2022 full-year results

Published on 10 March 2023
  • Excellent financial performance in 2022
  • Record level of organic growth and continuing EBITA margin increase
  • Strong cash generation, leverage ratio at all-time low and sound financial structure
  • Entering 2023 with a high level of confidence

Excellent performance in 2022, reflecting accelerating demand for multi-technical services related to energy transition, as well as the strengths of SPIE’s model in an inflationary context


  • Revenue: €8,092.1 m, up +16.1% vs. 2021, including a record +6.9% organic growth with a robust performance across all our geographies reflecting the strong momentum on our markets and our ability to increase prices
  • Significant increase of our EBITA at €511.2 m, up +19.8% vs. 2021
  • Continuing EBITA margin improvements: 6.3% of revenue, up +20 bps vs. 2021 demonstrating our proven pricing power and unabating focus on operational excellence
  • Adjusted net income: €301.2 (+23.9%); net income Group share: €151.5 m (-10.4%)
  • Recommended dividend: €0.73 per share1, up +21.7%

Strong cash generation, leverage ratio at all-time low and sound financial structure


  • Material increase of free cash flow: €314.7 m, up +17.4% confirming the relevance of our virtuous cash-generative model 
  • Highly negative working capital: (38) days of revenue at the end of December 2022
  • Further deleveraging, to 1.6x2 at December 31st, 2022 (compared to 1.8x at December 31st, 2021)
  • Successful refinancing with attractive conditions in 2022 and early 2023
  • SPIE recently upgraded to BB+ by S&P Global, rewarding our strong performance and robust balance sheet

Sustained M&A activity and disposal of our UK operations


  • Very successful integration of Worksphere: high cultural fit allowing a smooth integration, actual performance in line with expectations and costs synergies delivered in a timely manner. #1 position in the Netherlands bearing fruit
  • 5 bolt-on acquisitions in France, Germany and Poland, totalling c.€155 m of yearly acquired revenue
  • Full divestiture of our UK operations completed in December 2022

Leading the way on sustainability


  • SPIE remains a pioneer in EU taxonomy-aligned revenue, progressing from 42% in 2021 to 46% in 2022 
  • CDP (Carbon Disclosure Project) rated for the first year: rating A- (Leadership level)
  • ESG Framework implemented to embed the Group’s ESG commitments in its financing policy

2023 outlook 


  • Mid-single-digit organic growth
  • Further EBITA margin increase
  • High focus on bolt-on M&A remaining at the core of SPIE’s business model 

The proposed dividend pay-out ratio will remain at c.40% of Adjusted Net Income3 attributable to the Group.


Gauthier Louette, Chairman & CEO, said: “The excellent performance delivered in 2022 enables SPIE to break through the 8 billion euros revenue and half a billion EBITA marks. SPIE demonstrated once again the strengths of its business model. Organic growth has been accelerating throughout the year, reflecting our unique position as a key enabler for the energy transition. EBITA margin continued to improve thanks to our unabating focus on operational excellence and our pricing power. Our strong cash generation enabled the Group to further reduce its leverage ratio down to 1.6 time while financing a dynamic M&A strategy including a c.€ 200 million investment for Worksphere.
The share of our European Union taxonomy-aligned revenue continued to improve and reached 46% in 2022, a good step towards our 2025 ESG objectives (50%). 
Since 2022, SPIE has integrated its ESG focus in its financing policy, through the successful issue of two Sustainability-linked refinancing. More than a half of our financial debt is now Sustainability-linked. 
We enter 2023 with a record order backlog and very strong market fundamentals, and I know that the commitment and expertise of all our teams will bring further value to all our stakeholders.

To access the full 2022 annual results, click here.


1. Subject to shareholders’ approval at the next Annual General Meeting on May 10th, 2023
2. Ratio of net debt excluding the impact of IFRS 16 at end December to pro forma EBITDA (including full-year impact of acquisitions and disposals) on a trailing twelve-month basis
3.  Adjusted for the amortisation of allocated goodwill and exceptional items