Slides
Page 1
1 Annual results 26th February 2025 2024
Page 2
2 Chairman and Chief Executive Officer Benoît de Ruffray Highlights
Page 3
3 Firm growth of 7.3% of the Group activity ▪ ▪ ▪ ▪ Highlights - Group Growth investments ▪ ▪ Improving results ▪ ▪ Increase in Contracting order book to +11% year-on-year ▪ Strong financial position ▪ ▪ ▪ Refinancing of the Group's RCFs at the beginning of 2025 ▪ ▪ ▪ ▪ *Tax on the Operation of Long-Distance Transport Infrastructure (TEITLD)
Page 4
Highlights - Contracting T e r t i a r y c e n t r e d e d i c a t e d t o h e a l t h S a i n t- Ap o l l i n a i r e G É N I E C I V I L C O N S T R U C T I O N O f f s h o r e w in d - B a l t yk 2 a n d 3 L e C œ u r o f f i c e b u i l d i n g D u s s e l d o r f - G e r m a n y A3 m o t o r w a y - G e r m a n y M o n tp e l li e r t r a m w a y C u b i l l a s s o l a r p o w e r p l a n t S p a i n 4 P o s t e p u a p a r t m e n t s c o m p l e x W a r s a w - P o l a n d C i v i l e n g i n e e r i n g w o r k s on E P R 2 i n P e n l y
Page 5
55 Highlights Increased profitability Multi year visibility strengthened ▪ ▪ ▪ ▪ ▪ ▪ ▪ Growing activity ▪ ▪ ▪ ▪▪ Contracting Growing order intake
Page 6
Energy Systems Infrastructure Construction Rev < €50M Rev 50M to €100M Rev 100M to €200M Rev 200M to €500M France Outside France France Outside France France Outside France 20232015 2016 2017 2020 2021 202220192018 Annual revenue of acquisistions 2024 Rev > €500M Focus on external growth Salvia Eqos Van den Pol 6
Page 7
Evolution of the relative weight of the Contracting division Résultat opérationnel courant (M€) et marge (%) 41% 42% 44% 50% 33% 32% 35% 33% 26% 26% 21% 17% 585 646 2021 2022 2023 2024 736 840 Total revenue (€M) and breakdown by division (%) ConstructionInfrastructure Energy Systems 30% 31% 33% 37% 44% 43% 44% 43% 26% 26% 23% 20%15,693 16,977 18,183 19,542 2021 2022 2023 2024 Total operating profit (€M) and breakdown by division (%) 7
Page 8
France Europe excluding France International excluding Europe 68% 65% 63% 60% 27% 31% 34% 36% 5% 4% 3% 4% 15,693 16,977 18,183 19,542 2021 2022 2023 2024 Total revenue (€M) and breakdown by geographical area (%) Continued european development of the Group in Contracting 8
Page 9
Highlights - Concessions O n e w a y e n t r y p o i n t C h a l o n N o r d G É N I E C I V I L C O N S T R U C T I O N E l e c t r ic c h a r g in g s t a t i o n s F u l li - M u l ti-b r a n d fu e l c a r d E l e c t r ic H G V c h a r g in g c o r r i d or M i ll a u V i a d u c t 2 0 t h a n n i v e r s a r y N o v é - R a m p up M a r in a B a i e d e s An g e s G e t l i n k 9
Page 10
10 Highlights Increasing activity Portfolio strengthening ▪ ▪ ▪ ▪ ▪ ▪ ▪ 10 Concessions Growing activity Profitability ▪ ▪ * TEITLD
Page 11
Concessions portfolio strengthening Concessions won Extension Increase in the share capital Acquisitions 2015 2016 APRR Adelac (A41) 25% 2018 Getlink 5.08% Reims Arena 2019 2020 2021 2022 Lille Airport SMTPC Toulouse Airport 49.99% Aliaé (A79) Baie des Anges marina Adelac (A41) 2% APRR 2% Hydro power plants Autoroute de l’Avenir motorway in Senegal Sun’R 75% Aliénor (A65) 35% Nové Getlink 13.71% 2023 Millau Viaduct 49% Getlink 1.76% Lille Airport Marinas in the bay of Toulon 2024 Machilly- Thonon (A412) 11 Hydro power plants APRR Adelac (A41) Aliaé (A79) 0.5%
Page 12
Integration of the value chain ▪ ▪ Carbon climate commitments 2030: reduction of greenhouse gas emissions ▪ ▪ 2050: commitment to achieving net-zero by 2050 Publication of the first sustainability report following the CSRD rules CDP climate 2024 rating upgraded to A- Interim report of the 2023-2025 biodiversity action plan submitted to the OFB (French biodiversity office) SBTi validation ▪ ▪ ▪ 12
