Slide 1: Half-year results 2026
Half-year results 2026 26th August 2026
Slide 2: Highlights
Highlights Benoît de Ruffray Chairman and CEO
Slide 3: Highlights - Group
Highlights - Group Growth in activity of 2.3% External growth in Contracting ▪ ▪ ▪ ▪ ▪ ▪ Evolution to the Concessions portfolio Increase in results ▪ • ▪ • ▪ Increase in Contracting order book of 7% year-on-year Strong financial position and decreasing net debt (+6% since the beginning of the year)
Slide 4: Highlights - Contracting
CGOÉ NN SI E T RCUI C VTI LI O N Highlights - Contracting Construction of 450 modular Overhead crossing structures on Partnership agreement heat exchanger Electrical substation - Fouju IA buildings for RTE the Amiens - Laon line - SNE Canal components for nuclear power plants Campus Urban regenerati
Slide 5: Highlights - Contracting
Highlights Contracting Increased activity and profitability Growing activity in all divisions Order book growth ▪ ▪ Significant order intake ▪ ▪ ▪ Eiffage Énergie Systèmes ▪ ▪ ▪ • Eiffage Construction • ▪ ▪ ▪ ▪ 5
Slide 6: Focus on external growth
Focus on external growth 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 CVS M3i / Inmotechnia France Quercy Stampka / IFT / Esacom Réfrigération Energy Systems Socotis Outside France HTW Salvia Hand & Werk Eqos Claus Heinemann France Van den Pol Infrastructure Outside France HSM France Constructi
Slide 7: Evolution of the relative weight of the Contracting divisions
Evolution of the relative weight of the Contracting divisions Total revenue (€M) and breakdown by division (%)* 10,296 10,016 9,238 8,675 20% 21% 7,859 Construction 22% 26% 27% 42% 41% Infrastructure 42% 41% 42% 38% Energy Systems 38% 33% 36% 31% H1 2022 H1 2023 H1 2024 H1 2025 H1 2026 *Pro forma of
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 (%) 10,296 10,016 2% International excluding Europe 9,238 4% 8,675 3% 7,859 3% 41% 4% 39% Europe excluding France 36% 32% 29% 67% France 65% 61% 57% 57% H1 2022 H1 2023 H1 2024 H1 2025 H1
Slide 9: Highlights - Concessions
CGOÉ NN SI E T RCUI C VTI LI O N Highlights - Concessions Nové - Inauguration of the Fesch Opening of the A3 motorway - Increase to 29.40% of the capital Parisian heat network Barracks in Versailles Germany of Getlink Inauguration of the APRR is expanding electric vehicle Fulli - An integrated mobil
Slide 10: Highlights - Concessions
Highlights Concessions Activity and profitabily slightly down Activity down 0.4% (+0.5% lfl*) ▪ ▪ Portfolio evolutions ▪ ▪ ▪ Results slightly down ▪ ▪ ▪ ▪ ▪ ▪ * Nové has been accounted for using the equity method since 31 December 2025 (€18 million in turnover in the first half of 2025) 10
Slide 11: Concessions portfolio strengthening
Concessions portfolio strengthening 2018 2019 2020 2021 2022 2023 2024 2025 2026 Concessions Aliaé Parisian won (A79) heat network Reims Lille Nové Marinas Machilly- Fulli service Baie des Vresse prison Arena Airport in the bay Thonon area on the Anges Port of Marseille A20 motorway of Toulon (A412)
Slide 12: Implementation of the climate and carbon strategy
Implementation of the climate and carbon strategy Improvement of the ratings Training and raising employee Climate adaptation issues central to the from non-financial rating awareness to drive the 7th climate report agencies transition A- Number of people trained Climate and raised awareness B- Wate
Slide 13: Eiffage - 1st semester 2026
Eiffage - 1st semester 2026 Revenue €M +2.3% Operating profit €M +2.0% Net profit group share €M +12.1% 11,928 12,200 1,009 997 999 1,019 11,093 925 10,431 354 392 382 305 342 9,452 H1 2022 H1 2023 H1 2024 H1 2025 H1 2026 H1 2022 H1 2023 H1 2024 H1 2025 H1 2026 H1 2022 H1 2023 H1 2024 H1 2025 H1 202
Slide 14: Outlook for 2026
Outlook for 2026 Confirmation of the global outlook for 2026 of revenue and earnings growth Contracting Revenue in slight increase (“of the same order as in 2025” previously) in the Infrastructure and Construction divisions, with further growth for Eiffage Énergie Systèmes, although less so than in
