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Investing.com -- Spie on Thursday upgraded its full-year margin guidance after reporting first-half results that showed solid earnings momentum, with EBITA coming in 2% ahead of consensus expectations.
The company now expects full-year revenues to be "well above" €10 billion and margins to reach "at least 7.6%," compared to the previous guidance of "continued margin expansion." Current market consensus stands at 7.4%.
First-half EBITA reached €301 million, exceeding consensus estimates of €294 million, while EBITA margin improved by 40 basis points year-over-year to 6%, demonstrating the company’s ability to pass on cost increases and maintain solid pricing power.
Revenue for the first half totaled €4,979 million, broadly in line with expectations and representing a 5.8% increase compared to the same period last year.
Organic growth came in at 2.4%, with a sequential acceleration in the second quarter to 2.6% from 2.1% in the first quarter.
Performance varied across regions, with Germany posting strong organic growth of 6.6%, driven by high voltage, grids, and city networks. North-Western Europe also performed well with 8.1% organic growth, while France remained weak at -2% amid a subdued macroeconomic environment.
Central Europe and Global Energy Services underperformed with organic growth of -4.1% and -6.5% respectively.
First-half net income of €167 million fell 6% below consensus expectations of €178 million. Free cash flow improved significantly to €-107 million, which was €103 million better than the previous year.
Net debt stood at €1,609 million, with pre-IFRS16 net debt to EBITDA ratio at 1.9x, lower than the expected 2.3x.
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