SPIE (SPIE) investor relations material

Executive summary

• Q1 2026 revenue grew 1.7% at constant FX, with -0.9% organic growth and 2.7% from M&A; revenue reached €2,450.3 million.

• Four bolt-on acquisitions in early 2026 added €667 million in annual revenue, significantly scaling up German industrial services.

• Adverse weather in Germany and Central Europe impacted outdoor activities, but strong M&A and operational resilience offset this.

• Share buy-back completed to offset dilution from employee share plans, with shares cancelled in March 2026.

• 2026 full-year outlook confirmed, expecting strong total growth and continued EBITA margin expansion.

Financial highlights

• Group Q1 2026 revenue: €2,450.3 million, up 1.5% year-over-year; organic revenue down 0.9%, acquisitions contributed +2.7%.

• Germany: €799.2 million revenue (+1.2% YoY); France: €829.3 million (+1.9% YoY); North-Western Europe: €513.2 million (+0.3% YoY); Central Europe: €193.4 million (+7.5% YoY); Global Services Energy: €115.2 million (-4.4% YoY).

• Organic growth in Central Europe was -8.2%, offset by +13.2% from acquisitions.

• Global Services Energy revenue declined due to Middle East conflict, contract suspensions, and currency effects.

• Organic growth was negative in most segments except France (+0.6%).

Outlook and guidance

• 2026 outlook reaffirmed, expecting further organic growth and continued active bolt-on M&A.

• EBITA margin expected to expand; dividend payout ratio to remain at approximately 40% of adjusted net income.