Upcoming Dividend • May 04
Upcoming dividend of €0.78 per share Eligible shareholders must have bought the stock before 11 May 2026. Payment date: 13 May 2026. The company is paying out more than 100% of its profits but is generating plenty of cash to support the dividend. Trailing yield: 2.2%. Lower than top quartile of British dividend payers (5.7%). In line with average of industry peers (2.0%). Announcement • Mar 26
SPIE SA (ENXTPA:SPIE) agreed to acquire SGS Industrial Services GmbH. SPIE SA (ENXTPA:SPIE) entered into an agreement to acquire SGS Industrial Services GmbH on March 25, 2026.
The transaction is subject to subject to antitrust regulations. The expected completion of the transaction is March 26, 2026 to June 30, 2026.
In 2025, SGS Industrial Services generated revenues of c. €180 million with margins slightly north of 10%. The experienced management with Andreas Hofinger, Christian Gittmaier and Sandra Ponsold will continue to lead the operational business. Announcement • Mar 25
SPIE SA, Annual General Meeting, Apr 30, 2026 SPIE SA, Annual General Meeting, Apr 30, 2026. Location: hotel des arts metiers, 9 bis avenue d iena, paris France Declared Dividend • Mar 16
Final dividend increased to €0.78 Dividend of €0.78 is 4.0% higher than last year. Ex-date: 11th May 2026 Payment date: 13th May 2026 Dividend yield will be 2.3%, which is higher than the industry average of 2.1%. Sustainability & Growth Dividend is not covered by earnings (103% earnings payout ratio). However, it is well covered by cash flows (23% cash payout ratio). The dividend has increased by an average of 8.0% per year over the past 10 years. However, payments have been volatile during that time. The company's earnings per share (EPS) would need to grow by 14% to bring the payout ratio under control. EPS is expected to grow by 93% over the next 3 years, which is sufficient to bring the dividend into a sustainable range. Reported Earnings • Mar 11
Full year 2025 earnings released: EPS: €1.05 (vs €1.63 in FY 2024) Full year 2025 results: EPS: €1.05 (down from €1.63 in FY 2024). Revenue: €10.5b (up 4.8% from FY 2024). Net income: €176.4m (down 35% from FY 2024). Profit margin: 1.7% (down from 2.7% in FY 2024). Revenue is forecast to grow 4.4% p.a. on average during the next 3 years, compared to a 4.5% growth forecast for the Commercial Services industry in the United Kingdom. Over the last 3 years on average, earnings per share has increased by 7% per year but the company’s share price has increased by 23% per year, which means it is tracking significantly ahead of earnings growth. Announcement • Mar 04
SPIE SA (ENXTPA:SPIE) signed an agreement to acquire 99% stake in Rofa industrial Automation AG. SPIE SA (ENXTPA:SPIE) signed an agreement to acquire 99% stake in Rofa industrial Automation AG on March 2, 2025. Upon completion, the remaining 1% shareholding will be retained by the current management team, who remain in place and will contribute to pursuing business development. The acquisition will be self-financed with a limited impact on its leverage ratio. For the period ending December 31, 2025, Rofa industrial Automation AG reported total revenue of €430 million. The transaction EBITA multiple is high single digit. The transaction should result in a mid-single digit adjusted EPS accretion for the Group as soon as the first year of consolidation. The transaction is subject only to antitrust approval and expected to be completed in Q2 2026.
Ingo Strauss, Lucas Schweitzer, Katharina Intfeld, Susan Kempe-Mller, Sven Nickel, Tobias Klass, Florian Dehmel, Tilman Kuhn and Joachim Grittmann of Latham & Watkins LLP acted as legal advisor to SPIE SA. Jochem Reichert, Jan Friedrichson, Christoph Kiegler, André Reinhard, Michael M. Cohen, Maria Held, Alexander Stolz, Steffen Henn of SZA Schilling, Zutt & Anschütz acted as legal advisor to the shareholders of Rofa industrial Automation AG. Board Change • Jan 28
Insufficient new directors No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 5 experienced directors. 4 highly experienced directors. Independent Director Christopher Delbrück was the last director to join the board, commencing their role in 2022. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model. Announcement • Dec 12
SPIE SA (ENXTPA:SPIE) signed an agreement to acquire 93% stake in Artemys SARL. SPIE SA (ENXTPA:SPIE) signed an agreement to acquire 93% stake in Artemys SARL on December 11, 2025.
For the period ending December 31, 2024, Artemys SARL reported total revenue of €82 million.
The transaction is subject to subject to antitrust regulations. The transaction is expected to be finalized by early 2026. Announcement • Dec 09
SPIE SA (ENXTPA:SPIE) acquired Cyqueo GmbH. SPIE SA (ENXTPA:SPIE) acquired Cyqueo GmbH on December 8, 2025.
For the period ending December 31, 2024, Cyqueo GmbH reported total revenue of approximately €20 million.
