SPIE (AO) | Buy | M&A has become a meaningful growth contributor

Research evidence excerpt

SPIE (AO) | Buy | M&A has become a meaningful growth contributor

News comment

Release date: 02 July 2026

David Cerdan

Head of French Small/Mid Cap

+33 1 70 81 57 43

dcerdan@keplercheuvreux.com

BuySPIE

France | Support services MCap: EUR8.5bn

Target Price: EUR60.00 Bloomberg: SPIE FP Reuters: SPIE.PA

Current Price: EUR50.05 Free float 90%

Up/downside: 19.9% Avg. daily volume (EURm) 30.9

YTD abs performance 1.6% Market data: 01 July 2026

52-week high/low (EUR) 54.05/41.50

M&A has become a meaningful growth contributor

Key points:

Small acquisition in Switzerland.

Germany remains the priority.

Small acquisition in Switzerland

SPIE announced the acquisition of nimeg, a Swiss engineering company specialised in life sciences projects (pharmaceuticals,

biotechnology and medical devices). The company generated around EUR5m of revenues in 2025, making the transaction

financially immaterial.

Nevertheless, the acquisition illustrates SPIE's continued disciplined bolt-on acquisition strategy and further strengthens its

position in the attractive Life Science Engineering market in Switzerland. .

While today's acquisition is small, it comes after a particularly active period for SPIE. .

Since the beginning of 2025, the group has acquired businesses representing close to EUR1bn of annual revenues, equivalent to

around 10% of its current sales base. M&A has therefore become a significant contributor to SPIE's growth, alongside its strong

organic momentum.

The acquisitions have remained highly disciplined, targeting businesses that: reinforce technical expertise; expand geographic

coverage; strengthen positions in structurally growing end-markets such as energy infrastructure, electrification, digitalisation

and industrial services.

Germany remains the priority market