Slide 1: Annual results 2025
Annual results 2025 25th February 2026
Slide 2: Highlights
Highlights Benoît de Ruffray Chairman and Chief Executive Officer
Slide 3: Highlights - Group
Highlights - Group Activity of €25 billion with sustained growth of €1.9 billion (+8.0%) - Increase across all divisions ▪ ▪ Net profit Group share of €1,022 million (+8.9% at constant tax rates | -1.6% actual) Solid financial position ▪ ▪ ▪ ▪ External growth investments of more than €0.8 billion, i
Slide 4: Highlights - Contracting
CGOÉ NN SI E T RCUI C VTI LI O N Highlights - Contracting Photovoltaic installations for self- Energy storage plant and high- Substations for the French Installation of new high-voltage cells consumption - Rouen voltage substation - Belgium offshore wind farms on the DUS - 24 nuclear reactors Energy
Slide 5: Highlights Contracting
Highlights Contracting Strong presence in renewable Growing activity Growing order intake energies: €3,3 bn activity ▪ ▪ ▪ ▪ ▪ ▪ ▪ Strong presence in driving countries ▪ for our business lines : €4,9 bn activity ▪ ▪ ▪ ▪ Eiffage Énergie Systèmes Ability to mobilise all our business ▪ ▪ lines Eiffage
Slide 6: Focus on external growth
Focus on external growth 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 CVS M3i / Inmotechnia France Stampka / IFT / Esacom Quercy Energy Systems Socotis Réfrigération Outside France HTW Salvia Eqos France Van den Pol Infrastructure Outside France HSM France Construction Outside France Annual rev
Slide 7: Evolution of the relative weight of the Contracting divisions
Evolution of the relative weight of the Contracting divisions Total revenue Résultat (€M) and courant (M€) et marge (%) opérationnel Total operating profit (€M) and breakdown by division (%) breakdown by division (%) 973 840 16% 21,335 19,542 18,183 736 17% 19% 16,977 20% 646 15,693 21% 33% 23% 585
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 (%) 21,335 19,542 3% 18,183 4% 16,977 3% 15,693 4% 39% 5% 36% 34% 31% 27% International excluding Europe 68% 65% Europe 63% 60% excluding France 58% France 2021 2022 2023 2024 2025 8
Slide 9: Highlights - Concessions
CGOÉ NN SI E T RCUI C VTI LI O N Highlights - Concessions Nové - French Ministry of Armed Port of Marseille Fos new Vresse-sur-Semois prison headquarters facility - Belgium A79 motorway Forces housing estate management Champs d’amour service area - Traffic growth on motorway Getlink - Increase to 27
Slide 10: Highlights Concessions
Highlights Concessions Growing activity Strengthenings of the portfolio ▪ ▪ ▪ ▪ ▪ ▪ ▪ ▪ Results increasing ▪ ▪ Assets under construction ▪ ▪ ▪ ▪ *Pro forma for a revision of the Ifric 12 provision ▪ 10 **Subject to ongoing recourses
Slide 11: Concessions portfolio strengthening
Concessions portfolio strengthening 2018 2019 2020 2021 2022 2023 2024 2025 2026 Concessions Aliaé CPCU* won (A79) Vresse Reims Lille Nové Marinas Machilly- Fulli service Baie des prison Arena Airport in the bay Thonon area on the A20 Anges of Toulon Port of Marseille motorway** (A412) Fos Headquart
Slide 12: Extra financial ratings
Extra financial ratings 2021 2022 2023 2024 2025 A- Climate CDP (note max: A) A- A- B B B- Water Ex-Carbon Disclosure Project Climate and Forests MSCI (note max: AAA) AA AA AA AA AAA Financial services ECOVADIS (max: Platinum) GOLD GOLD GOLD GOLD Supplier ratings 67/100 70/100 72/100 78/100 SBTI 203
Slide 13: Greenhouse gas emissions monitoring (scopes 1 & 2)
Greenhouse gas emissions monitoring (scopes 1 & 2) 140 120 100 80 60 40 20 - 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 Revenue trajectory 1.5 C trajectory Revenue evolution Emissions evolutions 13
