- BNP Paribas Primary New Issues: No STAB Notice - SPIE SA
May 14, 2026
BNP Paribas Primary New Issues
14th May 26
Not for distribution, directly or indirectly, in or into the United States or any jurisdiction in which such distribution would be unlawful.
SPIE SA
Post-stabilisation Period Announcement
NO STABILISATION CARRIED OUT
[Further to the pre-stabilisation period announcement dated 6 May 26 BNP Paribas (contact: Stanford Hartman telephone: 0207 595 8222) hereby gives notice that no stabilisation (within the meaning of Article 3.2(d) of the Market Abuse Regulation (EU/596/2014)) was undertaken by the Stabilisation Manager(s) named below in relation to the offer of the following securities.
Securities
Issuer: SPIE SA Guarantor(s) (if any): [insert name(s)] Aggregate nominal amount: EUR 600 MN Description: 3.875 % Notes due 18 May 2031 Offer price: 99.666
Stabilisation Manager(s)
Name(s): Glo co's BNPP /Cacib/Natixis/SG
bookrunner: CIC/COMZ/HSBC/ING/JPM/MS
This announcement is for information purposes only and does not constitute an invitation or offer to underwrite, subscribe for or otherwise acquire or dispose of any securities of the Issuer in any jurisdiction.
This announcement is not an offer of securities for sale into the United States. The securities referred to above have not been, and will not be, registered under the United States Securities Act of 1933 and may not be offered or sold in the United States absent registration or an exemption from registration. There has not been and will not be a public offer of the securities in the United States.
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- Successful €600 million Sustainability-Linked Bond Issuance
May 6, 2026
SPIE SA
Cergy, May 6th, 2026 –SPIE, the independent European leader in multi-technical services in the areas of energy and communications, today announces the successful placement of a €600 million sustainability-linked bond, with a 5-year maturity and a coupon of 3.875%.
This issuance is fully aligned with the Group’s strategy to optimize its debt structure while placing its environmental commitments at the core of its financial policy.
This bond represents the issuance of a new debt instrument, contributing to an extension of the Group’s gross debt and supporting a well-balanced maturity schedule with a new maturity set in 2031. The proceeds will be used for general corporate purposes, accompanying the Group’s expansion, notably for the self-financing of bolt-on acquisitions, in line with SPIE’s disciplined financial policy, while ensuring a consistently high level of liquidity.
The offering was significantly oversubscribed, reflecting strong demand from institutional investors and their confidence in SPIE’s credit quality, rated BBB- by Fitch Ratings and BB+ by S&P Global Ratings Europe Limited.
Jérôme Vanhove, Group Chief Financial Officer, commented: “The success of this new bond placement reflects investors unwavering confidence in SPIE’s solid and highly cash-generative business model. With this new SLB issuance, we reiterate our ability to combine economic and environmental performance, with 100% of the Group’s debt indexed to environmental criteria. This issuance, carried out on favourable terms, strengthens the Group’s financial flexibility to support its future development, while maintaining strict discipline on leverage.”
The transaction was led by BNP Paribas, Crédit Agricole CIB, Natixis and Société Générale (acting as Global Coordinators), together with Crédit Industriel et Commercial S.A., Commerzbank, HSBC, ING, J.P. Morgan and Morgan Stanley.
Disclaimer
This press release does not contain and does not constitute an offer to sell securities, nor an invitation or solicitation to invest in securities in France, the United States, or any other jurisdiction.
About SPIE
SPIE is the independent European leader in multi-technical services in the areas of energy and communications. With 55,000 employees, SPIE works alongside its customers to drive the energy, digital and industrial transitions. As a key player in decarbonisation, the Group delivers efficient and innovative solutions across the economy.
SPIE Group achieved in 2025 consolidated revenue of €10.4 billion and consolidated EBITA of €793 million.
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www.spie.com
Facebook –LinkedIn
Press Media Library
Contacts
SPIE
Pascal Omnès
Group Communications Director
Tel. + 33 (0)1 34 41 81 11
pascal.omnes@spie.com SPIE
Investor Relations
Investors@spie.com IMAGE 7
Laurent Poinsot
Tel. + 33 (0)1 53 70 74 70
spie@image7.fr
Attachment
Successful €600 million Sustainability-Linked Bond Issuance
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- SPIE PRE Stabilization Notice
May 6, 2026
BNP Paribas Primary New Issues
06/05/2026
Not for distribution, directly or indirectly, in or into the United States or any jurisdiction in which such distribution would be unlawful.
