SPIE: Production Up 13.7% in Third Quarter, Targets Confirmed
SPIE's production rose 13.7% in the third quarter of 2026, to €2,886.8 million. This increase combines a recovery in activity on a like-for-like basis and the integration of acquisitions made during the year. Over nine months, production reached €8,043.4 million, up 7.0%.
This quarterly information, published on October 30, 2026, follows a decline on the stock market: on October 7, the share price showed a drop of nearly 21% over the quarter, before recovering 2.5% the day before publication. The group confirms its annual outlook and reports liquidity in excess of €1.5 billion.
Organic Growth Up from -0.9% to +4.7% in Three Quarters
The quarterly increase is the main takeaway from the publication. The group's organic growth stood at -0.9% in the first quarter, +3.1% in the second, then +4.7% in the third, i.e. +2.3% over the first nine months of the financial year.
External growth added 4.8% over nine months and 9.0% in the third quarter alone. The disposal of a small elevator business in the Netherlands and currency effects each weighed -0.1%. Under IFRS, revenue from ordinary activities reached €8,064.5 million, compared with €7,537.0 million a year earlier.
Germany and Northwestern Europe Lead the Growth
Germany, the group's largest segment with €2,871.6 million in production over nine months, grew 10.4%. This increase comprises 4.4% organic growth and 7.7% contribution from acquisitions, including four months of activity from Rofa. In the third quarter, German production rose 21.0%.
In Northwestern Europe (the Netherlands and Belgium), organic growth reached 12.5% in the third quarter, after 4.7% in the second. In the Netherlands, it was driven by substation and transmission line projects that entered an intensive execution phase.
Central Europe grew 15.8% over nine months, of which 12.0% was linked to acquisitions, notably that of Czech group Block.
France, with €2,464.9 million in production, grew 1.6% thanks to the acquisition of Artemys. Its organic growth came to -0.4% over nine months and +0.3% in the third quarter, after a low point in the second. According to the group, the decline in Building Solutions activity reflects its project selectivity policy.
Global Services Energy, the smallest segment at €369.6 million, grew 6.1% thanks to the integration of Worley Power Services and an internal transfer. Its organic growth, however, was -6.7% over nine months.
The group cites increased local competition in oil and gas in sub-Saharan Africa, as well as disruptions in the Middle East linked to the conflict with Iran.
Seven Acquisitions Announced and Liquidity Above €1.5 Billion
Since the beginning of the year, SPIE has announced seven acquisitions representing nearly €800 million in annual revenue.
These include Rofa and SGS in Germany, finalized early in the year, which together generate approximately €610 million in combined revenue. Acquisitions made in 2025 and 2026 contributed €362 million to production growth over nine months.
The most recent transaction is an agreement signed to acquire Austria's SAR Anlagenbau, which generates nearly €100 million in annual revenue. According to the terms announced on October 29, 2026, it covers 76% of the share capital, with completion expected in early 2027, subject to customary conditions.
On the financing side, the group placed a €500 million bond issue in September, indexed to sustainable development criteria, with a maturity of 5.5 years and a coupon of 4.875%. The proceeds were used in particular to refinance the ORNANEs maturing in January 2028.
As part of this refinancing, €400 million of ORNANEs were redeemed in cash and nearly 3.5 million new shares were issued, representing 2.0% dilution. The group's liquidity now exceeds €1.5 billion.
For 2026, SPIE confirmed its outlook: “strong total growth”, driven by organic growth and acquisitions, as well as continued expansion of its EBITA margin. In 2025, the group reported consolidated revenue of €10.4 billion.
