2024 In millions of euros 2025 2024 Revenue (as per management accounts) 10,379.9 9,900.9 EBITA 793.5 712.1 Holding
Slide 48: Net debt and leverage
Net debt and leverage In millions of euros Dec 31st, 2025 Dec 31st, 2024 Loans and borrowings as per balance sheet 3,020.7 2,800.0 Debt on operating and financial leases – continued activities (632.6) (583.7) Capitalised borrowing costs 9.7 9.3 Amortisation costs of the convertible bond (ORNANE) der
Slide 49: Convertible bond ORNANE
Convertible bond ORNANE Fair value adjustment triggered by strong increase in share price in 2025 55.00 49.3 € 47.7€ 400 50.00 ✓ No cash impact 350 45.00 300 40.00 220.9 212.1 250 ✓ IFRS accounting 35.00 30.0€ 200 ✓ No impact on 30.00 25.00 150 Adjusted net income ✓ Fair value based on SPIE’s 20.00
Slide 50: Cash-flow statement – Management accounts
Cash-flow statement – Management accounts 2025 2025 2024 2024 IFRS 16 IFRS 16 excl. incl. excl. incl. In millions of euros impacts impacts IFRS 16 IFRS 16 IFRS 16 IFRS 16 EBITA 778.6 14.8 793.5 700.9 11.2 712.1 Depreciation 72.0 223.7 295.7 75.0 186.1 261.1 Capex (58.4) - (58.4) (81.0) - (81.0) Chan
Slide 51: Financing conditions (1/4) – Summary of medium and long-term financing
Financing conditions (1/4) – Summary of medium and long-term financing as of December 31st, 2025 Securitisation (Approved Term Loan Revolving Credit ORNANE 2028 NeuCP Bonds 2030 amount) Amount €600m - (1) €300m €400m - (2) €600m Issue date October 2022 October 2022 June 2023 January 2023 October 202
Slide 52: 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 53: 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 54: 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