SPIE SA
Pre-stabilisation Period Announcement
BNP Paribas (contact: Stanford Hartman telephone: 0207 595 8222 hereby gives notice, as Stabilisation Coordinator, that the Stabilisation Manager(s) named below may stabilise the offer of the following securities in accordance with Commission Delegated Regulation EU/2016/1052 under the Market Abuse Regulation (EU/596/2014).
The securities:1 Issuer: SPIE SA Guarantor (if any): N/A Aggregate nominal amount: EUR 500M EXPECTED Description: SENIOR SECURED NOTES DUE 18 MAY 2031 Offer price: [BC Other offer terms: Stabilisation: Stabilisation Manager(s) BNP ParibaS, Crédit Agricole CIB, Natixis, Société Générale
CIC CIB, Commerzbank, HSBC, ING, J.P. Morgan and Morgan Stanley Stabilisation period expected to start on: 06/05/2026 Stabilisation period expected to end no later than: 17/06/2026 Existence, maximum size and conditions of use of over‑allotment facility: The Stabilisation Manager(s) may over‑allot the securities to the extent permitted in accordance with applicable law. Stabilisation trading venue: OTC
In connection with the offer of the above securities, the Stabilisation Manager(s) may over‑allot the securities or effect transactions with a view to supporting the market price of the securities during the stabilisation period at a level higher than that which might otherwise prevail. However, stabilisation may not necessarily occur and any stabilisation action, if begun, may cease at any time. Any stabilisation action or over‑allotment shall be conducted in accordance with all applicable laws and rules.
This announcement is for information purposes only and does not constitute an invitation or offer to underwrite, subscribe for or otherwise acquire or dispose of any securities of the Issuer in any jurisdiction.
This announcement and the offer of the securities to which it relates are only addressed to and directed at persons outside the United Kingdom and persons in the United Kingdom who have professional experience in matters related to investments or who are high net worth persons within Article 12(5) of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005 and must not be acted on or relied on by other persons in the United Kingdom.
In addition, if and to the extent that this announcement is communicated in, or the offer of the securities to which it relates is made in, the UK or any EEA Member State before the publication of a prospectus in relation to the securities which has been approved by the competent authority in the UK or that Member State in accordance with Regulation (EU) 2017/1129 (the “Prospectus Regulation”) (or which has been approved by a competent authority in another Member State and notified to the competent authority in the UK or that Member State in accordance with the Prospectus Regulation), this announcement and the offer are only addressed to and directed at persons in the UK or that Member State who are qualified investors within the meaning of the Prospectus Regulation (or who are other persons to whom the offer may lawfully be addressed) and must not be acted on or relied on by other persons in the UK or that Member State.
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This announcement is not an offer of securities for sale into the United States. The securities have not been, and will not be, registered under the United States Securities Act of 1933 and may not be offered or sold in the United States absent registration or an exemption from registration. There will be no public offer of securities in the United States.
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- How The SPIE (ENXTPA:SPIE) Investment Story Is Evolving With Fresh Targets And New Guidance
May 4, 2026
Track your investments for FREE with Simply Wall St, the portfolio command center trusted by over 7 million individual investors worldwide.
SPIE’s central fair value moves from €53.45 to €55.59, setting a fresh reference point for how analysts frame the stock. Recent commentary highlights both supportive and cautious readings of earlier target lifts, from the €8 increase at JPMorgan to smaller steps such as €49.50 to €51, which together shape a more finely tuned risk reward story. Read on to see how these evolving price targets and the debate around them can help you track the next turns in the SPIE narrative.
Stay updated as the Fair Value for SPIE shifts by adding it to your watchlist or portfolio. Alternatively, explore our Community to discover new perspectives on SPIE.
What Wall Street Has Been Saying
🐂 Bullish Takeaways
The latest move from JPMorgan, lifting its SPIE price target by €8, points to a higher central reference level that some investors may use to justify staying engaged with the stock. Morgan Stanley has raised its target on SPIE more than once, including a move to €51 from €49.50, which supports the idea that large research houses see room for the shares to sit above earlier ranges.
