2021 Half-Year results

- H1 revenue and EBITA already back above pre-crisis levels
- Accelerated deleveraging driven by strong working capital performance
- Full-year outlook upgraded

Strong half-year results, revenue and EBITA already back above pre-crisis levels

- Revenue: €3,296.5 million, up +9.1% vs. H1 2020 (+9.7% on an organic basis)
- Very strong growth in Q2 (+19.1% organic), on a low Q2 2020 impacted by strict lockdowns
- H1 revenue 1.7% higher than H1 2019R^[1] level (in line on an organic basis)
- EBITA: €159.7 million, markedly up by +71.2% compared to H1 2020; 2.1% higher than in H1 2019
- EBITA margin: 4.8%, up +170 bps compared to H1 2020 and already back in line with H1 2019
- Sharp rebound in net income (Group share), at €57.1 million

Dynamic bolt-on M&A focused on the Group’s strategic priorities

- 6 acquisitions since the beginning of the year, totalling €192 million annual revenue
- Focus on Germany & Central Europe and ICT services

Excellent working capital performance driving acceleration in deleveraging

- Very strong underlying improvement in working capital over 12 months, by 7 days of revenue
- €83 million decrease in net debt vs. June 2020 despite pay back of 2020 social charges and taxes deferrals, resumption of dividend payment and dynamic M&A activity
- End-June 2021 leverage markedly down, at 3.0x compared to 3.6x at end June 2020

2021 outlook upgraded

- Revenue at or above 2019 level
- EBITA margin at 2019 level: 6.0%
- Bolt-on acquisitions: total full-year revenue to be acquired in 2021 well in excess of €200 million
- Strong reduction in leverage ratio^[2], now expected at around 2.0x at year-end

Gauthier Louette, Chairman & CEO, declared: ‘SPIE delivered strong results for the first half of the year, with H1 revenue and EBITA already back above pre-crisis levels. Yet again I am particularly pleased with the fast recovery of our margin and with our excellent working capital performance, which lead to an acceleration of the Group’s deleveraging. Bolt-on M&A was dynamic and focused on Germany & Central Europe and ICT services, in line with our strategic priorities. This strong delivery of the SPIE model leads us to upgrade our outlook for the full year.
SPIE is on a clear path to benefit from an unprecedented conjunction of positive trends linked to energy efficiency, electrification, low-carbon energy, sustainable mobility and digitalisation. Such trends, compounded by the upcoming stimulus plans, will enhance our growth and margin in the coming years. Sustainability is at the core of both our business and our internal policies, as we will show you in greater details at our next investor event, dedicated to ESG, on September 20th.’

Read the complete 2021 Half-Year results here.

_{[1] Restated to include the contribution of SPIE UK’s schools facility management activity, reintegrated into the continued perimeter in June 2020 (previously under a divesture process).}

_{[2] Ratio of net debt at end December to pro forma EBITDA for the full year, excluding the impact of IFRS 16}