Page 13
Eiffage 2024 777 896 1,013 1,041 2021 2022 2023 2024 *Excl. IFRS 16 debt, fair value of swaps Mtm Revenue €M Operating profit €M Net profit Group share €M+7.3% +3.0%* +2.8%* Free cash flow €M Financial Net debt €M* Order book €bn-502 +11% 13 18,721 20,319 21,832 23,429 2021 2022 2023 2024 1,919 2,212 2,403 2,476 2021 2022 2023 2024 2,634 1,556 1,743 2,271 2021 2022 2023 2024 9,332 10,166 9,916 9,414 2021 2022 2023 2024 16.3 18.5 26.0 28.9 2021 2022 2023 2024 +363 *+8.2% excl. new motorway tax *+9.2% excl. new motorway tax
Page 14
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 France in 2025* 14 *Applied to the 2024 fiscal year, this exceptional contribution would have amounted to approximately €205 million and would have reduced the Net profit Group share by €130 million
Page 15
Dividend and distribution policy *For 2024, proposed to the General Assembly on April 23, 2025, for payment on May 23, 2025 **Starting from the 2025 fiscal year Dividend up 15% to 4.70 euros per share* Distribution policy of 45% of the Net profit Group share** 15
Page 16
Chief Financial Officer Christian Cassayre Results by business line and financial results #FamilySpirit
Page 17
Group revenue (excluding Ifric 12) Breakdown Contracting and Concessions (€M) Breakdown by geographical area (€M) At constant scope and exchange rates France Europe excluding France International excluding EuropeConcessionsContracting 17 +7.5% +6.5% +7.3% +3.5% +4.4% +3.7% ∆24/23 ∆24/23 +3.0% +16.8% +7.3% ∆24/23 +16.7% +16.8% 15,693 16,977 18,183 19,542 3,028 3,342 3,649 3,887 18,721 20,319 21,832 23,429 2021 2022 2023 2024 13,666 14,316 15,038 15,495 4,247 5,238 6,099 7,123808 765 695 811 18,721 20,319 21,832 23,429 2021 2022 2023 2024
Page 18
Contracting revenue (excluding Ifric 12) Breakdown by division (€M) Breakdown by geographical area (€M) and % of total France Europe excluding France International excluding EuropeConstructionInfrastructureEnergy Systems 18 lfl 10,701 11,041 11,455 11,675 4,246 5,237 6,099 7,123746 699 629 744 15,693 16,977 18,183 19,542 2021 2022 2023 2024 +1.9% +16.8% +7.5% ∆2 4 / 2 3 +18.3% +16.9% (36%) (63%)(65%) (34%) (68%) (5%) (5 %) (3%) +9.7% -6.7% +3.5% ∆24/23 +4.3% ∆24/23 4,753 5,324 5,941 7,209 6,840 7,291 7,980 8,351 4,100 4,362 4,262 3,98215,693 16,977 18,183 19,542 2021 2022 2023 2024 +4.6% -6.6% +7.5% +21.3% (4%) (31%) (27%) (60%) (4%)
Page 19
Operating profit on ordinary activities and margins 19 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 -23 / -29 / / Group Total 2,403 11.0% 2,476 10.6% +3.0%
Page 20
Construction - Activity and results Operating margin at 3.6% of revenue Revenue decreased by 6.6% (-6.7% lfl) INTERNATIONAL 20 Revenue (€bn) and operating margin on ordinary activities (%) 4.1 4.4 4.3 4.0 3.7% 3.8% 3.7% 3.6% 2021 2022 2023 2024 Year N+1 Year N+2 Years beyond N+2 Results ▪ Contracting ▪ ▪ Property development ▪ ▪ ▪ 3.1 3.1 2.9 2.9 1.7 1.4 1.4 1.6 0.2 0.4 0.7 0.9 4.9 4.9 5.1 5.4 31/12/2021 31/12/2022 31/12/2023 31/12/2024 Order book (€bn) - Evolution and breakdown FRANCE
Page 21
La source - New head office of Eiffage Construction in Belgium 21
Page 22
INTERNATIONAL Infrastructure - Activity and results Operating margin increased by 10 bps to 3.3% of revenue Revenue increased by 4.6% (+4.3% lfl) 22 Revenue (€bn) and operating margin on ordinary activities (%) 6.8 7.3 8.0 8.4 2.9% 2.9% 3.2% 3.3% 2021 2022 2023 2024 Year N+1 Year N+2 Years beyond N+2 Order book (€bn) Evolution and breakdown Order intake ▪ ▪ Results ▪ FRANCE ▪ ▪ ▪ 4.2 5.1 5.1 5.8 1.9 2.3 2.6 3.20.9 0.8 6.7 6.2 7.0 8.2 14.4 15.2 31/12/2021 31/12/2022 31/12/2023 31/12/2024