🐻 Bearish Takeaways
Morgan Stanley keeps an Equal Weight rating even after its target lift to €51, which can read as a reminder that upside and downside risks are still finely balanced. The focus on relatively modest target changes, such as €49.50 to €51, highlights that some analysts may view SPIE as closer to fair value, rather than a clear high conviction opportunity at current levels.
Do your thoughts align with the Bull or Bear Analysts? Perhaps you think there's more to the story. Head to the Simply Wall St Community to discover more perspectives!ENXTPA:SPIE 1-Year Stock Price Chart
We've flagged 4 risks for SPIE. See which could impact your investment.
What's in the News
SPIE has issued earnings guidance for 2025 to 2028, with revenue expected to grow at an average annual rate of 7% to 9%, including organic growth of 3% to 4% per year on average. The company is pursuing bolt on acquisitions, including an agreement to acquire ROFA Industrial AG in Germany, and reports a pipeline of further M&A opportunities to support total growth in 2026. SPIE began a share repurchase program on March 9, 2026, under an 18 month authorization to buy back up to 10% of issued share capital at a maximum price of €60 per share, with flexibility on how the shares are used. Governance changes are planned for the April 30, 2026 shareholders meeting, when CEO Gauthier Louette plans to step down and Markus Holzke is set to become CEO. The Board has recommended a dividend of €1.08 per share, subject to approval.
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How This Changes the Fair Value For SPIE
Fair value moves from €53.45 to €55.59, a modest uplift of about 4% in the central valuation anchor. Revenue growth assumption shifts from 4.33% to 6.33%. This reflects a clear step up in expected top line expansion used in the model. Net profit margin assumption moves from 4.01% to 3.87%, a mild reduction that partly offsets the higher revenue input. Future P/E changes from 22.79x to 24.44x, indicating a somewhat higher multiple applied to SPIE. Discount rate adjusts from 6.76% to 6.84%, a small increase that slightly raises the hurdle on future cash flows.
Never Miss an Update: Follow The Narrative
Narratives connect SPIE's business story with analyst forecasts and an evolving view of fair value. They update as new guidance, deals, and risks come through. They help you see how the latest headlines fit into a longer term thesis.
Head over to the Simply Wall St Community and follow the Narrative on SPIE to stay up to date on:
How demand for energy transition projects, grid upgrades, EV charging, and data centers is shaping SPIE's revenue opportunities. How acquisitions, higher value technical services, and tight working capital management feed into margin and cash flow expectations. Key risks around reliance on European markets, lumpy project timing, skilled labor shortages, rising competition, and growing ESG compliance costs.
This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned.
Companies discussed in this article include SPIE.PA.
Have feedback on this article? Concerned about the content? Get in touch with us directly. Alternatively, email editorial-team@simplywallst.com
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- SPIE achieves Investment Grade rating (BBB-) from Fitch Ratings
Apr 29, 2026
SPIE SA
Cergy, April 29, 2026 – SPIE, the independent European leader in multi-technical services in the areas of energy and communications, announces the decision of the rating agency Fitch Ratings to upgrade SPIE SA’s long term credit rating to investment grade “BBB-“, with a stable outlook, from “BB+”.
This upgrade to investment grade reflects SPIE’s strengthened credit profile, supported by strong free cash flow generation, solid earnings growth and a sound leverage profile. It also acknowledges the Group’s increased scale and continued improvement in profitability, driven by pricing discipline, selectivity and operational excellence, achieved alongside a targeted bolt-on acquisition strategy.
Gauthier Louette, Chairman and CEO of SPIE, commented: “The achievement of investment grade status marks an important milestone for SPIE. It reflects the consistent execution of our strategy, combining profitable growth, operational excellence and selective acquisitions focused on value-accretive opportunities. This recognition reinforces our financial profile and supports our long-term development ambitions.”
Jérôme Vanhove, CFO of SPIE, added: “This upgrade highlights the quality of our business model and our ability to generate strong and recurring cash flows together with our disciplined capital allocation. It enhances our financial flexibility and further diversifies our access to funding, while allowing us to continue executing our bolt-on M&A strategy within a well-controlled financial framework.”
