Slide 1: Half-year results 2025
Half-year results 2025 27th August 2025
Slide 2: Highlights
Highlights Benoît de Ruffray Chairman and Chief Executive Officer
Slide 3: Highlights - Group
Highlights - Group Strong growth in activity of 7.5% External growth in Europe Strong financial position Net profit Group share growth at constant tax rate Four refinancings totaling €4.9 billion • • Increase in Contracting order book +4% year-on-year (+2% since the beginni
Slide 4: Highlights - Contracting
Highlights - Contracting Frontex’s new headquarters Formula 1 urban circuit in Madrid Extension of the electricity grid Delivery of the RTBF Headquarters Warsaw - Poland Spain Rhin-Neckar-Nord Bade - Germany Brussels - Belgium Photovoltaic power plants Institute of Biology and Pathology Acquisition
Slide 5: Highlights - Contracting
Highlights Contracting Increased activity and profitability Growing activity Order book growth Significant order intake post June 30 Eiffage Énergie Systèmes Eiffage Métal 5
Slide 6: Focus on external growth
Focus on external growth 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 CVS France M3i / Inmotechnia Energy Systems IFT / Esacom Outside France Salvia France Eqos Infrastructure Van den Pol Outside France HSM France Construction Outside France Annual revenue of Rev < €50M Rev 50M to €100M Rev 100
Slide 7: Evolution of the relative weight of the Contracting division
Evolution of the relative weight of the Contracting division Total revenue (€M) and breakdown by division (%) 10,016 9,238 8,675 19% 7,859 Construction 21% 7,387 25% 26% 27% 43% Infrastructure 43% 42% 43% 43% Energy Systems 36% 38% 31% 33% 30% H1 2021 H1 2022 H1 2023 H1 2024 H1 2025 7
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 (%) 10,016 9,238 4% 8,675 International 3% excluding Europe 7,859 3% 7,387 39% 4% 5% 36% 32% 29% Europe 26% excluding France 69% 67% France 65% 61% 57% H1 2021 H1 2022 H1 2023 H1 2024 H1
Slide 9: Highlights - Concessions
Highlights - Concessions New Port of Marseille Fos A very dense network of Inauguration of a new carpooling A79 motorway ramp up headquarters - Marseille electric charging stations p a r k - C h e v i g n y- S a i n t - Sa u v e u r Welcoming our customers to the Nové 2 0 ye a r s o f c h a n g e s
Slide 10: Highlights - Concessions
Highlights Concessions Business growth Business activity and results improving Strengthening of the PPP portfolio Increased results 10
Slide 11: Concessions portfolio strengthening
Concessions portfolio strengthening 2015 2016 2018 2019 2020 2021 2022 2023 2024 2025 Concessions Aliaé (A79) won Nové Marinas Machilly- Port of Reims Lille Arena Airport Baie des in the bay Thonon Marseille Anges marina of Toulon (A412) Fos head- quarters Extension Lille APRR SMTPC Autoroute de l’A
Slide 12: Carbon climate issues
Carbon climate issues Integration of value chain Publishing the 6th Climate Report 2030: greenhouse gas emissions reduction Businesses Committed to Nature initiative Committed to achieving net-zero emissions over value chain by 2050 A- 83% 58.1% 16.3% CDP rating Revenue certified Rev
Slide 13: Eiffage - 1st semester 2025
Eiffage - 1st semester 2025 Revenue €M +7.5% Operating profit €M +€9M Net profit group share €M 11,928 1,009 997 1,006 11,093 925 10,431 392 382 391 679 354 9,452 83* 8,700 260 308 H1 2021 H1 2022 H1 2023 H1 2024 H1 2025 H1 2021 H1 2022 H1 2023 H1 2024 H1 2025 H1 2021 H1 2022 H1 2023 H1 2024 H1 2025
Slide 14: Confirmation of the outlook for 2025
Confirmation of the outlook for 2025 Increase in activity and operating profit in Concessions and Contracting - Eiffage Énergie Systèmes: activity close to €8 billion / operating margin ~6% Net profit group share up at constant tax rate, down after exceptional corporate tax contribution in France in
Slide 15: Results by business line and financial results
Results by business line and financial results Christian Cassayre Chief Financial Officer 15
Slide 16: Group revenue (excluding Ifric 12)
Group revenue (excluding Ifric 12) Breakdown Contracting and Concessions (€M) Breakdown by geographical area (€M) 11,928 +7.5% +4.3% 11,928 +7.5% 11,093 11,093 410 +14.5% 10,431 1,912 +3.1% +3.1% 10,431 358 9,452 290 9,452 1,855 +17.1% 8,700 1,756 8,700 366 3,879 +17.4% 2,808 3,305 1,593 399 1,313 2
