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SPIE (SPIE) investor relations material
SPIE Q2 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
Executive summary
Revenue rose 5.8% year-over-year to €4,979m in H1 2025, with 2.4% organic and 3.8% acquisition-driven growth.
EBITA increased 13.2% to €301m, with margin up 40 bps to 6.0% compared to H1 2024.
Leverage ratio reduced to 1.9x from 2.4x a year ago, reflecting strong cash generation.
Three bolt-on acquisitions in Poland, Switzerland, and the Netherlands added €96m in annual revenue, with integration progressing well.
2025 margin guidance raised to at least 7.6%, with confidence in meeting targets.
Financial highlights
Revenue reached €4,979m in H1 2025, up 5.8% year-over-year; organic growth 2.4%, acquisitions 3.8%.
EBITA rose 13.2% to €301m, with margin up 40 bps to 6.0%.
Adjusted net income was €167m, up 5.7% year-over-year; reported net income was negative €13.4m due to a non-cash ORNANE/IFRS charge.
Free cash flow improved by €103.4m to -€108m, with positive operating cash flow for the first time in H1.
Working capital improved to -27 days of revenue, supporting a highly cash-generative model.
Outlook and guidance
2025 revenue expected to exceed €10bn, driven by organic growth and continued bolt-on M&A.
EBITA margin guidance raised to at least 7.6% for the year.
Dividend payout to remain around 40% of adjusted net income.
Continued focus on disciplined M&A and integration to support growth.
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