Full Year 2024 Spie SA Earnings Call Transcript
Key Points
- SPIE SA (SPIWF) achieved a record-breaking year in 2024 with revenue growth of nearly 14%, highlighting strong market positioning and successful acquisition strategies.
- EBITA reached a new high of EUR712 million, marking a 22% increase year-on-year, with a notable 50 basis point improvement in margins.
- Free cash flow was exceptional at EUR570 million, supported by a remarkable 122% cash conversion rate.
- The company confirmed its sustainability leadership with 49% of revenue aligned with EU taxonomy, positioning it as a leader within the SBF 120 index.
- SPIE SA (SPIWF) successfully executed eight acquisitions in 2024, contributing EUR457 million in annual revenue, showcasing effective bolt-on M&A strategies.
- Central Europe experienced a slight organic revenue decline due to contract phasing impacts, indicating regional challenges.
- The company's net debt increased by EUR469 million year-over-year, driven by significant M&A activity, which could pose financial risks.
- The organic growth in France was modest at 1.4%, suggesting potential market saturation or competitive pressures.
- The company faces potential impacts from the new corporate tax law in France, which could affect future profitability.
- There are concerns about the sustainability of double-digit margins in the Global Services Energy division, given the normalization of revenue trends after a strong first half.
Hello, and welcome to the Spie full year 2024 results. My name is Laura, and I will be a coordinator for today's event. Please note this call is being recorded. (Operator Instructions) Today we have Gauthier Louette, Chairman and CEO, and Jerome Vanhove, Group CFO as our presenters.
I will now hand you over to your host, Gauthier Louette, to begin today's conference. Thank you.
Yeah, good morning, ladies and gentlemen. Thank you for attending Spie conference call for 2024 full year results. 2024 was yet another year of record breaking for Spie, and first of all, I would like to congratulate our 55,000 employees on their expertise and dedication. They are the backbone of our success. Let me go first through a few examples of recent contracts.
In Germany for a Heidelberg cement plant, we are installing the first industrial scale CCU, Carbon Capture and Utilization in the world. The sensation is able to capture 70,000 tons of CO2 per year from the cement production
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