Slide 17: Contracting revenue (excluding Ifric 12)
Contracting revenue (excluding Ifric 12) Breakdown by division (€M) Breakdown by geographical area (€M) and % of total 10,016 +8.4% +4.5% 10,016 +8.4% (5 %) 9,238 9,238 376 (4%) +15.7% 8,675 1,941 +0.6% +0.5% 8,675 325 (3%) 7,859 1,929 7,859 257 (3%) 7,387 7,387 3,879 +17.2% 2,201 334 (4%) +17.4% 37
Slide 18: Operating profit on ordinary activities and margins
Operating profit on ordinary activities and margins H1 2024 H1 2025 M€ % CA M€ % CA Δ 25/24 (€M) Construction 66 3.4% 66 3.4% / Infrastructure -12 -0.3% -9 -0.2% +3 Energy Systems 153 4.6% 184 4.9% +31 Contracting 207 2.2% 241 2.4% +34 Concessions 822 44.3% 845 44.2% +23 Holding -32 -80 -48 Group to
Slide 19: Construction - Activity and results
Construction - Activity and results Stability of the operating margin at 3.4% of revenue Revenue (€bn) and operating margin on ordinary activities (%) Revenue increased by 0.6% (+0.5% lfl) 2.2 2.0 2.1 1.9 1.9 FRANCE INTERNATIONAL 3.4% 3.4% 3.4% 3.4% 3.4% Results H1 2021 H1 2022 H1 2023 H1 2024 H1
Slide 20: Integrated water management - Les Combes - Antibes Juan-les-Pins
Integrated water management - Les Combes - Antibes Juan-les-Pins 20
Slide 21: Infrastructure - Activity and results
Infrastructure - Activity and results Operating margin increased by 10 bps Revenue (€bn) and operating margin on ordinary activities (%) Revenue increased by 8.2% (+7.6% lfl) 4.3 4.0 3.6 FRANCE INTERNATIONAL 3.2 3.3 -0.2% -0.3% -0.5% -0.9% -1.0% H1 2021 H1 2022 H1 2023 H1 2024 H1 2025 Results
Slide 22: Better management of water resources - The Écoasis® solution
Better management of water resources - The Écoasis® solution 22
Slide 23: Energy Systems - Activity and results
Energy Systems - Activity and results Operating margin increased by 30 bps at 4.9% of revenue Revenue (€bn) and operating margin on ordinary activities (%) 3.8 Revenue increased by 13.2% (+3.2% lfl) 3.3 INTERNATIONAL 2.8 FRANCE 2.5 2.3 4.9% 4.6% 4.3% Results 4.0% 4.0% H1 2021 H1 2022 H1 2023 H1 20
Slide 24: Leak detection
Leak detection =) EIFFAGE
Slide 25: Concessions and PPP - Activity
Concessions and PPP - Activity Revenue increased by 3.1% Revenue* APRR and AREA (€M) Name Revenue Revenue Traffic (end of concession | % holding) (€M) ∆25/24 ∆25/24 1,474 1,526 1,433 1,348 APRR and AREA* (2035/2036 | 52.5%) 1,526 +3.5% +2.2% 1,113 Aliaé (A79) (2068 | 52.5%) 26 +13.3% +11.7% Adelac (
Slide 26: APRR - AREA - Aliaé (A79) - Activity and results
APRR - AREA - Aliaé (A79) - Activity* and results EBITDA margin to 72.1% of revenue Consolidated revenue* (excl. Ifric 12) increased by 3.6% Total APRR and AREA traffic increased by 2.2% Revenue* (€M) and EBITDA margin* 1,501 1,555 1,454 1,348 Increasing level of activities on Aliaé (A79) 1,113
Slide 27: Concessions and PPP - Activity and results
Concessions and PPP - Activity and results Name Revenue EBITDA EBITDA Margin (end of concession | % holding) €m €m (%) Portfolio evolution Aliaé (A79) (2068 | 52.5%) 26 17 63.1% Adelac (2060 | 52.5%) 38 34 88.5% Aliénor A65 (2067 | 100%) 39 31 80.3% Millau Viaduct (2079 | 100%) 29 25 87.3% Autorou
Slide 28: Basins serving the protection of water and aquatic environments
Basins serving the protection of water and aquatic environments 28
Slide 29: Getlink - Activity and results
Getlink - Activity and results Revenue for 100% (€M) 940 808 739 Key figures 330 185 92 571 83 73 83 68 Acquisitions history for 20.55% of the capital 330 66 537 540 564 468 264 H1 2021 H1 2022 H1 2023 H1 2024 H1 2025 Eurotunnel Europorte ElecLink Results Net profit for 100% (€M) 161 173 D
Slide 30: Consolidated income statement
Consolidated income statement in millions of euros H1 2024 H1 2025 Δ 25/24 Revenue(1) 11,093 11,928 +7.5% Operating profit on ordinary activities 997 1,006 +0.9% Other income (expenses) from operations (18) (24) Operating profit 979 982 Of which IFRS 2 charge (37) (97) Net finance costs (164) (159)
Slide 31: Financial net debt evolution
