Eiffage (FGR) H1 2025 earnings summary

Executive summary

• Revenue increased by 7.5% year-over-year to €11.93 billion in H1 2025, with strong growth in Contracting and robust expansion in Europe, especially Germany.

• Net profit group share declined 19.4% to €308 million, mainly due to a one-off corporate income tax in France.

• The Contracting order book reached €29.5 billion, up 4% year-over-year, providing strong medium- and long-term visibility.

• Strategic acquisitions, including HSM Offshore Energy and several energy services firms in Germany and Spain, expanded the group's European footprint and offshore wind capabilities.

• Net financial debt decreased by €700 million year-over-year to €9.9 billion, with strong liquidity at €4.5 billion.

Financial highlights

• Contracting revenue rose 8.4% to €10.02 billion, with international revenue up 17.2% and Energy Systems up 13.2% to €3.77 billion.

• Operating profit from ordinary activities increased by €34 million (+16.4%) to €1.01 billion, with margin at 8.4%.

• Free cash flow was negative at -€91 million, reflecting higher CapEx and seasonal working capital needs.

• Group EBITDA and margins remained robust, with Concessions at 44.2% and Contracting at 2.4%.

• APRR EBITDA margin at 72.1% of revenue.

Outlook and guidance

• 2025 outlook confirmed: further increases in activity and operating profit expected in both Concessions and Contracting.

• Eiffage Energy System targets €8 billion in revenue and a 6% operating margin.

• Construction is expected to continue growing in H2, driven by renovation and the Nové contract, despite a weak real estate market.

• Net profit group share expected to rise at constant tax rate, but lower after exceptional tax contribution.

• The group remains confident in its strategic direction despite geopolitical and political uncertainties.