SPIE (+) : Resilience in France set to power a rerating

Research evidence excerpt

SPIE (+) : Resilience in France set to power a rerating

EQUITIES

BUSINESS SERVICES

SPIE OUTPERFORMPRICE* EUR47.5  TARGET PRICE EUR59 (UPSIDE 24%) TARGET 4%PRICE nonEPSmaterial26e nonEPSmaterial27e

Resilience in France set to power a rerating

With France accounting for c30% of group sales and the next presidential election slated for 2027,22 MAY 2026

Securities Research Report Spie’s French performance is key to meeting its medium‑term targets. Our deep-dive analysis on

Production time: 05:52* (London time)

France gives us confidence that Spie can succeed. We therefore upgrade our French organic growth

Research Analysts & Publishing Entities

forecasts as well as our TP (to EUR59 from EUR57). Outperform reiterated.

Laurent Gelebart, CFA

BNP Paribas SA Spie doesn’t have the growth of Vinci or Eiffage in France…(+33) 1 44 95 21 56

laurent.gelebart@bnpparibas.com Spie’s organic growth in France has averaged 1.5% pa since 2006, materially below Vinci (2.8%)

and Eiffage (3.9%). We believe this is due to: 1) a larger exposure to FTTH, now close to being built

out; 2) a lower exposure to Grand Paris; 3) the company’s business model which is less integrated

and less focused on large scale infrastructure; and 4) Spie potentially being more risk averse.

…but it has growth drivers in place to deliver once again

Spie’s growth drivers should lift every segment: T&D capex is on the rise (PPE3 impact), Nuclear is

reviving, Industry should benefit from process simplification, expansion of services should boost ICT

activities, non-residential markets are at a trough, public demand is resilient and inflation is back. We

raise our organic growth estimates for France in 2026-28e by 130bp on average, with FY26 now

expected to be positive at +0.3% (vs -1.1%).