Press release

2024 Half-Year results

Published on 26 July 2024
  • Very strong H1 financial performance
  • A high level of organic growth confirming the good dynamic on our markets in H1
  • A significant EBITA margin increase
  • FY 2024 EBITA margin guidance firmed-up: at least 7% of revenue

Strong half-year results reflecting the strengths of SPIE’s business model and quality of execution

  • Revenue: €4,704.5 million, up +14.4% vs. H1 2023 (of which +8.3% from contribution from bolt-on acquisitions and +5.8% organic growth) 
  • Revenue growth in Q2 was up +16.9% vs. Q2 2023 (of which +11.3% from contribution of bolt-on acquisitions and +5.4% organic growth)
  • EBITA: €265.6 million, up +20.7% vs. H1 2023 
  • EBITA margin: 5.6% of revenue, up +30 bps vs. H1 2023
  • Adjusted net income[1], up +28.9% vs. H1 2023, at €157.6 million 

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

  • Enhanced pricing power, highly selective approach in a context of strong demand for our services and solutions, unabated focus on operational excellence and discipline across the board
  • Accretive impact of recent bolt-on acquisitions 

Intense bolt-on acquisitions activity, at the core of SPIE’s model of value creation

  • 3 bolt-on acquisitions signed to date in Germany totalling c. €320 million of full-year revenue acquired (ICG Group, MBG energy GmbH, OTTO LSE); on top of ROBUR (c.€ 380 million) announced in 2023, closed in 2024
  • 1 bolt-on acquisition in the nuclear domain (HORUS) in France signed in July 2024
  • Very rich pipeline of bolt-on opportunities across our existing geographies

Leverage ratio: a sound financial structure

  • Leverage ratio: end of June 2024 at 2.4x compared to 2.3x at end of June 2023 (excluding IFRS 16) 
  • Self-financed M&A translated into a limited increase of the leverage ratio thanks to a lower working capital seasonality effect in H1 2024

Sustainability: upgrade of our MSCI rating and update on our progress on Scope 1, 2 & 3 emissions

  • MSCI upgraded SPIE to 'A' rating, highlighting the Group’s governance and transparency policies
  • Substantial progress in reducing Scopes 1, 2, and 3 emissions, underscoring SPIE’s commitment to decarbonation targets 

2024 outlook firmed-up with EBITA margin reaching at least 7% of revenue

  • Further organic growth, at a slower pace than in 2023 (unchanged)
  • EBITA margin: at least 7% of revenue (a minimum of +30 bps increase compared to 2023) (Previously: “Further EBITA margin increase”)
  • Continuation of a dynamic bolt-on M&A strategy, remaining at the core of SPIE’s business model (unchanged)
  • The proposed dividend pay-out ratio will remain at c.40% of Adjusted Net Income[1] attributable to the Group (unchanged)

The Group’s EBITA margin mid-term guidance (2025) is now expected to be reached one year in advance. The Group plans to organize a Capital Market Day by mid-2025. 

Gauthier Louette, Chairman & CEO, said: “In H1 2024 SPIE delivered another very strong performance after a record year in 2023. It illustrates the strengths of its business model and SPIE’s unique positioning in highly valuable multi-technical services supporting the accelerating energy transition and digital transformation markets. SPIE has forged a well-balanced business profile with predominant positioning in asset support, offering visibility and recurring revenue. Our long-lasting relationships with customers along with the mission critical nature of our services serve as key cornerstones. This obviously reinforces our confidence to weather the current French context.

Our geographical footprint is increasingly well-diversified with the strengthening of our presence in the energy transition markets in Germany and the Netherlands. Germany is this year the first contributing country of the Group.

H1 2024, has been very active on the M&A front with notably the closing of ROBUR and Correll Group as well as the announcement of 4 new acquisitions to date, of which 3 in Germany. Bolt-on M&A remains at the core of our strategy and the integration of the recent acquisitions is well on track.

These very strong H1 2024 results enable us to firm-up our guidance for the year 2024 with an EBITA margin ofat least 7% of revenue, achieving the 2025 margin target one year in advance." 

 

Click here for full press release. 

 

[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

 

 

 

 

 

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