Revenue edged up to €5.6bn over the quarter. In detail, performance remains mixed across divisions. Construction is the only segment showing LFL growth, approaching €1bn in revenue, driven by strong momentum in France. However, the Infrastructure and Energy Systems divisions recorded a slight decline in sales.
These two business lines nevertheless remain central to the group's momentum. They contribute significantly to the 5% growth in the order book, which now exceeds €31bn.
Almost exclusively exposed to Europe, this order book benefits from the continent's major investment trends, notably electrification, infrastructure, and network modernization. Germany occupies a growing place in this strategy. Indeed, Germany only represents just over 10% of the group's sales, although Eiffage has invested heavily there in recent years through external growth operations.
The recent acquisition of Hand & Werk, specialized in data centers, illustrates the desire to capitalize on the dynamic nature of energy investments in Europe. Prior to this, the integration of Eqos had already strengthened Germany's weight in the revenue mix. Sales across the Rhine grew by 27% in FY 2025. JPMorgan analysts consider Eiffage to be the sector stock with the highest exposure to construction activity in Germany. More broadly, the group provides a direct way to gain exposure to the revival of infrastructure projects in Europe.
The other important element concerns Getlink. Eiffage's increased stake in the Channel Tunnel operator is expected to support its earnings, which is expected to be around €1bn for the fourth consecutive year. In an environment marked by European uncertainty and higher interest rates, this stability remains a notable performance.
Eiffage currently holds 29.4% of Getlink's capital. Crossing the 30% threshold would require it to launch a mandatory takeover bid for the stock. On paper, the operation would make sense. However, the group has said that it is not considering an offer at present, probably due to constraints surrounding its debt terms.
The Getlink concession runs until 2086, while Eiffage's main motorway concessions, APRR and AREA, will expire in 2035 and 2036 respectively. Reinvestment risk is certainly at the heart of management's concerns and represents a real risk to the group's resilience.
These concessions greatly improve the group's narrow margins since, for only 16% of revenue, the Concessions division represents 65% of operating profit. A portion of their activity may be undervalued by the market, with an EBITDA margin of 70%. This contribution may still be underestimated by the market.
The situation surrounding Getlink also remains active due to the presence of Mundys. The Italian group is catching up with Eiffage at high speed and could soon hold 25% of the capital. This rivalry could, however, remain on hold for some time if both shareholders are satisfied with the yield from their holdings. Mundys' solvency ratios also appear to limit its capacity to carry out a more ambitious operation. To find out more, see: Killing two birds with one tunnel: who wants to buy Getlink and why? | MarketScreener
Eiffage thus confirms its strong positioning. The group benefits from an Energy segment well-placed to profit from investments related to electrification. Its healthier balance sheet will enable it to continue making acquisitions to strengthen its presence in energy projects.
Risks remain, notably taxation, potentially high interest rates and inflation, in Europe, but the shares valuation remains attractive, with ratios below their 10-year average.