SPIE SA (ENXTPA:SPIE) completed the acquisition of Cyqueo GmbH on December 8, 2025. Marvin März and Leander Schilling of Lincoln International AG acted as financial advisor for Cyqueo GmbH. Sebastian Pauls, Susanne Decker, and Andreas Holzgreve of Weil, Gotshal & Manges LLP. Announcement • Dec 04
SPIE SA Announces Leadership Change SPIE announced a leadership change in Central Europe, welcoming Lukasz Nowiski as successor to Pawel Skowroski. Effective from December 31, 2025, Dr. Pawel Skowroski will step down from his position as Managing Director of SPIE Central Europe and Member of the SPIE Group Executive Committee. Since 2018, he has driven the successful growth of SPIE's business units in Poland, Slovakia, Czech Republic and Hungary. Effective from January 1, 2026, Lukasz Nowiski, who is currently heading SPIE's operations in Poland, will be appointed Managing Director of SPIE Central Europe and will join the SPIE Group Executive Committee. He is 49 years old and graduated from WSB-National Louis University in Poland with master's degree in management and foreign Affairs. He was CEO of Assa Abloy in Poland for over 5 years before joining SPIE in 2017 through the acquisition of Agis Group, where he held the position of CEO since 2012. He then led the acquisition team in Central Europe, achieving 5 deals, before becoming the Managing Director of Poland in 2024. Announcement • Nov 29
SPIE SA Announces Stepping Down of Trudy Schoolenberg as Independent Director, Effective December 31, 2025 SPIE SA announced that for personal reasons, Mrs. Trudy Schoolenberg has decided to step down from her position as Independent Director and to leave the Board of SPIE on December 31st, 2025. Trudy Schoolenberg joined the Board of Directors of SPIE SA in November 2021. Her co-optation was ratified at the General Meeting of 11 May 2022. During her time on the Board, she played an active role and sat on the CSR & Governance committee Following Mrs. Schoolenberg’s departure, the Board will count 11 members, of which 5 are female members and 7 are Independent Directors. As of January 1st, 2026, women will account for 56% of the Board, including the director representing employee shareholders, while independent directors will represent 64%. Announcement • Nov 12
SPIE SA (ENXTPA:SPIE) signs an agreement to acquire 89% stake in Pik AG. SPIE SA (ENXTPA:SPIE) signed an agreement to acquire 89% stake in Pik AG on November 11, 2025. Pik AG management team Christoph Wegner, Christian Hieckel, Daniel Gallin, and André Rechenberg will continue to lead the company’s future development. The remaining 11% of Pik AG of the shares are held by the previous owner and the management team. The agreement includes put and call mechanisms related to these 11%.
For the period ending December 31, 2024, Pik AG reported total revenue around €42 million. The transaction is subject to subject to antitrust regulations. The transaction is expected to complete in December 2025.
Sebastian Zajons, André Laner, Philipp Dille, Matthias Krankowsky and Tobias Maximilian Fritz of RSM Ebner Stolz Management Consultants GmbH acted as accountant to PIK AG. Announcement • Nov 01
SPIE SA Provides Earnings Guidance for the Year 2025 SPIE SA provided earnings guidance for the year 2025. For the year, the company expects strong total growth pushing revenue well above the €10 billion mark, including further organic growth and active bolt-on M&A. Announcement • Oct 08
SPIE SA (ENXTPA:SPIE) agreed to acquire Ecoexperts Automation GmbH. SPIE SA (ENXTPA:SPIE) agreed to acquire Ecoexperts Automation GmbH on October 7, 2025. For the period ending December 31, 2024, Ecoexperts Automation GmbH reported total revenue of €7 million. The transaction is subject to subject to antitrust regulations. The final closing of the transaction is expected by the end of the year. Declared Dividend • Sep 08
First half dividend increased to €0.30 Dividend of €0.30 is 20% higher than last year. Ex-date: 16th September 2025 Payment date: 18th September 2025 Dividend yield will be 2.2%, which is higher than the industry average of 2.1%. Sustainability & Growth Dividend is covered by both earnings (87% earnings payout ratio) and cash flows (18% cash payout ratio). The dividend has increased by an average of 8.6% per year over the past 9 years. However, payments have been volatile during that time. EPS is expected to grow by 76% over the next 3 years, which should provide support to the dividend and adequate earnings cover. Announcement • Aug 26
SPIE SA (ENXTPA:SPIE) acquired Voets En Donkers Koeltechniek B.V. from Marc Voets and Peter Donkers. SPIE SA (ENXTPA:SPIE) acquired Voets En Donkers Koeltechniek B.V. from Marc Voets and Peter Donkers on August 25, 2025. The acquisition includes Voets En Donkers Koeltechniek B.V. and its subsidiary VND Technical Services B.V. The acquisition strengthens SPIE's expertise in industrial cooling installations, air treatment systems, heat pumps, industrial automation, and engineering of process equipment.
For the period ending December 31, 2024, Voets En Donkers Koeltechniek B.V. reported total revenue of €30 million.
