Quarterly information as at September 30th, 2025
Solid performance over the first nine months
2025 outlook confirmed
Strong fundamentals and sustained market demand
Cergy, October 31st, 2025
Solid 9m 2025 revenue growth, driven by Germany and North-Western Europe
- Revenue: €7,518.7m, up +5.4% year-on-year, including +3.6% growth from acquisitions and +2.2% organic growth, of which +5.0% in Germany and + 6.5% in North-Western Europe
- Sustained market demand, underpinned by our two powerful structural drivers: the energy transition and digital transformation
- Q3 2025 revenue up +4.7% including +1.8% organic growth
- Highly positive underlying trends in High Voltage activities, supported by strong order intake and backlog. Following exceptional growth in the first half of the year, projects in Germany and the Netherlands progressed, as planned, at a more measured pace
- France demonstrated strong resilience despite a muted domestic macroeconomic backdrop
- Central Europe confirmed the anticipated positive inflection, with a sharp acceleration, driven by the progressive conversion of the substantial high-voltage backlog into revenue
Bolt-on M&A strategy sustained by successful integration and robust pipeline
- Smooth integration of 2024 acquisitions, following a record year with c. €800 million in M&A revenue contribution
- Five bolt-on acquisitions signed in 2025 to date, representing €133 million in annual revenue across attractive markets in Poland, Switzerland, the Netherlands and Austria
- Combined, the 2024 and 2025 acquisitions contributed €255 million to revenue growth over the first nine months of the year
- Active bolt-on M&A strategy supported by a healthy pipeline of opportunities, within highly fragmented marke
2025 outlook confirmed
- Strong total growth pushing revenue well above the €10 billion mark, including further organic growth and active bolt-on M&A
- Continued expansion of EBITA margin to at least 7.6%
Gauthier Louette, Chairman & CEO, commented: “SPIE delivered a solid performance in the first nine months of the year, reaffirming the strength and agility of its model across a well-balanced vertical and geographical footprint. The Group’s long-term trajectory is supported by deep-rooted structural demand in energy transition and digital transformation — two powerful trends that provide visibility in the current geopolitical and economic landscape. The integration of the 2024 acquisitions is progressing seamlessly, as SPIE strengthens its presence in attractive markets with five new acquisitions. Looking ahead, SPIE’s strong cash generation and the fragmented nature of its markets offer fertile ground for targeted expansion. Anchored in solid fundamentals and a disciplined growth strategy, SPIE is firmly on track to meet its 2025 objectives and to continue creating long-term value.”
About SPIE
SPIE is the independent European leader in multi-technical services in the areas of energy and communications. The Group’s 55,000 employees are committed to the decarbonisation of the economy, supporting the energy transition and responsible digital transformation.
SPIE Group achieved in 2024 consolidated revenue of €9.9 billion and consolidated EBITA of €712 million.
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