Vélizy-Villacoublay, 27 August 2025
17:40


Press release
First half 2025 results


- Solid operating performance in Contracting
• Revenue up 8.4% (up 17.4% in Europe excluding France)
• Operating profit on ordinary activities up 16.4%
• Strengthened European presence, particularly in Germany
• Key positioning in offshore wind power in Europe (acquisition of HSM Offshore Energy)
- Robust motorway traffic in Concessions (increase of 2.2% at APRR)
• Net income up at a constant rate of taxation, affected by the exceptional corporation tax
contribution in France
• Net debt reduced by €0.7 billion year-on-year
• Further growth in the Contracting order book to €29.5 billion (up 4% year-on-year and 2% since the
start of the year)
• Publication of the 6th climate report
• 2025 outlook confirmed
• Growth in revenue and operating profit on ordinary activities in Concessions and
Contracting, driven in particular by further improvement in profitability at Eiffage Énergie
Systèmes.
• Increase in net income Group share at a constant rate of taxation, down because of the
exceptional corporation tax contribution in France in 2025.


Key figures*
H1 Change

in millions of euros 2024 2025 2025 vs. 2024

Revenue 11,093 11,928 +7.5%

Operating profit on ordinary activities 997 1,006 +0.9%

As a % of revenue 9.0% 8.4%

Net income attributable to the Group 382 308 -19.4%

Free cash flow 148 -91

Net debt (€bn) 10.6 9.9 -0.7

Order book (€bn) 28.4 29.5 +4%

APRR traffic (thousands of km) 12,082 12,353 +2.2%
* see glossary
Eiffage’s Board of Directors met on 27 August 2025 to approve the financial statements for the first half of
2025(1).


Revenue
The Group’s consolidated revenue for the first half of 2025 totalled €11.93 billion, an increase of 7.5% in actual
terms (up 4.3% lfl) compared with the first half of 2024.
Contracting saw growth of 8.4% to €10.02 billion (up 4.5% lfl). Revenue rose by 2.7% (up 2.6% lfl) to €5.76 billion
in France and by 17.2% in other countries to €4.26 billion (increase of 17.4% in Europe excluding France),
following on from the trend seen in previous semesters. More than 42% of Contracting is now done outside
France, having risen steadily over the last five years.


In the Construction division revenue increased by 0.6% (up 0.5% lfl) to €1.94 billion, with growth of 0.8% in
France and 0.2% international. Property development revenues fell by 24.5% to €228 million, against a
backdrop of new housing crisis in Europe, amplified during the first semester by the launch of developments
sold in blocks being spread out over the year. A total of 916 homes were sold compared with 810 in the first half
of 2024.
The order book stood at €5.4 billion at 30 June 2025, down 2% year-on-year. This only includes part of the
multi-year activity generated by the Nové contract with the French Ministry of the Armed Forces.


In the Infrastructure division, revenue rose by 8.2% (up 7.6% lfl) to €4.30 billion. France saw an increase of
3.7%, with disparities depending on the business unit (Eiffage Génie Civil up 11.3%, Eiffage Métal down
18.3% and Eiffage Route up 2.5%). Revenue continued to grow in other countries, up 13.5% (Eiffage Génie
Civil up 8.9% and Eiffage Métal up 25.1%) thanks to an ongoing strong performance in Europe excluding France
(up 16.4%) in major energy and transportation infrastructure programmes. HSM Offshore Energy is
consolidated as of 1 June 2025.
The order book stood at €15.4 billion at 30 June 2025, up 3% year-on-year. HSM Offshore Energy’s order book
has been included in the first half of the year, representing €0.6 billion.


Thanks to a dense European network, the Energy Systems division revenue increased by 13.2% (up 3.2% lfl)
to €3.77 billion, with growth of 3.2% in France (up 2.7% lfl) and 28.7% in other countries, including an increase
of 27.2% in Europe excluding France (up 1.3% lfl). Acquisitions in this region contributed to 25.8% of this growth,
including 21.4% in relation to Germany (Eqos and IFT).
The order book is up 9% year-on-year at €8.7 billion.


