Full Year 2025 Spie SA Earnings Call Transcript
Key Points
- SPIE SA (SPIWF) recorded a high-quality performance in 2025 with outstanding cash generation, illustrating the strength and agility of their business model.
- The company achieved a record EBITDA margin of 7.6%, a 40 basis point increase driven by pricing power, selectivity, operational excellence, and accretive acquisitions.
- Free cash flow was exceptional at €524 million, supported by best-in-class working capital management and a 108% cash conversion rate.
- SPIE SA (SPIWF) reaffirmed its sustainability leadership with 50% of revenue aligned with EU taxonomy, positioning it as the top performer within the SBF 120.
- The company completed 9 acquisitions in 2025, contributing €347 million in annual revenue, and started 2026 with a strategic acquisition in Germany, enhancing its industrial services capabilities.
- Revenue in France experienced a slight contraction of 0.8%, reflecting a muted economic backdrop and ongoing challenges in certain divisions.
- Global Services Energy segment saw a 4.4% decline in revenue, attributed to a more selective approach and the leveling off after an exceptional previous year.
- Currency fluctuations, particularly the depreciation of the US dollar, negatively impacted financial results, including a 4.2% adverse effect on revenue.
- The company faced a non-cash IFRS charge of €176 million due to the fair value adjustment of a convertible bond, impacting reported net income.
- The resignation rate, although decreasing, stood at 5.9% in 2025, indicating ongoing challenges in employee retention.
Welcome to the SE 2025 full year results conference call. For the first part of the conference call, the participants will be in listen-only mode during the questions and answer session. Participants are able to ask questions by dialing 5 on their telephone keypad. Now I will hand the conference over to Gaudier Louette, Chairman and CEO, and Jerome Van Hove, Group CFO. Please go ahead.
Good morning, everyone.
Thank you for joining us today for our full year results. I'm with Jean Borneuve, our group CFO, and Alexandra Bona, our head of investor relations.
In 2025, we recorded a high-quality performance with outstanding cash generation. It does illustrate once again the strength and agility of our model, the relevance of our strategy, and the quality of our execution. We are well ahead on our EBITA margin trajectory, and we are upgrading our 2028 margin ambition accordingly.
To begin, I'd like to share a few recent contract examples that reflect our strong positioning.
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