Page 23
Demcy - Dismantling offering to better reuse 23
Page 24
FRANCE INTERNATIONAL Energy Systems - Activity and results Operating margin increased by 40 bps to 5.8% of revenue Revenue increased by 21.3% (+9.7% lfl) 24 Revenue (€bn) and operating margin on ordinary activities (%) 4.8 5.3 5.9 7.2 5.0% 5.1% 5.4% 5.8% 2021 2022 2023 2024 Order book (€bn) Evolution and breakdown Year n+1 Year n+2 Years beyond n+2 2.9 3.4 3.8 5.1 1.0 1.3 1.1 2.1 0.4 0.7 1.5 1.0 4.3 5.3 6.5 8.2 31/12/2021 31/12/2022 31/12/2023 31/12/2024 Results ▪ External growth ▪ ▪ Order intake ▪ ▪ Activity ▪
Page 25
Ten-year maintenance of the Cestas photovoltaic plant 25
Page 26
Concessions and PPP - Activity Revenue increased by 6.5% (+4.4% Ifl) 26 Revenue APRR and AREA (€M) 181 203 245 338 108 160 185 194 170 166 245 258 459 529 675 790 2021 2022 2023 2024 Motorway concessions Airport concessions PPP and equivalent Revenue Concessions and PPP (€M) Excl. APRR and AREA 2,569 2,813 2,974 3,097 2021 2022 2023 2024 *This figure is reduced by €6 million at the Group level due to the consideration of additional eliminations related to intra-group services Name (end of concession | % holding) Revenue (€M) Revenue ∆24/23 Traffic ∆24/23 APRR and AREA* (2035/2036 | 52.5%) 3,097 +4.1% +0.3% Aliaé (A79) (2068 | 52.5%) 50 +12.5% +8.1% Aliénor (A65) (2067 | 100%) 78 +8.9% -0.8% Millau Viaduct (2079 | 100%) 69 +10.5% +1.8% Adelac (A41) (2060 | 52.5%) 74 / +2.5% Autoroute de l’Avenir motorway (2044 | 75%) 67 +1.2% +1.9% Motorway Concessions 338 +38.4% Toulouse Airport (2046 | 49.99%) 161 +3.8% +0.5% Lille Airport (2039 | 90%) 33 +8.3% -3.7% Airport Concessions 194 +4.5% BPL HSRL (2036 | 100%) 84 -3.8% Nové (2056 | 50%) 41 -3.8% Eiffage Services (building PPP O&M contractor) 45 +3.4% Decathlon Arena Stade Pierre Mauroy and ancillaries (2043/2076 | 100 %) 35 +13.0% Renewable Energies 25 +18.8% Other 28 / PPP and equivalent 258 +5.2% Sub total excl. APRR and AREA 790 +17.0% Total Concessions 3,887 +6.5%
Page 27
Waste recovery approach on the BPL HSRL 27
Page 28
APRR - AREA - Aliaé (A79) - Activity and results Revenue (€M) and EBITDA margin 2,569 2,818 3,019 3,152 73.7% 74.0% 74.2% 70.3% 2021 2022 2023 2024 Traffic Toll receipts Revenue mix HGV 15% HGV 34% LV 85% LV 66% Other 5% Tolls 95% 28 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% ▪ Contractual tariff increase at 1st february 2025 ▪ Aliaé (A79) ▪ Launch of the 2023 investment plan ▪ ▪ Financing ▪ ▪ Breakdown for APRR and AREA Impact of the new tax on transport infrastructure ▪ ▪ *Figure reduced at the Group level by the inclusion of additional eliminations for intra-group services
Page 29
Road surface recycling cycle on the A43 motorway 29
Page 30
Concessions and PPP - Activity and results 3030 Name (end of concession | % holding) Revenue €M EBITDA €M EBITDA Margin (%) 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 86.8% Autoroute de l’Avenir motorway (2044 | 75%) 67 46 68.6% Motorway Concessions 338 260 76.8% Toulouse Airport (2046 | 49.99%) 161 55 34.3% Lille Airport (2039 | 90%) 33 6 18.8% Airport Concessions 194 61 31.7% Motorway and airport Concessions 532 321 60.4% PPP and equivalent 258 90 35.1% Total concessions and PPP 790 412 52.1% Portfolio evolutions ▪ ▪ ▪ Operating profit on ordinary activities of €1,665M ▪ ▪ ▪ ▪
Page 31
