French construction and concessions group Eiffage reported first-half 2026 sales of €12 billion, a 2.3% increase year-over-year, driven by organic growth of 1.1% despite a 2.5% decline in light-vehicle motorway traffic across its APRR and AREA networks.
Recurring operating profit rose 11.6% to €28 million, while net income attributable to the group increased more than 12% to €342 million. The contracting operating margin expanded by 20 basis points to 3.5%, with gross profit margin holding steady at 84%. Motorway concessions EBITDA margin remained robust at 72.2%, even as heavy-goods traffic increased 2.4%, partially offsetting the impact of weaker light-vehicle usage.
Free cash flow remained negative at €75 million, an improvement from the €91 million outflow in the prior-year period, while net debt decreased by more than €500 million over the past 12 months to €9.4 billion. Gross cash stood at €2.4 billion, with the group maintaining a dividend yield of 4.05% and a P/E ratio of 10.98.
The order book reached a historic high of €31.5 billion, up 7% year-over-year, supporting management’s view of strong visibility. Shareholder distributions totaled €468 million in the first half, with the stock trading at $117.50, down 0.45% on the day.
Traffic pressures were linked to persistently high diesel and oil prices, a consequence of the Middle East conflict, according to CEO Benoît de Ruffray. Construction activity grew 2.8% overall, with organic growth accelerating to 4.8% in the second quarter. Eiffage Énergie Systèmes secured a €120 million contract to supply high-voltage substation infrastructure for Campus Foujoux, while Eiffage Route saw a 5% contraction in activity due to reduced public orders from local authorities.
Major projects included the €2.8 billion expansion of Germany’s A3 motorway, a 76-kilometer, six-lane PPP concession opened on August 3rd, and the €95 million replacement of a bridge in Nuremberg. The group also strengthened its stake in Getlink, operator of the Channel Tunnel, to 29.4% following a €167 million acquisition in March.
Eiffage completed five acquisitions since January, including Hand & Werk, a €85 million data center specialist, and Baatz Group, a Luxembourg-based construction firm with €150 million in 2025 sales. The company’s order book expansion and project pipeline underscore its focus on energy transition, new mobility solutions, and climate adaptation infrastructure.