This new investment grade rating is expected to strengthen SPIE’s access to capital markets and improve its financing conditions, supporting the Group’s long-term strategy and value creation.
About SPIE
SPIE is the independent European leader in multi-technical services in the areas of energy and communications. With 55,000 employees, SPIE works alongside its customers to drive the energy, digital and industrial transitions. As a key player in decarbonisation, the Group delivers efficient and innovative solutions across the economy.
SPIE Group achieved in 2025 consolidated revenue of €10.4 billion and consolidated EBITA of €793 million.
www.spie.com
Facebook –LinkedIn
Press Media Library
Contacts
SPIE
Pascal Omnès
Group Communications Director
Tel. + 33 (0)1 34 41 81 11
pascal.omnes@spie.com SPIE
Investor Relations
Investors@spie.com IMAGE 7
Laurent Poinsot
Tel. + 33 (0)1 53 70 74 70
spie@image7.fr
Attachment
SPIE achieves Investment Grade rating (BBB-) from Fitch Ratings
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- SPIE SA (SPIWF) Q1 2026 Earnings Call Highlights: Navigating Challenges with Strategic Acquisitions
Apr 25, 2026
This article first appeared on GuruFocus.
Total Revenue Growth: 1.7% at constant FX. Organic Growth: -0.9%. M&A Contribution: 2.7%. Acquired Annual Revenue: Approximately EUR667 million from four bolt-on acquisitions in Q1. Germany Revenue Growth: 1.2% year-on-year; organic growth was flat. France Total Growth: 1.9%, with 0.6% organic growth. Northwestern Europe Total Growth: 0.3%, with -0.9% organic growth. Central Europe Total Growth: 7.5%, with -8.2% organic growth. Global Services Energy Growth: -4.4% year-on-year, with -4.1% organic growth. ROFA Industrial Automation Group Revenue: EUR430 million in 2025. SGS Industrial Services Revenue: EUR180 million in 2025. EBITDA Margin for SGS: Slightly north of 10%. Revenue Bridge M&A Contribution: Plus 2.7% or nearly EUR65 million. Currency Effect: Marginal impact of -0.2%. Dividend Payout Ratio: 40% of adjusted net income attributable to the group.
Warning! GuruFocus has detected 3 Warning Sign with SPIWF. Is SPIWF fairly valued? Test your thesis with our free DCF calculator.
Release Date: April 24, 2026
For the complete transcript of the earnings call, please refer to the full earnings call transcript.
Positive Points
SPIE SA (SPIWF) reported a total revenue growth of 1.7% at constant FX, driven by a strong M&A contribution of 2.7%. The company made a strong start to 2026 with four bolt-on acquisitions, adding approximately EUR667 million of annual revenue. SPIE SA (SPIWF) secured significant contracts in Germany, France, and the Netherlands, reinforcing its role in supporting the energy transition. The company maintained a solid balance sheet and reiterated confidence in achieving its 2026 guidance, with expectations of EBITDA margin expansion. SPIE SA (SPIWF) demonstrated resilience and balance in its multi-local multi-technical model, with strong demand for energy efficiency solutions in Germany and Northwestern Europe.
Negative Points
Organic growth was negative at minus 0.9%, impacted by stronger-than-usual seasonality and adverse weather conditions in Central Europe and Germany. The Building Solutions segment in France experienced negative growth, affected by a slowdown in fiber optic rollout programs and macro-related customer caution. The Global Services Energy segment faced challenges with a 4.4% year-on-year decline, impacted by the conflict in Iran and suspension of maintenance contracts in the Middle East. The company's exposure to the Middle East, particularly in oil and gas, poses risks due to geopolitical instability, affecting operations in Qatar and Iraq. Despite a strong M&A start, the integration of acquisitions and their impact on group EBITDA margins remain uncertain, with some acquisitions potentially being dilutive.
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Q & A Highlights
Q: Can you quantify the impact of weather on Q1 results and discuss the organic growth in March? A: The adverse weather, particularly in Germany and Central Europe, affected outdoor activities like high-voltage distribution. However, March showed a stronger performance, and we managed to save productive man-hours for later, which will help us catch up on the delay.
