Spie Sa Ord

Welcome to the SPI 2026 First Quarter Revenue Presentation. For the first part of the conference call, the participants will be in listen-only mode. During the questions and answers session, participants are able to ask questions by dialing pound key 5 on their telephone keypad. Now I will hand the conference over to Godier Louet, Chairman and CEO, to begin today's conference. Please go ahead.

Good morning, everyone. Thank you for joining us today for our first quarter revenue call. I'm with Markus Osker, the CEO of SPIE Germany, Switzerland, Austria. Jérôme Vanhoef, our Group CFO, and Alexandre Bonazel, our Head of Investor Relations. As you know, Markus will become Group CEO as of April 30th, and I'm very pleased to welcome him on this call. On the M&A front, SPIE has made a strong start to 2026. underlying trends remain fully intact and are even strengthening as the current geopolitical crisis further highlights the urgent need for Europe to transition to low-carbon electricity. Let me start with safety, which remains a power commitment for the group. Next Tuesday, on April 28th, SPIG will hold its Safety Day 2026. Safety workshops will be organized all across our sites and in all our countries. Safety is a continuous training effort. Our health and safety code and its 10 life-saving rules apply to everyone across all trades and activities. Making sure that every employee returns home safely each day is at the very heart of our commitments. Next, I would like to share a few recent contract examples that reflect our strong position. In Germany, we have been mandated to install five new substations for transmission system operator Tenet, a long-standing client relationship built on sustained trust. The framework agreement runs for around eight years. Implementation is scheduled to begin in summer 2026, with phase commissioning continuing through to the end of 2033. The award of this contract highlights P-Expertise as an implementation partner for complex grid infrastructure projects and demonstrates how this structured approach is helping to accelerate grid expansion and the energy transition. In France, we built on several years of successful collaboration with ALK, a Danish pharmaceutical laboratory, covering both maintenance operations and clean room construction. We completed an electrification project for the plant located in Vendée, in Marne. We replaced gas equipment with electrical solutions, installing heat pumps and new electrical infrastructure, allowing the site to reduce its CO2 emissions by nearly 305 tonnes per year, while also improving its energy performance. This contract illustrates the ability of SPIE's team to combine their skills to offer bespoke multi-technical solutions. whilst supporting both performance and decarbonisation objectives. In the Netherlands, we entered in a new multi-year maintenance contract for Hutchinson Port ECT in the Port of Rotterdam, a site where we have been leveraging our expertise over many years. The contract covers all electrical maintenance activities at the ECT Delta and the Euromax terminals, including inspection and high-grantage servicing of more than 200 cranes, as well as the installation of seven strategically located EV charging hubs to support the energy transition across the port area. With this contract, PMR forces its role as a trusted partner to support the energy transition, valued for its ability to incorporate sustainability requirements into maintenance operations. On the key highlights for the quarter, on slide 8, total revenue grew by 1.7% at ConsumFX, including minus 0.9% in organic growth and 2.7% of M&A contribution. We made an exceptionally strong start to the year on the M&A front with 4 Bolton acquisitions in Q1, representing approximately 667 million euros of required annual revenue, across our core geographies. With a solid balance sheet, continued focus on operational excellence and financial discipline, we reiterate our strong confidence in achieving our 2026 guidance. On the first quarter, organic growth was hampered by a stronger than usual impact from seasonality, which was more than offset by the contribution from acquisitions. Both Germany and Northwestern Europe faced a very demanding cooperation rate, with organic growth of 7.2% and 7.5% respectively in Q1 2025. Central Europe, as well as Germany, were also temporarily impacted by adverse weather conditions during the first week of the year, but will gradually catch up over the coming quarters. During the quarter, the internal transfer of the former ROBO non-German operations from Germany to global services energy and central Europe have no impact at group level. Overall, this performance once again demonstrates the resilience and balance of our multi-local, multi-technical model. In Germany, revenue grew 1.2% year-on-year and organic growth was flat against a high comparison rate of 7.2%. Although activities, in particular high voltage and city networks and grid, were affected by adverse weather conditions at the beginning of the year, but we have secured operational capacity to ensure that we catch up on this over the coming quarters. Beyond the short-term seasonality effect, the underlying momentum in Germany remains very strong, driven by sustained demand for energy efficiency solutions, and solid positioning in fast-growing segments such as data centers, cybersecurity, or cloud and managed solutions. In industry services, our performance was supported by recurring maintenance operations and our pertinent exposure to attractive end markets such as automation, logistics, food, and pharma. The pay-e-car and secure acquisitions completed last year contributed plus to 6% with integration progressing well, and the internal react location of the former robust non-German operations to global services in energy and central Europe at the minus 1.4% impact, with no impact, as you see, at group level. France, on slide 11, France delivered a solid performance in Q1 2026, with 1.9% total growth, of which 0.6% organic, As expected, CD networks and building solutions continue to weigh on overall growth. CD networks remain impacted by the slowdown in mature cyberoptic rollout programs, while building solutions reflect both a degree of macro-related customer caution and our disciplined, selective focus on high-value projects. The other four divisions, technical facility management, industry, ICS, and nuclear services, continue to perform well supported by long-standing client relationships and a diversified sector exposure. In particular, industry benefited from the fast-growing renewable and battery storage markets, where ICS leveraged strong positions in cloud, cybersecurity, digital workplace solutions, data, and AI. Last year, nuclear services performed strongly, driven by high-quality execution of maintenance programs, notably the Grand Carinat. The Artemis acquisition, completed at the end of January 2026, contributed 1.3% to the growth. Northwestern Europe, the total growth was slightly positive at 0.3%, despite a minus 0.9% organic growth, against the demanding comparison rate in Q1 2025 of plus 7.5%. The organic decrease was more than offset by the 1.6% contribution from the 2035 acquisition of Rovitec and Roots & Donkers. In the Netherlands, project-driven activity in building solutions reflected a degree of seasonality, with several larger contracts recently launched and set to contribute more meaningfully as a ramp-up of those coming quarters. ICF delivers strong growth. capitalizing on its transcendent position in data center services and the contribution of recent acquisitions. Industry services remain resilient, driven by energy storage and advanced technologies, despite structural pressure in the petrochemicals. Belgium also had a slow start to the year, against high-compression days, notably in high-voltage services, while the older group continued to show strong momentum. In Central Europe, total growth reached plus 7.5%, while organic growth was minus 8.2%, as adverse weather conditions in the first weeks of the year weighed on outdoor activities such as high voltage, telecommunication, and transport infrastructure. These disruptions were however short-lived, and production is expected to capture progressively over the next quarters. The backlog continues to build up, supported by strong investment dynamics linked to the energy transition. Bolton acquisition contributed to growth by 13.2%, reflecting the sustained M&A activity of last year, and also the internal transfer of former robot operations located in Austria, which contributed to an additional 1.4%. And finally, Global Services Energy, It was down minus 4.4% year-on-year, including minus 4.1% organic. In an already changing backdrop for end-gas activities, operations began to be affected in March by the outbreak of the conflict in Iran, which did lead to the suspension of certain ongoing maintenance contracts in Qatar and in Iraq. In wind activities, momentum remained strong. The business was expanded through the internal transfer of the International Wind Operation, formerly Orbio Wind, from Germany. It brings around 600 new colleagues and approximately 14 million euros of annual revenue. Ordering the offering caused a full life of wind assets and adding maintenance capability for wind turbine generators and blade rink beds. Regarding M&A, as I said earlier, SIG keeps up the year with an outstanding level of M&A activity, announcing full acquisition and adding 667 million annual revenue. In Germany, SIG signed agreements to acquire OFA Industrial Automation Group and SGS. Marcus will go into this. Executed at a high single-digit EBITDA multiple, both acquisitions are expected to be accredited to adjusted EPS, from the first year of consolidation. SPIE also expanded its footprint in Central Europe through two acquisitions, contributing a combined 57 million of annual revenue. Block Group, in the Czech Republic, is a recognized specialist in clean room design, engineering, procurement and construction. Inviso, in Slovakia, is a provider of building security systems and smart technical solutions. All these four acquisitions will be self-financed in line with discipline financial policy and commitment to maintaining a sound leverage profile. This acceleration of our M&A activity reflects the group's continued focus on high-value technical services and its proven ability to execute selective, high-return, long-term productions. And now I will hand over to Marcus for a deep dive into the German acquisition.

