2024 Full-Year results - SPIE - Press release

Core Insights - SPIE achieved record-breaking results in 2024, with revenue growth of nearly 14% and EBITA reaching a new high of €712 million, up 22% year-on-year [3][5] - The company generated strong free cash flow of €570 million, reflecting exceptional working capital performance and a cash conversion rate of 122% [5] - SPIE's strategy includes intense bolt-on M&A, with 8 acquisitions in 2024 totaling €457 million in annual revenue, primarily in Germany and sectors like renewable energy [5][6] Financial Performance - Revenue for 2024 was €9,901 million, representing a 13.7% increase compared to 2023, with 9.2% growth from acquisitions and 4.3% organic growth [5] - EBITA margin expanded by 50 basis points to 7.2%, driven by operational excellence and pricing power [5] - Adjusted net income rose to €420 million, a 22% increase from 2023, and a dividend of €1.0 per share was proposed, up 20.5% [5] Market Position and Strategy - Germany has become SPIE's primary growth engine, contributing significantly to Group earnings, while France remains stable and the Netherlands shows robust growth [4] - 49% of 2024 revenue was aligned with the EU Taxonomy, reinforcing SPIE's role in the energy transition and sustainability [5] - The company maintains a strong balance sheet with a year-end leverage ratio of 1.6x and has improved working capital management, reducing it to (36) days of revenue [5]