Business
SPIE - 2025 Full-Year results
High-quality performance with outstanding cash generation Upgraded mid-term margin target Governance evolution, ensuring smooth transition and full strategic continuity Cergy, March 6th, 2026 Record profitability and solid revenue growth, pushing revenue well above the €10 bn mark Revenue: €10,380 million, up +4.8% vs. 2024, including +3.2% growth from acquisitions and +2.0% organic growth, with Germany confirmed as the Group’s primary growth driver (+5.3%), well supported by North-Western Europ
About this update from Spie Sa
High-quality performance with outstanding cash generation Upgraded mid-term margin target Governance evolution, ensuring smooth transition and full strategic continuity Cergy, March 6 th , 2026 Record profitability and solid revenue growth, pushing revenue well above the €10 bn mark Another year of outstanding free cash flow Sustained bolt-on M&A momentum through 2025 and very dynamic start to 2026 Reaffirming leadership in sustainability 2026 outlook Mid-term EBITA margin target raised to reach 8% by 2028 Governance evolution ensuring smooth transition and full strategic continuity Please refer to the dedicated press release. Gauthier Louette, Chairman & CEO , commented : “ SPIE delivered another high-quality performance in 2025, combining record profitability with solid revenue growth, despite a demanding geopolitical and macroeconomic environment. Germany reaffirmed its position as our main growth engine, with North-Western Europe also contributing meaningfully, while France continued to demonstrate steady operational efficiency and financial performance. Our unwavering focus on selectivity and financial discipline translated into a sharp increase in EBITA, with our already best in class margin reaching a record 7.6%. Free cash flow was once again outstanding. We also continued to consolidate our presence in attractive markets, closing the year with nine acquisitions. With half of our revenue now aligned with the EU Taxonomy, we have further cemented our role as a key enabler and a driving force of Europe’s energy transition. Supported by the strength of our business model and the vast long‑term opportunities in our markets, we enter 2026 with confidence. This sustained momentum empowers us to lift our mid‑term margin target to reach 8% by 2028. T he year is already off to a strong start on the M&A front, marked by a strategic step up of our industrial services activities in Germany . After more than 40 years with SPIE, I will leave the company with profound respect and gratitude for our employees, whose remarkable competence and commitment have shaped its success. I am very pleased that the Board has chosen Markus Holzke as new CEO. He embodies SPIE’s values and long‑term vision, and his superb track-record within the Group — from joining through an acquisition to leading our largest region — is a clear illustration of his outstanding commitment and leadership. With the strong support of the Executive Committee, I am absolutely confident that Markus will drive SPIE to new heights.” 1 Adjusted for i) operating income items restated from the Group’s EBITA, ii) the change in fair value and amortisation costs of derivative related to the ORNANE, and iii) the corresponding normative tax income adjustment 2 Subject to shareholders’ approval at the next Annual General Meeting on April 30 th , 2026 3 Leverage ratio at the end of December 2025, excluding IFRS 16 and based on pro forma EBITDA (including full year contribution from acquisitions and excluding minorities) Attachment