First half 2026 results

Vélizy-Villacoublay, 26 August 2026
17:40

Press release
First half 2026 results

• Increase in revenue (up 2.3%)
• Solid performance in Contracting
  • Revenue up 2.8% (of which +4.8% in the second quarter)
  • Operating profit on ordinary activities up 11.6% (operating margin on ordinary activities up 20 bps)
  • Order book up 7% year-on-year at €31.5 billion, with growth in all divisions
• Concessions performance affected by decline in light vehicle motorway traffic, buoyant heavy goods vehicle traffic
• Net income Group share up 12.1%
• Net debt* reduced by €0.5 billion year-on-year
• Publication of the 7th climate report
• Confirmation of the global outlook for 2026 of revenue and earnings growth

Key figures*

*: see appendix

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Eiffage’s Board of Directors met on 26 August 2026 to approve the financial statements for the first half of 2026(1). Figures for the first half of 2025 take account of the effects of the revision of the Ifric 12 provision on 31 December 2025, as detailed in appendix 3.

Activity

The Group’s consolidated revenue for the first half of 2026 totalled €12.20 billion, up 2.3% on an actual basis (+1.1% lfl) compared with the first half of 2025.

In Contracting, revenue proved robust in the second quarter, with growth of 4.8% (+3.4% lfl). Total Contracting revenue for the first half of the year came to €10.30 billion (actual growth of 2.8% or +1.2% lfl). Revenue remained robust in Europe (France and outside France), with growth of 4.5% (+2.8% lfl) over the first half of the year. Outside Europe, the sharp drop in revenue is due to a number of projects managed on an export basis coming to an end, as anticipated.

As Goyer, previously part of the Infrastructure division, joined the Off-Site department of the Construction division, figures for 2025(2) have been amended accordingly.

Construction division revenue rose by 5.0% (actual and lfl) to €2.11 billion. In France, revenue continued to benefit from the ramp-up of a number of major projects and a favourable comparison base, particularly in property development, with an increase of 6.9% (actual and lfl). In Europe excluding France, revenue was also robust (up 4.2% actual and lfl), particularly in Belgium, Luxembourg and Poland. Property development revenue increased by 11.8% to €255 million, which should be put in context following a record low first half of 2025. A total of 1,224 homes were sold compared with 916 in the first half of 2025.

The order book stood at €5.9 billion at 30 June 2026, an increase of 6% year-on-year. This only includes part of the multi-year revenue generated by the Nové contract with the French Ministry of the Armed Forces.

Infrastructure division revenue remained stable on an actual basis (down 1.3% lfl) at €4.23 billion. Revenue in France increased slightly (+0.5% actual and lfl) to €2.16 billion, with disparities depending on the business unit (Eiffage Route down 4.2%, Eiffage Génie Civil down 0.7% and Eiffage Métal up 46.7%). Eiffage Route was affected by the electoral cycle following the French municipal elections in March 2026. Eiffage Métal benefited from major offshore wind projects. In Europe excluding France, revenue rose 6.5% (+3.6% lfl) to €1.95 billion. HSM, consolidated as of the start of June 2025, contributed 3.6% of growth, with a currency effect of -0.7%. In Germany, revenue was affected by works on the A3 motorway coming to an end, but saw significant growth otherwise, as did Spain, which benefited from a few flagship projects. Outside Europe, revenue totalled €118 million compared with €250 million during the period to 30 June 2025. This fall was primarily due to the decline in operations in Senegal, which had been expected, as well as the Puerto Antioquia project in Colombia coming to an end.

The order book stood at €16.1 billion at 30 June 2026, up 6% year-on-year.

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At Energy Systems division, following a stable first quarter performance on a lfl basis (down 0.3%), revenue picked up significantly in the second quarter (up 6.6% reported or +4.1% lfl). Over the first half of the year, revenue rose by 4.8% (+2.0% lfl) to €3.95 billion. In France, revenue increased by 0.4% (-1.2% lfl) to €2.10 billion. In Europe excluding France, the Group’s performance remained brisk with growth of 10.8% (+6.1% lfl) to €1.75 billion, with the acquisitions carried out in Germany, Spain and Italy generating additional growth of 4.6%. Outside Europe, revenue totalled €105 million compared with €102 million during the period to 30 June 2025.

