SPIE : Quarterly information at March 31st, 2022

Q1 2022 results confirming a good momentum

• Total revenue growth at constant FX: +10.8% (+11.2% reported)
• Solid organic growth, at +3.3%, confirming the good momentum on our markets and in line with full-year guidance
• EBITA at €70.4 million, up +17.7% year-on-year
• EBITA margin at 3.9%, +20bps compared to Q1 2021R¹

Full-year outlook unchanged

• Organic growth: at least +3.0%, increasing compared to pre-covid levels (at +2%)
• Stepped-up bolt-on M&A: total full-year revenue to be acquired in 2022 in the order of €250 m (excluding Worksphere)
• Continued EBITA margin progression
• Leverage ratio² broadly stable including Worksphere and bolt-on acquisitions
• Subject to the absence of major deterioration of the macroeconomic and geopolitical context.

In millions of euros (unaudited)	Q1 2022	Q1 2021R1	Change	Q1 2021 published
Revenue	1,791.7	1,611.5	+11.2%	1,610.8
Organic growth	+3.3%	+1.4%		+1.4%
EBITA	70.4	59.8	+17.7%	59.7
EBITA margin	3.9%	3.7%		3.7%

Gauthier Louette, Chairman & CEO, commented: "We enjoyed a very good start to the year, evidencing the dynamism of our markets. This good performance has been achieved in almost all our geographies, confirming the relevance of our positioning as an enabler of the energy transition and the digital transformation of our customers. SPIE has delivered a solid organic growth in Q1 and Group margin continues to improve especially in the Netherlands thanks to operational excellence and reinforced discipline. The Group's fundamentals are as strong as ever, and SPIE has had ample opportunities to demonstrate its resilience. The current situation of higher inflation and disruption of the supply chains calls for caution, but we have always mastered inflation impacts and we closely monitor the situation.While bringing uncertainty, we observe that the current macroeconomic and geopolitical context is already favouring investments related to Europe's energy independence. Our 2022 outlook remains unchanged."

Download the full press release of the 2022 Q1 results here.

_{1/ Restated to include the contribution of the unsold part of former SAG Gas & Offshore activities (2021 revenue: €0.7m; 2020 EBITA: €40k), previously presented as discontinued activities and reintegrated into the continued perimeter in December 2021
2/ Ratio of net debt at end December to pro forma EBITDA (including full-year impact of acquisitions), excluding the impact of IFRS 16}