Investing.com — Spie SA (EPA:SPIE) reported faster organic growth in the third quarter as a sharp recovery in North-West Europe and a return to positive performance in France offset softer activity in Germany and continued weakness in global energy services.
Organic sales growth reached 4.7%, comfortably ahead of analyst expectations of 3.5%, according to Jefferies. Revenue increased 13.7% year on year to €2.89 billion, also exceeding the €2.85 billion consensus.
The improvement was particularly visible in France, where organic growth returned to positive territory after contracting in the previous quarter. Growth reached 0.3%, beating expectations for a 0.5% decline, as technical facilities management performed well. Building solutions and fibre activity in city networks, however, remained weak.
Germany continued to deliver growth, although momentum moderated. Organic sales increased 5.2%, below the 6% consensus and down from 7.3% in the second quarter. Technical facilities management remained supportive, while city networks, grids and high-voltage activities continued to perform strongly.
North-Western Europe was the standout performer, with organic growth accelerating to 12.5%, significantly above expectations of 5.2%. The improvement reflected the timing of high-voltage projects and stronger building solutions activity, compared with a 1.9% contraction in the previous quarter.
Central Europe recorded organic growth of 5.8%, slightly below the 6.8% consensus. Global Energy Services remained under pressure, with revenue contracting 6.8%, although the decline was less severe than the 9.1% fall analysts had anticipated. Oil and gas operations continued to face difficulties in the Middle East and sub-Saharan Africa.
SPIE maintained its full-year 2026 guidance, expecting strong overall growth supported by organic expansion and bolt-on acquisitions, alongside further margin improvement.
Original Article
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