Slide 1: Annual results 2024
Annual results 2024 26th February 2025 1
Slide 2: Highlights
Highlights Benoît de Ruffray Chairman and Chief Executive Officer 2
Slide 3: Highlights - Group
Highlights - Group Firm growth of 7.3% of the Group activity Growth investments ▪ ▪ ▪ ▪ ▪ ▪ Strong financial position Improving results ▪ ▪ ▪ ▪ ▪ Refinancing of the Group's RCFs at the beginning of 2025 ▪ Increase in Contracting order book to +11% year-on-year ▪ ▪ ▪ ▪ *Tax on the Operation of Long-D
Slide 4: Highlights - Contracting
CGOÉ NN SI E T RCUI C VTI LI O N Highlights - Contracting Tertiary centre dedicated to health Le Cœur office building Postepu apartments complex Offshore w ind - Baltyk 2 and 3 Saint-Apolli na ir e Dusseldorf - Germany Warsaw - Poland Civil engineering works on Cubillas solar power plant A3 m o t o
Slide 5: Highlights - Contracting
Highlights Contracting Growing activity Growing order intake Increased profitability ▪ ▪ Multi year visibility strengthened ▪ ▪ ▪ ▪ ▪ ▪ ▪ ▪ ▪ ▪ 5
Slide 6: Focus on external growth
Focus on external growth 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 France Energy Systems Outside France Salvia France Eqos Infrastructure Van den Pol Outside France France Construction Outside France Annual revenue of Rev < €50M Rev 50M to €100M Rev 100M to €200M Rev 200M to €500M Rev > €500
Slide 7: Evolution of the relative weight of the Contracting division
Evolution of the relative weight of the Contracting division Résultat Total (€M) and courant (M€) et marge (%) opérationnel revenue Total operating profit (€M) and breakdown by division (%) breakdown by division (%) 840 19,542 18,183 736 17% 16,977 20% 646 15,693 21% 23% 585 26% 26% 33% 26% 26% 43%
Slide 8: Continued European development of the Group in Contracting
Continued european development of the Group in Contracting Total revenue (€M) and breakdown by geographical area (%) 19,542 18,183 4% 16,977 3% 15,693 4% 5% 34% 36% 27% 31% International excluding Europe Europe 68% 65% 63% 60% excluding France France 2021 2022 2023 2024 8
Slide 9: Highlights - Concessions
CGOÉ NN SI E T RCUI C VTI LI O N Highlights - Concessions One way entry point Electric charging stations Fulli - Multi-brand fuel card Electric HGV charging corridor Chalon Nord Millau Viaduct 20th anniversary Nové - Ramp up M arina Baie des Anges Getlink 9
Slide 10: Highlights - Concessions
Highlights Concessions Growing activity Increasing activity ▪ ▪ Portfolio strengthening ▪ ▪ ▪ ▪ Profitability ▪ ▪ ▪ * TEITLD 10
Slide 11: Concessions portfolio strengthening
Concessions portfolio strengthening 2015 2016 2018 2019 2020 2021 2022 2023 2024 Concessions Aliaé (A79) Marinas in Machilly- won Reims Lille Nové the bay of Thonon Arena Airport Baie des Toulon (A412) Anges marina Autoroute Extension APRR SMTPC de l’Avenir Lille motorway in Airport Senegal Millau A
Slide 12: Carbon climate commitments
Carbon climate commitments SBTi validation Integration of the value chain ▪ ▪ ▪ ▪ ▪ Publication of the first sustainability report following the CSRD rules 2030: reduction of greenhouse gas emissions CDP climate 2024 rating upgraded to A- ▪ ▪ Interim report of the 2023-2025 biodiversity action plan
Slide 13: Eiffage 2024
Eiffage 2024 Revenue €M +7.3% Operating profit €M +3.0%* Net profit Group share €M +2.8%* 2,403 2,476 1,013 1,041 23,429 2,212 896 21,832 777 20,319 1,919 18,721 2021 2022 2023 2024 2021 2022 2023 2024 2021 2022 2023 2024 *+8.2% excl. new motorway tax *+9.2% excl. new motorway tax Free cash flow €M
Slide 14: Outlook 2025
Outlook 2025 Increase in activity and operating profit for Concessions and Contracting - Eiffage Énergie Systèmes: activity close to €8 billion / operating profit margin ~ 6% Net profit Group share increasing at constant tax rate but declining after the exceptional corporate tax contribution in Fran
Slide 15: Dividend and distribution policy
