Q1 2026 Spie SA Earnings Call Transcript
Key Points
- SPIE SA (SPIWF) reported a total revenue growth of 1.7% at constant FX, driven by a strong M&A contribution of 2.7%.
- The company made a strong start to 2026 with four bolt-on acquisitions, adding approximately EUR667 million of annual revenue.
- SPIE SA (SPIWF) secured significant contracts in Germany, France, and the Netherlands, reinforcing its role in supporting the energy transition.
- The company maintained a solid balance sheet and reiterated confidence in achieving its 2026 guidance, with expectations of EBITDA margin expansion.
- SPIE SA (SPIWF) demonstrated resilience and balance in its multi-local multi-technical model, with strong demand for energy efficiency solutions in Germany and Northwestern Europe.
- Organic growth was negative at minus 0.9%, impacted by stronger-than-usual seasonality and adverse weather conditions in Central Europe and Germany.
- The Building Solutions segment in France experienced negative growth, affected by a slowdown in fiber optic rollout programs and macro-related customer caution.
- The Global Services Energy segment faced challenges with a 4.4% year-on-year decline, impacted by the conflict in Iran and suspension of maintenance contracts in the Middle East.
- The company's exposure to the Middle East, particularly in oil and gas, poses risks due to geopolitical instability, affecting operations in Qatar and Iraq.
- Despite a strong M&A start, the integration of acquisitions and their impact on group EBITDA margins remain uncertain, with some acquisitions potentially being dilutive.
Welcome to the SPIE 2026 first-quarter revenue presentation.
(Operator Instructions)
Now I will hand the conference over to Gauthier Louette, Chairman and CEO, to begin today's conference. Please go ahead.
Good morning, everyone. Thank you for joining us today for our first-quarter revenue call. I'm with Markus Holzke, the CEO of SPIE Germany, Switzerland, Austria; Jérome Vanhove, our Group CFO; and Alexandra Bournazel, our Head of Investor Relations. As you know, Markus will become Group CEO as of April 30, and I'm very pleased to welcome him on this call. On the M&A front, SPIE has made a strong start to 2026.
Underlying trends remain fully intact and are even strengthening as the current geopolitical crisis further highlights the urgent need for Europe to transition to low-carbon electricity. Let me start with safety, which remains a core commitment for the group. Next Tuesday, on April 28, SPIE will hold its Safety
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