Getlink - Activity and results Revenue decreased by 12% compared to 2023 Key figures ▪ 31 Net profit for 100% (€M) Background ▪ ▪ ▪ ▪ ▪ Results ▪ 644 1,042 1,136 1,166 130 137 150 168 420 558 280 774 1,599 1,844 1,614 2021 2022 2023 2024 Eurotunnel Europorte ElecLink Revenue for 100% (€M) *Share of profit after goodwill amortisation of €13 million per full year / on the basis of Getlink median consensus net profit for 2024 of €246 million (source: Bloomberg, 31 January 2025) and inclusion of a remaining 2023 result of €6 million. -229 252 326 246 2021 2022 2023 2024 Net profit of media consensus at 31th January 2025 (Bloomberg source)
Page 32
Consolidated income statement (1) Excl. Ifric 12 32 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) (19) Net financial expenses (314) (337) Share of profit of associates 38 53 O/w. Getlink 25 43 Income tax (544) (612) Net profit 1,532 1,523 Minority interests (519) (482) Net profit Group share 1,013 1,041 +2.8% Net profit per share (euros per share) 10.65 11.07
Page 33
Financial net debt* evolution DFN 31/12/2023* DFN 31/12/2024* *Exc. IFRS 16 debt and swaps Mtm 1,260 1,123 33 Operation 1 076 Net Capex (2 634) Free cash flow EBITDA Δ WCR inc. Holding & Contracting €733M Concessions -€34M Interest & Taxes paid and misc Holding & Contracting Concessions Concessions Debt repayment and disposals Acquisitions and disposals Variations without flows of funds Dividends & Capital transactions Inc. €395M to Eiffage S.A. shareholders In millon euros PF 2023 (3,891) 971 654 487 (88) 541 (554) 926 (3,324) 1,053 (2,271) Free cash flow Dividends of companies consolidate d using the equity method (45) (359) 9,916 9,414 (4,016) 1,078 1,180 (3,710) (1,076) (2,634) ( 73) ( 699) 601 549 ( 74) 897 55 (73) (699) (74)
Page 34
Treasury / Financial net debt structure* *Excl. IFRS 16 debt and swaps Mtm Total Net treasury Holding & Contracting Financial net debt Concessions 1,018 587 966 1,347 (10,350) (10,753) (10,882) (10,761) 31/12/21 996 (9,332) 34 (10,166) 31/12/22 1,013 (9,916) 31/12/23 1,123 (9,414) 31/12/24 1,260 in millions of euros
Page 35
Order book breakdown by division (€bn) and variation over 12 months Contracting order book 13,1 mois +7% +5% +27% +11% ∆24/23 10.1 11.6 11.9 13.8 4.5 5.0 5.1 7.0 1.6 1.9 9.0 8.1 16.3 18.5 26.0 28.9 31/12/2021 31/12/2022 31/12/2023 31/12/2024 35 Year N+1 Year N+2 Year beyond N+2 +16% +37% -10% ∆24/23 ConstructionInfrastructureEnergy Systems Contracting order book (€bn) and variation over 12 months +11% 4.3 5.3 6.5 8.2 7.0 8.2 14.4 15.2 4.9 4.9 5.1 5.4 16.3 18.5 26.0 28.9 31/12/2021 31/12/2022 31/12/2023 31/12/2024
Page 36
Appendices #FamilySpirit
Page 37
Group shareholding structure 37 20.0% 75.9% 4.1% Shareholding at 31/12/2023 98 million shares 21.9% 75.5% 2.6% Shareholding at 30/06/2024 98 million shares 21.4% 72.7% 5.8% Shareholding at 31/12/2024 98 million shares Employee shareholding Treasury shares Free float
Page 38
Revenue (excluding Ifric 12) Revenue breakdown (€M) Revenue breakdown in Europe Excluding France (€M) 38 15,038 695 6,099 15,495 811 7,123 France International exc. Europe Europe exc. France 2023 2024 1,761 1,229 1,025 857 377 292 183 150 225 2,183 1,475 1,013 921 500 208 233 272 318 Germany Spain Belgium Luxembourg United Kingdown Netherlands Switzerland Norway Poland Others 2023 2024
Page 39
Concessions financial net debt breakdown Non-recourse debt raised in dedicated SPVs for €10.8 billion* Non-recourse FND structure (M€) 1,210 2,015 7,575 *Excl. IFRS 16 debt, fair value of swaps Mtm: €46M Motorways and airport PPP and misc APRR and Financière Eiffarie BPL HSRL 724 Grande Arche 119 Others 209 Decathlon Arena Pierre Mauroy Stadium 158 Toulouse Airport 74 Aliénor (A65) 668 Millau Viaduct 545 Non-recourse FND breakdown (€M) Financière Eiffarie 894 APRR 6,681 39 Autoroute de l’Avenir motorway (Senegal) 65 Adelac (A41) 663
Page 40