The order book grew by 9% year-on-year to €9.5 billion.

In the Concessions division, revenue fell by 0.4% (up 0.5% lfl) to €1.90 billion. As a reminder, Nové has been consolidated under the equity method since 31 December 2025 (revenue of €18 million in the first half of 2025), which explains the change in the scope of consolidation.

Light vehicle traffic was down overall due to ongoing high fuel prices whilst the heavy goods vehicle one remains buoyant. Traffic was 2.5% lower than in the first half of 2025 for APRR, 6.8% lower for the Millau viaduct, 4.6% lower for Aliénor (A65) and 1.2% lower for Adelac (A41) with revenues of the last two being nonetheless up. However, Aliaé (A79) saw a 1.9% increase in traffic, while the Autoroute de l’Avenir motorway in Senegal saw an increase of 6.6%. Revenue from motorway concessions in France is up by 0.5% to €1.67 billion (+€9 million of which €10 million comes from the new Fulli service areas).

Traffic at Toulouse airport rose by 0.9% (revenue up 2.9% at €82 million), while traffic at Lille airport was 1.1% lower than in the first half of 2025. Airports revenue is up 3.0%.

Revenue from PPPs and equivalent projects fell to €102 million.

Results

Operating profit on ordinary activities increased to €1 billion (up €20 million compared with the first half of 2025), with operating margin on ordinary activities maintained at 8.4%.

Eiffage Construction generated operating margin of 3.5% (3.5% in the first half of 2025) against the backdrop of ongoing poor conditions in the new build market (residential and commercial properties) and property development in France. In the Infrastructure division, operating margin – which is usually negative in the first half of the year for the civil engineering and roads activities – was -0.3% (-0.3% in the first half of 2025). Eiffage Énergie Systèmes saw further significant improvement in operating margin to 5.2% (4.9% in the first half of 2025), and now benefits from critical mass in its target markets in Europe, all of which are performing well.

Overall, Contracting operating margin improved to 2.6% (2.4% in the first half of 2025), bringing the contribution of Contracting to total operating profit on ordinary activities for the first half of the year to €269 million compared with €241 million in the first half of 2025 (an increase of 11.6% with revenue growth of 2.8%).

The Concessions division generated operating profit on ordinary activities of €822 million, down €16 million, mainly in relation to motorway concessions in France, affected by the ongoing decline in light vehicle traffic and the increase in amortisation expense, as anticipated. This represents an operating margin of 43.2% (43.8% in the first half of 2025). APRR, for its part, reported an Ebitda margin of 71.7% (72.1% in the first half of 2025). The Fulli service areas, newly operated by APRR, have led to a 0.5 per cent dilution of the Ebitda margin (2026 Ebitda margin on a like-for-like basis with 2025 of 72.2%).

Cost of net debt remained more or less stable at €161 million (€159 million in the first half of 2025), with the rise in interest rates offset by the reduction in net debt. Financial income and expense also includes the capital gain on the sale of Volterres.

Income from associates (companies consolidated under the equity method) includes €34 million in relation to Getlink.

Net income Group share therefore totalled €342 million compared with €305 million in the first half of 2025 (+12.1%).

Financial position

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Free cash flow – which is structurally low in the first half of the year – totalled -€75 million, of the same order as in 2025 (-€91 million), despite the more significant seasonal variation in the working capital requirement.

Acquisitions during the first half of the year represented an expense of €204 million. This relates primarily to the latest increase in the stake held in Getlink, as well as acquisitions in energy services in Germany.

Net debt – excluding debt under IFRS 16 and fair value of swaps – totalled €9.4 billion at 30 June 2026, a reduction of €0.5 billion over 12 months. Non-recourse net debt of the Concessions decreased by €0.6 billion year-on-year to €9.9 billion, while holding company activities and Contracting divisions presented a positive net cash position of over €0.5 billion, stable over 12 months. Free cash flow generation over the last 12 months has enabled the Group to finance major investments in growth (in particular increasing its stake in Getlink by 7.11% and then 1.74%) and reduce its net debt.