Concessions revenue rose by 3.1% to €1.91 billion. Motorway traffic was robust, with growth of 2.2% at APRR
relative to the first half of 2024, 11.7% at Aliaé (A79), 4.3% for the Autoroute de l’Avenir motorway in Senegal,
and 1.7% for Adelac (A41). Aliénor (A65) saw a 0.4% fall relative to the first half of 2024, while the Millau viaduct
was down 2.5%.
Lille and Toulouse airports traffic was down 1.5% relative to the first half of 2024 (with a fall of 1.9% at Toulouse
and stable traffic at Lille).


The Group achieved a 6.9% increase in revenue in the second quarter relative to the same period in 2024, with
growth of 7.6% in Contracting and 3.2% in Concessions.




(1): audit procedures have been performed and the report on the limited review of the financial statements has been issued.

2
Results

Operating profit on ordinary activities rose slightly to €1,006 million (up €9 million relative to the first half of
2024), despite the increase of €60 million in the share-based payment expense (Ifrs 2) following the sharp rise
in the Eiffage share price during the subscription period for the annual capital increase reserved for employees.
This represents an operating margin on ordinary activities of 8.4%.
In Construction, operating margin was stable at 3.4% despite the state of the new build market in France
(residential and commercial properties) and the reduced contribution from property development. This attests
once again to the resilience of the Group’s integrated construction/development model and the relevance of the
division’s selective approach.
In the Infrastructure division, operating margin – which is usually negative in the first half of the year for Eiffage
Génie Civil and Eiffage Route – was -0.2% (vs. -0.3% in the first half of 2024), still buoyed by the strong
performance of Eiffage Métal and major transportation infrastructure projects in Europe.
The Energy Systems division operating margin improved substantially to 4.9% (vs. 4.6% in the first half of 2024)
against the backdrop of a favourable market trend in Europe, particularly in energy transportation infrastructure
projects, which the company capitalised on fully thanks to its most recent acquisitions.
Overall, Contracting operating margin improved to 2.4% (vs. 2.2% in the first half of 2024), bringing the
contribution of Contracting to total operating profit on ordinary activities for the first half of the year to €241 million
compared with €207 million in the first half of 2024 (an increase of 16.4% compared with revenue growth of
8.4%).
The Concessions business generated operating profit on ordinary activities of €845 million, an increase of
€23 million. As of 2024, this includes the new tax on long-distance transportation infrastructure projects
(€61 million). Operating margin was 44.2% (vs. 44.3% in the first half of 2024), with APRR achieving an EBITDA
margin of 72.1% (vs. 72.3% in June 2024). The deterioration in margin for the Concessions business (operating
margin for the segment and EBITDA margin for APRR) is solely due to the higher share-based payment
expense, atypical in 2025.
Other operating income and expenses represent a net expense of €24 million compared with €18 million in the
first half of 2024.
Cost of net debt is under control at €159 million, down €5 million.
Income from associates (companies consolidated under the equity method) includes €31 million in relation to
Getlink.
At a constant rate of taxation, net income attributable to the Group would have been €391 million. The
corporation tax expense includes a €135 million one-off contribution for large businesses applicable in France
in 2025, most of which was accounted for in the first half of the year. This had an impact on net income Group
share (after minority interests) of €83 million.
Net income attributable to the Group therefore totalled €308 million compared with €382 million in the first half
of 2024.


Financial position
Free cash flow – which is structurally low in the first half of the year – was slightly negative (-€91 million) due to
a more pronounced seasonal variation in the working capital requirement this year in Contracting and increased
growth investment in Concessions (new infrastructure projects).
The acquisitions of the semester represented a €205 million investment (€23 million net of the cash of the
companies acquired).
Net debt stands at €9.9 billion, a reduction of €0.7 billion over 12 months, as free cash flow generation over the
period was used to finance major investments in growth (in particular the acquisition of Eqos at the end of 2024).
The net cash position of the holding company and Contracting divisions improved to around €0.6 billion
(compared with €0 as at 30 June 2024).


3
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 made up 1.8% of share capital as at 30 June 2025 compared with 2.6% as at 30
June 2024 and 5.8% as at 31 December 2024.



