SPIE (SPIE) Q4 2025 earnings summary

Executive summary

• Achieved record profitability and revenue in 2025, surpassing €10.38 billion, up 4.8% year-over-year, with Germany as the main growth driver and strong support from North-Western Europe.

• EBITA/EBITDA rose 11.4% to €793.5 million, with margin at a record 7.6%, driven by pricing power, operational excellence, and accretive acquisitions.

• Outstanding free cash flow of €524 million and cash conversion of 108%, with leverage ratio reduced to 1.3x.

• Nine bolt-on acquisitions in 2025 added €347 million in annual revenue; ROFA Industrial AG and others strengthened industrial services in Germany.

• Leadership transition announced, with Markus Hochgesang/Markus Holzke appointed as new CEO effective April 2026.

Financial highlights

• Revenue: €10,380 million (+4.8% year-over-year), with 2.0% organic growth and 3.2% from acquisitions.

• EBITA/EBITDA: €793.5 million (+11.4%), margin at 7.6% (+40 bps year-over-year).

• Adjusted net income: €458 million (+9%); reported net income: €176 million, impacted by non-cash ORNANE fair value adjustment.

• Free cash flow: €524 million; leverage ratio at 1.3x (excluding IFRS 16); liquidity at €1.8 billion.

• Dividend proposed at €1.08 per share (+8%), with a 40% payout ratio.

Outlook and guidance

• Revenue expected to grow at 7–9% CAGR through 2028, with 3–4% organic growth annually.

• EBITA margin ambition upgraded to 8% by 2028, with EBITA expected to surpass €1 billion.

• Cumulative free cash flow projected to exceed €2 billion over 2025–2028.

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