Financial net debt* evolution in millions of euros 424 9,908 9,414 385 195 23 564 ( 38) ( 44) 892 (1,835) ( 72) Dividends of Δ WCR EBITDA companies Interest & Holding & Concessions Concessions Acquisitions Variations Dividends inc. Holding & consolidated using Contracting 845 Taxes paid Contracting
Slide 32: Treasury / Financial net debt structure
Treasury / Financial net debt structure* in millions of euros Total (10,166) (9,916) (9,414) (10,649) (10,617) (9,908) Net treasury* 1,347 Holding & Contracting 966 587 578 38 -193 (10,753) (10,761) (10,456) (10,655) (10,486) (10,882) Financial net debt* Concessions 31/12/22 31/12/23 31/12/24 30/06/
Slide 33: Contracting order book
Contracting order book Contracting order book (€bn) Breakdown by division (€bn) and variation over 12 months and variation over 12 months 29.5 +4% 28.4 29.5 +4% 28.4 5.4 -2% 5.5 10.6 -7% 19.8 11.4 18.0 19.8 16.6 18.0 4.8 15.4 +3% 16.6 4.3 5.1 14.9 4.9 3.8 3.4 9.9 9.0 +11% 9.1 8.1 7.8 7.5 7.6 6.8 8.0
Slide 34: Appendices
Appendices =) EIFFAGE
Slide 35: Group shareholding structure
Group shareholding structure Shareholding at 30/06/2024 Shareholding at 31/12/2024 Shareholding at 30/06/2025 98M shares 98M shares 98M shares 21.9% 21.4% 5.8% 23.3% 2.6% 1.8% 75.5% 72.7% 74.9% Employees shareholders Treasury shares Floating 35
Slide 36: Revenue (excl. Ifric 12)
Revenue (excl. Ifric 12) Revenue breakdown (€M) Revenue breakdown in Europe excluding France (€M) 1,251 7,639 7,430 1,002 715 675 566 527 3,879 462 449 3,305 246 214 216 214 136 151 100 116 58 86 358 410 Germany Spain Belgium United Netherlands Poland Norway Switzerland Others Luxembourg Kingdown Fr
Slide 37: Concessions financial net debt breakdown
Concessions financial net debt breakdown Non-recourse debt raised in dedicated SPVs for €10.5 billion* Non-recourse FND breakdown (€M) Non-recourse FND structure (M€) Financière Eiffarie APRR 762 APRR and Financière Eiffarie 6,584 Toulouse Airport Adelac (A41) 76 616 Millau Viaduct Motorways 1,959 7
Slide 38: Liquidity
Liquidity Group liquidity APRR liquidity 2.5 + 2.0 = 4.5 1.8 + 1.5 = 3.3 billion of euros billion of euros in billion of euros billion of euros billion of euros in cash billion of euros in liquidity undrawn bank cash and cash undrawn bank and cash equivalents in liquidity credit line without equival
Slide 39: Consolidated balance sheet - Assets
Consolidated balance sheet - Assets in millions of euros 31/12/2024 30/06/2025 Property, plant and equipment 2,289 2,366 Usage rights of rented assets 1,259 1,284 Investment property 70 67 Fixed assets held under concessions 11,539 11,326 Goodwill on acquisition 4,644 4,727 Other intangible assets 2
Slide 40: Consolidated balance sheet - Equity and liabilities
Consolidated balance sheet - Equity and liabilities in millions of euros 31/12/2024 30/06/2025 Share capital 392 392 Consolidated reserves 5,284 6,198 Profit & losses directly accounted for in equity 2 48 Net profit for the period 1,041 308 Total capital and reserves, attributable to the Group 6,719
Slide 41: Consolidated income statement
Consolidated income statement in millions of euros H1 2024 H1 2025 Revenue(1) 11,411 12,301 Other income 10 9 Raw materials and consumables used (1,840) (2,016) Staff costs (2,616) (2,881) Other expenses (4,997) (5,384) Taxes other than corporate tax (280) (291) Amortisation and depreciation expense
Slide 42: Consolidated cash flow statement
Consolidated cash flow statement in millions of euros H1 2024 H1 2025 in millions of euros H1 2024 H1 2025 Cash and equivalents at 1 January 4,835 5,959 Purchases of fixed assets (232) (298) Purchase of intangible concession assets (68) (138) Currency effect (1) (1) Purchase of non-current financial
Slide 43: Net financial expenses
Net financial expenses in millions of euros H1 2024 H1 2025 APRR - AREA - A79 (46) (56) Financière Eiffarie (23) (14) Adelac (A41) (11) (10) Aliénor (A65) (14) (13) Millau Viaduct (22) (13) Autoroute de l’Avenir motorway (4) (5) Toulouse airport (2) (1) BPL HSRL (19) (17) Other PPPs and concessions
Slide 44: Grand Paris Express contracts won by Eiffage
Grand Paris Express contracts won by Eiffage 44
Slide 45: APRR & Financière Eiffarie - Financial net debt structure