Financing
The Group benefits from a solid financial position at the level of Eiffage SA (and its Contracting subsidiaries),
with a short-term rating of F2 from Fitch, as well as its concession-holding 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 €4.5 billion as at 30 June 2025, comprising
€2.5 billion of cash and cash equivalents and an undrawn bank credit facility of €2 billion with no financial
covenants. This facility matures in 2030, with two possible extensions of one year each. Eiffage SA’s cash
position is up €0.7 billion relative to 30 June 2024.
APRR had a cash position of €3.3 billion as at 30 June 2025, comprising €1.8 billion of cash and cash
equivalents and an undrawn bank credit facility with no financial covenants of €1.5 billion. This facility matures
in 2030, with two possible extensions of one year each. APRR’s cash position has increased by €0.1 billion
relative to 30 June 2024.
On 19 May 2025, APRR successfully carried out a new €0.5 billion bond issue maturing in January 2031 with a
coupon of 2.875%.


Supporting the environmental transition
Eiffage published its sixth climate report in the first half of 2025, illustrating the progress made by its business
lines and countries in terms of climate change mitigation, the circular economy and protecting ecosystems and
biodiversity.
The Group has also launched a marketplace encouraging manufacturers represented on the platform to ramp
up management of their environmental impact by producing life cycle analysis. Significant progress has been
made, with 40,000 products listed, 1,000 orders per month and 60 partner manufacturers and distributors
engaged.
As part of the “Businesses Committed to Nature” (Entreprises Engagées pour la Nature) initiative, the French
Biodiversity Agency (OFB) has performed an interim review of the Group’s 2023-2025 biodiversity action plan.
The progress made so far by the plan in achieving the 186 actions was deemed satisfactory, and its monitoring
of the plan’s implementation was deemed exemplary.


2025 outlook
The Contracting order book stood at €29.5 billion as at 30 June 2025, an increase of 4% year-on-year (up 2%
since the start of the year), representing 17.4 months of Contracting revenue. This includes €0.6 billion from the
acquisition of HSM Offshore Energy.
The Group therefore confirms its outlook for 2025:
- In Contracting, revenue should rise in all segments. A further increase is expected in operating profit on
ordinary activities, primarily on the back of improvement in profitability at Eiffage Énergie Systèmes, which
will reach operating margin on ordinary activities of 6% and revenue close to €8 billion.
- In Concessions, a slight increase is expected in revenue and operating profit on ordinary activities.
- Finally, net income attributable to the Group, up at a constant rate of taxation, will be affected by the one-
off corporation tax contribution applicable in France in 2025 2. Improvement in operating performance will
not be enough to make up for this impact.



2 Applied to the 2024 financial year, this one-off contribution would have been around €205 million, representing an impact of €130 million on net income
attributable to the Group.


4
Post Closing events
The main announcements since 30 June 2025 concern:
- Eiffage Énergie Systèmes is consolidating its presence in Spain with the acquisition of CVS, M3i Controls
and Inmotechnia for close to €75M of revenues in 2024.
- Eiffage Énergie Systèmes realised over the first half of 2025 an order intake worth nearly €950 million in
Germany.
- Eiffage Construction has been awarded the design-build contract for the new Frontex headquarters in
Warsaw, Poland.
- Eiffage Concessions has been selected to build and operate the new headquarters of the Port of Marseille
Fos.




Results presentation
A more detailed presentation of the financial statements for the first half of 2025, 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
(Paris time). on 27 August 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/jmkstp29




Investor contact Press contact
Xavier Ombrédanne Sophie Mairé
Tel.: + 33 (0)1 71 59 10 56 Tel.: + 33 (0)1 71 59 10 62
xavier.ombredanne@eiffage.com sophie.maire@eiffage.com




5
APPENDICES

Appendix 1: First-half revenue by division

H1 Change

2025 vs. 2024
2024 2025
in millions of euros Actual LFL*

Construction 1,929 1,941 +0.6% +0.5%

Infrastructure 3,976 4,303 +8.2% +7.6%

Energy Systems 3,333 3,772 +13.2% +3.2%

Sub-total Contracting 9,238 10,016 +8.4% +4.5%

Concessions (excl. Ifric 12) 1,855 1,912 +3.1% +3.1%


Total Group (excl. Ifric 12) 11,093 11,928 +7.5% +4.3%

Of which:
France 7,430 7,639 +2.8% +2.7%
International 3,663 4,289 +17.1% +7.5%
Europe excl. France 3,305 3,879 +17.4% +6.7%
Outside Europe 358 410 +14.5% +14.5%