Dividend and distribution policy Dividend up 15% to 4.70 euros per share* Distribution policy of 45% of the Net profit Group share** *For 2024, proposed to the General Assembly on April 23, 2025, for payment on May 23, 2025 **Starting from the 2025 fiscal year 15
Slide 16: Results by business line and financial results
#FamilySpirit Results by business line and financial results Christian Cassayre Chief Financial Officer
Slide 17: Group revenue (excluding Ifric 12)
Group revenue (excluding Ifric 12) Breakdown Contracting and Concessions (€M) Breakdown by geographical area (€M) 23,429 +7.3% 23,429 +7.3% +3.7% 21,832 21,832 811 +16.7% 20,319 20,319 695 3,887 +6.5% +4.4% 18,721 3,649 18,721 765 +16.8% 7,123 +16.8% 3,342 808 6,099 3,028 5,238 4,247 19,542 +7.5% +3
Slide 18: Contracting revenue (excluding Ifric 12)
Contracting revenue (excluding Ifric 12) Breakdown by division (€M) Breakdown by geographical area (€M) and % of total 19,542 +7.5% +3.5% 19,542 +7.5% 18,183 (5 %) 18,183 744 (4%) +18.3% 16,977 3,982 16,977 629 (3%) -6.6% -6.7% 15,693 15,693 699 (4%) 4,262 +16.9% 4,362 746 (5%) 7,123 +16.8% 6,099 (3
Slide 19: Operating profit on ordinary activities and margins
Operating profit on ordinary activities and margins 2023 2024 €M % Revenue €M % Revenue Δ 24/23 Construction 157 3.7% 142 3.6% -9.6% Infrastructure 257 3.2% 278 3.3% +8.2% Energy Systems 322 5.4% 420 5.8% +30.4% Contracting 736 4.0% 840 4.3% +14.1% Concessions 1,690 46.3% 1,665 42.8% -1.5% Holding -
Slide 20: Construction - Activity and results
Construction - Activity and results Operating margin at 3.6% of revenue Revenue (€bn) and operating margin on ordinary activities (%) Revenue decreased by 6.6% (-6.7% lfl) 4.4 4.3 4.1 4.0 FRANCE INTERNATIONAL 3.7% 3.8% 3.7% 3.6% Results ▪ 2021 2022 2023 2024 Order book (€bn) - Evolution and breakdow
Slide 21: La source - New head office of Eiffage Construction in Belgium
La source - New head office of Eiffage Construction in Belgium 21
Slide 22: Infrastructure - Activity and results
Infrastructure - Activity and results Operating margin increased by 10 bps to 3.3% of revenue Revenue (€bn) and operating margin on ordinary activities (%) Revenue increased by 4.6% (+4.3% lfl) 8.4 8.0 7.3 FRANCE INTERNATIONAL 6.8 3.3% 3.2% 2.9% 2.9% ▪ ▪ ▪ 2021 2022 2023 2024 Results Order book (€bn
Slide 23: Demcy - Dismantling offering to better reuse
Demcy - Dismantling offering to better reuse 23
Slide 24: Energy Systems - Activity and results
Energy Systems - Activity and results Operating margin increased by 40 bps to 5.8% of revenue Revenue (€bn) and operating margin on ordinary activities (%) Revenue increased by 21.3% (+9.7% lfl) 7.2 FRANCE 5.9 5.8% INTERNATIONAL 5.3 4.8 5.4% 5.1% 5.0% Results ▪ 2021 2022 2023 2024 Activity Order boo
Slide 25: Ten-year maintenance of the Cestas photovoltaic plant
Ten-year maintenance of the Cestas photovoltaic plant 25
Slide 26: Concessions and PPP - Activity
Concessions and PPP - Activity Revenue increased by 6.5% (+4.4% Ifl) Revenue APRR and AREA (€M) Name Revenue Revenue Traffic 3,097 (end of concession | % holding) (€M) ∆24/23 ∆24/23 2,974 APRR and AREA* (2035/2036 | 52.5%) 3,097 +4.1% +0.3% 2,813 Aliaé (A79) (2068 | 52.5%) 50 +12.5% +8.1% 2,569 Alié
Slide 27: Waste recovery approach on the BPL HSRL
Waste recovery approach on the BPL HSRL 27
Slide 28: APRR - AREA - Aliaé (A79) - Activity and results
APRR - AREA - Aliaé (A79) - Activity and results EBITDA margin to 70.3% of revenue Consolidated revenue* (excl. Ifric 12) increased by 4.4% Total APRR and AREA traffic increased by 0.3% Revenue (€M) and EBITDA margin ▪ 3,152 3,019 2,818 Contractual tariff increase at 1st february 2025 ▪ 2,569 73.7%
Slide 29: Road surface recycling cycle on the A43 motorway
Road surface recycling cycle on the A43 motorway 29
Slide 30: Concessions and PPP - Activity and results
