Annual
results
202525th February 2026
Highlights
Benoît
de Ruffray
Chairman and Chief Executive Officer
Highlights - Group
Activity of €25 billion with sustained growth of €1.9 billion (+8.0%) - Increase across all divisions
Contracting: +9.2%, including +16.6% in Europe outside France. Activity outside France : 42% (13% in Germany for G2.8 billion)
Concessions: +2.3%. Concessions excluding APRR and AREA: 20%.
Net profit Group share of €1,022 million (+8.9% at constant tax rates | -1.6% actual) Solid financial position
Net debt: G8.5 billion (G9.4 billion as of December 31, 2024)
Free cash flow: G2.1 billion (G2.6 billion in 2024)
Eiffage SA liquidity: €5.6 billion (€4.5 billion as of December 31, 2024)
Refinancing of the Group bank facilities
External growth investments of more than €0.8 billion, including the strengthening to 27.66% of the capital of Getlink
Contracting order book of €29.9 billion, up 3% Inclusion in the CAC 40 index
Highlights - Contracting
P h o t o v o l t a i c i n s t a l l a t i o n s f o r s e l f -c o n s u m p t i o n - R o u e n
E n e r g y t r a n s p o r t a n d d i s t r i b u t i o n
E n e r g y s t o r a g e p l a n t a n d h i g h -v o l t a g e s u b s t a t i o n - B e l g i u m
R e f u r b i s h m e n t o f 3 6 0 o c c u p i e d h o u s i n g s - P e s s a c
S u b s t a t i o n s f o r t h e F r e n c h o f f s h o r e w i n d f a r m s
L e v e n s a u s t e e l b r i d g e -G e r m a n y
I n s t a l l a t i o n o f n e w h i g h - v o l t a g e c e l l s o n t h e D U S - 24 n u c l e a r r e a c t o r s
A c q u i s i t i o n o f C V S , M 3 i C o n t r o l s a n d I n m o t e c h n i a - S p a i n
Highlights
Growing activity
▪
Increase of 9.2% to over €21.3 billion of which 42% outside France
Growing order intake
Increase to €29.9 billion (+3% year-on-year)
Strong increase in Europe outside France (+16.6%)
Activity of €2.8 billion in Germany, the Group's largest country outside France
Increasing profitability
Operating profit: +15.8%
Operating margin: +30 bps to 4.6%
Strengthening of the European footprint
Eiffage Énergie Systèmes
9 acquisitions including one in France
Eiffage Métal
Acquisition of HSM Offshore Energy in the Netherlands
Contracting
Strong presence in renewable energies: €3,3 bn activity
Wind power
Solar
Nuclear
Energy transport and distribution
Strong presence in driving countries for our business lines : €4,9 bn activity
Germany
Spain
The Netherlands
Ability to mobilise all our business lines
Line 15 East
CloudHQ data center
Nové
Focus on external growth
2017
2018
2019
2020 2021 2022
2023
2024
Salvia Eqos
Van den Pol
2025
CVS
M3i / Inmotechnia Stampka / IFT / Esacom
Socotis
2026
Quercy Réfrigération
HTW
France
Energy Systems
Outside France
France
Infrastructure
Outside France
France
Construction
Outside France
HSM
Annual revenue of acquisistions
Rev < €50M Rev 50M to €100M Rev 100M to €200M Rev 200M to €500MRev > €500M
Résultat opérationnel courant (M€) et marge (%)
Evolution of the relative weight of the Contracting divisions
2025
2024
2023
2022
2021
33%
31%
30%
37%
38%
43%
44%
44%
43%
43%
26%
26%
23%
20%
15,693
16,977
19%
18,183
19,542
21,335
Total revenue (€M) and
breakdown by division (%)
2025
2024
2023
2022
2021
44%
42%
41%
50%
51%
32%
33%
35%
26%
26% 33%
33%
21%
585
646
17%
736
16%
840
973
Total operating profit (€M) and
breakdown by division (%)
Energy Systems
Infrastructure
Construction
Continued european development of the Group in Contracting
Total revenue (€M) and
breakdown by geographical area (%)
5% | ||
27% | ||
68% | ||
15,693
4% | ||
31% | ||
65% | ||
16,977
18,183
63%
34%
3%
4% | ||
36% | ||
60% | ||
19,542
3% | ||
39% | ||
58% | ||
21,335
International excluding Europe
Europe excluding France
France
2021 2022 2023 2024 2025
Highlights - Concessions
N o v é - F r e n c h M i n i s t r y o f A r m e d
F o r c e s h o u s i n g e s t a t e m a n a g e m e n t
A 4 1 2 m o t o r w a y
P o r t o f M a r s e i l l e F o s n e w h e a d q u a r t e r s