Slide 14: Eiffage 2025
Eiffage 2025 -1.6% Revenue €M* +8.0% Operating profit €M +5.3% Net profit Group share €M +8.9% at constant tax rates 2,603 1,039* 25,313 2,403 2,472* 1,013 1,022 23,429 2,212 896 21,832 1,919 777 20,319 18,721 2021 2022 2023 2024 2025 2021 2022 2023 2024 2025 2021 2022 2023 2024 2025 *Pro forma for
Slide 15: Outlook 2026
Outlook 2026 Revenue increase in Contracting and Concessions Growth of activity at Eiffage Énergie Systèmes and of the same order as 2025 in the Infrastructure division and Eiffage Construction Operating profit increase in Contracting and Concessions Improvement in the operating margin of Eiffage Én
Slide 16: 2026 dividend for 2025
2026 dividend for 2025 Dividend up by €0.10 to €4.80 per share* *For 2025, proposed at the April 22, 2026 general assembly for a payment on May 22, 2026 16
Slide 17: Results by business lines and financial results
#FamilySpirit Results by business lines and financial results Christian Cassayre Chief Financial Officer
Slide 18: Group revenue (excluding Ifric 12)
Group revenue (excluding Ifric 12) Breakdown Contracting and Concessions (€M) Breakdown by geographical area (€M) +8.0% 25,313 +8.0% +4.8% 25,313 23,429 23,429 772 -4.8% 21,832 3,978 +2.3% +2.3% 21,832 811 20,319 3,887 20,319 695 +14.4% 8,308 +16.6% 18,721 3,649 18,721 765 3,342 7,123 808 6,099 3,02
Slide 19: Contracting revenue (excluding Ifric 12)
Contracting revenue (excluding Ifric 12) Breakdown by division (€M) Breakdown by geographical area (€M) and % of total +9.2% +5.3% 21,335 21,335 +9.2% (5 %) 19,542 19,542 702 (3%) -5.6% 18,183 4,091 +2.7% +2.7% 18,183 744 (4%) 16,977 3,982 16,977 (4%) 629 (3%) 15,693 15,693 +14.5% 4,262 699 (4%) 8,3
Slide 20: Operating profit on ordinary activities and margins
Operating profit on ordinary activities and margins 2024 2025 €M % Revenue €M % Revenue Δ 25/24 Construction 142 3.6% 152 3.7% +7.0% Infrastructure 278 3.3% 321 3.5% +15.5% Energy Systems 420 5.8% 500 6.2% +19.0% Contracting 840 4.3% 973 4.6% +15.8% Concessions 1,661* 42.7%* 1,712 43.0% +3.1% Holdin
Slide 21: Construction - Activity and results
Construction - Activity and results Revenue increased by 2.7% (actual and lfl) Revenue (€bn) and operating margin on ordinary activities (%) 4.4 4.3 4.1 4.1 4.0 FRANCE INTERNATIONAL 3.7% 3.8% 3.7% 3.6% 3.7% Results ▪ 2021 2022 2023 2024 2025 Contracting Order book (€bn) - Evolution and breakdown 5.4
Slide 22: Perrard 125th birthday - Luxembourg | 50th Herbosch-Kiere birthday - Belgium
Perrard 125th birthday - Luxembourg | 50th Herbosch-Kiere birthday - Belgium 22
Slide 23: Infrastructure - Activity and results
Infrastructure - Activity and results Revenue increased by 10.0% (+8.2% lfl) Revenue (€bn) and operating margin on ordinary activities (%) 9.2 8.4 FRANCE INTERNATIONAL 8.0 7.3 3.5% 6.8 3.3% 3.2% 2.9% 2.9% ▪ ▪ ▪ 2021 2022 2023 2024 2024 Results 15.2 Order book (€bn) 15.4 ▪ 14.4 Evolution and breakdow
Slide 24: 100 years of Eiffage in Senegal
100 years of Eiffage in Senegal 24
Slide 25: Energy Systems - Activity and results
Energy Systems - Activity and results Revenue (€bn) and operating margin on ordinary activities (%) Revenue increased by 11.8% (+3.4% lfl) 8.1 7.2 6.2% FRANCE INTERNATIONAL 5.9 5.3 5.8% 4.8 5.4% 5.1% 5.0% Results ▪ 2021 2022 2023 2024 2025 Activity Order book (€bn) ▪ Evolution and breakdown 8.2 8.8
Slide 26: 125th year of the Paris Universal Exhibition illumination
125th year of the Paris Universal Exhibition illumination 26