SPIE SA (ENXTPA:SPIE) completed the acquisition of Voets En Donkers Koeltechniek B.V. from Marc Voets and Peter Donkers on August 25, 2025. Reported Earnings • Aug 05
First half 2025 earnings released: €0.08 loss per share (vs €0.34 profit in 1H 2024) First half 2025 results: €0.08 loss per share (down from €0.34 profit in 1H 2024). Revenue: €5.05b (up 7.3% from 1H 2024). Net loss: €13.4m (down 124% from profit in 1H 2024). Revenue is forecast to grow 4.4% p.a. on average during the next 3 years, compared to a 3.6% growth forecast for the Commercial Services industry in the United Kingdom. Over the last 3 years on average, earnings per share has increased by 14% per year but the company’s share price has increased by 30% per year, which means it is tracking significantly ahead of earnings growth. Announcement • Jul 02
SPIE SA (ENXTPA:SPIE) entered into an agreement to acquire 96% stake in SD Fiber AG. SPIE SA (ENXTPA:SPIE) entered into an agreement to acquire 96% stake in SD Fiber AG on July 1, 2025. Upon completion of the transaction, SPIE will acquire 96% of the shares of SD Fiber. The remaining 4% will be retained by the current management team, who will continue to lead SD Fiber and will contribute to its ongoing business development.
SD Fiber AG generated revenue of €70 million in 2024. Announcement • Jun 03
SPIE SA (ENXTPA:SPIE) completed the acquisition of Rovitech Projects B.V. from Rob Nagtegaal and others. SPIE SA (ENXTPA:SPIE) acquired Rovitech Projects B.V. from Rob Nagtegaal and others on June 2, 2025. With 25 employees, Rovitech generated revenue of 7 million in 2024.
SPIE SA (ENXTPA:SPIE) completed the acquisition of Rovitech Projects B.V. from Rob Nagtegaal and others on June 2, 2025. Upcoming Dividend • May 07
Upcoming dividend of €0.75 per share Eligible shareholders must have bought the stock before 14 May 2025. Payment date: 16 May 2025. Payout ratio is a comfortable 61% and this is well supported by cash flows. Trailing yield: 2.3%. Lower than top quartile of British dividend payers (5.9%). In line with average of industry peers (2.5%). Announcement • Apr 17
SPIE SA (ENXTPA:SPIE) signed an agreement to acquire Ltec Sp. z o.o. SPIE SA (ENXTPA:SPIE) signed an agreement to acquire Ltec Sp. z o.o. on April 16, 2025.
LTEC generated approximately €19 million in revenue in 2024 and employs around 75 professionals, including many qualified engineers and specialists.
The transaction is subject to usual conditions, including antitrust approval from the Office of Competition and Consumer Protection and SPIE expects to finalize the transaction in the second quarter of 2025. Reported Earnings • Apr 07
Full year 2024 earnings released: EPS: €1.63 (vs €1.45 in FY 2023) Full year 2024 results: EPS: €1.63 (up from €1.45 in FY 2023). Revenue: €10.0b (up 14% from FY 2023). Net income: €273.2m (up 14% from FY 2023). Profit margin: 2.7% (in line with FY 2023). Revenue is forecast to grow 4.3% p.a. on average during the next 3 years, compared to a 4.2% growth forecast for the Commercial Services industry in the United Kingdom. Over the last 3 years on average, earnings per share has increased by 16% per year whereas the company’s share price has increased by 21% per year. Declared Dividend • Mar 26
Final dividend increased to €0.75 Dividend of €0.75 is 23% higher than last year. Ex-date: 14th May 2025 Payment date: 16th May 2025 Dividend yield will be 2.5%, which is higher than the industry average of 2.1%. Sustainability & Growth Dividend is covered by both earnings (61% earnings payout ratio) and cash flows (20% cash payout ratio). The dividend has increased by an average of 8.0% per year over the past 9 years. However, payments have been volatile during that time. EPS is expected to grow by 56% over the next 3 years, which should provide support to the dividend and adequate earnings cover. Announcement • Mar 26
SPIE SA, Annual General Meeting, Apr 30, 2025 SPIE SA, Annual General Meeting, Apr 30, 2025. Location: centre etoile saint honore, 21 25 rue balzac, paris France Buy Or Sell Opportunity • Mar 10
Now 22% undervalued Over the last 90 days, the stock has risen 33% to €40.40. The fair value is estimated to be €51.69, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 11% over the last 3 years. Earnings per share has grown by 16%. For the next 3 years, revenue is forecast to grow by 4.4% per annum. Earnings are also forecast to grow by 17% per annum over the same time period. Reported Earnings • Mar 08
Full year 2024 earnings released: EPS: €1.63 (vs €1.45 in FY 2023) Full year 2024 results: EPS: €1.63 (up from €1.45 in FY 2023). Revenue: €10.0b (up 14% from FY 2023). Net income: €273.2m (up 14% from FY 2023). Profit margin: 2.7% (in line with FY 2023). Revenue is forecast to grow 4.5% p.a. on average during the next 2 years, compared to a 5.0% growth forecast for the Commercial Services industry in the United Kingdom. Over the last 3 years on average, earnings per share has increased by 16% per year but the company’s share price has increased by 26% per year, which means it is tracking significantly ahead of earnings growth. Announcement • Mar 07
SPIE SA to Report Q3, 2025 Results on Oct 31, 2025 SPIE SA announced that they will report Q3, 2025 results Pre-Market on Oct 31, 2025 Valuation Update With 7 Day Price Move • Mar 06
Investor sentiment improves as stock rises 22% After last week's 22% share price gain to €41.41, the stock trades at a forward P/E ratio of 20x. Average forward P/E is 16x in the Commercial Services industry in the United Kingdom. Total returns to shareholders of 132% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at €49.30 per share. Announcement • Jan 22
SPIE SA (ENXTPA:SPIE) commences an Equity Buyback Plan, under the authorization approved on May 3, 2024. SPIE SA (ENXTPA:SPIE) commences share repurchases on January 14, 2025, under the program mandated by the shareholders in the Annual General Meeting held on May 3, 2024. As per the mandate, the company is authorized to repurchase up to 10% of its issued share capital at any time whatsoever or 5% of the total number of shares forming the share capital in the case of shares acquired by the Company with a view to holding them and subsequently handing them over in payment or exchange within the scope of a merger, demerger or contribution transaction. The company will cancel all or some of it's purchased shares. The maximum purchase price per share will not exceed €60 per share. The repurchased shares will be used to provide liquidity, allot shares to executive officers and employees of the Company and other Group entities, particularly within the scope of profit-sharing, any company stock option plan. The repurchase authorization is valid for 18 months.
