Cergy, March 6^th, 2025

Outstanding performance across the board, lifting revenue and earnings to new heights

• Revenue: €9,901m, up +13.7% vs. 2023, including +9.2% growth from acquisitions and +4.3% organic growth, with a dynamic +4.2% in Q4, confirming the good trends of our markets, supported by the energy transition and the digital transformation
• EBITA soars +21.9% to all-time high, at €712m
• EBITA margin expands by 50 bps to reach 7.2%, with progresses in all segments driven by operational excellence, selectivity, pricing power and accretive acquisitions
• Adjusted net income: €420m (+22.0% vs. 2023)
• Recommended dividend: €1.0 per share, up +20.5%
  
  
  

Free cash flow generation at full strength

• All-time high Free cash flow: €570 million, sharply up +34% and driven by outstanding 122% cash conversion
• Best-in-class working capital management: structurally negative working capital further improved from €884.1 million at December-end 2023 to €999.6 million at December-end 2024, representing (36) days of revenue
• Strong balance sheet with year-end leverage kept as low as 1.6x
  
  
  

Intense bolt-on M&A: low-risk, high-return growth strategy; abundant opportunities ahead

• 8 bolt-on acquisitions in 2024, totalling €457 million of annual revenue, focused on the Group’s fastest growing markets (primarily Germany) and sectors (renewable energy, telecom infrastructure, pharmaceuticals)
• Rich pipeline of bolt-on acquisition opportunities on highly fragmented markets providing quality, recurring contribution to total revenue growth

Reaffirming sustainability leadership, well on track to achieve 2025 objectives

• 49% of 2024 revenue aligned with EU taxonomy for sustainable activities
• Significant progress in reducing scope 1 & 2 carbon emissions

2025 outlook

• Strong total growth pushing revenue well above the €10 billion mark, driven by further organic growth and active bolt-on M&A
• Continued expansion of EBITA margin

Gauthier Louette, Chairman & CEO, commented: “2024 was yet another year of record-breaking results for SPIE. Revenue grew by nearly 14%, highlighting our strong positioning on attractive markets, as well as the remarkable execution of our bolt-on acquisitions strategy. EBITA reached a new record high of 712 million euros, rising 22% year-on-year, as we managed to step up our margins by 50 basis points. Free cash flow reached an outstanding 570 million euros, supported by exceptional working capital performance. This strong performance allows us to propose a dividend of €1.0 per share, representing an increase in excess of 20% compared to 2023.
With accelerating growth and best-in-class margins, as well as the well-advanced integration of Robur and ICG, Germany has solidified its status as SPIE’s number one growth engine and is now the top contributor to Group earnings. France proves to be a steady ship, navigating the current context with remarkable efficiency. Meanwhile, the Netherlands has emerged as a robust third pillar alongside Germany and France, achieving revenue of nearly 1.6 billion euros with margins aligned with the Group’s average.

With 49% of our 2024 revenue aligned with the EU Taxonomy, we consolidated our positioning as a major enabler of the energy transition, delivering innovative solutions that increase energy efficiency and foster decarbonized electricity across all economic sectors. 
These 2024 achievements are the result of our 54,700 employees’ expertise and dedication. They embody SPIE’s strong company culture, and I am very proud that they are the Group’s first shareholder. Looking ahead, we are enthusiastic about the vast, long-term opportunities in our markets and extremely confident in our business model. 2025 is set to be another year of strong growth and financial performance."

Attachment

• FY 2024 - SPIE annual results - Press Release