Eiffage (FGR) Q3 2025 earnings summary

Executive summary

• Revenue for the period to 30 September 2025 rose 7.9% year-over-year to €18.3 billion, with Contracting up 9.0% and Concessions up 2.8%.

• Third-quarter revenue increased 8.5% year-over-year, driven by 10.0% growth in Contracting.

• International revenue grew 15.2%, with Europe excluding France up 17.3%.

• The Contracting order book reached €30.8 billion, up 7% year-over-year, supported by offshore wind power projects.

• Stake in Getlink increased to 27.66% in October 2025.

Financial highlights

• Group liquidity stood at €4.7 billion, up €0.5 billion year-over-year.

• APRR liquidity was €3.0 billion, down €0.7 billion year-over-year.

• Fitch confirmed short-term rating F2 for Eiffage SA and Contracting subsidiaries; APRR rated A/Stable by Fitch and A-/Stable by S&P.

Outlook and guidance

• 2025 outlook confirmed: revenue and operating profit expected to grow in both Concessions and Contracting.

• Operating margin at Eiffage Énergie Systèmes expected to reach 6% with revenue close to €8 billion.

• Net income Group share will be impacted by a one-off corporation tax contribution in France.