On January 9, 2025, the company announced a share repurchase program. Under the program, the company will repurchase up to 1,250,000 shares. The purpose of program is to offset the dilutive effects of the Group’s employee shareholding plan and long-term incentive scheme. The repurchases will commence from January 9, 2025 and will be valid till February 28, 2025. Announcement • Dec 20
SPIE SA (ENXTPA:SPIE) agreed to acquire Anylinq B.V. SPIE SA (ENXTPA:SPIE) agreed to acquire Anylinq B.V. on December 20, 2024.
For the year 2023, Anylinq B.V. generated a total revenue of €21 million. Board Change • Dec 19
Insufficient new directors There is 1 new director who has joined the board in the last 3 years. The company's board is composed of: 1 new director. 5 experienced directors. 4 highly experienced directors. Independent Director Christopher Delbrück was the last director to join the board, commencing their role in 2022. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model. Declared Dividend • Sep 01
First half dividend increased to €0.25 Dividend of €0.25 is 14% higher than last year. Ex-date: 18th September 2024 Payment date: 20th September 2024 Dividend yield will be 2.3%, which is higher than the industry average of 2.1%. Sustainability & Growth Dividend is well covered by both earnings (45% earnings payout ratio) and cash flows (18% cash payout ratio). The dividend has increased by an average of 6.5% per year over the past 8 years. However, payments have been volatile during that time. EPS is expected to grow by 81% over the next 3 years, which should provide support to the dividend and adequate earnings cover. Announcement • Aug 16
SPIE SA (ENXTPA:SPIE) completed the acquisition of 87% stake in Otto Life Science Engineering GmbH. SPIE SA (ENXTPA:SPIE) agreed to acquire 87% stake in Otto Life Science Engineering GmbH on July 17, 2024. The acquisition will be financed with the existing financial resources of SPIE SA. For the period ending December 31, 2023, Otto Life Science Engineering GmbH reported total revenue of €75 million. The current management team will remain in place. The deal is subject to customary closing conditions and German antitrust approval. The transaction is expected to complete in in Q3 2024. The transaction will result in an EPS accretion.
SPIE SA (ENXTPA:SPIE) completed the acquisition of 87% stake in Otto Life Science Engineering GmbH on August 16, 2024. Buy Or Sell Opportunity • Jul 29
Now 21% undervalued Over the last 90 days, the stock has risen 3.0% to €35.36. The fair value is estimated to be €44.51, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 10% over the last 3 years. Earnings per share has grown by 11%. Revenue is forecast to grow by 15% in 2 years. Earnings are forecast to grow by 71% in the next 2 years. Reported Earnings • Jul 29
First half 2024 earnings released: EPS: €0.34 (vs €0.45 in 1H 2023) First half 2024 results: EPS: €0.34 (down from €0.45 in 1H 2023). Revenue: €4.71b (up 13% from 1H 2023). Net income: €56.8m (down 22% from 1H 2023). Profit margin: 1.2% (down from 1.7% in 1H 2023). Revenue is forecast to grow 6.4% p.a. on average during the next 3 years, compared to a 4.9% growth forecast for the Commercial Services industry in the United Kingdom. Over the last 3 years on average, earnings per share has increased by 11% per year but the company’s share price has increased by 23% per year, which means it is tracking significantly ahead of earnings growth. Announcement • Jul 26
SPIE SA Announces Interim Cash Dividend, Payable on September 20, 2024 SPIE announced that the company will pay an interim cash dividend of €0.25 per share on September 20th, 2024 (ex-date: September 18th, 2024), i.e. 30% of the approved dividend for 2023. Announcement • Jul 18
SPIE SA (ENXTPA:SPIE) agreed to acquire 87% stake in Otto Life Science Engineering GmbH. SPIE SA (ENXTPA:SPIE) agreed to acquire 87% stake in Otto Life Science Engineering GmbH on July 17, 2024. The acquisition will be financed with the existing financial resources of SPIE SA. For the period ending December 31, 2023, Otto Life Science Engineering GmbH reported total revenue of €75 million. The current management team will remain in place. The deal is subject to customary closing conditions and German antitrust approval. The transaction is expected to complete in in Q3 2024. The transaction will result in an EPS accretion. Announcement • Apr 28
SPIE SA Provides Dividend Guidance for the Year 2024 SPIE SA announced that for the year 2024 the proposed dividend pay-out ratio will remain at c.40% of Adjusted Net Income attributable to the Group. Announcement • Apr 20