Concessions and PPP - Activity and results Name Revenue EBITDA EBITDA Margin (end of concession | % holding) €M €M (%) Portfolio evolutions Aliaé (A79) (2068 | 52.5%) 50 29 57.1% ▪ Aliénor A65 (2067 | 100%) 78 61 78.1% Millau Viaduct (2079 | 100%) 69 60 87.1% ▪ ▪ Adelac (A41) (2060 | 52.5%) 74 65 86
Slide 31: Getlink - Activity and results
Getlink - Activity and results Revenue decreased by 12% compared to 2023 Revenue for 100% (€M) 1,844 1,599 1,614 Key figures 558 280 420 ▪ 168 150 137 774 Background 130 1,042 1,136 1,166 ▪ 644 ▪ ▪ 2021 2022 2023 2024 ▪ ▪ Eurotunnel Europorte ElecLink Net profit for 100% (€M) 326 Results 252 246 ▪ *
Slide 32: Consolidated income statement
Consolidated income statement in millions of euros 2023 2024 Δ 24/23 Revenue(1) 21,832 23,429 +7.3% Operating profit on ordinary activities 2,403 2,476 +3.0% Other operating income and expenses (51) (57) Operating income 2,352 2,419 Cost of net debt (312) (318) Other financial income and expenses (2
Slide 33: Financial net debt evolution
Financial net debt* evolution In millon euros 9,916 1,180 9,414 897 55 Dividends Δ WCR Interest & of inc. Holding & Taxes paid companies Contracting €733M and misc 549 consolidate Concessions -€34M d using the 601 ( 74) (74) equity 1,078 Concessions Acquisitions Variations Dividends method and dispo
Slide 34: Treasury / Financial net debt structure
Treasury / Financial net debt structure* in millions of euros Total (9,332) (10,166) (9,916) (9,414) Net treasury 1,347 1,018 966 Holding & Contracting 587 (10,350) (10,753) (10,882) (10,761) Financial net debt Concessions 31/12/21 31/12/22 31/12/23 31/12/24 996 1,013 1,123 1,260 *Excl. IFRS 16 debt
Slide 35: Contracting order book
Contracting order book Contracting order book (€bn) Order book breakdown by division (€bn) and variation over 12 months and variation over 12 months 28.9 +11% 28.9 +11% 26.0 26.0 5.4 +7% 8.1 -10% 5.1 9.0 18.5 18.5 16.3 16.3 1.9 7.0 +37% 4.9 15.2 +5% 1.6 5.0 5.1 4.9 14.4 4.5 8.2 13.8 +16% 7.0 11.6 11
Slide 36: Appendices
#FamilySpirit Appendices
Slide 37: Group shareholding structure
Group shareholding structure Shareholding at 31/12/2023 Shareholding at 30/06/2024 Shareholding at 31/12/2024 98 million shares 98 million shares 98 million shares 20.0% 21.9% 21.4% 4.1% 2.6% 5.8% 75.9% 75.5% 72.7% Employee shareholding Treasury shares Free float 37
Slide 38: Revenue (excluding Ifric 12)
Revenue (excluding Ifric 12) Revenue breakdown in Europe Excluding France (€M) Revenue breakdown (€M) 2,183 15,495 15,038 1,761 1,475 1,229 1,025 1,013 7,123 921 6,099 857 500 377 292 318 233 272 208 183 225 695 811 150 France International exc. Europe exc. France Europe Germany Spain Belgium United
Slide 39: Concessions financial net debt breakdown
Concessions financial net debt breakdown Non-recourse debt raised in dedicated SPVs for €10.8 billion* Non-recourse FND breakdown (€M) Non-recourse FND structure (M€) Financière APRR Eiffarie APRR and 6,681 Financière Eiffarie 894 Toulouse Airport Adelac (A41) 74 663 Millau Viaduct Motorways and 7,5
Slide 40: Liquidity
Liquidity Holding & Contracting liquidity APRR liquidity 3.4 + 2.0 = 5.4 2.0 + 2.0 = 4.0 billion of euros in cash billion of euros billion of euros billion of euros in billion of euros billion of euros and cash equivalents undrawn bank in liquidity cash and cash undrawn bank in liquidity credit line
Slide 41: Net profit Group share and dividend
Net profit Group share and dividend in millions of euros and euros per share 1,041 1,013 €4.70 896 777 €4.10 €3.60 €3.10 2021 2022 2023 2024 Increase in the dividend by 15% to €4.70 per share* Distribution of 45% of the net profit Group share** *For 2024, proposed to the General Assembly on April 23
Slide 42: Consolidated balance sheet - Assets
Consolidated balance sheet - Assets in millions of euros 31/12/2023 31/12/2024 Property, plant and equipment 2,099 2,289 Assets held under a finance lease 1,149 1,259 Investment property 75 70 Fixed assets held under concessions 11,738 11,539 Goodwill on acquisition 3,832 4,644 Other intangible asse
