1H26 in line, guidance reiterated

Research evidence excerpt

1H26 in line, guidance reiterated

Update

July 30, 2026 06:06 AM GMT

Morgan Stanley & Co. International plc+MSPIE | Europe Remi Grenu

Equity Analyst

1H26 in line, guidance reiterated Remi.Grenu@morganstanley.comAnnelies Vermeulen +44 20 7425-0552

Annelies.Vermeulen@morganstanley.com +44 20 7425-4367

AlphaSignals Earnings Reaction Zachariah Al-Qaryooti

Strengthens our thesis In-line Modest revision higher Zach.Al-Qaryooti@morganstanley.com +44 20 7425-2400

Impact to our thesis Financial results versus consensus Direction of next 12-month

consensus EPS

SPIE (SPIE.PA, SPIE FP)

Source: Company data, Morgan Stanley Research

Business Services | France

Stock Rating Overweight

Key Takeaways Industry View Attractive

Price target €53.00

2Q26 organic growth was in line with consensus, marking a sequential Shr price, close (Jul 29, 2026) €47.14

52-Week Range €54.55-41.44

improvement and confirming the rebound after a weak 1Q driven by weather. Mkt cap, curr (mn) €7,989

Net debt (12/26e) (mn)* €2,558

Performance was driven by acceleration in Germany, Central and North Western EV, curr (mn)* €10,237

Europe while France weakened and GES was impacted by the conflict in the * = GAAP or approximated based on GAAP

Middle East.

Adj EBITA in line with consensus at €321m (6.2% margin, +10bps vs cons) with

margin up in all regions except GES and Central Europe. Adj. net income also in

line.

Strong cash/FCF generation, on better working cap, and leverage at 2.1x following

M&A investments. FY26 guidance is unchanged.

Overall a good set of results confirming the sequential recovery and providing

steep acceleration in Germany. We think the shares should react well to the print.

First take: A good set of results overall confirming the recovery from the