Eiffage (FGR) H2 2024 earnings summary

Executive summary

• Revenue grew 7.3% year-over-year to €23.4 billion, with strong growth in Contracting (+7.5%) and Concessions (+6.5%).

• Net profit Group share increased 2.8% to €1.041 billion, or up 9.2% excluding the new French motorway tax.

• Free cash flow reached a record €2.6 billion, up €0.4 billion, and net debt reduced by €0.5 billion to €9.4 billion.

• Major contract wins and acquisitions in Germany and the Netherlands expanded the Energy Systems and concessions portfolio.

• Dividend proposed at €4.70 per share (+15%), with a new payout policy of 45% of net income group share from 2025.

Financial highlights

• Operating profit on ordinary activities rose 3% to €2.48 billion; group operating margin at 10.6%.

• Contracting order book reached €28.9 billion, up 11% year-over-year.

• Free cash flow: €2.63 billion (+€0.36 billion); net financial debt: €9.41 billion.

• Operating margin for Contracting increased to 4.3% (+30 bps); Energy Systems margin rose to 5.8%.

• Concessions operating profit: €1.67 billion (-1.5%, but +5.8% excluding new motorway tax); APRR/AREA EBITDA margin at 70.3%.

Outlook and guidance

• 2025 expected to see further growth in revenue and operating profit for both Concessions and Contracting.

• Energy Systems division targeting revenue close to €8 billion and operating margin up to 6%.

• Net income group share projected to rise at constant tax, but down after the exceptional tax in 2025.

• Real estate business expected to stabilize in 2025, with improvement likely in 2026.