SPIE (SPIE) Q1 2025 earnings summary

Executive summary

• Q1 2025 revenue reached €2,415 million, up 8.5% year-over-year, with 2.1% organic growth and 6.7% from acquisitions, driven by strong momentum in Germany and North-Western Europe, and resilient performance in France.

• M&A activity remained robust, with two acquisitions closed (Elektromontaż in Poland, Corporate Software in Switzerland) and one signed (LTEC in Poland), supporting expansion in attractive markets.

• Recent contract wins in Germany, France, and the Netherlands highlight diversification and strength in high-voltage, digital, and renewable energy services.

• Management reaffirmed confidence in achieving full-year targets, citing robust demand in energy transition and digitalization sectors.

Financial highlights

• Group revenue reached €2,415 million in Q1 2025, up from €2,225.5 million in Q1 2024, with organic growth of 2.1% and acquisitions contributing 6.7%.

• Germany posted 27.2% revenue growth (7.2% organic, 19.9% from acquisitions), North-Western Europe 8.3% (7.5% organic), Central Europe 1.4%, France declined 0.8%, and Global Services Energy fell 10.7%.

• Disposal impact was -0.3% due to divestiture of a small IT support activity in Belgium; currency effects were negligible.

Outlook and guidance

• 2025 outlook reaffirmed: Group revenue projected well above €10 billion, with continued organic growth, active bolt-on M&A, and EBITA margin expansion anticipated.

• Dividend payout to remain around 40% of adjusted net income.

• Organic growth for 2025 expected to be similar to 2024 (~4%).