French construction and concessions group Eiffage reported a 12.1% rise in first-half net profit to €342 million, driven by growth in energy systems and construction despite persistent traffic pressures on its motorway concessions.
Revenue increased 2.3% to €12.2 billion, with organic growth of 1.1% excluding acquisitions and currency effects. Operating profit on ordinary activities rose 2.0% to €1.019 billion, while financial net debt declined by €530 million over the past 12 months to €9.378 billion. The company paid €468 million in dividends during the period, and free cash flow improved to -€75 million from -€91 million a year earlier.
Contracting revenue, which accounts for the bulk of the group’s business, rose 2.8% to €10.3 billion. Operating profit in contracting surged 11.6% to €269 million, lifting the current operating margin by 20 basis points to 2.6%. Energy systems led growth, with revenue up 4.8% to €4.0 billion and operating margin expanding 30 basis points to 5.2%. The division added four new companies in Germany and France during the half.
Infrastructure revenue remained flat at €4.2 billion, with an operating margin of -0.3%, unchanged from the prior year. Construction revenue rose 5.0% to €2.1 billion, supported by a 34% increase in property development bookings to 1,224 units. The group also completed the acquisition of Baatz in Luxembourg, a deal valued at €142 million in annual revenue and employing 470 people.
Concessions revenue edged down 0.4% to €1.9 billion, reflecting a 2.5% decline in total motorway traffic across APRR and AREA networks. Light vehicle traffic fell 3.4%, attributed to elevated fuel prices linked to Middle East supply disruptions, while heavy goods vehicle traffic rose 2.4%. The concessions division’s operating profit declined to €822 million, though its EBITDA margin remained robust at 71.7% of revenue.
Eiffage increased its stake in Getlink by 1.74 percentage points to 29.40%, contributing €34 million to equity-accounted results and €129 million in dividends, up from €66 million previously. Getlink reported standalone revenue of €824 million and net profit of €118 million.
The group’s order book reached a record €31.5 billion, up 7% year-over-year and 6% since the start of 2026, with the portion beyond 12 months rising 14%. Infrastructure accounted for €16.1 billion of the backlog, energy systems for €9.5 billion, and construction for €5.9 billion. Total group liquidity stood at €4.4 billion, including €2.4 billion in cash and €2.0 billion in undrawn credit lines.
Chairman and CEO Benoît de Ruffray highlighted the company’s focus on energy sovereignty, new mobility solutions, and climate adaptation. CFO Christian Cassayre noted strong long-term visibility, citing a 14% increase in the order book beyond 12 months.