Slide 15: Results by business lines and financial results
Results by business lines 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) +2.3% +1.1% +2.3% 12,200 11,928 12,200 11,928 258 -37.1% 11,093 11,093 410 10,431 1,904 -0.4% +0.5% 10,431 358 1,912 9,452 290 9,452 1,855 4,188 +8.0% 1,756 366 3,879 2,808 3,305 1,593 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 10,296 +2.8% +1.2% 10,296 +2.8% (5 %) 10,016 9,238 222 (2%) -41.0% 9,238 376 (4%) 8,675 2,013 2,113 +5.0% +5.0% 8,675 325 (3%) 7,859 2,000 7,859 257 (3%) 4,188 +8.0% 2,275 3
Slide 18: Operating profit on ordinary activities and margins
Operating profit on ordinary activities and margins Pro forma H1 2025* H1 2026 M€ % CA M€ % CA Δ 26/25 (€M) Construction 70* 3.5% 74 3.5% +4 Infrastructure -13* -0.3% -11 -0.3% +2 Energy Systems 184 4.9% 206 5.2% +22 Contracting 241 2.4% 269 2.6% +28 Concessions 838 43.8% 822 43.2% -16 Holding -80 -
Slide 19: Construction - Activity and results
Construction - Activity and results* Stability of the operating margin at 3.5% of revenue Revenue (€bn) and operating margin on ordinary activities (%) Revenue increased by 5.0% (actual and Ifl) 2.3 2.1 2.0 2.0 2.1 FRANCE EUROPE exc FRANCE 3.5% 3.4% 3.5% 3.5% 3.5% Results ▪ H1 2022 H1 2023 H1 2024 H
Slide 20: Trèfles | sustainable social housing units in Anderlecht - Belgium
CONSTRUCTION Trèfles | 156 sustainable social housing units in Anderlecht - Belgium 20
Slide 21: Infrastructure - Activity and results
Infrastructure - Activity and results* Stability of the operating margin at -0.3% of revenue Revenue (€bn) and operating margin on ordinary activities (%) 4.2 4.2 3.9 3.6 Revenue stable (-1.3% lfl) 3.3 -0.3% -0.3% FRANCE EUROPE exc FRANCE -0.4% -0.6% -1.1% ▪ H1 2022 H1 2023 H1 2024 H1 2025 H1 2026 ▪
Slide 22: Spillway of the Rustrel reservoir
C GOÉN NSI ET RCUI C V IT LI O N Spillway of the Rustrel reservoir 22
Slide 23: Energy Systems - Activity and results
Energy Systems - Activity and results Operating margin increased by 30 bps at 5.2% of revenue Revenue (€bn) and operating margin on ordinary activities (%) 3.8 4.0 Revenue increased by 4.8% (+2.0% lfl) 3.3 2.8 5.2% FRANCE EUROPE exc FRANCE 2.5 4.9% 4.6% 4.3% 4.0% Results ▪ H1 2022 H1 2023 H1 2024 H1
Slide 24: Emergency intervention contract for summer heatwaves for Enedis - Paris
C ÉONN ESRT G RI EU CSTYI SO TNÈ M E S Emergency intervention contract for summer heatwaves for Enedis - Paris 24
Slide 25: Concessions and PPP - Activity
Concessions and PPP - Activity Revenue decreased by 0.4% (+0.5% Ifl***) Revenue* APRR and AREA (€M) 1,474 1,526 1,534 Name Revenue Revenue Traffic ROC 1,433 1,348 (end of concession | % holding) (€M) ∆26/25 ∆26/25 (€M) APRR and AREA* (2035/2036 | 52.5%) 1,534 +0.5% -2.5% 697** Aliaé (A79) (2068 | 52
Slide 26: APRR - AREA - Aliaé (A79) - Activity and results
APRR - AREA - Aliaé (A79) - Activity* and results EBITDA margin to 71.7% of revenue (72.2% exc Fulli new areas) Consolidated revenue* (excl. Ifric 12) increased by 0.6% Total APRR and AREA traffic decreased by 2.5%, impacted by the Revenue* (€M) and EBITDA margin* increase in fuel price 1,564 1,454
Slide 27: Dullin tunnel - A43 motorway
C ÉONN ESRT G RI EU CSTYI SO TNÈ M E S Dullin tunnel - A43 motorway 27
Slide 28: 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 29: Dynamic agrivoltaics - Tressere
Dynamic agrivoltaics - Tressere 29
Slide 30: Getlink - Activity and results
Getlink - Activity and results Revenue for 100% (€M) New reinforcement in Getlink's capital 940 808 824 1.74% 29.40% 739 7.11% 330 157 185 92 571 93 73 83 35 83 1.76% 68 13.71% 537 540 564 574 468 H1 2022 H1 2023 H1 2024 H1 2025 H1 2026 5.08% Eurotunnel Europorte ElecLink 17/12/2018 22/10/2022 25/10
Slide 31: Consolidated income statement