SPIE SA (ENXTPA:SPIE) completed the acquisition of approximately 92% stake in ICG Group from H.I.G. Europe Realty Partners. SPIE SA (ENXTPA:SPIE) signed a definitive agreement to acquire approximately 92% stake in ICG Group from H.I.G. Europe Realty Partners on March 11, 2024. The acquisition will be financed with the existing financial resources of SPIE while maintaining its sound financial policy regarding leverage ratio. ICG Group generated a revenue of €230 million in 2023. The transaction multiple is 9.1x EBITA 2023 and 7.5x EBITA 2024E. The remaining 8% shareholding in in ICG Group will be retained by the current management team who will remain in place and will contribute to pursue the business development. The agreement includes put and call mechanisms related to the 8%. The transaction is subject to clearance by antitrust authorities. The transaction should result in a mid-single digit EPS accretion for the Group as soon as the first year of consolidation. SPIE expects to close the transaction in Q2 2024. Vanessa Rendtorff, Jan Balssen,Maximilian Imre, Katja Lehr, Doris-Maria Schuster, Hendrik Marchal, Matthias Werner, Manuel Klar, Iris Benedikt-Buckenleib, Eike Bicker and Konrad HJ Discher of Gleiss Lutz acted as legal advisor for H.I.G. Michael Wahl, Florian Mühl, Ismail Kacmaz, Danka Ruzic, Matthias Hogh, Frank Wallbott, Jan Linnemann and Tamer Aydemir of Eight Advisory provided financial and tax due diligence services to SPIE. Ingo Strauss, Lucas Schweitzer, Tobias Klass, Stefan Süß, Max Hauser, Tobias Leder, Susan Kempe-Müller, Sven Nickel, Wolf-Tassilo Böhm and Joachim Grittmann of Latham & Watkins acted as ledal and due due diligence for SPIE.
SPIE SA (ENXTPA:SPIE) completed the acquisition of approximately 92% stake in ICG Group from H.I.G. Europe Realty Partners on April 18, 2024. The responsible competition authorities had previously approved the transaction. New Risk • Mar 28
New minor risk - Earnings quality The company has large one-off items impacting its financial results. One-off items were 21% of the size of the rest of the company's trailing 12-month earnings before tax. This is considered a minor risk. One-off items are incomes or expenses that the company does not expect to repeat in future periods. Examples include profits from the sale of a business or expenses from a restructuring or legal settlements. If the company's reported statutory earnings include a large proportion of one-off items it means they may be an unreliable indicator of its true business performance as the earnings were skewed by these incomes or expenses. Currently, the following risks have been identified for the company: Minor Risks High level of debt (45% net debt to equity). Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Large one-off items impacting financial results. Declared Dividend • Mar 23
Final dividend increased to €0.61 Dividend of €0.61 is 11% higher than last year. Ex-date: 14th May 2024 Payment date: 16th May 2024 Dividend yield will be 2.4%, which is higher than the industry average of 2.1%. Sustainability & Growth Dividend is covered by both earnings (58% earnings payout ratio) and cash flows (21% cash payout ratio). The dividend has increased by an average of 6.5% per year over the past 8 years. However, payments have been volatile during that time. EPS is expected to grow by 60% over the next 3 years, which should provide support to the dividend and adequate earnings cover. Announcement • Mar 15
SPIE SA (ENXTPA:SPIE) completed the acquisition of ROBUR Industry Service Group GmbH from InterAlpen Partners, LLC and GREENPEAK Partners Advisory GmbH. SPIE SA (ENXTPA:SPIE) agreed to acquire ROBUR Industry Service Group GmbH from InterAlpen Partners, LLC and GREENPEAK Partners Advisory GmbH on November 27, 2023. ROBUR Industry Service Group GmbH had revenue of €380 million. Following completion of the transaction, ROBUR will be established as a separate division of SPIE Deutschland & Zentraleuropa, which will continue to be led by Jan-Jörg Müller-Seiler and his experienced management team. The transaction is subject to customary closing conditions among which antitrust approval and is expected to complete the transaction in February, 2024. The transaction is subject to approval of approval of European commission. As on February 13, 2024, Spie SA (EPA:SPIE) has obtained unconditional EU approval for its agreement to acquire Robur Industry Services. Ingo Strauss, Susanne Decker, Heiko Gotsche, Tobias Klass, Stefan Süß, Max Hauser, Susan Kempe-Müller, Alena McCorkle, Tobias Leder and team of Latham & Watkins Schön Nolte acted as legal advisor to SPIE in this transaction. Houlihan Lokey acted as financial advisor to ROBUR Industry Service Group. Gabor Mues, M Jur, Isabella Dittmer, Florian Fischer from Fischer Mues Dittmer Heilmeier acted as legal advisors to shareholders of ROBUR. Ingo Strauss, Lucas Schweitzer, Susanne Decker,Heiko Gotsche; Tobias Klass and Stefan Süss; Max Hauser, Jana Dammann De Chapto and Nicolas Jung; Joachim Grittmann, Susan Kempe-Mueller, Wolf-Tassilo Böhm, Alena McCorkle, Sven Nickel, Tobias Leder from Latham & Watkins LLP acted as legal advisors to SPIE SA (ENXTPA:SPIE).
