Press release

Quarterly information as at September 30th, 2023

Published on 03 November 2023
  • 9m2023 organic growth at +9.5%  and EBITA margin up +30 bps
  • Full-year organic growth outlook revised upwards
     

Very high level of organic growth reached again in Q3 (at +8.8%)

  • Q3 2023 revenue up +6.3% (+8.8% organic)
  • In Q3: Double-digit organic growth in the Netherlands, further organic growth acceleration in Germany as expected
  • 9m 2023 revenue: €6,259.2 million, up +8.4% year-on-year (+9.5% organic)

Significant EBITA margin increase across all regions

  • Q3 2023 EBITA margin up +50 bps vs. Q3 2022
  • 9m 2023 EBITA at €371.8 million, up +15.0% vs. 9m 2022; EBITA margin up +30 bps
  • Strong contribution from the Netherlands
  • Proven pricing power in a high demand market and in an inflationary context 
  • Unabated focus on operational excellence to gradually and continuously increase our margin

Strong delivery on our M&A strategy

  • In Q3, the Group announced 2 acquisitions in France and Germany implying a total annual revenue acquired to nearly €230 million year-to-date
  • Rich pipeline of opportunities 

Recognition of our ESG performance: EcoVadis and Sustainalytics upgraded SPIE’s ratings

  • EcoVadis: Gold category bringing SPIE among the top 5% of companies assessed by EcoVadis in the sector
  • Sustainalytics: SPIE’s ESG rating upgraded to 9.7 with a “Negligible Risk” associated to the score and bringing SPIE to the top 3% of companies in Business Support Services rated by Sustainalytics

Full-year 2023 outlook upgraded

  • Organic growth: above +7% (Previously: “At least +6%”) 
  • EBITA margin: c.+30 bps (unchanged)
  • 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 Income[1] attributable to the Group (unchanged)


Gauthier Louette, Chairman & CEO, commented: “SPIE delivered an outstanding performance in the first nine months of the year illustrating the compelling needs for our solutions for decarbonation across all sectors of the economy, our unique positioning and quality of execution. The Group benefits from a well-balanced portfolio of customers to further support its profitable and sustainable growth. We continue to gradually and continuously increase our EBITA margin thanks to the operational excellence, our selective approach and a growing demand for our services providing the Group with a proven pricing power.

The Group did accelerate its bolt-on M&A execution with the two acquisitions announced in Q3 in France and Germany. With BridgingIT SPIE expands and strengthens its digitalization expertise in Information and Communication Services in Germany. We are nurturing a promising pipeline of opportunities.

As a key enabler for energy transition, our permanent focus on sustainability has been one more time highly recognised by external agencies with the recent upgrade of SPIE’s ratings by EcoVadis and Sustainalytics.

The very high level of organic growth reached again in Q3 allows us to upgrade our organic growth outlook for the full-year 2023.”
 

To access the full version of the press release, click here.

 

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

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