Slide 27: Concessions and PPP - Activity and results
Concessions and PPP - Activity and results Revenue increased by 2.3% (actual and Ifl) Revenue APRR and AREA (€M) 3,183 Name Revenue Revenue Traffic ROC 3,097 (end of concession | % holding) (€M) ∆25/24 ∆25/24 (€M) 2,974 2,813 APRR and AREA* (2035/2036 | 52.5%) 3,183* +2.8% +1.3% 1,455** 2,569 Aliaé
Slide 28: 15 years of the Bretagne-Pays de la Loire HSRL
15 years of the Bretagne-Pays de la Loire HSRL 28
Slide 29: APRR - AREA - Aliaé (A79) - Activity and results
APRR - AREA - Aliaé (A79) - Activity and results Consolidated revenue* (excl. Ifric 12) increased by 2.9% Total APRR and AREA: Revenue (€M) and EBITDA margin Results 3,245 3,152 ▪ 3,019 2,818 Contractual tariff increase at 1st February 2026 2,569 ▪ 73.7% 74.0% 74.2% Tax on transport infrastructure:
Slide 30: 20 February 2006 - APRR joins the Eiffage Group
20 February 2006 - APRR joins the Eiffage Group 30
Slide 31: Concessions and PPP excluding APRR & AREA - Activity and results
Concessions and PPP excluding APRR & AREA - Activity and results Assets in service Assets under construction Name Amount of investments Name Revenue EBITDA EBITDA Margin (end of concession | % holding) remaining to be made in (end of concession | % holding) (€M) (€M) (%) billions of euros Aliaé (A79
Slide 32: Getlink - Activity and results
Getlink - Activity and results New reinforcement in Getlink's capital Revenue for 100% (€M) 1,844 1,599 1,605 1,595 7.11% 7,11% 27.66% 558 280 225 420 168 172 150 1.76% 137 1,76% 13.71% 13,71% 774 130 1,136 1,157 1,198 1,042 644 5.08% 5,08% 2021 2022 2023 2024 2025 Eurotunnel Europorte ElecLink 17/1
Slide 33: Consolidated income statement
Consolidated income statement in millions of euros 2024 2025 Δ 25/24 Revenue(1) 23,429 25,313 +8.0% Operating profit on ordinary activities 2,472* 2,603 +5.3% Other operating income and expenses (57) (58) Operating income 2,415* 2,545 Cost of net debt (318) (317) Other financial income and expenses
Slide 34: Financial net debt evolution
Financial net debt evolution* In million euros 9,414 739 8,548 825 Dividends of Δ WCR Interest & 682 (325) companies inc. Holding & Taxes paid consolidated Contracting 298 and misc 761 (79) using the Concessions -39 equity method 1,259 Acquisitions Variations Dividends Concessions and disposals with
Slide 35: Treasury / Financial net debt structure
Treasury / Financial net debt structure* in millions of euros Total (9,332) (10,166) (9,916) (9,414) (8,548) Net treasury Holding & Contracting 1,347 1,528 1,018 966 587 (10,350) (10,761) (10,076) (10,753) (10,882) Net debt Concessions 31/12/21 31/12/22 31/12/23 31/12/24 31/12/25 IFRS 16 debt and sw
Slide 36: 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 29.9 +3% 29.9 +3% 28.9 26.0 5.6 +3% 26.0 5.4 7.7 8.1 -4% 5.1 9.0 18.5 18.5 16.3 1.9 8.0 16.3 7.0 +14% 15.4 +1% 4.9 15.2 1.6 5.0 5.1 4.9 14.4 4.5 8
Slide 37: Appendices
#FamilySpirit Appendices
Slide 38: Group shareholding structure
Group shareholding structure Shareholding at 31/12/2024 Shareholding at 30/06/2025 Shareholding at 31/12/2025 98 million shares 98 million shares 98 million shares 21.4% 23.3% 22.3% 5.8% 1.8% 3.0% 72.7% 74.9% 74.7% Employee shareholding Treasury shares Free float 38
Slide 39: Revenue (excluding Ifric 12)
Revenue (excluding Ifric 12) Revenue breakdown in Europe excluding France (€M) Revenue breakdown (€M) 2,778 16,233 15,495 2,183 1,551 1,475 8,308 7,123 1,069 944 934 921 500 494 476 811 772 272 233 248 208 225 126 157 140 132 170 21 70 104 France International exc. Europe exc. France Europe 2024 202
