2020 Full-Year results: SPIE demonstrating the strength of its model in an unprecedented context

Revenue and margin resilience, free cash flow at record high
Outstanding deleveraging to 2.4x
Stepping up sustainability commitment

Cergy, March 12th, 2021

Solid recovery in H2 2020, well in line with guidance, despite stepped-up Covid-19 restrictions in most countries in Q4

- H2 2020 revenue down only 1.4% on an organic basis
- H2 2020 EBITA margin contraction limited to -20 basis points

2020 results reflecting remarkable resilience through the sanitary crisis

- Revenue: €6,642m; year-on-year decrease limited to -4.7%, of which -5.0% on an organic basis
- EBITA: €339m or 5.1% of revenue (6.0% in 2019)
- Adjusted net income: €177m (-22.6%); net income Group share: €53m
- Resumption of dividend payment: €0.44 per share for 2020^[1]

Significant reduction in net debt and leverage supported by strong operational cash performance

- Net debt^[2] at €927m at end December 2020, down €324m year-on-year
- Outstanding deleveraging to 2.4x at end December 2020^[3] (2.7x at end December 2019)
- Free cash flow at record high: €323m
- Excellent cash collection throughout the year, highlighting SPIE’s rigorous management and client base quality
- Negative working capital improved to 37 days of revenue at end December 2020 excluding the benefit of government deferral schemes, vs. 34 days at end December 2019

Climate change: SPIE on the side of the solution

- Green share of revenue per E.U. taxonomy for sustainable activities increased to 41%
- Commitment to reducing the Group’s direct carbon footprint by 25% by 2025, in line with the 1.5°C trajectory defined by the Intergovernmental Panel on Climate Change
- SPIE well positioned to benefit from upcoming stimulus investments in energy efficiency, renewables, sustainable mobility and connectivity
- Upcoming investor day focused on ESG: September 20th, 2021

2021 outlook

- Strong rebound in revenue and EBITA margin, both expected very close to 2019 levels
- Bolt-on acquisitions: total full-year revenue to be acquired in 2021 in the order of €200m
- Further reduction in leverage ratio^[3]

Gauthier Louette, Chairman & CEO, declared: ‘I wish to thank SPIE’s 45,500 employees for their outstanding response to the unprecedented challenges presented by the pandemic. In 2020, we demonstrated the remarkable strengths of our model: the mission-critical nature of our services, our balanced geographical footprint, our rigorous safety management and the dedication of our teams, delivered remarkable revenue and margin resilience, and an unfaltering cash generation.
In the fight against climate change, SPIE is definitely part of the solution. Evidenced by a 41% green share of our 2020 revenue per the E.U. taxonomy, our contribution is focused on energy efficiency, sustainable mobility and the shift to renewable energy sources. These long-term drivers are core to the upcoming stimulus plans all across Europe.
SPIE comes out of 2020 with its fundamental model intact, a stronger balance sheet and enhanced customer relationships, and is well-positioned to support the energy transition and the digital transformation.
We look forward to 2021 with confidence.’

Read the complete 2020 Full-Year results here.

_{[1] Subject to shareholders’ approval at the next Annual General Meeting on May 12th, 2021}

_{[2] Excluding the impact of IFRS 16}

_{[3] Ratio of net debt at end December to pro forma EBITDA for the full year, excluding the impact of IFRS 16}