Eiffage (FGR) Q3 2024 earnings summary

Executive summary

• Revenue to end-September 2024 rose 6.8% year-over-year to €17.0 billion, with Contracting up 7.0% and Concessions up 6.1%. Europe excluding France saw revenue growth of 16.4%.

• Third-quarter revenue increased 7.7% year-over-year, with Contracting up 7.9% and Concessions up 7.0%.

• Contracting order book reached €28.8 billion, up 47% year-over-year and 11% since the start of the year.

• Major post-period events include the acquisition of Eqos in Germany and the awarding of the A412 motorway concession.

Financial highlights

• Group revenue at 30 September 2024: €16,978 million (+6.8% actual, +3.6% like-for-like year-over-year).

• Contracting revenue: €14,020 million (+7.0% actual, +3.5% like-for-like); Concessions revenue: €2,958 million (+6.1% actual, +4.1% like-for-like).

• International revenue up 18.1% year-over-year, with Europe excluding France up 16.4%.

• Third-quarter group revenue: €5,885 million (+7.7% actual, +4.6% like-for-like year-over-year).

Outlook and guidance

• Revenue growth expected in both Concessions and Contracting for 2024.

• Contracting operating profit on ordinary activities to increase, driven by margin improvement at Eiffage Énergie Systèmes.

• Concessions operating profit to be impacted by a new tax on long-distance transport infrastructure.

• Net profit Group share expected to be similar to 2023 on a constant corporation tax basis.