2023 Half-Year results

• Outstanding H1 financial performance
• Exceptional level of organic growth and significant EBITA margin increase
• 2023 outlook revised upwards

Outstanding half-year results reflecting the strengths of SPIE’s business model even in an inflationary context

• Revenue: €4,114.0 million, up +9.6% vs. H1 2022 (+9.8% on an organic basis) 
• Revenue growth in Q2 was up +8.0% vs. Q2 2022 (+8.8% on an organic basis)
• EBITA: €220.0 million, up +16.1% compared to H1 2022 
• EBITA margin: 5.3%, up +30 bps compared to H1 2022
• Adjusted net income⁽¹⁾, up +15.1% at €122.3 million 

Significant EBITA margin increase, + 30 bps at Group level with all segments improving

• Enhanced pricing power thanks to our unique positioning on the energy transition markets, and the mission-critical services and innovative solutions offered to our customers
• Increased selectivity approach in a context of high demand for our services and solutions
• Permanent focus on operational excellence across the board
• Significant EBITA margin increase in the Netherlands, as planned

Strong deleveraging

• Proven sustained negative working capital structure in a context of high organic growth
• End of June 2023 leverage ratio down, at 2.3x compared to 2.8x at end of June 2022 (excluding IFRS 16) confirming SPIE’s virtuous cash generative model
• Sustainability-linked refinancing and upgrade of the Group’s credit rating
• Gross debt reduction of 200 million euros and optimisation of Group’s financing conditions with the issuance of an ORNANE in January 2023 
• Credit rating upgraded to BB+ by S&P and Fitch (in January and May respectively)

Bolt-on acquisitions, a key pillar of our strategy

• Very active pipeline of bolt-on opportunities across our geographies
• 2 bolt-on acquisitions signed as of today in ICS: 1 acquisition in H1 2023 in Germany and 1 acquisition in July 2023 in France both totalling c. €44 million of full-year revenue acquired 

2023 outlook: EBITA margin and organic growth revised upwards

• Organic growth: at least 6% (Previously: “mid-single-digit organic growth”)
• EBITA margin: c.+30 bps, in line with H1 2023 increase (Previously: “Further EBITA margin increase”)
• High focus on bolt-on M&A remaining at the core of SPIE’s business model (unchanged)
• The proposed dividend pay-out ratio will remain at c.40% of Adjusted Net Income1 attributable to the Group (unchanged)

Gauthier Louette, Chairman & CEO, said:
“SPIE delivered an outstanding performance in H1 2023 with an exceptional level of organic growth, a strong +30 bps EBITA margin increase resulting in an EBITA growth of 16% year on year. 
This demonstrates the strengths of SPIE’s business model, even in an inflationary context. With unique positioning in its geographies and by fostering the proximity with its clients, the Group has become the first port of call when it comes to expert solutions towards the energy transition. 
The accelerating demand on energy-related markets combined with the labour resources scarcity observed in our sector, leads us to further insist on our high selectivity approach and quality of execution to further improve our EBITA margin.
Bolt-on M&A remains a key pillar of our strategy and our pipeline of opportunities is very rich.
In the new interest rates and debt financing environment, SPIE successfully managed a partial refinancing of its debt and an optimisation of its financing conditions.
These strong H1 2023 results allow us to revise upwards our guidance for the full year 2023 with an organic growth of at least 6% and an EBITA margin increase of c.+30 bps”.

To access the full 2023 half-year 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}