SPIE SA (ENXTPA:SPIE) completed the acquisition of ROBUR Industry Service Group GmbH from InterAlpen Partners, LLC and GREENPEAK Partners Advisory GmbH on March 15,, 2023. The regulatory approvals, including the European antitrust authority have been received and all suspensive conditions have been lifted in their entirety. Announcement • Mar 11
SPIE SA (ENXTPA:SPIE) signed a definitive agreement to acquire Infratech/comcross Holding GmbH from H.I.G. Europe Realty Partners. SPIE SA (ENXTPA:SPIE) signed a definitive agreement to acquire Infratech/comcross Holding GmbH from H.I.G. Europe Realty Partners on March 11, 2024. The transaction is subject to clearance by antitrust authorities. Reported Earnings • Mar 09
Full year 2023 earnings released Full year 2023 results: Revenue: €8.81b (up 7.5% from FY 2022). Net income: €238.5m (up 57% from FY 2022). Profit margin: 2.7% (up from 1.8% in FY 2022). The increase in margin was driven by higher revenue. Revenue is forecast to grow 6.3% p.a. on average during the next 2 years, compared to a 5.2% growth forecast for the Commercial Services industry in the United Kingdom. Announcement • Mar 08
SPIE SA Recommends Dividend for the Fiscal Year 2023, Payable on May 16, 2024 SPIE SA recommended dividend for the fiscal year 2023. On the basis of a steady payout ratio policy of 40%, the Board of Directors will propose to the general meeting a dividend of EUR 0.83 per share. This is an increase by 13.7% in comparison to the year before. This dividend to be paid in cash includes an interim dividend of EUR 0.22 already paid in September 2023 with the remaining EUR 0.61 per share to be paid on May 16 of this year. And as per dividend policy, an interim dividend will be paid again in September 2024 for an amount equivalent to 30% of the approved 2023 dividend. New Risk • Jan 24
New minor risk - Shareholder dilution The company's shareholders have been diluted in the past year. Increase in shares outstanding: 2.2% This is considered a minor risk. Shareholder dilution occurs when there is an increase in the number of shares on issue that is not proportionally distributed between all shareholders. Often due to the company raising equity capital or some options being converted into stock. All else being equal, if there are more shares outstanding then each existing share will be entitled to a lower proportion of the company's total earnings, thus reducing earnings per share (EPS). While dilution might not always result in lower EPS (like if the company is using the capital to fund an EPS accretive acquisition) in a lot cases it does, along with lower dividends per share and less voting power at shareholder meetings. Currently, the following risks have been identified for the company: Minor Risks High level of debt (72% net debt to equity). Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Large one-off items impacting financial results. Shareholders have been diluted in the past year (2.2% increase in shares outstanding). Announcement • Nov 29
SPIE SA (ENXTPA:SPIE) agreed to acquire 99% stake in ROBUR Industry Service Group GmbH. SPIE SA (ENXTPA:SPIE) agreed to acquire 99% stake in ROBUR Industry Service Group GmbH on November 28, 2023. SPIE will acquire 99% of the share capital at closing, while the remaining 1% shareholding will be retained by the current management team who remains in place and will contribute to pursue the business development. An earn-out clause is included in the transaction. The acquisition will be financed with the existing financial resources of the Group with a limited impact on its leverage ratio. The transaction is subject to customary closing conditions among which antitrust approval and is expected to complete the transaction in Q1 2024. Announcement • Nov 18
SPIE SA (ENXTPA:SPIE) signed an agreement to acquire Grid Solutions Activities of Strukton Systems B.V. SPIE SA (ENXTPA:SPIE) signed an agreement to acquire Grid Solutions Activities of Strukton Systems B.V. on November 16, 2023. Strukton’s central works council is involved in this planned sale and has delivered a favorable opinion. With this acquisition, SPIE continues the consolidation of its footprint in the booming energy market in the Netherlands. The Grid Solutions activities generated €28 million of revenue in 2022. The transaction is subject to agreement with third parties and is expected to complete in December, 2023. Announcement • Oct 01
SPIE SA (ENXTPA:SPIE) acquired a 85% stake in Reseaux Environnement from Philippe Durand and others. SPIE SA (ENXTPA:SPIE) acquired a 85% stake in Reseaux Environnement from Philippe Durand and others on September 29, 2023. With this transaction, SPIE holds 85% of the share capital, while the remaining 15% shareholding are retained by the managers. The agreement includes put and call mechanisms related to the 15%. Réseaux Environnement generated revenues of approximately €38 million in 2022 and employs 120 qualified employees.
