Spie SA reported a record EBITA of €793.5 million in FY25, driven by a 7.6% profit margin, but free cash flow and net income fell short of forecasts. Organic growth slowed to 1.5% in Q4, with weak performance in France and Global Services Energy. A €175.9 million non-cash charge from its ORNANE convertible bond reduced reported net income by 35.4%, while adjusted net income missed consensus by 3%.

Despite this, cash conversion hit 108%, exceeding the 100% target. Germany’s 5.3% organic growth offset regional declines, and the company raised its 2028 EBITA margin target to 8%.