Eiffage: revenue up 3.3% in the third quarter, driven by Works
Eiffage published third-quarter revenue of €6,595 million on 12 November 2026, up 3.3% (2.2% at constant scope and exchange rates). Organic growth in the Works division rose to 2.5% over the quarter, compared with 1.2% in the first half.
Concessions, meanwhile, fell 0.1% to €1,127 million. Over nine months, consolidated revenue reached €18.8 billion, up 2.6%.
The group confirmed its 2026 guidance: growth in revenue, current operating income and net income attributable to the group. This guidance is based on an unchanged French tax framework, while the 2027 draft finance bill could increase the taxation of the APRR and AREA motorway networks.
Energy Systems and Infrastructure drive the third-quarter acceleration
The Works division generated €5,468 million in revenue in the third quarter, up 4.0% (2.5% organic). Eiffage Énergie Systèmes is the main driver, with €2,069 million, up 7.6%. Its organic growth reached 5.0% over the quarter, compared with 2.0% in the first half.
Infrastructure follows the same trend. Quarterly revenue rose 3.1% (2.8% organic), compared with a 1.1% increase over nine months (0.2% at constant scope), to €6,623 million.
Construction moves in the opposite direction: up 3.0% over nine months to €3,118 million, it fell 0.9% in the third quarter (−3.2% organic). Over the full period, the Works division totalled nearly €15.8 billion, up 3.2% (1.6% organic).
Europe excluding France offsets international, while motorways weigh on Concessions
Geography accounts for most of the momentum. Europe excluding France generated €6,510 million over nine months, up 9.3% (6.2% organic). It accelerated to 11.9% in the third quarter, while in Energy Systems, acquisitions in Spain, Germany and Italy contributed 4.4% to growth in the region.
France rose 1.0% over nine months to €11,885 million, but was stable in the third quarter at €4,131 million. Outside Europe, revenue fell 32.3% to €400 million.
The group attributes this decline to the end of several major export contracts, in line with its expectations, notably in Senegal and Colombia with the completion of the Puerto Antioquia project.
In Concessions, revenue of €3,031 million fell 0.3% as reported, but rose 0.6% at constant scope. The difference is due to the equity accounting of Nové since 31 December 2025.
On the APRR and AREA networks, traffic fell 2.9% over nine months (light vehicles down 3.7%, heavy goods vehicles up 1.9%), which the group attributes to the effect of fuel prices. Toll revenue fell 0.8%, while revenue reached €2,442 million, up 0.2%.
A €31.4 billion backlog and targets confirmed subject to tax conditions
The Works division order book stood at €31.4 billion as at 30 September 2026, up 2% year on year and 5% since the start of the financial year. It remains close to its 30 June level (€31.5 billion) and represents 17.3 months of activity.
Energy Systems drives this growth, with a backlog of €9.5 billion, up 7% year on year. Conversely, the Infrastructure backlog fell 1% to €15.9 billion.
On this basis, the group confirmed its 2026 targets, assuming an unchanged tax framework. Article 22 of the 2027 draft finance bill provides for raising the long-distance transport infrastructure operating tax (TEITLD) from 4.6% to 12.2% of APRR and AREA toll revenue.
If this increase were adopted, its impact on 2026 would amount to approximately €210 million on current operating income and €110 million on net income attributable to the group, based on 2025 figures. According to the group, it would exclusively affect the APRR and AREA networks.
The liquidity of Eiffage SA and its works subsidiaries reached €4.4 billion, compared with €4.7 billion a year earlier. It consists of €2.4 billion in cash and an undrawn €2 billion credit line.
The Works division thus enters the final part of the year with a backlog up year on year. The 2026 earnings trajectory depends, for the APRR and AREA networks alone, on the outcome of the parliamentary review of the finance bill.