APRR & Financière Eiffarie - Financial net debt structure* in millions of euros 8,157 7,902 7,686 7,575 7,619 1,061 7,346 1,037 1,012 894 961 762 7,096 6,674 6,681 6,865 6,658 6,584 31/12/2022 30/12/2023 30/12/2024 30/06/2023 30/06/2024 30/06/2025 5 14 14 14 15 14 *Excluding IFRS 16 debt and the swa
Slide 46: APRR - Gross debt profile
APRR - Gross debt profile in millions of euros Profile as at 30/06/2025 700 500 500 500 500 119 700 700 500 500 500 500 500 500 500 2025 2026 2027 2028 2029 2030 2031 2032 2033 2034 2035 2036 EMTN Programme 46
Slide 47: APRR - Changes to traffic
APRR - Changes to traffic 128.7 130 125 126.1 LV 120 115 113.7 110 Total 105 100 100 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 Q2 2007 2008 2008 2009 2009 2010 2010 2011 2011 2012 2012 2013 2013 2014 2014 2015 2015 2016 2
Slide 48: Motorway Concessions in France 2025 tariff increase
Motorway Concessions in France 2025 tariff increase Name Average tariff increase (end of contract | % 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 49: Assets under concession globally consolidated
Assets under concession globally consolidated Project Type Country End of contract 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 % A'liénor (A65) Concession FR 2067 Operationa
Slide 50: Assets under concession equity accounted and financial participations
Assets under concession equity accounted and financial participations Project Type Country End of contract Status % Shares Getlink Concession FR / UK 2086 Operational 20.55% Amiens Aqua center Concession FR 2042 Operational 15,00% Bordeaux-Mérignac Aqua center Concession FR 2041 Operational 3.00% Pr
Slide 51: Assets under concession (globally consolidated and equity accounted)
Assets under concession (globally consolidated and equity accounted) Carrying value of assets held under concession (€M) 31/12/2024 30/06/2025 APRR & AREA 8,010 7,723 Aliaé (A79) 709 703 Adelac (A41) 834 824 Aliénor (A65) 926 918 Millau Viaduct 338 336 Autoroute de l’Avenir motorway 179 187 Prado Ca
Slide 52: Major balances
Major balances Contracting Concessions Sustain and develop the Harness all the Group’s Manage, optimise and extend Group’s European roots business lines right across the the maturity of our assets value chain Complete acquisitions in Strengthen our portfolio Greenfield concessions speciali
Slide 53: 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 54: Revenue of the 1st semester
Revenue of the 1st semester 1st semester Variation in millions of euros 2024 2025 ∆25/24 Actual structure Lfl Construction 1,929 1,941 +0.6% +0.5% Infrastructure 3,976 4,303 +8.2% +7.6% Energy Systems 3,333 3,772 +13.2% +3.2% Contracting 9,238 10,016 +8.4% +4.5% Concessions (excl. Ifric 12) 1,855 1,
Slide 55: Revenue of the 2nd quarter
Revenue of the 2nd quarter 2nd quarter Variations in millions of euros 2024 2025 ∆25/24 Actual structure Lfl Construction 986 1,029 +4.4% +4.3% Infrastructure 2,222 2,339 +5.3% +4.2% Energy Systems 1,721 1,936 +12.5% +2.3% Contracting 4,929 5,304 +7.6% +3.6% Concessions (excl. Ifric 12) 975 1,006 +3
Slide 56: 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 57: Alternative performance indicators: calculation methods and reconciliation
Alternative performance indicators: calculation methods and reconciliation with financial statement aggregates Reconciliation between the aggregates Reconciliation between items reported of the cash flow statement and the free cash flow in the balance sheet and net financial debt in millions of euro
Slide 58: Investor relations contact and Agenda
Investor relations contact and Agenda Quarterly information and turnover for the 3rd quarter 13.11.2025 Xavier Ombrédanne Annual results and analysts presentation 25.02.2026 General Meeting of shareholders 22.04.2026 xavier.ombredanne@eiffage.com Quarterly information and turnover for the 1st quarte
Slide 59: Disclaimer
Disclaimer This presentation may contain forward-looking statements and information about the financial situation, operating results, activities and development strategy of Eiffage. These statements and this information are based on assumptions that may prove incorrect and that are subject to major