French construction and concessions group Eiffage reported a 12.1% rise in first-half net profit to €342 million on Wednesday, as strong contracting performance offset continued pressure on motorway traffic.
Revenue rose 2.3% year-over-year to €12.2 billion, with organic growth of 1.1%. Operating profit on ordinary activities increased 2.0% to €1.019 billion, while financial net debt declined by €530 million to €9.378 billion. The group paid €468 million in dividends during the period and reported a free cash flow of -€75 million, an improvement from -€91 million in the same period of 2025.
Contracting revenue grew 2.8% to €10.3 billion, with operating profit surging 11.6% to €269 million. The current operating margin expanded by 20 basis points to 2.6%. Energy systems led growth, with revenue up 4.8% to €4.0 billion and an operating margin of 5.2%, while infrastructure revenue remained flat at €4.2 billion. Construction revenue increased 5.0% to €2.1 billion, supported by property development bookings of 1,224 units, up from 916 in H1 2025. The contracting order book reached a record €31.5 billion, up 7% year-over-year and 6% since the start of 2026.
Concessions revenue declined 0.4% to €1.9 billion, though organic growth was 0.5%. Total motorway traffic across APRR and AREA fell 2.5%, with light vehicle traffic down 3.4% amid high fuel prices linked to Middle East conflicts, while heavy goods vehicle traffic rose 2.4%. The APRR EBITDA margin stood at 71.7% of revenue, or 72.2% excluding Fulli rollouts. The Aliaé (A79) concession reported revenue of €28 million with traffic growth of 1.9%.
Eiffage increased its stake in Getlink by 1.74 percentage points to 29.40% of the capital, with the stake contributing €34 million in equity-accounted results and €129 million in dividends, up from €66 million in the prior year. Getlink itself reported revenue of €824 million and net profit of €118 million.
The group’s financial position remained robust, with total liquidity of €4.4 billion, including €2.4 billion in cash and equivalents and €2.0 billion in undrawn credit lines. APRR maintained liquidity of €2.9 billion, while concessions non-recourse debt stood at €9.9 billion. Eiffage issued €500 million in five-year bonds at a 3.125% yield.
Benoît de Ruffray, chairman and CEO, highlighted the company’s focus on long-term trends including energy sovereignty, new mobility solutions, and climate adaptation. Christian Cassayre, CFO, noted improved visibility with a 14% increase in green growth areas, up 3% compared to the short term.
Eiffage’s contracting divisions expanded through acquisitions, including Baatz in Luxembourg, which added €142 million in annual revenue and 470 employees. Germany remained the largest market outside France, with €1.3 billion in H1 revenue, followed by Spain at €844 million and Belgium at €580 million.