C h a m p s d ' a m o u r s e r v i c e a r e a -A 2 0 m o t o r w a y
V r e s s e - s u r - S e m o i s p r i s o n f a c i l i t y - B e l g i u m
T r a f f i c g r o w t h o n m o t o r w a y c o n c e s s i o n s
A 7 9 m o t o r w ay
G e t l i n k - I n c r e a s e t o 2 7 . 6 6 % o f t h e c a p i t a l
Highlights
Strengthenings of the portfolio
Increase in Getlink ownership to 27.66% of the capital
New headquarters of the Port of Marseille Fos
New penitentiary in Vresse-sur-Semois in Belgium
First deployment of Fulli outside the APRR network
Selection of the Dalkia/Eiffage/RATP consortium for the renewal of the Parisian urban heating network concession**
Solid commercial activity, especially in Belgium
Assets under construction
Nové
More than 2,000 housing untits delivered and finalization of the specification period
Changes in governance and application of the equity method to Nové
A 412: submission of the single environmental authorization
Disposal by APRR of its minority stake in Axxés
**Subject to ongoing recourses
Concessions
Growing activity
Motorway traffic on APRR network: +1.3%
Aliaé (A79) ramping up
Share of activity excluding APRR
and AREA: 20%
Results increasing
Operating profit*: +3.1%
Operating margin*: +30 bps to 43.0%
*Pro forma for a revision of the Ifric 12 provision
10
Concessions portfolio strengthening
Concessions
2018
2019 2020 2021 2022
Aliaé
2023
2024
2025
CPCU*
2026
won
Extension
Increase in the share capital
Reims
Arena
Lille
Airport
SMTPC
(A79)
Baie des Anges marina
APRR 2%
Adelac (A41) 2%
Autoroute de l'Avenir motorway in Senegal
Aliénor (A65) 35%
Nové
Getlink 13.71%
Marinas in the bay of Toulon
Lille Airport
Millau Viaduct 49%
Getlink
1.76%
Machilly-Thonon (A412)
APRR
Adelac (A41) Aliaé (A79) 0.5%
Vresse prison
Port of Marseille Fos Headquarters
Getlink 7.11%
Fulli service area on the A20 motorway**
Acquisitions
Getlink 5.08%
Toulouse Airport 49.99%
Hydro power plants
Sun'R
75%
Hydro power plants
* Selection of the Dalkia/Eiffage/RATP consortium for the renewal of the Parisian urban heating network concession. Subject to ongoing recourses
** Prospective candidate 11
Extra financial ratings
CDP (note max: A)
Ex-Carbon Disclosure Project
2050
net zero objectives aligned
2030
objectives aligned
GOLD
72/100
GOLD
70/100
GOLD
67/100
ECOVADIS (max: Platinum) Supplier ratings
AA
AA
AA
MSCI (note max: AAA)
Financial services
A-
Climate
B
B
SBTI
Short term 2030 objectives and net zero 2050 objectives aligned
2021 2022
A-
AA
2023
2024
2025
A- Climate
B- Water and Forests
AAA
GOLD
78/100
ISS ESG
PRIME C+
Transparency level Very high
PRIME C
Sustainalytics
Financial services
35.34
High risk
34.44
High risk
36.02
High risk
27.25
Medium risk
Greenhouse gas emissions monitoring (scopes 1 & 2)
140
120
100
80
60
40
20
-
2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030
Revenue trajectory 1.5 C trajectory
Revenue evolution Emissions evolutions
Eiffage 2025
Revenue €M*
+8.0%
Operating profit €M
+5.3%
Net profit Group share €M
-1.6%
+8.9% at constant tax rates
18,721
20,319
21,832 23,429
25,313
1,919
2,212
2,403 2,472* 2,603
896
777
1,013 1,039* 1,022
2021 2022 2023 2024 2025
*Excl. Ifric 12
2021 2022 2023 2024 2025
*Pro forma for a revision of the Ifric 12 provision
2021 2022 2023 2024 2025
*Pro forma for a revision of the Ifric 12 provision
Free cash flow €M
2,634
Financial Net debt €M*
-529
10,166 9,916
Order book €bn
+3%
-866
29.9
1,556 1,743
2,271
2,105
9,332
9,414
8,548
16.3
18.5
28.9
26.0
2021 2022 2023 2024 2025
2021 2022 2023 2024 2025
*Excl. IFRS 16 debt, fair value of swaps Mtm
2021 2022 2023 2024 2025
Outlook 2026
Revenue increase in Contracting and Concessions
Growth of activity at Eiffage Énergie Systèmes and of the same order as 2025 in the Infrastructure division and Eiffage Construction
Operating profit increase in Contracting and Concessions
Improvement in the operating margin of Eiffage Énergie Systèmes, consolidation of the margin of the other contracting businesses
