Eiffage (FGR) investor relations material

Executive summary

• Revenue increased 7.5% year-over-year to €11.93 billion in H1 2025, with strong growth in Contracting and international markets, especially Germany, and supported by targeted acquisitions.

• Operating profit rose to €1,006 million (up 0.9%), with a group margin of 8.4%, while net income attributable to the group declined to €308 million due to a one-off French corporate tax charge.

• The order book reached €29.5 billion, up 4% year-over-year, providing strong medium- and long-term visibility.

• Free cash flow was negative at -€91 million, reflecting seasonal working capital needs and growth investments.

• Net financial debt stood at €9.9 billion at June 30, 2025, down €0.7 billion year-over-year, despite significant CapEx and acquisitions.

Financial highlights

• Contracting revenue up 8.4% to €10.02 billion; international revenue up 17.2%; Energy Systems revenue up 13.2% to €3.77 billion, with strong growth in Germany.

• Concessions revenue rose 3.1% to €1.91 billion; APRR motorway traffic up 2.2%; EBITDA margin at 72.1%.

• Group liquidity at June 30, 2025, was €4.5 billion, including €2.5 billion in cash and €2.0 billion in undrawn credit lines.

• EBITDA increased by €90 million, including a €60 million charge for the employee shareholding plan.

• Basic EPS was €3.30, down from €4.06 in H1 2024.

Outlook and guidance

• 2025 guidance confirmed: further growth in activity and operating profit expected in both Contracting and Concessions, with Energy Systems targeting revenue near €8 billion and a 6% operating margin.

• Order book and market visibility remain strong, supporting confidence in strategic direction despite geopolitical uncertainties.

• Net income will remain affected by the exceptional tax in France, despite operational improvements.