Eiffage Reports Revenue Growth Amid French Tax Headwinds
The construction and concessions group saw international revenue rise 17.1% in the first half of 2025.
Eiffage, the construction and concessions group, reported consolidated revenue of 11.93 billion euros for the first half of 2025, an increase of 7.5% at actual structure. The company said it confirms its 2025 outlook, expecting revenue growth across all branches of its Travaux division.
International activity drove a significant portion of the growth, with revenue rising 17.1% to 4.28 billion euros. This trajectory was supported by a 17.4% increase in Europe outside of France. Within the Travaux division, the Infrastructures branch saw revenue rise 8.2% to 4.30 billion euros. This growth was supported by a 13.5% increase in international activity, specifically a 16.4% rise in Europe outside of France linked to energy and transport infrastructure programs.
The Energie Systèmes branch saw activity grow 13.2% to 3.77 billion euros. The company attributed this to a densified European network and external growth operations, which contributed 25.8% of the growth in Europe outside of France. The branch reported an operational margin of 4.9%, up from 4.6% in the first half of 2024.
In the Concessions branch, revenue rose 3.1% to 1.91 billion euros. The company reported robust highway traffic, including increases of 2.2% at APRR and 11.7% on Aliaé. However, airport traffic in Lille and Toulouse fell 1.5% compared to the first half of 2024. The operational result for Concessions was 845 million euros, an increase of 23 million euros.
Financial performance was impacted by a specific tax burden in France. The company reported a 135 million euro exceptional contribution on large companies. This resulted in a net result attributable to the Group of 308 million euros, compared to 382 million euros in the first half of 2024. The company said that operational performance improvements will not be enough to compensate for the impact of this tax.
Net financial debt stood at 9.9 billion euros, a decrease of 0.7 billion euros over 12 months. The company noted that free cash flow was slightly negative at -91 million euros, which it attributed to seasonal working capital variations in Travaux and growth investments in Concessions.
The company expanded its offshore wind expertise through the acquisition of HSM Offshore Energy, which was consolidated starting June 1, 2025. This acquisition added 0.6 billion euros to the order book. The total order book for Travaux reached 29.5 billion euros as of June 30, 2025, representing 17.4 months of activity.
Eiffage expects the current operational result for Travaux to progress again, driven by Eiffage Energie Systèmes, which the company says will reach a current operational margin of 6% with activity near 8 billion euros.