Thank you, Gautier, and good morning, everyone. ROFA Industrial Automation Group is a leading player in industrial services in Germany with 430 million euros in revenues in 2025 and a sustained high single-digit margin. ROFA brings leading capabilities in industrial automation, conveyor systems, and intralogistics with more than 1,200 highly qualified employees. This acquisition will enable SPIE to move further up the industrial value chain while adding a resilient, diversified customer base across automotive, food, healthcare, logistics, and pharmaceuticals, providing significant cross-selling opportunities for SPIE. At the bottom of the slide, you can see a selection of well-known Blue Chip customers. And moving over to the acquisition of SGS Industrial Services, SGS will strengthen the group's expertise in electrical and mechanical installation for power facilities and industrial plants. The company generated €180 million of annual revenues in 2025 with an EBIT-R margin slightly north of 10%. SGS employs 800 skilled employees who can be deployed flexibly to meet project-specific requirements. Together with a diversified client base, this broadens SPIE's value chain and creates additional meaningful cross-selling opportunities. ROFA and SGS will significantly reinforce SPIE's industrial services platform, building on the successful integration of ROBU and 24. And as Gautier mentioned earlier, both acquisitions are expected to be a credit to adjusted EPS from the first year of consolidation. The closing of these two acquisitions is expected before the end of June 2026. And with that, I will now hand over to Jérôme. Thank you, Marcus, and good morning, everyone.