Slide 43: Consolidated balance sheet - Equity and liabilities
Consolidated balance sheet - Equity and liabilities in millions of euros 31/12/2023 31/12/2024 Share capital 392 392 Consolidated reserves 5,029 5,284 All other comprehensive income items 21 2 Net profit for the period 1,013 1,041 Total capital and reserves, attributable to the Group 6,455 6,719 Non
Slide 44: Consolidated income statement
Consolidated income statement in millions of euros 2023 2024 Revenue(1) 22,369 24,017 Other income 20 24 Raw materials and consumables used (3,959) (3,848) Staff costs (4,673) (5,222) Other expenses (9,456) (10,352) Taxes other than corporate tax (489) (620) Amortisation and depreciation expense (1,
Slide 45: Consolidated cash flow statement
Consolidated cash flow statement in millions of euros 2023 2024 in millions of euros 2023 2024 Cash and equivalents at 1 January 4,621 4,835 Purchases of fixed assets (514) (550) Currency effect 9 (3) Purchase of intangible concession assets (354) (386) Restated cash and cash equivalents at 1 Januar
Slide 46: Financial expenses and results
Financial expenses and results in millions of euros 2023 2024 APRR - AREA - A79 (98) (94) Financière Eiffarie (42) (43) Aliénor (A65) (27) (28) Millau Viaduct (50) (35) Adelac (A41) / (21) Autoroute de l’Avenir motorway (4) (8) Toulouse airport (2) (2) BPL HSRL (39) (37) Other PPPs and concessions (
Slide 47: Contracting - Customer segmentation
Contracting - Customer segmentation Construction Infrastructure Energy Systems 57% 77% 38% 62% 43% 23% Private Public 47
Slide 48: Grand Paris Express contracts won by Eiffage
Grand Paris Express contracts won by Eiffage 48
Slide 49: Evolution of the operating profit and operating margin
Evolution of the operating profit (€M) and operating margin (%) Contracting Concessions 840 1,690 1,665 1,577 736 646 1,346 585 4.3% 4.0% 47.2% 46.3% 44.5% 42.8% 3.8% 3.7% 2021 2022 2023 2024 2021 2022 2023 2024 49
Slide 50: Change in working capital requirement
Change in working capital requirement (€M) Holding and Contracting Concessions 733 363 206 185 28 38 -4 -34 2021 2022 2023 2024 2021 2022 2023 2024 +: treasury generation - : treasury consumption 50
Slide 51: Motorway Concessions in France 2025 tariff increase
Motorway Concessions in France 2025 tariff increase Name Average tariff increase (end of concession | % holding) for 2025 APRR +1.08% APRR and AREA (2035/2036 | 52.5%) AREA +1.10% Aliaé (A79) (2068 | 52.5%) +1.58% Aliénor (A65) (2067 | 100%) +2.10% Millau Viaduct (2079 | 100%) +2.73% Adelac (A41) (2
Slide 52: APRR & Financière Eiffarie
APRR & Financière Eiffarie Financial net debt structure* (in millions of euros) Total 8,157 7,715 7,686 7,575 1,061 Financière Eiffarie 1,056 1,012 894 7,096 6,659 6,674 6,681 APRR 31/12/20 21 31/12/20 22 31/12/20 23 31/12/20 24 5 9 28 28 *Excl. IFRS 16, fair value of swaps Mtm 52
Slide 53: APRR - Gross debt profile
APRR - Gross debt profile in millions of euros Profile as at 31/12/2024 700 500 500 500 118 700* 700 700 500 500 500 500 500 500 500 *matured on 15th january 2025 2025 2026 2027 2028 2029 2030 2031 2032 2033 2034 2035 2036 EMTN Program 53
Slide 54: APRR and AREA - Changes to traffic
APRR and AREA - Changes to traffic 130 127.4 125 125.1 120 115 LV 114.2 110 105 Total 100 100 95 HGV 90 85 80 Q4 Q2 Q4 Q2 Q4 Q2 Q4 Q2 Q4 Q2 Q4 Q2 Q4 Q2 Q4 Q2 Q4 Q2 Q4 Q2 Q4 Q2 Q4 Q2 Q4 Q2 Q4 Q2 Q4 Q2 Q4 Q2 Q4 Q2 Q4 2007 2008 2008 2009 2009 2010 2010 2011 2011 2012 2012 2013 2013 2014 2014 2015 2015
Slide 55: Assets under concession (consolidated)
Assets under concession (consolidated) Project Type Country End of concession Status % Shares APRR & AREA Concession FR 2035/2036 Operational 52.50% Aliaé (A79) Concession FR 2068 Operational 52.50% Adelac (A41) Concession FR 2060 Operational 52.50% Aliénor (A65) Concession FR 2067 Operational 100.0