Slide 40: Concessions financial net debt breakdown
Concessions financial net debt breakdown Non-recourse debt raised in dedicated SPVs for €10.1 billion* Non-recourse FND breakdown (€M) Non-recourse FND structure (M€) Financière APRR Eiffarie APRR and 6,353 Financière Eiffarie 762 Toulouse Airport Adelac (A41) 86 594 Millau Viaduct Motorways 7,115 5
Slide 41: Liquidity
Liquidity Holding & Contracting liquidity APRR liquidity 3.6 + 2.0 = 5.6 1.7 + 1.5 = 3.2 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 42: Net profit Group share and dividend
Net profit Group share and dividend in millions of euros and euros per share 1,013 1,039** 1,022 €4.80 896 €4.70 777 €4.10 €3.60 €3.10 2021 2022 2023 2024 2025 Dividend up by €0.10 to €4.80 per share *For 2025, proposed to the General Assembly on April 22, 2026, for payment on May 22, 2026 **Pro for
Slide 43: Consolidated balance sheet - Assets
Consolidated balance sheet - Assets in millions of euros 31/12/2024 31/12/2025 Property, plant and equipment 2,289 2,410 Assets held under a finance lease 1,259 1,368 Investment property 70 64 Fixed assets held under concessions 11,535* 10,850 Goodwill on acquisition 4,644 4,799 Other intangible ass
Slide 44: Consolidated balance sheet - Equity and liabilities
Consolidated balance sheet - Equity and liabilities in millions of euros 31/12/2024 31/12/2025 Share capital 392 392 Consolidated reserves 5,244* 6,037 All other comprehensive income items 2 50 Net profit for the period 1,039* 1,022 Total capital and reserves, attributable to the Group 6,677* 7,501
Slide 45: Consolidated income statement
Consolidated income statement in millions of euros 2024 2025 Revenue(1) 24,013* 26,119 Other income 24 15 Raw materials and consumables used (3,848) (4,203) Staff costs (5,222) (5,705) Other expenses (10,348)* (11,254) Taxes other than corporate tax (620) (642) Amortisation and depreciation expense
Slide 46: Details of the impacts of the revision of the Ifric 12 provision
Details of the impacts of the revision of the Ifric 12 provision Balance sheet Income statement Assets 31/12/24 31/12/24 in millions of euros Published Impact Restated in millions of euros Published Impact Restated Revenue 24,017 (4) 24,013 Other expenses (10,352) 4 (10,348) Fixed assets held under
Slide 47: Consolidated cash flow statement
Consolidated cash flow statement in millions of euros 2024 2025 in millions of euros 2024 2025 Cash and equivalents at 1 January 4,835 5,959 Purchases of fixed assets (550) (650) Currency effect (3) 1 Purchase of intangible concession assets (386) (516) Restated cash and cash equivalents at 1 Januar
Slide 48: Financial expenses
Financial expenses in millions of euros 2024 2025 APRR - AREA - A79 (94) (114) Financière Eiffarie (43) (26) Aliénor (A65) (28) (26) Millau Viaduct (35) (26) Adelac (A41) (21) (19) Autoroute de l’Avenir motorway (8) (10) Toulouse airport (2) (3) BPL HSRL (37) (34) Other PPPs and concessions (10) (13
Slide 49: Contracting - Customer segmentation
Contracting - Customer segmentation Construction Infrastructure Energy Systems 66% 76% 41% 59% 34% 24% Private Public 49
Slide 50: Grand Paris Express contracts won by Eiffage
Grand Paris Express contracts won by Eiffage 50
Slide 51: Evolution of the operating profit and operating margin
Evolution of the operating profit (€M) and operating margin (%) Contracting Concessions 973 1,690 1,661* 1,712 840 1,577 736 1,346 4.6% 646 585 4.3% 4.0% 47.2% 46.3% 44.5% 43.0% 42.7%* 3.8% 3.7% 2021 2022 2023 2024 2025 2021 2022 2023 2024 2025 *Pro forma for a revision of the Ifric 12 provision 51
