2023 Full-Year results – A record year for SPIE

Published on 07 March 2024
  • Exceptional level of organic growth at +8.4%
  • Strong EBITA margin increase +40 bps (vs. 2022) at 6.7%, exceeding guidance
  • Record level of free cash flow including cash conversion well above 100%
  • Leverage ratio at all-time low and a sound financial structure
  • Very strong delivery on our bolt-on acquisitions strategy
  • 48% of Group revenue aligned with EU Taxonomy


2024: Looking at another strong year


Outstanding financial performance in 2023

  • Revenue: €8,709 m, up +7.6% vs. 2022, including an exceptional +8.4% organic growth reflecting the strong momentum on our markets, as well as our ability to increase prices in an inflationary context
  • Significant increase of EBITA, up +14.3% (vs. 2022) at €584.2 m
  • EBITA margin exceeding guidance at 6.7% of revenue; +40 bps vs. 2022, despite an inflationary context, and thanks to our unabating focus on operational excellence and our selectivity approach which is even higher in a context of strong demand for our services
  • Adjusted net income[1]: €344.0 m (+14.2% vs. 2022) 
  • Net income Group share: €238.5 m (+57.4% vs. 2022)
  • Recommended dividend for FY2023: €0.83 per share[2], up +13.7% vs. 2022

Very strong cash generation and a leverage ratio at all-time low 

  • Exceptional level of free cash flow at €427 m (+35.6% vs. 2022), with a cash conversion at 109% well above our target of 100%, supported by a structurally highly negative working capital ((37) days of revenue at the end of December 2023) illustrating our rigorous focus on cash 
  • Further deleveraging down to 1.2x[3] at December 31st, 2023 (compared to 1.6x at December 31st, 2022)
  • Successful refinancing with very attractive conditions in early 2023 and no upcoming maturities before 2026
  • In 2023, SPIE was upgraded to BB+ by both S&P and Fitch

Very strong delivery on our M&A activity with more than €700 million of yearly revenue acquired

  • 9 bolt-on acquisitions reinforcing our footprint in France, Germany, the Netherlands as well as building a position in the offshore wind sector at SPIE Global Services Energy (former SPIE Oil & Gas Services)
  • SPIE nurtures a rich pipeline of opportunities and pursues the consolidation of its key markets to further strengthen its positioning as a key enabler for energy transition

Leading the way on sustainability

  • 48% of SPIE revenue is aligned with EU taxonomy, establishing SPIE as a best-in-class performer

As from 2024, new reporting segment to reflect the evolution of the geographical mix of the Group 

  • France (including Nuclear Services)
  • Germany
  • North-Western Europe 
  • Central Europe: Poland, Switzerland, Austria, Czech Republic, Hungary and Slovakia
  • Global Services Energy (former Oil & Gas Services)

2024 outlook

  • Further organic growth, at a slower pace than in 2023
  • Further EBITA margin increase
  • Continuation of a dynamic bolt-on M&A strategy, remaining at the core of SPIE’s business model
  • The proposed dividend pay-out ratio will remain at c.40% of Adjusted Net Income[4] attributable to the Group

As the Group has reached its 2025 EBITA margin guidance two years in advance, SPIE upgrades its 2025 mid-term guidance

  • Organic growth: at least +4% p.a. on average, based on historical level of inflation (unchanged)
  • EBITA margin: continuous improvement towards 7% in 2025 (Previously: “EBITA margin improvement towards 6.7% in 2025”)
  • A cash conversion of c.100% (unchanged)
  • Accelerating on its M&A compounding model (unchanged)
  • 5 ESG targets confirmed (unchanged)

Gauthier Louette, Chairman & CEO, said: “2023 was a record year for SPIE in all respects. It demonstrates the strengths of our model and the unique positioning of our highly valuable multi-technical services, which are critical for the accelerating energy transition markets. The Group delivered an exceptional level of organic growth at 8.4%. Despite an inflationary context, the margin increased markedly, by 40 basis points, bringing us two years ahead of plan at our mid-term guidance of 6.7 % EBITA margin. SPIE delivered more than 100% cash conversion and achieved an all-time low leverage ratio. Our strong discipline and unabating focus on operational excellence remained the key drivers of success. We stepped up our bolt-on acquisitions during the year, with nine acquisitions representing more than 700 million euros of annual revenue acquired while nurturing a dynamic and rich pipeline of further opportunities.

Our revenue aligned with the EU taxonomy reached 48% in 2023, showcasing one of the highest levels among SBF120 and establishing the Group as a key enabler for energy transition. 

Looking ahead, we are very confident to deliver yet another strong year in 2024”. 


To access the full 2023 annual results, click here.


[1] Adjusted for i) operating income items restated from the Group’s EBITA, ii) the change in fair value and amortisation costs of derivative related to the ORNANE, and iii) the corresponding normative tax income adjustment

[2] Subject to shareholders’ approval at the next Annual General Meeting on May 3rd, 2024

[3] 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

[4] Adjusted for i) operating income items restated from the Group’s EBITA, ii) the change in fair value and amortisation costs of derivative related to the ORNANE, and iii) the corresponding normative tax income adjustment