FY 2023 SPIE annual results - Press release

Cergy, March 7^th, 2024
Outstanding financial performance in 2023

• Revenue: €8,709 m, up +7.6% vs. 2022, including an exceptional +8.4% organic growth reflecting the strong momentum on our markets, as well as our ability to increase prices in an inflationary context
• Significant increase of EBITA, up +14.3% (vs. 2022) at €584.2 m
• EBITA margin exceeding guidance at 6.7% of revenue; +40 bps vs. 2022, despite an inflationary context, and thanks to our unabating focus on operational excellence and our selectivity approach which is even higher in a context of strong demand for our services
• Adjusted net income¹: €344.0 m (+14.2% vs. 2022)
• Net income Group share: €238.5 m (+57.4% vs. 2022)
• Recommended dividend for FY2023: €0.83 per share², up +13.7% vs. 2022

Very strong cash generation and a leverage ratio at all-time low

• Exceptional level of free cash flow at €427 m (+35.6% vs. 2022), with a cash conversion at 109% well above our target of 100%, supported by a structurally highly negative working capital ((37) days of revenue at the end of December 2023) illustrating our rigorous focus on cash
• Further deleveraging down to 1.2x³ at December 31^st, 2023 (compared to 1.6x at December 31^st, 2022)
• Successful refinancing with very attractive conditions in early 2023 and no upcoming maturities before 2026
• In 2023, SPIE was upgraded to BB+ by both S&P and Fitch

Very strong delivery on our M&A activity with more than €700 million of yearly revenue acquired

• 9 bolt-on acquisitions reinforcing our footprint in France, Germany, the Netherlands as well as building a position in the offshore wind sector at SPIE Global Services Energy (former SPIE Oil & Gas Services)
• SPIE nurtures a rich pipeline of opportunities and pursues the consolidation of its key markets to further strengthen its positioning as a key enabler for energy transition

Leading the way on sustainability
- 48% of SPIE revenue is aligned with EU taxonomy, establishing SPIE as a best-in-class performer

As from 2024, new reporting segment to reflect the evolution of the geographical mix of the Group

• France (including Nuclear Services)
• Germany
• North-Western Europe
• Central Europe: Poland, Switzerland, Austria, Czech Republic, Hungary and Slovakia
• Global Services Energy (former Oil & Gas Services)

2024 outlook

• Further organic growth, at a slower pace than in 2023
• Further EBITA margin increase
• Continuation of a dynamic bolt-on M&A strategy, remaining at the core of SPIE’s business model
• The proposed dividend pay-out ratio will remain at c.40% of Adjusted Net Income⁴ attributable to the Group

As the Group has reached its 2025 EBITA margin guidance two years in advance, SPIE upgrades its 2025 mid-term guidance