SPIE (SPIE) Q2 2025 earnings summary

Executive summary

• Revenue rose 5.8% year-over-year to €4,979 million in H1 2025, with 2.4% organic and 3.8% acquisition-driven growth, and EBITA increased 13.2% to €301 million, with margin up 40 bps to 6.0%.

• Leverage ratio reduced to 1.9x from 2.4x, reflecting improved financial discipline and historic low levels.

• Three bolt-on acquisitions in Poland, Switzerland, and the Netherlands added €96 million in annual revenue, with integration progressing well.

• Net income was impacted by a non-cash charge from the ORNANE convertible bond, resulting in a reported loss of €13.4 million, while adjusted net income grew 5.7% to €167 million.

• 2025 margin guidance was raised to at least 7.6%, with confidence in meeting or exceeding revenue and profitability targets.

Financial highlights

• Revenue reached €4,979 million (+5.8% year-over-year), with 2.4% organic and 3.8% acquisition growth.

• EBITA/EBITDA rose 13.2% to €301 million, with margin up 40 bps to 6.0%.

• Adjusted net income grew 5.7% to €167 million; reported net income was €(13.4) million due to a non-cash ORNANE charge.

• Free cash flow improved by €103.4 million to €(107.7) million; operating cash flow at €25.4 million.

• Working capital improved to €(730.1) million, representing (27) days of revenue.

Outlook and guidance

• 2025 revenue is expected to surpass €10 billion, driven by organic and acquisition growth.

• EBITA margin guidance raised to at least 7.6% for 2025.

• Dividend payout to remain around 40% of adjusted net income, with interim dividend of €0.30 per share.

• Positive H2 expected in Central Europe and cautious optimism for France.