SPIE (SPIE) Q2 2026 earnings summary

Executive summary

• Achieved strong H1 2026 results with revenue of €5,157 million, up 3.6% year-over-year, driven by organic growth rebound in Q2 and robust M&A execution, notably in Germany and Central Europe.

• EBITA rose 6.9% to €321.4 million, with margin expanding by 20 bps to 6.2%.

• Adjusted net income increased 11.9% to €187 million; reported net income rebounded to €112 million from a loss in H1 2025.

• Five bolt-on acquisitions announced in H1, adding €670 million in annual revenue, supporting growth and footprint densification.

• Fitch upgraded long-term credit rating to Investment Grade (BBB-, Stable Outlook); €600 million sustainability-linked bond issued, extending debt maturity to 2031.

Financial highlights

• Revenue: €5,157 million (+3.6% year-over-year); organic growth 1.2%, M&A 2.7%.

• EBITA: €321.4 million (+6.9%); EBITA margin: 6.2% (+20 bps year-over-year).

• Adjusted net income: €187 million (+11.9%); reported net income: €112 million (vs. loss in H1 2025).

• Free cash flow turned positive at €25.7 million, a €133 million improvement year-over-year.

• Leverage ratio (excl. IFRS 16): 2.1x (up from 1.9x in June 2025), reflecting M&A activity.

Outlook and guidance

• 2026 outlook confirmed: strong total growth expected, driven by organic growth and active bolt-on M&A.

• Continued EBITA margin expansion anticipated.

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