SPIE (SPIE) Q4 2024 earnings summary

Executive summary

• Achieved record 2024 results with revenue of €9,900.9m (+13.7%), EBITA of €712.1m (+21.9%), and free cash flow of €570.1m (122% cash conversion), driven by strong organic growth, intense bolt-on M&A, and operational excellence.

• Sustainability leadership confirmed, with 49% of revenue aligned with EU taxonomy and significant progress on emissions reduction and gender diversity.

• Employee engagement high, with over 21,000 participating in the shareholding plan, now the largest shareholder group and owning 7.8% of capital.

• Eight bolt-on acquisitions in 2024, adding €457m–€557m in annual revenue, focused on Germany, France, Poland, Netherlands, and Switzerland.

• Major technological and sustainability milestones, including the world's first industrial-scale CCU facility for cement in Germany and deployment of drones for 5G infrastructure in France.

Financial highlights

• Revenue reached €9,900.9m (+13.7%), with 4.3% organic growth and 9.2% from acquisitions; Q4 revenue €2,770.2m (+13.1%).

• EBITA/EBITDA hit €712.1m (+21.9%), margin at 7.2% (+50 bps).

• Free cash flow reached €570.1m (+33.6%), with 122% cash conversion and best-in-class working capital management.

• Adjusted net income grew 22% to €419.8m; adjusted EPS up 20.9% to €2.50.

• Dividend proposed at €1 per share, up 20.5%, with a 40% payout ratio.

Outlook and guidance

• Revenue expected to surpass €10bn in 2025, with continued organic growth and active bolt-on M&A.

• Further EBITA margin expansion and 100%+ cash conversion anticipated.

• Dividend payout ratio to remain at ~40% of adjusted net income.

• Organic growth in 2025 expected to be close to 2024 levels, with positive trends in Germany, Northwestern, and Central Europe.