Slide 52: Change in working capital requirement (€M)
Change in working capital requirement (€M) Holding and Contracting Concessions 733 363 298 206 185 28 38 -4 -34 -39 2021 2022 2023 2024 2025 2021 2022 2023 2024 2025 +: treasury generation -: treasury consumption 52
Slide 53: Motorway concessions in France 2026 tariff increase
Motorway concessions in France 2026 tariff increase Name Average tariff increase (end of concession | % holding) for 2026 APRR +0.94% APRR and AREA (2035/2036 | 52.5%) AREA +0.95% Aliaé (A79) (2068 | 52.5%) +0.77% Aliénor (A65) (2067 | 100%) +1.34% Millau Viaduct (2079 | 100%) +0.89% Adelac (A41) (2
Slide 54: APRR and Financière Eiffarie
APRR and Financière Eiffarie Financial net debt structure* (in millions of euros) Total 8,157 7,715 7,686 7,575 1,061 Financière Eiffarie 7,115 1,056 1,012 894 762 7,096 6,659 6,674 6,681 APRR 6,353 31/12/20 21 31/12/20 22 31/12/20 23 31/12/20 24 31/12/20 25 IFRS 16 debt, fair value of swaps Mtm 5 9
Slide 55: APRR - Gross debt profile
APRR - Gross debt profile in millions of euros Profile as at 31/12/2025 119 700 500 500 500 500 500** ** Issued on 08/01/2026 700* 700 *Matured on 500 500 500 500 500 500 500 09/01/2026 2026 2027 2028 2029 2030 2031 2032 2033 2034 2035 2036 EMTN Program 55
Slide 56: APRR and AREA - Changes to traffic
APRR and AREA - Changes to traffic 130 128.8 125 126.4 120 LV 115 114.6 110 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 Q4 2007 2008 2008 2009 2009 2010 2010 2011 2011 2012 2012 2013 2013 2014 2014 2015
Slide 57: 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 58: 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 27.66% Amiens Aqua center Concession FR 2042 Operational 15.00% Bordeaux-Mérignac Nautical Stadium Concession FR 2041 Operational 3.00% Pra
Slide 59: Assets under concession (equity accounted and participations)
Assets under concession (equity accounted and participations) Carrying value of assets held under concession (in millions of euros) 31/12/2024 31/12/2025 APRR & AREA 8,006* 7,474 Aliaé (A79) 709 697 Adelac (A41) 834 815 Aliénor (A65) 926 915 Millau Viaduct 338 334 Autoroute de l’Avenir motorway 179
Slide 60: 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 61: 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 62: 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 63: 2024 and 2025 revenue
2024 and 2025 revenue in millions of euros 2024 2025 ∆25/24 Actual (lfl) Construction 3,982 4,091 +2.7% +2.7% Infrastructure 8,351 9,187 +10.0% +8.2% Energy Systems 7,209 8,057 +11.8% +3.4% Contracting 19,542 21,335 +9.2% +5.3% Concessions (excl. Ifric 12) 3,887 3,978 +2.3% +2.3% Group total (excl.
Slide 64: Q4 2024 and Q4 2025 revenue
Q4 2024 and Q4 2025 revenue in millions of euros 2024 2025 ∆25/24 Actual (lfl) Construction 1,211 1,173 -3.1% -3.1% Infrastructure 2,198 2,525 +14.9% +12.6% Energy Systems 2,113 2,362 +11.8% +7.3% Contracting 5,522 6,060 +9.7% +7.2% Concessions (excl. Ifric 12) 929 938 +1.0% +1.0% Group total (excl.
Slide 65: 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 66: 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 2024
Slide 67: Investor relations contact and agenda
Investor relations contact and agenda 2025 annual results and analysts' presentation 25.02.2026 Xavier Ombrédanne Shareholders’ general meeting 22.04.2026 xavier.ombredanne@eiffage.com Quarterly information and turnover for Quarter 1 2026 12.05.2026 2026 half-year results and analysts’ presentation
Slide 68: 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