SPIE

Revenue reached €9,901 million, up 13.7% compared with 2023, including 9.2% growth related to acquisitions and 4.3% organic growth. The group continues to benefit from favourable trends in its markets, driven by sustained demand for services related to the energy transition and digital transformation.

Operating income was €712 million (+21.9% vs. 2023), a margin of 7.2%, up 50 basis points compared with 2023. This performance is driven by operational excellence, selectivity, pricing power and the accretive effect of acquisitions.

Free cash flow was €570 million. Net debt amounted to €1,262 million, up from last year due to acquisition transactions (€450 million of revenue acquired). However, leverage ratio remained under control at 1.6x (ex-IFRS 16).

The group also presented its financial targets for 2028 at the beginning of March, in particular annual revenue growth of 7% to 9%, 2028 operating income > €1 billion and cumulative cash generation > €2 billion over the period 2025–2028.

Peugeot Invest acquired its stake in SPIE in the fourth quarter of 2017, and has invested a total of €201 million. At 31 December 2024, the Peugeot Invest group (via wholly owned subsidiary Peugeot Invest Assets) held 5.0% of the group. The value of the shareholding in the Net Asset Value and the consolidated financial statements is based on the share price at 31 December 2024.

On 17 March 2025, Peugeot Invest sold half of its shareholding in SPIE in the market for €165 million. As a shareholder since 2017, the company has supported the SPIE group in its development, which has resulted in average EBITA growth of 9% per year. Over the period, the performance thus stands at 1.8x and 9% IRR. Peugeot Invest retains 2.5% of the company’s capital. In accordance with the governance agreements with the company, Peugeot Invest will no longer sit on the SPIE Board of Directors.