Eiffage: net profit up 12.1% in H1, but concessions slowdown
Eiffage published half-yearly results on August 26, 2026, marked by activity growth and group results, driven by the Works business.
At the same time, the group adjusted its 2026 outlook for Concessions, now expected to show a slight decline due to persistent decline in highway traffic.
Revenue up 2.3%, net profit attributable to the Group at €342 million
In the first half of 2026, the group's revenue stood at €12,200 million, up 2.3% compared to €11,928 million in the first half of 2025 (+1.1% at constant scope and exchange rates).
Operating profit increased by 2.0% to €1,019 million compared to €999 million a year earlier, with operating margin stable at 8.4%. Net profit attributable to the Group reached €342 million, up 12.1% compared to €305 million in the first half of 2025.
The Works order book stood at €31.5 billion on June 30, 2026, up 7% year-on-year, representing 13.1 months of activity.
Works growth, Concessions affected by traffic decline
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Works activity increased by 2.8% to €10,296 million, with growth across all three divisions: Construction (+5.0%), Energy Systems (+4.8%) and Infrastructure stable (-0.0%). Operating profit from Works increased by €28 million to €269 million, with margin rising from 2.4% to 2.6% over the half-year. Eiffage Energy Systems saw its operating margin improve by 30 basis points to 5.2%.
Concessions recorded revenue of €1,904 million, down 0.4% (+0.5% at constant scope and exchange rates), and operating profit of €822 million compared to €838 million a year earlier. Total traffic on the APRR and AREA networks declined by 2.5%, affected by rising fuel prices.
Debt down and adjusted Concessions outlook
Net financial debt (excluding IFRS 16 debt and fair value of swaps) stood at €9,378 million on June 30, 2026, down €530 million compared to the first half of 2025. During the half-year, Eiffage strengthened its stake in Getlink, increased to 29.40% of capital.
The group confirmed its overall 2026 outlook for activity and results growth. For Works, it anticipates revenue showing slight growth and operating margin improvement. For Concessions, revenue and operating profit are now expected to show a slight decline compared to 2025, against slight growth previously expected, given the persistence of declining highway traffic.
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.