Q: How is the growth in France, particularly in Building Solutions and fiber rollout? A: France showed a solid performance with 1.9% total growth. Building Solutions is still in negative growth territory, but we are selective with high-value projects, which helps protect margins. The drag from fiber rollout will lessen this year but may plateau next year.
Q: What is the impact of recent acquisitions on group EBITDA margins? A: The acquisitions will have a positive impact on group EBITDA margins. However, the timing of closing, especially for the Worley acquisition in Australia, which is dilutive, will affect the overall impact.
Q: Can you discuss the exposure to the Middle East in the Energy business and potential impacts? A: Our exposure is around EUR100 million, mainly in Qatar, Iraq, Saudi Arabia, and Abu Dhabi. We have demobilized some sites due to the conflict, impacting H1 top line. Catch-up is unlikely as maintenance work is typically consistent.
Q: What are the priorities for the new CEO, Markus Holzke, and will there be any changes in strategy? A: Markus Holzke plans to continue the successful compounder model of SPIE, focusing on understanding geographies where he had less exposure. There is no reason to change the current strategy.
For the complete transcript of the earnings call, please refer to the full earnings call transcript.
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- Quarterly information as at March 31st, 2026
Apr 24, 2026
SPIE SA
Stronger seasonality impact in Q1 not affecting full-year outlook
Outstanding bolt-on M&A activity in Germany
Sustained momentum in underlying trends
Cergy, April 24th, 2026
Stronger seasonality impact in Q1 2026
Q1 2026 revenue: €2,450.3 million, up +1.7% year-on-year at constant FX Organic growth of -0.9%, reflecting temporary weather-related disruptions in Germany and Central Europe; gradual catch-up expected over the coming quarters +2.7% contribution from 2025 bolt-on acquisitions Structural growth trends unaltered, supported by sustained momentum in Europe to strengthen energy sovereignty and advance the energy transition
Outstanding M&A activity in Germany and Central Europe
Exceptional start to the year, with four transactions announced early 2026, representing approximately €667 million of annual revenue
Major scale-up in Industrial Services in Germany, with agreements signed to acquire ROFA Industrial AG and SGS Industrial Services (combined annual revenue of
c. €610 million) Continued expansion in Central Europe, with the acquisitions of Invizo in Slovakia and BLOCK Group in the Czech Republic, together contributing around €57 million of annual revenue and strengthening SPIE’s position in high-value, technology-driven services All transactions to be self-financed, while maintaining SPIE’s disciplined leverage policy Well-diversified and active M&A pipeline, offering further high-quality opportunities fully aligned with SPIE’s strategic priorities
Completion of anti-dilutive Share buy-back
Between March 9th and March 19th, 2026, SPIE repurchased 1,250,000 of its own shares to partially offset the dilutive impact of the new shares issued under the SHARE FOR YOU 2025 employee shareholding plan and the Group’s long-term incentive plan These shares have been cancelled on March 30th, 2026
2026 outlook confirmed
Strong total growth, driven by further organic growth and active bolt-on M&A Continued expansion of EBITA margin
Gauthier Louette, Chairman & CEO, commented:
“On the M&A front, SPIE has made an exceptionally strong start to 2026, with outstanding bolt-on activity representing approximately €667 million of acquired annual revenue across our core geographies. In particular, our major scale-up in Industrial Services in Germany marks a significant step forward in the largest industrial services market in Europe. Organic growth was affected in the first weeks of the year by adverse weather conditions in Germany and Central Europe, but we will see a gradual catch-up over the upcoming quarters. Overall, structural trends remain fully intact and are even strengthening, as the current geopolitical crisis further highlights the urgent need for Europe to transition to low-carbon electricity. With a solid balance sheet, continued focus on operational excellence, and financial discipline, we reiterate our strong confidence in achieving our 2026 guidance.”
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Attachment
SPIE - Press release Q1 2026 results
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- SPIE SA announces the publication of its 2025 Universal Registration Document including the 2025 Annual Financial Report
Apr 3, 2026
SPIE SA
Cergy-Pontoise, April 3rd, 2026 - SPIE SA announces the publication of its 2025 Universal Registration Document, including the Annual Financial Report for the 2025 fiscal year, registered by the French securities regulator, the Autorité des marchés financiers (AMF) on April 2nd, 2026 under the number D.26-0216.
