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Visual21 Nov 2025
Data center suppliers
SPIE (SPIE) investor relations material
SPIE Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2025 earnings summary31 Oct, 2025
Executive summary
Revenue for the first nine months of 2025 reached €7,518.7m, up 5.4% year-over-year, with 2.2% organic growth and 3.6% from acquisitions, reflecting strong fundamentals and sustained market demand across diversified geographies and sectors.
Germany and North-Western Europe led growth, with Germany now the largest revenue contributor.
Five bolt-on acquisitions since January 2025 contributed €133m in annual revenue, with successful integration of 2024 acquisitions.
Full-year and 2025 outlook confirmed, supported by structural demand in energy transition and digital transformation.
Recent contract wins in facility management, nuclear services, industrial cooling, transport infrastructure, and offshore wind highlight expertise and market positioning.
Financial highlights
Group revenue/production for 9M 2025 rose 5.4% to €7,518.7m, with 2.2% organic growth and €255m from M&A.
Q3 2025 revenue increased 4.7%, with 1.8% organic growth.
Germany: 9M revenue up 11.8% (5.0% organic, 6.8% external); North-Western Europe up 7.0% (6.5% organic); Central Europe up 10.5% (0.2% organic, 9.4% external); France down 0.6% (–1.7% organic); Global Services Energy down 7.8%.
Five acquisitions in 2025 added €133m in annual revenue across Poland, Switzerland, Netherlands, and Austria.
Employee shareholding plan saw record participation, with nearly 25,000 employees subscribing and estimated 8% of capital held by employees.
Outlook and guidance
2025 outlook confirmed, with revenue/production expected to surpass €10bn, supported by organic and M&A-driven growth.
EBITA/EBITDA margin targeted to expand to at least 7.6%, with strong cash generation.
Dividend payout policy maintained at around 40% of adjusted net income.
Confident in maintaining margins and resilience across segments, including in France despite political and economic uncertainties.
Healthy pipeline of acquisition opportunities and ongoing free cash flow generation support future growth.
Future M&A pipeline visibility?
Central Europe organic growth acceleration drivers?
Confidence in achieving 7.6% EBITA margin?
High-voltage backlog conversion outlook?
Any changes in M&A deal multiples?
When will 2028 margin guidance be revisited?
Impact of high-voltage project phasing on growth?
Industry services: sub-sector performance outlook?
M&A contribution to 2028 target: sustainable?
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Frequently asked questions
SPIE SA is a European-based company that provides multi-technical services across a wide range of sectors. It focuses on areas such as energy, telecommunications, and infrastructure, delivering expertise in electrical, mechanical, and HVAC (heating, ventilation, and air conditioning) systems. The company supports projects in energy efficiency, smart cities, and sustainable development, offering services including design, installation, maintenance, and operation of complex facilities. SPIE serves both public and private sectors, covering industries like transportation, healthcare, energy, and real estate. The company is headquartered in Cergy, France, and its shares are listed on the Euronext Paris.
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