Eiffage (FGR) Q4 2025 earnings summary

Executive summary

• Revenue reached €25.3 billion in 2025, up 8% year-over-year, with strong international expansion, especially in Europe outside France (+16.6%).

• Net profit Group share was €1,022 million, representing an 8.9% increase at constant tax rates, but a 1.6% decrease on an actual basis.

• Free cash flow remained high at €2.1 billion; net debt reduced by €870 million to €8.5 billion, despite €825 million in external growth investments.

• The group was included in the CAC 40 index and continued significant external growth, notably increasing its stake in Getlink to 27.66%.

• Major acquisitions in 2025/2026, including HSM Offshore Energy and several companies in Germany, Spain, the Netherlands, and Italy, expanded the European presence.

Financial highlights

• Operating profit grew 5.3% to €2.6 billion, with the group operating margin at 10.3%.

• Contracting revenue rose 9.2% to €21.3 billion, with 42% generated outside France.

• Concessions revenue increased by 2.3% to €4.0 billion, with motorway traffic on the APRR network up 1.3%.

• EBITDA increased by €378 million; free cash flow after investments at €2.1 billion.

• Dividend proposed at €4.80 per share, up €0.10 from the previous year.

Outlook and guidance

• Revenue and operating profit are expected to increase in both Contracting and Concessions in 2026.

• Operating margin improvement is anticipated for Énergie Systèmes, with stable margins for other contracting businesses.

• Net profit Group share is projected to rise, driven by improved operating performance.

• Organic growth expected to continue, though at a slower pace than 2024 and 2025.

• Contracting order book at €29.9 billion (+3%), supporting continued growth.