SPIE Umspannung

2022 Half-Year results: Very strong performance

Published on 29 July 2022
  • Organic growth accelerating
  • EBITA margins increasing in all segments
  • 2022 outlook: organic growth and EBITA margin revised upwards

 Strong half-year results confirming the unabated dynamism of our markets and the strengths of our model in the current inflation context

-    Revenue: €3,754.5 million, up +13.9% vs. H1 2021R1  (+4.1% on an organic basis) 
-    Accelerated growth in Q2, up +16.4% vs. Q2 2021R1 (+4.9% on an organic basis)
-    EBITA: €189.5 million, up +18.6% compared to H1 2021R
-    EBITA margin: 5.0%, up +20 bps compared to H1 2021R1
-    Net income (Group share), up +26.8% at €72.5 million

Margin increase across all segments

-    Pricing power supported by our mission-critical services and our innovative solutions, allowing as well the pass-through of inflation 
-    Permanent focus on operational excellence across the board

Dynamic bolt-on M&A activity

-    3 bolt-on acquisitions signed in H1 2022, totalling c. €120 million of full-year revenue, including today’s announcement of the acquisition of a Technical Facility Management activity in Germany
-    Active pipeline of bolt-on opportunities, especially in Germany and France

Excellent working capital performance and continuing deleveraging 

-    Proven solid negative working capital: (22) days of revenue at end of June 2022, stable compared to end of June 2021
-    End of June 2022 leverage down, at 2.8x compared to 3.0x at end of June 2021, while including a c.€200 million cash expenditure related to the acquisition of Worksphere completed in January 2022

Sustainability-linked refinancing of our syndicated loan of €1.2 billion secured on July 25th, 2022

-    Refinancing of our €600 million Term Loan and our €600 million undrawn Revolving Credit Facility, with maturity extended from 2023 to 2027
-    Stable attractive spread conditions, similar to existing financing
-    Sustainability-linked KPIs based on SPIE’s ESG 2025 objectives

2022 outlook: organic growth and EBITA margin revised upwards

-    Organic growth: at least +4.0% 
(Previously: “organic growth: at least +3.0%, increasing compared to pre-covid levels (at +2%)”)
-    EBITA margin now uplifted to 6.3% of revenue
(Previously: “Continued EBITA margin progression)”
-    Stepped-up bolt-on M&A: total full-year revenue to be acquired in 2022 in the order of €250 m (excluding Worksphere) (unchanged)
-    Leverage ratio2 broadly stable including Worksphere and bolt-on acquisitions (unchanged)
Subject to the absence of major deterioration of the macroeconomic and geopolitical context.

Gauthier Louette, Chairman & CEO, said: 
SPIE delivered a very strong performance in H1 2022 with a solid organic growth of 4.1%. EBITA margins were up across all our segments, resulting in an increase of +20bps at Group level. Our backlog remains at all-time high, supported by the accelerating energy transition trends. Our proven solutions for energy efficiency are in higher demand than ever from our clients, and the shift to low carbon energy is accelerating tremendously. While inflation impacts need close attention, SPIE’s discipline and mission-critical positioning allow us to pass through costs increases, thus protecting our margins.
SPIE delivered on its bolt-on M&A strategy with three acquisitions signed in H1 2022, the latest one being announced today with a Technical Facility Management activity acquired from a German blue chip industrial company.
SPIE has recently secured a Sustainability-linked refinancing, with stable attractive financial conditions, which contributes to our sound financial structure and evidences our strong ESG commitments.
This very good H1 2022 performance allows us to target a stronger organic growth of our revenue and to uplift our EBITA margin for the full year 2022


Download the full 2022 Half-Year results by clicking here.


1.  Restated to include the contribution of the unsold part of former SAG Gas & Offshore activities (H1 2021 revenue: €1.1m; H1 2021 EBITA: €40k), previously presented as discontinued activities and reintegrated into the continued perimeter in December 2021
2.  Net debt at end of June / pro-forma EBITDA excluding IFRS 16 on a trailing twelve-month basis