SPIE SA (ENXTPA:SPIE) completed the acquisition of a 85% stake in Reseaux Environnement from Philippe Durand and others on September 29, 2023. Upcoming Dividend • Sep 13
Upcoming dividend of €0.22 per share at 2.8% yield Eligible shareholders must have bought the stock before 20 September 2023. Payment date: 22 September 2023. Payout ratio is on the higher end at 83%, however this is supported by cash flows. Trailing yield: 2.8%. Lower than top quartile of British dividend payers (6.2%). Higher than average of industry peers (1.7%). Announcement • Aug 18
SPIE SA (ENXTPA:SPIE) signed an agreement to acquire 75.1% stake in Bridgingit Gmbh. SPIE SA (ENXTPA:SPIE) signed an agreement to acquire 75.1% stake in Bridgingit Gmbh on August 17, 2023. The remaining 24.9% stake of Bridgingit Gmbh will held by founders and other managers. This acquisition will be financed with the existing resources. BridgingIT generated sales of around €114 million in 2022. The current management team remains in place and will contribute to pursue the business development in the country. The deal is subject to antitrust approval and expected to complete by early in Q4 of 2023. Reported Earnings • Jul 29
First half 2023 earnings released First half 2023 results: Revenue: €4.18b (up 9.6% from 1H 2022). Net income: €73.2m (up 1.0% from 1H 2022). Profit margin: 1.7% (down from 1.9% in 1H 2022). Revenue is forecast to grow 3.7% p.a. on average during the next 3 years, compared to a 9.3% growth forecast for the Commercial Services industry in the United Kingdom. Buying Opportunity • Jul 19
Now 21% undervalued Over the last 90 days, the stock is up 2.4%. The fair value is estimated to be €35.44, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 5.2% over the last 3 years. Earnings per share has grown by 21%. For the next 3 years, revenue is forecast to grow by 4.1% per annum. Earnings is also forecast to grow by 22% per annum over the same time period. Announcement • Jul 08
SPIE Enters Into Exclusive Negotiations For Acquisition Of AVM Up SPIE SA (ENXTPA:SPIE) entered into exclusive negotiations for acquisition of AVM Up. Expects to finalize the transaction in the coming weeks. Announcement • Jun 20
SPIE SA (ENXTPA:SPIE) signed an agreement to acquire Enterprise Communications & Services Gmbh. SPIE SA (ENXTPA:SPIE) signed an agreement to acquire Enterprise Communications & Services Gmbh on June 19, 2023. The closing of the transaction is expected to take place in August 2023 and is subject only to approval by the antitrust authorities. Buying Opportunity • May 26
Now 20% undervalued Over the last 90 days, the stock is up 9.3%. The fair value is estimated to be €35.44, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 5.2% over the last 3 years. Earnings per share has grown by 21%. For the next 3 years, revenue is forecast to grow by 4.0% per annum. Earnings is also forecast to grow by 23% per annum over the same time period. Upcoming Dividend • May 15
Upcoming dividend of €0.55 per share at 2.5% yield Eligible shareholders must have bought the stock before 22 May 2023. Payment date: 24 May 2023. Payout ratio is on the higher end at 78%, however this is supported by cash flows. Trailing yield: 2.5%. Lower than top quartile of British dividend payers (5.9%). Higher than average of industry peers (1.5%). Buying Opportunity • May 10
Now 20% undervalued Over the last 90 days, the stock is up 8.8%. The fair value is estimated to be €35.51, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 5.2% over the last 3 years. Earnings per share has grown by 21%. For the next 3 years, revenue is forecast to grow by 4.3% per annum. Earnings is also forecast to grow by 20% per annum over the same time period. Reported Earnings • Mar 11
Full year 2022 earnings released: EPS: €0.93 (vs €1.06 in FY 2021) Full year 2022 results: EPS: €0.93 (down from €1.06 in FY 2021). Revenue: €8.20b (up 16% from FY 2021). Net income: €151.6m (down 10% from FY 2021). Profit margin: 1.8% (down from 2.4% in FY 2021). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 3.1% p.a. on average during the next 3 years, compared to a 9.3% growth forecast for the Commercial Services industry in the United Kingdom. Over the last 3 years on average, earnings per share has increased by 21% per year but the company’s share price has increased by 32% per year, which means it is tracking significantly ahead of earnings growth. Announcement • Jan 20
SPIE SA (ENXTPA:SPIE) signed an agreement to acquire General Property Sp. z o.o. SPIE SA (ENXTPA:SPIE) signed an agreement to acquire General Property Sp. z o.o at end of December 2022. SPIE welcomes the team of General Property. The closing of the transaction is expected to take place in February 2023 and is subject only to approval by the antitrust authorities. Board Change • Nov 16
High number of new directors There are 5 new directors who have joined the board in the last 3 years. Independent Director Trudy Schoolenberg was the last director to join the board, commencing their role in 2021. The company’s lack of board continuity is considered a risk according to the Simply Wall St Risk Model. Upcoming Dividend • Sep 15
Upcoming dividend of €0.18 per share Eligible shareholders must have bought the stock before 22 September 2022. Payment date: 26 September 2022. Payout ratio is a comfortable 57% and this is well supported by cash flows. Trailing yield: 2.8%. Lower than top quartile of British dividend payers (5.6%). Higher than average of industry peers (1.4%). Reported Earnings • Jul 30
