Quarterly information as at September 30th, 2025

Core Insights - SPIE delivered solid performance in the first nine months of 2025, confirming its 2025 outlook and demonstrating strong fundamentals supported by sustained market demand [3][5] Financial Performance - Revenue for the first nine months of 2025 reached €7,518.7 million, reflecting a year-on-year increase of 5.4%, with 3.6% growth from acquisitions and 2.2% organic growth [5] - Revenue growth was particularly strong in Germany (+5.0%) and North-Western Europe (+6.5%) [5] - Q3 2025 revenue increased by 4.7%, including 1.8% organic growth [5] Market Trends - The company benefits from two significant structural drivers: energy transition and digital transformation, which underpin sustained market demand [5] - High Voltage activities showed positive underlying trends, supported by strong order intake and backlog, with projects in Germany and the Netherlands progressing as planned [5] M&A Strategy - SPIE's bolt-on M&A strategy is sustained by successful integration and a robust pipeline, with five acquisitions signed in 2025 contributing €133 million in annual revenue [2][5] - The integration of 2024 acquisitions is progressing smoothly, contributing €255 million to revenue growth in the first nine months of 2025 [5] Future Outlook - The company is on track to exceed €10 billion in revenue, driven by continued organic growth and active M&A [5] - EBITA margin is expected to expand to at least 7.6% [5]