Consolidated income statement in millions of euros Pro forma H1 2025 H1 2026 Δ 26/25 Revenue(1) 11,928 12,200 +2.3% Operating profit on ordinary activities 999 1,019 +2.0% Other income (expenses) from operations (24) (19) Operating profit 975 1,000 Of which IFRS 2 charge (97) (79) Net finance costs
Slide 32: Financial net debt evolution
Financial net debt* evolution in millions of euros 598 9,378 189 204 8,548 350 559 (44) (47) 1,030 (1,871) (138) Dividends of Δ WCR EBITDA companies Interest & Holding & Concessions Concessions Acquisitions Variations Dividends inc. Holding & consolidated using Contracting 1,041 Taxes paid Contracti
Slide 33: Treasury / Financial net debt structure
Treasury / Financial net debt structure* in millions of euros Total (9,916) (9,414) (8,548) (10,617) (9,908) (9,378) 1,528 Net treasury* 1 347 Holding & Contracting 966 578 514 38 (10,076) (9,892) (10,761) (10,655) (10,486) (10,882) Financial net debt* Concessions 31/12/23 31/12/24 31/12/25 30/06/24
Slide 34: Contracting order book
Contracting order book Contracting order book (€bn) Breakdown by division (€bn)* and variation over 12 months and variation over 12 months 31.5 +7% 31.5 +7% 29.5 29.5 28.4 28.4 5.9 +6% 5.6 5.7 12.0 +14% 10.6 11.4 19.8 19.8 18.0 18.0 16.1 +6% 5.1 4.3 15.2 3.8 5.4 14.7 9.9 10.2 +3% 9.0 8.1 8.9 7.5 7.4
Slide 35: Appendices
Appendices 35
Slide 36: Group shareholding structure
Group shareholding structure Shareholding at 30/06/2025 Shareholding at 31/12/2025 Shareholding at 30/06/2026 98M shares 98M shares 98M shares 23.3% 22.3% 3.0% 23.8% 1.8% 0.8% 74.9% 74.7% 75.4% Employees shareholders Treasury shares Floating 36
Slide 37: Revenue (excl. Ifric 12)
Revenue (excl. Ifric 12) Revenue breakdown (€M) Revenue breakdown in Europe excluding France (€M) 1,267 1,251 7,639 7,754 844 715 580 4,188 523 527 3,879 449 295 246 216 204 136 66 84 83 62 65 61 86 73 69 43 60 49 13 410 258 France International exc. Europe exc. France Europe H1 2025 H1 2026 H1 2025
Slide 38: Revenue performance of the main European subsidiaries
Revenue performance of the main European subsidiaries (excluding Ifric 12) Germany (€M) Spain (€M) 1,251 1,267 1,002 757 844 600 675 715 606 471 H1 2022 H1 2023 H1 2024 H1 2025 H1 2026 H1 2022 H1 2023 H1 2024 H1 2025 H1 2026 Belgium (€M) Netherlands (€M) 580 497 523 427 463 295 214 246 145 165 H1 20
Slide 39: Concessions financial net debt breakdown
Concessions financial net debt breakdown Non-recourse debt raised in dedicated SPVs for €9.9 billion* Non-recourse FND breakdown (€M) Non-recourse FND structure (M€) Financière Eiffarie APRR 776 APRR and Financière Eiffarie 6,225 Toulouse Airport Adelac (A41) 70 583 Millau Viaduct Motorways and airp
Slide 40: Liquidity
Liquidity Group liquidity APRR liquidity 2.4 + 2.0 = 4.4 1.4 + 1.5 = 2.9 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 41: Consolidated balance sheet - Assets
Consolidated balance sheet - Assets in millions of euros 31/12/2025 30/06/2026 Property, plant and equipment 2,410 2,426 Usage rights of rented assets 1,368 1,513 Investment property 64 62 Fixed assets held under concessions 10,850 10,572 Goodwill on acquisition 4,799 4,836 Other intangible assets 3
Slide 42: Consolidated balance sheet - Equity and liabilities
Consolidated balance sheet - Equity and liabilities in millions of euros 31/12/2025 30/06/2026 Share capital 392 392 Consolidated reserves 6,037 6,785 Profit & losses directly accounted for in equity 50 103 Net profit for the period 1,022 342 Total capital and reserves, attributable to the Group 7,5
Slide 43: Consolidated income statement
Consolidated income statement Pro forma in millions of euros H1 2025 H1 2026 Revenue(1) 12,297 12,438 Other income 9 9 Raw materials and consumables used (2,016) (1,996) Staff costs (2,881) (3,024) Other expenses (5,380) (5,302) Taxes other than corporate tax (291) (295) Amortisation and depreciatio
Slide 44: Details of the impacts of the revision to the Ifric 12 provision