Contracting revenue (Ifric 12)* 115 102 n/a




Second-quarter revenue by division

2nd quarter Change
2025 vs. 2024
2024 2025
in millions of euros Actual LFL*

Construction 986 1,029 +4.4% +4.3%

Infrastructure 2,222 2,339 +5.3% +4.2%

Energy Systems 1,721 1,936 +12.5% +2.3%

Sub-total Contracting 4,929 5,304 +7.6% +3.6%

Concessions (excl. Ifric 12) 975 1,006 +3.2% +3.2%


Total Group (excl. Ifric 12) 5,904 6,310 +6.9% +3.5%

Of which:
France 3,895 4,082 +4.8% +4.7%
International 2,009 2,228 +10.9% +1.1%
Europe excl. France 1,800 2,087 +15.9% +5.1%
Outside Europe 209 141 -32.5% -32.5%

Contracting revenue (Ifric 12)* 94 65 n/a




6
Appendix 2: Operating profit on ordinary activities and margin



H1 2024 H1 2025 2025 vs. 2024

million million
% of revenue % of revenue Change
euros euros

Construction 66 3.4% 66 3.4%

Infrastructure (12) (0.3%) (9) (0.2%) 3

Energy Systems 153 4.6% 184 4.9% 31

Contracting 207 2.2% 241 2.4% 34

Concessions 822 44.3% 845 44.2% 23

Holding (32) (80) (48)

Total Group 997 9.0% 1,006 8.4% 9




7
Appendix 3: Consolidated financial statements


Income statement

in millions of euros H1 2024 H1 2025

Income from operating activities (1) 11,411 12,301

Other income 10 9

Cost of goods (1,840) (2,016)

Staff costs (2,616) (2,881)

External expenses (4,997) (5,384)

Taxes and duties (280) (291)

Depreciation and amortisation (705) (756)

Provisions (net of reversals) (43) (73)

Change in inventories (work-in-progress and
20 32
finished goods)

Other operating income and expenses 37 65

Operating profit on ordinary activities 997 1,006

Other income and expenses from operations (18) (24)

Operating profit 979 982

Cash and cash equivalents 66 54

Cost of debt (gross) (230) (213)

Cost of debt (net) (164) (159)

Other financial income and expenses (3) (8)

Share of income from associates 40 34

Income tax (235) (353)

Net income 617 496

Attributable to the Group 382 308

Equity investments without control 235 188


(1) Including Ifric 12 in the amount of €115M in H1 2024 and €102M in H1 2025




8
Balance sheet

in millions of euros 31/12/2024 30/06/2025

Property, plant and equipment 2,289 2,366

Right-of-use assets and leases 1,259 1,284

Investment properties 70 67

Intangible assets held under concessions 11,539 11,326

Goodwill 4,644 4,727

Other intangible assets 250 344

Investments in associates 2,073 2,082

Financial assets in relation to non-current service
1,161 1,122
concession agreements