In accordance with Delegated Regulation (EU) 2019/815, as amended by the Delegated Regulation (EU) 2020/1989, the 2025 Universal Registration Document has been registered, and is available in ESEF format (European Single Electronic Format).
This 2025 Universal Registration Document includes, among other items:
the 2025 Annual Financial Report as of Dec. 31st, 2025; the fees paid to the Statutory Auditors; the Report of the Board of directors on corporate governance, as well as the Statutory Auditors' Report thereon; the internal control procedures and risk management implemented by the Group; the Sustainability Report, as well as the Independent Supervisory Body’s Report thereon.
The French version of the 2025 Universal Registration Document is available on the SPIE SA website (www.spie.com) and on the AMF website (www.amf-france.org). The English version of the 2025 Universal Registration Document will also shortly be available on the SPIE SA website (www.spie.com).
Hard copies of the 2025 Universal Registration Document are also available at the SPIE SA corporate office, 10, avenue de l’Entreprise, 95863 Cergy-Pontoise, France, or can be ordered on lib.spie.com.
About SPIE
SPIE is the independent European leader in multi-technical services in the areas of energy and communications. With 55,000 employees, SPIE works alongside its customers to drive the energy, digital and industrial transitions. As a key player in decarbonisation, the Group delivers efficient and innovative solutions across the economy.
SPIE Group achieved in 2025 consolidated revenue of €10.4 billion and consolidated EBITA of €793 million.
www.spie.com
Facebook –LinkedIn
Press Media Library
Contacts
SPIE
Pascal Omnès
Group Communications Director
Tel. + 33 (0)1 34 41 81 11
pascal.omnes@spie.com SPIE
Investor Relations
Investors@spie.com IMAGE 7
Laurent Poinsot
Tel. + 33 (0)1 53 70 74 70
spie@image7.fr
Attachment
Press release - SPIE SA - 2025 Universal Registration Document
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- Implementation of a share buyback program
Mar 9, 2026
SPIE SA
Cergy, March 9, 2026
SPIE, the independent European leader in multi-technical services in the areas of energy and communications, announces the implementation of its share buyback program announced on December 12th, 2025. This program aims to partially offset the dilutive effects of the Group’s employee shareholding plan and long-term incentive scheme.
SPIE has today entrusted an investment services provider with a mandate to acquire a maximum number of 1,250,000 SPIE shares over a period extending from March 9, 2026 to April 30, 2026.
SPIE intends to cancel all repurchased shares, thereby partially offsetting the dilutive impact of the issuance of new shares under the SHARE FOR YOU 2025 employee shareholding plan and the Group’s long-term incentive plan.
This share buyback program is implemented under the authorisation granted by the Annual Shareholders’ Meeting of April 30, 2025, pursuant to its 14th resolution. The purchase price will not exceed the maximum price set by the said Shareholders’ Meeting. Details of the share buyback program are available in section 6.4.3 of SPIE’s 2024 Universal Registration Document.
Information on transactions on its own shares by SPIE under the share buyback program will be published on the Group’s website (www.spie.com).
About SPIE
SPIE is the independent European leader in multi-technical services in the areas of energy and communications.
With 55,000 employees, SPIE works alongside its customers to drive the energy, digital and industrial transitions. As a key player in decarbonisation, the Group delivers efficient and innovative solutions across the economy.
SPIE Group achieved in 2025 consolidated revenue of €10.4 billion and consolidated EBITA of €793 million.
www.spie.com
Facebook –LinkedIn
Press Media Library
Contacts
SPIE
Pascal Omnès
Group Communications Director
Tel. + 33 (0)1 34 41 81 11
pascal.omnes@spie.com SPIE
Investor Relations
Investors@spie.com IMAGE 7
Laurent Poinsot & Claire Doligez
Tel. + 33 (0)1 53 70 74 70
spie@image7.fr
Disclaimer
Certain information included in this press release 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 strategies and the environment in which SPIE operates, and involve known and unknown risks, uncertainties and other factors, which may cause actual results, performance or achievements, or industry results or other events, to be materially different from those expressed or implied by these forward-looking statements. These risks and uncertainties include those discussed or identified under Chapter 2 “Risk factors and internal control” in SPIE’s 2024 Universal Registration Document, filed with the French Financial Markets Authority (AMF) on April 2nd, 2025, under number D.25-0216 which is available on the website of SPIE (www.spie.com) and of the AMF (www.amf-france.org).
