Eiffage Enters Exclusive Negotiations to Acquire Warnow Tunnel in Rostock
The construction and concessions group enters exclusive negotiations to acquire 100% of the Warnow Tunnel in Rostock, a toll road concession until 2053. The transaction, subject to regulatory conditions, could be finalized in the second half of 2026.
A 2-Kilometer German Concession in Operation Since 2003
The Warnow Tunnel, located in Rostock in Northern Germany, is a 2-kilometer toll road that includes a 0.8-kilometer tunnel crossing the Warnow River. The infrastructure has been operational since September 2003 and is under a concession regime until 2053. It is currently owned by Atlas Arteria, an Australian road concession operator.
Eiffage plans to acquire the entire capital of this entity. The operation is part of an effort to extend the relationship between the two groups, which has been established for 20 years in Germany. Eiffage and Atlas Arteria have been exploring various modes of rapprochement since 2024, including pooling their respective concession assets and public-private partnerships in Germany, before Atlas Arteria proposed a cash sale.
Finalization Expected in the Second Half of 2026
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The acquisition is subject to due diligence and the signing of a definitive contract, with no certainty at this stage that a transaction will conclude. It must also receive the necessary legal and regulatory approvals. Eiffage has indicated that the finalization could occur in the second half of 2026.
The employees of the entities involved will be informed in accordance with the procedures provided by current legislation.
SectorConstruction et infrastructures›BTP / infrastructures
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Context
Period
Period: S1 2026
Key reported figures
Revenue: 12 200 millions d'euros
Quarterly revenue: 12 200 millions d'euros
Revenue growth: 2,3 %
Net income: 342 millions d'euros
Free cash flow: -75 millions d'euros
9 400 millions d'euros
Guidance from the release
le Groupe anticipe une croissance d'activité d'une ampleur moindre qu'en 2025
Risks mentioned
Persistance de la baisse du trafic autoroutier dans un contexte de prix des carburants élevés
Trafic total APRR et AREA en baisse de 2,5 %, affecté par la hausse du prix des carburants
Chiffre d'affaires International hors Europe en repli de 37,1 %
Opportunities identified
Hausse du carnet de commandes des Travaux de 7 % sur un an (+6 % depuis le début de l'année)
Marge opérationnelle courante d'Eiffage Énergie Systèmes en hausse de 30 pbs à 5,2 %
Poursuite du développement européen du Groupe en Travaux, Europe hors France +8,0 %
The information presented in this article is provided for informational purposes only and does not constitute an investment recommendation, an incentive to buy or sell a financial asset, or investment advice. Readers are invited to conduct their own research before making any decision.
Investments in the stock market involve risks, including the risk of capital loss. Past performance of an asset or market is no guarantee of future results. Any investment decision should be made taking into account your personal financial situation, objectives and risk tolerance.