Net profit Group share increasing thanks to the improvement in the operating performance of the business lines
2026 dividend for 2025
Dividend up by €0.10 to €4.80 per share*
*For 2025, proposed at the April 22, 2026 general assembly for a payment on May 22, 2026
Results by business lines and financial results
Christian
Cassayre
Chief Financial Officer
Group revenue (excluding Ifric 12)
Breakdown Contracting and Concessions (€M)
Breakdown by geographical area (€M)
20,319
16,977
3,342
18,721
21,832
23,429
25,313
+8.0%
21,335
3,978
+2.3%
+4.8%
+2.3%
20,319
14,316
5,238
765
18,721
21,832
15,038
6,099
695
23,429
25,313
+8.0%
+16.6%
-4.8%
+14.4%
13,666
808
4,247
15,693
3,028
18,183
3,649
15,495
7,123
811
19,542
3,887
16,233
8,308
772
+4.8%
+9.2% +5.3%
2021 2022 2023 2024 2025
∆ 25 / 24 ∆ 25 / 24
At constant
scope and
2021 2022 2023 2024 2025
∆ 25 / 24
Contracting
Concessions
exchange rates
France Europe excluding France International excluding Europe
Contracting revenue (excluding Ifric 12)
Breakdown by division (€M) Breakdown by geographical area (€M) and % of total
16,977
4,753
6,840
4,100
5,324
7,291
4,362
15,693
5,941
7,980
4,262
18,183
7,209
8,351
3,982
19,542
21,335
+9.2%
+2.7%
+5.3%
+2.7%
15,693
10,701
(68%)
4,246
(27%)
+8.2%
+10.0%
746 (5%)
11,041
(65%)
5,237
(31%)
699 (4%)
16,977
11,455
(63%)
6,099
(34%)
629 (3%)
18,183
19,542
11,675
(60%)
7,123
(36%)
744 (4%)
21,335
+9.2%
-5.6%
+16.6%
+14.5%
+11.8%
12,325
(58%)
8,308
(39%)
702(3%)
8,057
9,187
4,091
+5.6%
+3.4%
2021 2022 2023 2024 2025
∆ 25 / 24
∆ 25 / 24
lfl
2021 2022 2023 2024 2025
∆ 2 5 / 2 4
Energy Systems
Infrastructure
Construction
France Europe excluding France International excluding Europe
Operating profit on ordinary activities and margins
2024 2025
€M % Revenue €M % Revenue Δ 25/24
Construction 142 3.6% 152 3.7% +7.0%
Infrastructure 278 3.3% 321 3.5% +15.5%
Energy Systems 420 5.8% 500 6.2% +19.0%
Contracting 840 4.3% 973 4.6% +15.8%
Concessions 1,661* 42.7%* 1,712 43.0% +3.1%
Holding -29 / -82 / /
Group Total 2,472* 10.6% 2,603 10.3% +5.3%
*Pro forma for a revision of the Ifric 12 provision
Construction - Activity and results
Revenue increased by 2.7% (actual and lfl)
+3.1%
FRANCE
+1.5%
INTERNATIONAL
Results
Operating margin: +10 bps to 3.7%
Contracting
Order book: +3%
Scaling up of the Nové contract
Progress of refurbishment
Property development
Bookings: 2,259 units (2,153 units in 2024)
Revenue: €0.6 billion (€0.7 billion in 2024)
Current operating margin: 4.8% (5.7% in 2024)
3.1
5.4
0.9
5.6
0.8
1.4
1.6
1.7
3.1
3.1
2.9
2.9
31/12/2021
31/12/2022
31/12/2023
31/12/2024
31/12/2025
Year N+1
Year N+2
Years beyond N+2
3.7%
Revenue (€bn) and operating margin on ordinary activities (%)
4.4
4.1
4.3
4.0
4.1
3.7%
3.8%
3.7%
3.6%
5.1
0.7
2021
2022
2023
2024
2025
Order book (€bn) - Evolution and breakdown
4.9
0.2
1.7
4.9
0.4
1.4
Perrard 125th birthday - Luxembourg | 50th Herbosch-Kiere birthday - Belgium
Infrastructure - Activity and results
Revenue increased by 10.0% (+8.2% lfl)
FRANCE
INTERNATIONAL
Results
Order book
Revenue (€bn) and operating margin on ordinary activities (%)
9.2
8.0
8.4
6.8
7.3
3.5%
3.3%
3.2%
2.9%
2.9%
2021
2022
2023
2024
2024
Order book (€bn)
Evolution and breakdown
14.4
15.2
15.4
7.0
0.9
8.2
0.8 2.3
31/12/2021
31/12/2022
31/12/2023
31/12/2024
31/12/2025
Year N+1
Year N+2
Years beyond N+2
4.2
5.1
5.1
5.7
5.8
1.9
2.6
3.2
4.3
6.7
5.4
6.2
100 years of Eiffage in Senegal
4.3
0.4 1.0
5.3
0.7 1.3
5.1
5.3
2.9
3.4
3.8
31/12/2021
31/12/2022
31/12/2023
31/12/2024
31/12/2025
Year N+1
Year N+2
Years beyond N+2
2.0
8.2
1.0
2.1
6.5
1.5
1.1
8.8
1.5
Order book (€bn)
Evolution and breakdown
2025
2024
2023
2022
2021
5.1%
5.0%
5.4%
5.3
4.8
Revenue (€bn) and operating margin on ordinary activities (%)
8.1
7.2
6.2%
5.9
5.8%
25
Energy Systems - Activity and results
Revenue increased by 11.8% (+3.4% lfl)
+2.8%
FRANCE
+24.4%
INTERNATIONAL
Results
Operating margin: +40 bps to 6.2%
Activity
Good performance of the flow business
Scaling up of major projects (Grand Paris Express, data centers...)