Eiffage cancelled shares in the first half of the year at the same time as carrying out a rights issue reserved for employees. Treasury shares account for 0.8% of share capital as at 30 June 2026 compared with 1.8% as at 30 June 2025 and 3.0% as at 31 December 2025.

Financing

The Group benefits from a solid financial position at the level of both Eiffage SA (and its Contracting subsidiaries), with a short-term rating of F2 from Fitch, as well as its concession entities, the largest of which is APRR, rated A/Stable by Fitch and A-/Stable by S&P.

Eiffage SA and its Contracting subsidiaries had a cash position of €4.4 billion as at 30 June 2026, comprising €2.4 billion of cash and cash equivalents and an undrawn bank credit facility of €2 billion with no financial covenants. This facility with no financial covenants matures in 2031, with the possibility of being extended by one year. Eiffage SA’s cash position remains stable (down €0.1 billion relative to 30 June 2025).

APRR had a cash position of €2.9 billion as at 30 June 2026, comprising €1.4 billion of cash and cash equivalents and an undrawn bank credit facility of €1.5 billion. This facility with no financial covenants matures in 2031, with the possibility of being extended by one year. APRR’s cash position decreased by €0.4 billion relative to 30 June 2025.

In January 2026, APRR successfully carried out a new €0.5 billion bond issue maturing in January 2032 with a coupon of 3.125%.

Engagements in the environnemental transition

The Group published its seventh climate report in the first half of 2026 and is continuing with its efforts to reduce its greenhouse gas emissions and limit pressure on natural resources and biodiversity, as well as the impact of the waste it produces.

In particular, the climate report addresses adapting local regions to climate change, detailing:

• how climate change is taken into account at the highest level of the company and at the heart of its business lines, with more and more staff trained in and made aware of climate issues;
• management of climate change-related physical and transition risks;
• the strategy selected in order to be compatible with limiting the average rise in global temperature to 1.5°C and opportunities for sustainable activities, the development of which should be ramped up.

The Group has also had its rating upgraded by ESG rating agencies MSCI, EcoVadis, ISS and Sustainalytics.

Board composition

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For strictly family related reasons, Ms Odile Georges-Picot has chosen to resign from her position as a director of the company with effect from 27 August 2026.

Ms Georges-Picot had served as an independent director since her appointment at the Annual General Meeting of 25 April 2018.

2026 outlook

The Contracting order book stood at €31.5 billion as at 30 June 2026, an increase of 7% year-on-year (up 6% since the start of the year), with growth in all divisions.

Thanks to this record order book and solid results for the first half of 2026, the Group is able to confirm its overall outlook of “revenue growth of a lesser extent than in 2025 and further improvement of operating profit on ordinary activities and net income Group share”.

In Contracting, the Group expects:

• revenue in slight increase (“of the same order as in 2025” previously) in the Infrastructure and Construction divisions, with further growth for Eiffage Énergie Systèmes, although less so than in 2025;
• higher operating margin thanks to further improvement in profitability at Eiffage Énergie Systèmes and consolidation in margins level of the other Contracting business units as part of an ongoing selective order intake policy.

In Concessions, revenue and operating profit are now expected to be slightly lower than in 2025 (“slight increase” previously) due to the ongoing decline in motorway traffic as a result of high fuel prices.

Subsequent events

• Eiffage Construction has strengthened its presence in Luxembourg with the acquisition of the Baatz Group’s contracting entities.