Other non-current financial assets 392 411

Deferred taxes 252 276

Other non-current assets 1 1

Total non-current assets 23,930 24,006

Inventories 929 975

Trade and other receivables 6,725 7,525

Current taxes 20 32

Financial assets in relation to current service
74 76
concession agreements

Other current assets 2,604 3,103

Other financial assets - -

Cash and cash equivalents 6,025 5,268

Assets held for sale - -

Total current assets 16,377 16,979

Total assets 40,307 40,985




9
in millions of euros 31/12/2024 30/06/2025

Share capital 392 392

Consolidated reserves 5,284 6,198

Total other comprehensive income 2 48

Income for the period 1,041 308

Group equity 6,719 6,946

Equity investments without control 1,434 1,406

Total equity 8,153 8,352

Borrowings 12,158 12,032

Lease liabilities 903 929

Deferred taxes 807 824

Non-current provisions 828 830

Other non-current liabilities 462 453

Total non-current liabilities 15,158 15,068

Trade and other payables 5,473 5,759

Miscellaneous borrowings and financial liabilities 2,224 2,176

Non-current borrowings due in less than a year 1,073 980

Lease liabilities due in less than a year 341 342

Income tax liability 264 305

Current provisions 909 966

Other current liabilities 6,712 7,037

Liabilities held for sale - -

Total current liabilities 16,996 17,565

Total equity and liabilities 40,307 40,985




10
Cash flow statement

in millions of euros H1 2024 H1 2025
Cash and cash equivalents at start of period 4,835 5,959
Impact of changes in exchange rates (1) (1)
Corrected cash position at start of period 4,834 5,958
Net income 617 496
Income from associates (40) (34)
Dividends received from associates 66 72
Depreciation and amortisation 705 756
Net provisions 24 56
Other income not affecting the cash position 54 105
Income from disposals (17) (15)
Cash flow 1,409 1,436
Net interest expense 140 145
Interest paid (198) (223)
Income tax expense 235 354
Income tax paid (363) (369)
Change in working capital requirement related to activity (672) (892)
Net cash flow from operating activities 551 451
Purchases of property, plant and equipment and intangible
(232) (298)
assets
Purchases of intangible assets held under concessions (68) (138)
Purchases of financial assets (9) (7)
Disposals and reductions of fixed assets 77 82
Net operating investment (232) (361)
Acquisitions of equity investments (265) (202)
Disposals of equity investments and assets corresponding to
9 6
disposals
Cash positions of entities acquired/sold 38 182
Net financial investment (218) (14)
Net cash flow from investing activities (450) (375)
Dividends paid to shareholders* (662) (678)
Rights issue 249 280
Acquisitions/disposals of minority interests (48) (9)
Buying and selling of treasury shares (180) (26)
Repayment of lease liabilities (171) (181)
Repayment of borrowings (830) (1,924)
Borrowings 401 1,567
Net cash flow from financing activities (1,241) (971)
Change in cash position (1,140) (895)
Cash and cash equivalents at end of period 3,694 5,063

*Including dividends paid by Eiffage SA of €452m (€395 in H1 2024)




11
Appendix 4: Order book by division

Change 2025 vs.
in billions of euros At 30/06/2024 At 30/06/2025 Change 3 months
2024
Construction 5.5 5.4 -2% -4%
Infrastructure 14.9 15.4 3% -1%
Energy Systems 8.0 8.7 9% 2%

Total Contracting 28.4 29.5 4% -1%

To be delivered in year
N 8.1 9.0 11%
N+1 9.0 9.9 11%
N+2 and later 11.4 10.6 -7%




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

Definitions

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

Contracting order book Proportion of signed contracts not executed.

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

Free cash flow is calculated as follows:
Net cash flow from operating activities
Free cash flow - 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.

At constant scope, adjusted for:
the 2025 contribution of companies added to the scope of consolidation in 2025;
the 2025 contribution of companies added to the scope of consolidation in 2024 for the
equivalent period to that of 2024 prior to the date they were added;
Like-for-like the 2024 contribution of companies removed from the scope of consolidation in 2025 for
the equivalent period to that of 2025 prior to the date they were removed;
the 2024 contribution of companies removed from the scope of consolidation in 2024.
At constant exchange rates:
2024 exchange rates applied to foreign currency revenue for 2025.

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

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




12
Calculation methods and reconciliation with financial statement aggregates

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

in millions of euros H1 2024 H1 2025
Net cash flow from operating activities 551 451
Net operating investment -232 -361
Repayment of lease liabilities -171 -181
Free cash flow 148 -91




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

in millions of euros H1 2024 H1 2025
Cash and cash equivalents 3,883 5,268
Non-current borrowings -11,723 -12,032
Current miscellaneous borrowings and financial liabilities -1,704 -2,176
Non-current borrowings due in less than a year -1,081 -980
Adjustment for derivatives 8 12
Net debt excluding debt under IFRS 16 and fair value of swaps -10,617 -9,908




Appendix 6: Financial calendar


Third-quarter financial information and revenue 13.11.2025

Full-year results and analyst meeting 25.02.2026

Annual general meeting 22.04.2026

First-quarter financial information and revenue 12.05.2026

First-half results and analyst meeting 26.08.2026

Third-quarter financial information and revenue 12.11.2026


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




13