First half 2022 earnings released First half 2022 results: Revenue: (down 100% from 1H 2021). Net income: (down €57.2m from profit in 1H 2021). Profit margin: (down from 1.7% in 1H 2021). Over the next year, revenue is forecast to grow 5.9%, compared to a 14% growth forecast for the industry in the United Kingdom. Over the last 3 years on average, earnings per share has increased by 4% per year but the company’s share price has increased by 12% per year, which means it is tracking significantly ahead of earnings growth. Upcoming Dividend • May 13
Upcoming dividend of €0.47 per share Eligible shareholders must have bought the stock before 20 May 2022. Payment date: 24 May 2022. Payout ratio is a comfortable 57% and this is well supported by cash flows. Trailing yield: 2.8%. Lower than top quartile of British dividend payers (4.8%). Higher than average of industry peers (2.0%). Board Change • Apr 27
High number of new directors There are 5 new directors who have joined the board in the last 3 years. Independent Director Patrick Raymond Jeantet was the last director to join the board, commencing their role in 2021. The company’s lack of board continuity is considered a risk according to the Simply Wall St Risk Model. Reported Earnings • Mar 12
Full year 2021 earnings: Revenues and EPS in line with analyst expectations Full year 2021 results: EPS: €1.06 (up from €0.34 in FY 2020). Revenue: €7.07b (up 5.1% from FY 2020). Net income: €169.3m (up 215% from FY 2020). Profit margin: 2.4% (up from 0.8% in FY 2020). The increase in margin was driven by higher revenue. Revenue was in line with analyst estimates. Over the next year, revenue is forecast to grow 9.6%, compared to a 10.0% growth forecast for the industry in the United Kingdom. Over the last 3 years on average, earnings per share has fallen by 12% per year but the company’s share price has increased by 8% per year, which means it is well ahead of earnings. Board Change • Dec 02
High number of new directors There are 5 new directors who have joined the board in the last 3 years. Director Trudy Schoolenberg was the last director to join the board, commencing their role in 2021. The company’s lack of board continuity is considered a risk according to the Simply Wall St Risk Model. Reported Earnings • Jul 31
First half 2021 earnings released: EPS €0.36 (vs €0.26 loss in 1H 2020) The company reported a strong first half result with improved earnings, revenues and profit margins. First half 2021 results: Revenue: €3.35b (up 9.0% from 1H 2020). Net income: €57.2m (up €98.6m from 1H 2020). Profit margin: 1.7% (up from net loss in 1H 2020). The move to profitability was driven by higher revenue. Over the last 3 years on average, earnings per share has fallen by 15% per year but the company’s share price has increased by 8% per year, which means it is well ahead of earnings. Upcoming Dividend • May 18
Upcoming dividend of €0.44 per share Eligible shareholders must have bought the stock before 25 May 2021. Payment date: 27 May 2021. Trailing yield: 2.2%. Lower than top quartile of British dividend payers (4.1%). Higher than average of industry peers (1.6%). Reported Earnings • Mar 13
Full year 2020 earnings released: EPS €0.34 (vs €1.02 in FY 2019) The company reported a poor full year result with weaker earnings, revenues and profit margins. Full year 2020 results: Revenue: €6.73b (down 3.9% from FY 2019). Net income: €53.8m (down 66% from FY 2019). Profit margin: 0.8% (down from 2.3% in FY 2019). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has fallen by 13% per year but the company’s share price has increased by 3% per year, which means it is well ahead of earnings. Analyst Estimate Surprise Post Earnings • Mar 13
Revenue misses expectations Revenue missed analyst estimates by 0.1%. Over the next year, revenue is forecast to grow 3.5%, compared to a 5.2% growth forecast for the Commercial Services industry in the United Kingdom. Is New 90 Day High Low • Mar 10
New 90-day high: €19.62 The company is up 19% from its price of €16.51 on 10 December 2020. The British market is up 4.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Commercial Services industry, which is up 4.0% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is €26.06 per share. Is New 90 Day High Low • Jan 22
New 90-day high: €18.76 The company is up 23% from its price of €15.29 on 23 October 2020. The British market is up 15% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Commercial Services industry, which is up 7.0% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is €12.63 per share. Is New 90 Day High Low • Jan 06
New 90-day high: €18.41 The company is up 14% from its price of €16.18 on 08 October 2020. The British market is up 11% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Commercial Services industry, which is up 9.0% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is €12.45 per share. Is New 90 Day High Low • Dec 19
New 90-day high: €17.70 The company is up 15% from its price of €15.44 on 18 September 2020. The British market is up 9.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Commercial Services industry, which is up 7.0% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is €11.79 per share. Valuation Update With 7 Day Price Move • Nov 11
Market bids up stock over the past week After last week's 18% share price gain to €17.05, the stock is trading at a trailing P/E ratio of 39x, up from the previous P/E ratio of 33.1x. This compares to an average P/E of 39x in the Commercial Services industry in the United Kingdom. Total return to shareholders over the past three years is a loss of 17%. 
