SPIE: Record Margin of 7.6% by 2025 and CEO Departure After 40 Years
SPIE Group closed 2025 with an exceptional financial performance, achieving a record EBITA margin of 7.6% and a record level of free cash flow. Concurrently, the group announced an increase in its medium-term margin target to 8% by 2028 and initiated its most significant managerial transition with the departure of its long-standing CEO and the appointment of Markus Holzke as the new group leader.
Outstanding Operational Performance in 2025
SPIE delivered high-quality operational performance in 2025. The group raised its production well above the 10 billion euros mark, while its EBITA saw significant growth, allowing the margin to reach a new record of 7.6%. This performance reflects the group's rigorous application of selectivity and financial discipline. The free cash flow also reached an exceptional level this year, confirming the robustness of SPIE's business model. Geographically, Germany reaffirmed its role as the primary growth driver, while France demonstrated operational efficiency with a solid financial performance.
Strategic Strengthening and Market Expansion in 2025
Beyond its results, SPIE continued its strategic strengthening with nine acquisitions made in 2025, including an increase in its industrial services activities in Germany starting early 2026. This sustained M&A momentum is part of a strategy to capture attractive markets and consolidate its position in the energy transition. The group highlights that half of its revenue is now aligned with the European taxonomy, thus strengthening its role as a key player in the energy transition in Europe. This orientation confirms the relevance of the group's long-term strategy, supported by the strength of its business model and the vast opportunities offered by its markets.
Major Transition in Governance
However, SPIE is undergoing a major transition at the governance level. Gauthier Louette, who has been with the group for over 40 years, is stepping down as CEO. The Board of Directors has decided to appoint Markus Holzke, an internal figure who embodies the group's long-term vision, as the new CEO. Holzke's career demonstrates exceptional commitment and leadership, according to the group, having grown within SPIE from the acquisition of his initial company to leading the group's largest geography. This internal continuity is accompanied by an increase in the medium-term EBITA margin target, now set at 8% by 2028, an ambition supported by the group's confidence in the long-term opportunities of its markets. Investors will closely monitor the initial steps of the new executive and the confirmation of this margin trajectory during the year.