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This press release does not contain or constitute an offer of securities for sale or an invitation or inducement to invest in securities in France, the United States or any other jurisdiction.
Attachment
Press release - Implementation of a share buyback program_March 2026
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- SPIE SA (SPIWF) Full Year 2025 Earnings Call Highlights: Record EBITDA Margin and Strategic ...
Mar 6, 2026
This article first appeared on GuruFocus.
Total Revenue Growth: 4.8% increase, reaching over 10 billion. EBITDA Margin: Record 7.6%, a 40 basis point improvement. Free Cash Flow: 524 million, with a 108% cash conversion rate. Adjusted Net Income: 458 million, up 9% year-on-year. Leverage Ratio: Reduced to 1.3 times. Dividend: Recommended 1.08 per share, an 8% increase. Revenue from Acquisitions: 347 million from 9 acquisitions. Germany Revenue Growth: 10.3%, with a 7.9% EBITA margin. Northwestern Europe Revenue Growth: 5.1%, with a 7.4% EBITA margin. Central Europe Revenue Growth: 13.6%, with an 80 basis point EBITA margin improvement. Global Services Energy Margin: 10.2% EBITDA margin. EU Taxonomy Alignment: 50% of revenue.
Warning! GuruFocus has detected 5 Warning Signs with SPIWF. Is SPIWF fairly valued? Test your thesis with our free DCF calculator.
Release Date: March 06, 2026
For the complete transcript of the earnings call, please refer to the full earnings call transcript.
Positive Points
SPIE SA (SPIWF) recorded a high-quality performance in 2025 with outstanding cash generation, illustrating the strength and agility of their business model. The company achieved a record EBITDA margin of 7.6%, a 40 basis point increase driven by pricing power, selectivity, operational excellence, and accretive acquisitions. Free cash flow was exceptional at 524 million, supported by best-in-class working capital management and a 108% cash conversion rate. SPIE SA (SPIWF) reaffirmed its sustainability leadership with 50% of revenue aligned with EU taxonomy, positioning it as the top performer within the SBF 120. The company completed 9 acquisitions in 2025, contributing 347 million in annual revenue, and started 2026 with a strategic acquisition in Germany, enhancing its industrial services capabilities.
Negative Points
Revenue in France experienced a slight contraction of 0.8%, reflecting a muted economic backdrop and ongoing challenges in certain divisions. Global Services Energy segment saw a 4.4% decline in revenue, attributed to a more selective approach and the leveling off after an exceptional previous year. Currency fluctuations, particularly the depreciation of the US dollar, negatively impacted financial results, including a 4.2% adverse effect on revenue. The company faced a non-cash IFRS charge of 176 million due to the fair value adjustment of a convertible bond, impacting reported net income. The resignation rate, although decreasing, stood at 5.9% in 2025, indicating ongoing challenges in employee retention.
Q & A Highlights
Q: Can you provide guidance on organic sales growth for 2026, particularly in France? A: We don't provide precise guidance at this time, but the long-term trends remain consistent. France's performance is uncertain, but other areas show positive trends. We aim to progress our EBITA margin, confident in our 2028 targets.
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Q: Could you elaborate on the current trading in Germany and the impact of government investments? A: Germany was impacted by a harsh winter, but order intake and activities remain strong. Infrastructure spending hasn't hit the market yet but boosts customer confidence. We expect strong performance in Germany for the year.
Q: How do you see the margin outlook for France, and will it improve by 2028? A: France faced challenges in fiber optics and commercial installations but maintained resilient margins. We expect margins to improve, supported by growth in technical facilities and industrial services.
Q: Can you provide more details on the Rofa acquisition and its integration with your existing business? A: Rofa operates in industrial automation and intra-logistics, complementing our German business. We expect commercial synergies, leveraging Rofa's customer base and technological advancements.
Q: Do you anticipate AI causing pricing pressure in your activities? A: AI presents opportunities, particularly in data center demand and asset management. We see productivity gains but no significant pricing pressure. AI helps us better understand and optimize customer assets.
For the complete transcript of the earnings call, please refer to the full earnings call transcript.
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