Eiffage (FGR) H1 2025 earnings summary

Executive summary

• Revenue increased by 7.5% year-over-year to €11.93 billion in H1 2025, with strong growth in Contracting and robust expansion in Europe, especially Germany.

• Net income attributable to the group declined 19.4% to €308 million, mainly due to a one-off exceptional corporate tax in France.

• Operating profit from ordinary activities rose to €1,006 million (+0.9%), with a margin of 8.4%.

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

• Net financial debt decreased by €0.7 billion year-over-year to €9.9 billion, with liquidity at €4.5 billion.

Financial highlights

• Contracting revenue rose 8.4% to €10.02 billion, with international revenue up 17.2%.

• Energy Systems revenue increased 13.2% to €3.77 billion, with margin up to 4.9%.

• Concessions revenue grew 3.1% to €1.91 billion; APRR motorway traffic up 2.2%.

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

• Group EBITDA margin remained robust, with APRR at 72.1%.

Outlook and guidance

• 2025 outlook confirmed: further revenue and operating profit growth expected in both Contracting and Concessions.

• Eiffage Energy System targets €8 billion in revenue and a 6% operating margin.

• Net income will remain affected by the exceptional tax in France, despite improved operating performance.

• Construction is expected to continue growing in H2, driven by renovation and major contracts, despite a weak real estate market.

• The group remains confident in its strategic direction despite geopolitical and political uncertainties.