Details of the impacts of the revision to the Ifric 12 provision Income statement 30 june 2025 in millions of euros Published Impact Restated Revenue 12,301 (4) 12,297 Other expenses (5,384) 4 (5,380) Provisions (net) (73) (7) (80) Operating profit on ordinary activities 1,006 (7) 999 Operating prof
Slide 45: Consolidated cash flow statement
Consolidated cash flow statement Pro forma Pro forma in millions of euros in millions of euros H1 2025 H1 2026 H1 2025 H1 2026 Cash and equivalents at 1 January 5,959 5,784 Purchases of fixed assets (298) (233) Currency effect (1) 2 Purchase of intangible concession assets (138) (116) Purchase of no
Slide 46: Net financial expenses
Net financial expenses in millions of euros H1 2025 H1 2026 APRR - AREA - A79 (56) (62) Financière Eiffarie (14) (12) Adelac (A41) (10) (9) Aliénor (A65) (13) (13) Millau Viaduct (13) (13) Autoroute de l’Avenir motorway (5) (5) Toulouse airport (1) (1) BPL HSRL (17) (16) Other PPPs and concessions (
Slide 47: Grand Paris Express contracts won by Eiffage
Grand Paris Express contracts won by Eiffage 47
Slide 48: APRR & Financière Eiffarie - Financial net debt structure
APRR & Financière Eiffarie - Financial net debt structure* in millions of euros 7,686 7,575 7,619 7,346 7,115 7,001 1,012 894 961 762 762 776 6,674 6,681 6,658 6,584 6,353 6,225 31/12/2023 31/12/2024 31/12/2025 30/06/2024 30/06/2025 30/06/2026 14 14 14 15 14 15 *Excluding IFRS 16 debt and the swaps
Slide 49: APRR - Gross debt profile
APRR - Gross debt profile in millions of euros Profile as at 30/06/2026 122 700 500 500 500 500 500 700 500 500 500 500 500 500 500 2027 2028 2029 2030 2031 2032 2033 2034 2035 2036 EMTN Programme 49
Slide 50: APRR - Changes to traffic
APRR - Changes to traffic 130 126.8 125 LV 125.0 120 115 116.0 110 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 Q2 2007 2008 2008 2009 2009 2010 2010 2011 2011 2012 2012 2013 2013 2014 2014 2015 2015
Slide 51: Motorway Concessions in France 2026 tariff increase
Motorway Concessions in France 2026 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 52: 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 53: 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 29.40% Amiens Aqua center Concession FR 2042 Operational 15.00% Bordeaux-Mérignac Nautical Stadium Concession FR 2041 Operational 3.00% Pra
Slide 54: Assets under concession (globally consolidated and equity accounted)
Assets under concession (globally consolidated and equity accounted) Carrying value of assets held under concession (€M) 31/12/2025 30/06/2026 APRR & AREA 7,474 7,210 Aliaé (A79) 697 693 Adelac (A41) 815 806 Aliénor (A65) 915 910 Millau Viaduct 334 332 Autoroute de l’Avenir motorway 206 202 Amedea (
Slide 55: 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 56: 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 57: Revenue of the 1st semester
Revenue of the 1st semester 1st semester Variation in millions of euros 2025 2026 ∆26/25 Actual structure Lfl Construction 2,013 ** 2,113 +5.0% +5.0% Infrastructure 4,231 ** 4,229 -0.0% -1.3% Energy Systems 3,772 3,954 +4.8% +2.0% Contracting 10,016 10,296 +2.8% +1.2% Concessions (excl. Ifric 12) 1,
Slide 58: Revenue of the 2nd quarter
Revenue of the 2nd quarter 2nd quarter Variations in millions of euros 2025 2026 ∆26/25 Actual structure Lfl Construction 1,068 ** 1,121 +5.0% +5.0% Infrastructure 2,300 ** 2,375 +3.3% +2.0% Energy Systems 1,936 2,063 +6.6% +4.1% Contracting 5,304 5,559 +4.8% +3.4% Concessions (excl. Ifric 12) 1,006
Slide 59: 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 i
Slide 60: 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 61: Investor relations contact and Agenda
Investor relations contact and Agenda Quarterly information and turnover for the 3rd quarter 12.11.2026 Xavier Ombrédanne Annual results and analysts presentation 24.02.2027 xavier.ombredanne@eiffage.com General Meeting of shareholders 21.04.2027 Quarterly information and turnover for the 1st quarte
Slide 62: 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