Slide 56: Assets under concession (equity accounted and participations)
Assets under concession (equity accounted and participations) Project Type Country End of concession Status % Shares Getlink Concession FR / UK 2086 Operational 20.55% Amiens Aqua center Concession FR 2042 Operational 15.00% Bordeaux-Mérignac Nautical Stadium Concession FR 2041 Operational 3.00% Pra
Slide 57: Assets under concession carrying value
Assets under concession (equity accounted and participations) Carrying value of assets held under concession (in millions of euros) 31/12/2023 31/12/2024 APRR & AREA 8,494 8,010 Aliaé (A79) 718 709 Adelac (A41) 666 834 Aliénor (A65) 916 926 Millau Viaduct 341 338 Autoroute de l’Avenir motorway 136 1
Slide 58: Life cycle of a PPP
Life cycle of a PPP Value Eiffage Financial investor Financial structuring PPP contract signing Length in years 1 YEAR 3 TO 6 YEARS 1 TO 2 YEARS 15 TO 20 YEARS Tender Construction Launch of Operation Capex operations Call for tender 5%-10% Equity Sale of equity 90%-95% Debt Preservation of O&M contr
Slide 59: Major balances
Major balances Contracting Concessions Harness all the Group’s ▪ Sustain and develop the business lines right across the ▪ Manage, optimise and Group’s European roots value chain extend the maturity of our assets ▪ Complete acquisitions in ▪ Greenfield concessions specialised business lines ▪ Streng
Slide 60: A Group catering to the major trends in Europe
A Group catering to the major trends in Europe Energy sovereignty Industrial sovereignty All the Group’s business lines harnessed right across the value chain ▪ Decarbonisation of energy ▪ Relocation & extension of generation ▪ Eiffage Énergie Systèmes manufacturing facilities ▪ Optimisation of use
Slide 61: 2023 and 2024 revenue
2023 and 2024 revenue in millions of euros 2023 2024 ∆24/23 Actual (lfl) Construction 4,262 3,982 -6.6% -6.7% Infrastructure 7,980 8,351 +4.6% +4.3% Energy Systems 5,941 7,209 +21.3% +9.7% Contracting 18,183 19,542 +7.5% +3.5% Concessions (Excl. Ifric 12) 3,649 3,887 +6.5% +4.4% Group total (Excl. I
Slide 62: Q4 2023 and Q4 2024 revenue
Q4 2023 and Q4 2024 revenue in millions of euros 2023 2024 ∆24/23 Actual (lfl) Construction 1,121 1,211 +8.0% +7.9% Infrastructure 2,236 2,198 -1.7% -1.6% Energy Systems 1,720 2,113 +22.8% +7.4% Contracting 5,077 5,522 +8.8% +3.5% Concessions (Excl. Ifric 12) 862 929 +7.8% +5.7% Group total (Excl. I
Slide 63: Alternative performance indicators: definitions
Alternative performance indicators: definitions Item Definition Construction revenue generated Construction revenue generated by concessions corresponds to costs relating to services to build or improve infrastructure committed to by the concession operator by concessions (Ifric 12) determined in ac
Slide 64: Alternative performance indicators: calculation methods and reconciliation
Alternative performance indicators: calculation methods and reconciliation with financial statement aggregates Reconciliation of aggregates of net cash flow Reconciliation of line items in the statement and free cash flow tables of financial position and net financial debt in millions of euros 2023
Slide 65: Investor relations contact and agenda
Investor relations contact and agenda Eiffage APRR 2024 annual results and analysts' presentation 26.02.2025 26.02.2025 Xavier Ombrédanne Quarterly information and turnover for Quarter 1 2025 13.05.2025 22.04.2025 Shareholders’ general meeting 23.04.2025 / xavier.ombredanne@eiffage.com Quarterly inf
Slide 66: Disclaimer
Disclaimer This presentation may contain forward-looking statements and information about the Group's financial situation, operating results, activities and development strategy. These statements and information are based on assumptions that may prove incorrect and are subject to major risks and unc