Eiffage (FGR) H1 2026 earnings summary

Executive summary

• Revenue increased by 2.3% year-over-year to €12.2 billion in H1 2026, with operating profit up 2.0% to €1.02 billion and net income group share up 12.1% to €342 million, driven by strong Contracting and a record order book up 7% to €31.5 billion.

• Contracting activity grew 2.8%, with notable 8% growth in Europe outside France, now representing 43% of Contracting revenue outside France.

• Concessions revenue declined 0.4%, with operating margin at 43.2%, impacted by a 2.5% drop in light vehicle motorway traffic and high fuel prices.

• Free cash flow improved to -€75 million, and net debt was reduced by €0.5 billion year-over-year to €9.4 billion.

• The group confirmed its outlook for continued revenue and earnings growth in 2026, supported by a robust order book.

Financial highlights

• Operating profit on ordinary activities: €1.02 billion (+2.0% year-over-year); operating margin stable at 8.4%.

• Net profit group share: €342 million (+12.1% year-over-year).

• Free cash flow: -€75 million (vs. -€91 million in H1 2025); liquidity at €4.4 billion.

• Net financial debt decreased by €0.5 billion year-over-year to €9.4 billion.

• EBITDA margin for APRR at 71.7% of revenue.

Outlook and guidance

• 2026 outlook confirmed for revenue and earnings growth, with Contracting divisions expecting slight revenue increases and higher operating margins, especially in Energy Systems.

• Concessions revenue and profit expected to be slightly lower than 2025 due to declining motorway traffic from high fuel prices.

• Order book and multi-year contracts provide strong visibility and confidence in sustained growth.