Spie Sa Ord (SPIWF) Q4 2025 Earnings Call

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WEBVTT 00:00:00.031 -- 00:00:04.137 Welcome to the SPEE 2025 Full Year Results Conference Call. 00:00:04.137 -- 00:00:08.764 For the first part of the conference call, the participants will be in listen-only mode. 00:00:08.764 -- 00:00:13.731 During the questions and answers session, participants are able to ask questions by dialing 00:00:13.731 -- 00:00:16.792 pound key five. 00:00:19.379 -- 00:00:25.285 Chairman and CEO and Jerome Van Hove, Group CFO, please go ahead. 00:00:26.272 -- 00:00:31.340 Good morning, everyone. Thank you for joining us today for our full year results. 00:00:31.340 -- 00:00:36.587 I'm with Jérôme Branot, our Group CFO, and Alexandre Bonazel, our Head of Investor 00:00:36.587 -- 00:00:38.150 Relations. 00:00:38.150 -- 00:00:43.197 In 2025, we recorded a high-quality performance with outstanding 00:00:43.197 -- 00:00:48.265 cash generation. It does illustrate once again the strength and agility of our 00:00:48.265 -- 00:00:53.913 model, the relevance of our strategy, and the quality of our execution. 00:00:53.913 -- 00:00:57.780 We are well ahead on our EBITDA margin trajectory, 00:00:57.780 -- 00:01:00.444 and we are upgrading our 2028 00:01:00.444 -- 00:01:03.406 margin ambition accordingly. 00:01:03.469 -- 00:01:08.558 To begin, I would like to share a few recent contract examples that reflect our strong 00:01:08.558 -- 00:01:10.161 positioning. 00:01:10.161 -- 00:01:15.470 In Germany, we have been awarded three new substation contracts in Baden-Württemberg, 00:01:15.470 -- 00:01:19.259 supporting Netzebewe's grid expansion plan. 00:01:19.259 -- 00:01:23.904 It is based on a long and trusted partnership with more than 70 projects delivered together 00:01:23.904 -- 00:01:26.545 since 2006. 00:01:27.047 -- 00:01:33.714 At General Contractors...