Results presentation

A more detailed presentation of the financial statements for the first half of 2026, in French and English, as well as the detailed financial statements of the Group and APRR, can be found on the company’s website, www.eiffage.com. The financial statements presentation and analyst conference will take place at 5.40 p.m. on 26 August 2026 and can be viewed live or as a recording on the company’s website and at the following links:

English: https://edge.media-server.com/mmc/p/jmkstp29/lan/en
French: https://edge.media-server.com/mmc/p/jp8sirq7

Investor contact

Xavier Ombrédanne
Tel.: + 33 (0)1 71 59 10 56
xavier.ombredanne@eiffage.com

Press contact

Sophie Mairé
Tel.: + 33 (0)1 71 59 10 62
sophie.maire@eiffage.com

APPENDICES

Appendix 1: First-half revenue by segment

** Pro forma for restatement of Goyer from Infrastructure to Construction
*** Pro forma for revision of Ifric 12 provision

Second-quarter revenue by segment

** Pro forma for restatement of Goyer from Infrastructure to Construction
*** Pro forma for revision of Ifric 12 provision

Appendix 2: Operating profit on ordinary activities and margin

* Pro forma for restatement of Goyer from Infrastructure to Construction (operating profit: +€11 million in 2025 including +€4 million in the first half of 2025)
*** Pro forma for revision of Ifric 12 provision

Appendix 3: Consolidated financial statements

Income statement

(1) Including Ifric 12 in the amount of €98m in H1 2025 and €90m in H1 2026

Figures for the first half of 2025 take account of the effects of the revision of the Ifric 12 provision on 31 December 2025, as detailed in appendix 3.

Balance sheet

Cash flow statement

*Including dividends paid by Eiffage SA of €468m (€452m in H1 2025)

Figures for the first half of 2025 take account of the effects of the revision of the Ifric 12 provision on 31 December 2025, as detailed in appendix 3.

Detail of impacts of revision of Ifric 12 provision

Income statement

30 June 2025

Appendix 4: Order book by division

* Pro forma for restatement of Goyer from Infrastructure to Construction (€227M at 30 June 2025).

Appendix 5: Alternative performance metrics: definitions and calculation methods and reconciliation with financial statement aggregates

Definitions

Concessions’ “Construction” revenue (Ifric 12)
Concessions’ “Construction” revenue corresponds to costs relating to the provision of construction services or infrastructure improvements by the company awarded the concession contract in accordance with Ifric 12 “Service Concession Arrangements”, after elimination of intragroup transactions

Contracting order book
Proportion of signed contracts not executed

Net debt
Net debt excluding debt under IFRS 16 applied since 1 January 2019 and fair value of derivatives

Free cash flow
Free cash flow is calculated as follows:
Net cash flow from operating activities
- net operating investment
- repayment of lease liabilities
- repayment of receivables in relation to PPP agreements

Operating margin
Operating profit on ordinary activities as a percentage of revenue

EBITDA
Earnings before interest, taxes, depreciation and amortisation

Like-for-like (lfl)
At constant scope, adjusted for:
the 2026 contribution of companies added to the scope of consolidation in 2026;
the 2026 contribution of companies added to the scope of consolidation in 2025 for the equivalent period to that of 2025 prior to the date they were added;
the 2025 contribution of companies removed from the scope of consolidation in 2026 for the equivalent period to that of 2026 prior to the date they were removed;
the 2025 contribution of companies removed from the scope of consolidation in 2025.
At constant exchange rates:
2025 exchange rates applied to foreign currency revenue for 2026.

Group liquidity
The Group’s liquidity is calculated as follows:
cash and cash equivalents managed by Eiffage SA and its Contracting subsidiaries + Eiffage SA undrawn bank credit facilities

APRR liquidity
APRR’s liquidity is calculated as follows:
cash and cash equivalents managed by APRR and its subsidiaries + APRR undrawn bank credit facilities

Calculation methods and reconciliation with financial statement aggregates

Free cash flow (alternative performance measurement metric): calculation methods and consolidated financial statement aggregates

Net debt (alternative performance measurement metric): calculation methods and consolidated financial statement aggregates

Appendix 6: Financial calendar

Negative periods begin a fortnight before quarterly publications and 30 days before annual and interim publications.

Notes

1. Audit procedures have been performed and the report on the limited review of the financial statements has been issued.
2. Revenue: €158 million in 2025 including €72 million in the first half of 2025 | Order book: €227 million at 30 June 2025