Order book
Order book: +7%
External growth
9 acquisitions including one in France
125th year of the Paris Universal Exhibition illumination
Concessions and PPP - Activity and results
Revenue increased by 2.3% (actual and Ifl)
Name
(end of concession | % holding)
Revenue
(€M)
Revenue
∆25/24
Traffic
∆25/24
ROC
(€M)
Revenue APRR and AREA (€M)
2,974
2,813
3,097 3,183
APRR and AREA* (2035/2036 | 52.5%) 3,183* +2.8% +1.3% 1,455**
Aliaé (A79) (2068 | 52.5%) 57 +12.7% +10.5%
Adelac (A41) (2060 | 52.5%) 78 +4.5% +1.4%
Aliénor (A65) (2067 | 100%) 80 +2.7% -0.6%
Millau Viaduct (2079 | 100%) 69 -0.3% -2.6%
Autoroute de l'Avenir motorway (2044 | 75%) 70 +5.7% +5.6%
Motorway concessions 354 +4.6% 207
Toulouse Airport (2046 | 49.99%) 162 +0.5% -2.8%
2,569
2021 2022 2023 2024 2025
Revenue concessions and PPP (€M)
Lille Airport (2042 | 90%) 33 +1.8% -5.0%
Airport concessions 195 +0.8% -5**
Excl. APRR and AREA
675
790 795
BPL HSRL (2036 | 100%) 82 -2.2%
Decathlon Arena Stade Pierre Mauroy 29 -18.8%
and ancillaries (2043/2076 | 100%)
Other 136 -2.1%
529
459
166
170
245
185
258
194
247
195
PPP and equivalent 247 -4.4% 55
Sub total excl. APRR and AREA 795 +0.7% 257
Total Concessions 3,978 +2.3% 1,712
108
181
160
203
245
338
354
*This figure is reduced by €5 million at Group level due to the recognition of additional
eliminations related to intercompany services
**After goodwill amortisation of €176 million for APRR and €33 million for Toulouse Airport.
2021 2022 2023 2024 2025
Motorway concessions Airport concessions PPP and equivalent
15 years of the Bretagne-Pays de la Loire HSRL
APRR - AREA - Aliaé (A79) - Activity and results
Tolls
96%
LV
66%
LV
85%
Other
4%
HGV
34%
HGV
15%
Revenue mix
Toll receipts
Traffic
Breakdown for APRR and AREA
2025
2024
2023
2022
2021
70.4%
70.3%
74.2%
74.0%
2,569
73.7%
2,818
3,019
3,245
3,152
Revenue (€M) and EBITDA margin
Consolidated revenue* (excl. Ifric 12) increased by 2.9%
Total APRR and AREA: +1.3%
Results
EBITDA margin: +10 bps to 70.4%
Contractual tariff increase at 1st February 2026
APRR: +0.94%, AREA: +0.95%, Aliaé: +0.77%
Tax on transport infrastructure: recourse actions engaged
Aliaé (A79)
Revenue: +12.7% to €57 million, trafic +10.5%
Financing for €3.4 billion
February 2025: renewal of the APRR RCF (€1.5 billion) and Financiére Eiffarie loan (€0.9 billion)
May 2025 and January 2026: two bond issues of €500 million each, with 6-year maturities and coupons of 2.875% and 3.125% respectively
Progress of the 2023 investment plan
A6 North
Installation of a free-flow toll system at the entrances of the AREA network
*Figure reduced at the Group level by the inclusion 29
of additional eliminations for intra-group services
20 February 2006 - APRR joins the Eiffage Group
30
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Eiffage SA published this content on February 25, 2026, and is solely responsible for the information contained herein. Distributed via Public Technologies (PUBT), unedited and unaltered, on February 25, 2026 at 18:25 UTC.
