Organic growth acceleration: Good momentum on our markets and ability to increase prices
- Q3 2022 revenue up +16.4% (+8.5% organic), supported by a strong activity across all segments as well as by price increases
- 9m 2022 revenue: €5,772.9 million, up +14.7% year-on-year (+5.6% organic) 

Solid EBITA margin increase
- Q3 2022 EBITA margin up +20 bps vs. 2021
- 9m 2022 EBITA at €323.2 million, up +19.6% vs. 9m 2021; EBITA margin up +20 bps
- Ability to pass on cost increases and pricing power 
- Unabating focus on operational excellence 

Full divestiture of the UK operations to Imtech, jointly owned by Dalkia and EDF Energy
- Signing of an agreement on October 27th for the sale of 100% of the shares of SPIE UK Limited to Imtech 
- Closing of the transaction expected before the end of 2022

Closing of the Sustainability-linked refinancing of our €1.2bn syndicated loan
- Success of the syndication with core relationship banks
- Interest rate swap implemented
- Sustainability KPIs outlined in accordance with our 2025 ESG targets

Full-year 2022 outlook updated
- Organic growth: at least +5% 
(Previously: “At least +4.0%”) 
- EBITA margin: 6.3% of revenue (guidance unchanged)
- Bolt-on M&A: total full-year revenue to be acquired in 2022 in the order of €150 m (excluding Worksphere)
(Previously: “In the order of €250 m (excluding Worksphere)”)
- Leverage ratio^[1] broadly stable including Worksphere and bolt-on acquisitions (guidance unchanged)
Subject to the absence of major deterioration of the macroeconomic and geopolitical context. 

In millions of euros (unaudited)

9m 2022

9m 2021R^[2]

2022/2021  
Change

9m 2021

Revenue

5,772.9

5,032.2

+14.7%

5,031.4

Organic growth

+5.6%

+5.6%

 

+5.6%

EBITA

323.2

270.3

+19.6%

269.9

EBITA margin

5.6%

5.4%

+20 bps

5.4%

Gauthier Louette, Chairman & CEO, commented: "SPIE’s results for the first nine months of the year confirm our excellent position as a key enabler of the energy transition, even reinforced in the current situation of rising energy prices. Our strong organic growth and our ability to increase our margins in a context of higher inflation demonstrate once more the agility and resilience of our model.
We are very pleased with the performance of Worksphere, and its significant contribution to our Dutch operations as well as to the Group and our pipeline of bolt-on M&A opportunities remains strong. 
With the sale of our UK operations, we will now be able to focus exclusively on our growth in continental Europe, where the deployment of the SPIE model has been extremely successful.
A record backlog combined with a strong demand on energy-related markets allow us to upgrade our organic growth outlook for the full-year. 
When it comes to the decarbonation of the economy, SPIE is more than ever part of the solution.”

To read the full Q3 2022 results, please click here.

 

_{[1] Net debt at end of December / pro-forma EBITDA excluding IFRS 16 on a trailing twelve-month basis}

_{[2] Restated to include the contribution of the unsold part of former SAG Gas & Offshore activities (9m 2021 revenue: €0.8m; 9m 2021 EBITA: €0.3m), previously presented as discontinued activities and reintegrated into the continued perimeter in December 2021}