Liquidity APRR liquidity 2.0 billion of euros in cash and cash equivalents 2.0 billion of euros undrawn bank credit line Renewed for €1.5 billion on 25/02/2025 for 5+1+1 year 4.0 billion of euros in liquidity =+ Holding & Contracting liquidity 3.4 billion of euros in cash and cash equivalents 2.0 billion of euros undrawn bank credit line Renewed for €2 billion on 08/01/2025 for 5+1+1 year =+ 5.4 billion of euros in liquidity 40
Page 41
Net profit Group share and dividend in millions of euros and euros per share 41 777 896 1,013 1,041 €3.10 €3.60 €4.10 €4.70 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, 2025, for payment on May 23, 2025 **Starting from 2025 fiscal year
Page 42
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 assets 265 250 Equity-method investments 2,046 2,073 Financial assets on non-current service concessions 1,245 1,161 Other financial assets 425 392 Deferred tax assets 220 252 Other non-current assets 2 1 Total non current assets 23,096 23,930 Inventories 969 929 Trade receivables 6,546 6,725 Current tax receivables 30 20 Financial assets on service concessions current 70 74 Other current assets 2,170 2,604 Other financial assets - - Cash and cash equivalent 4,944 6,025 Assets held for sale - - Total current assets 14,729 16,377 Total assets 37,825 40,307 42
Page 43
Consolidated balance sheet - Equity and liabilities 43 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-controlling interests 1,486 1,434 Total capital and reserves 7,941 8,153 Long-term debt 12,554 12,158 Lease liabilities 783 903 Deferred tax liabilities 786 807 Non-current provisions 799 828 Other non-current liabilities 299 462 Total non-current liabilities 15,221 15,158 Trade creditors 5,051 5,473 Short-term loans and other borrowings 1,524 2,224 Non-current borrowings due within one year 797 1,073 Lease liabilities due within one year 325 341 Current tax liabilities 292 264 Current provisions 845 909 Other creditors and accruals 5,829 6,712 Liabilities held for sale - - Total current liabilities 14,663 16,996 Total liabilities and shareholder’s equity 37,825 40,307
Page 44
Consolidated income statement 44 (1) Included Ifric 12 for €232M in 2023 and €239M in 2024 (2) Includes 2 non cash, non recuring and pre minorities items a profit from revaluation of Adelac for €74M and a charge of €47M of updating actuarial parameters of the Ifric 12 provision (3) Includes a non cash, non recuring €33M profit from Getlink entry in the consolidation perimeter (4) Includes a share of Getlink results for €25M in 2023 and €43M in 2024 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 (1,412) (1,458) Provisions (76) (82) Changes in inventories 12 (94) Other operating income and expenses 67 111 Operating profit on ordinary activities 2,403 2,476 Other operating income and expenses (51) (2) (57) Operating profit 2,352 2,419 Income from cash and cash equivalent 100 144 Cost of gross debt (412) (462) Net finance costs (312) (318) Other financial income (expenses) (2) (3) (19) Share of profit (loss) of equity-method investments 38 (4) 53 (4) Corporation tax (544) (612) Net profit 1,532 1,523 Attributable to the Group 1,013 1,041 Non controlling interests 519 482
Page 45
Consolidated cash flow statement in millions of euros 2023 2024 Cash and equivalents at 1 January 4,621 4,835 Currency effect 9 (3) Restated cash and cash equivalents at 1 January 4,630 4,832 Net profit 1,532 1,523 Profit (loss) of equity-method investments (38) (54) Dividends from equity-method investments 45 73 Depreciation and amortisation 1,412 1,458 Net increase in provisions 88 61 Other non-cash items (2) 76 Gain (loss) on disposals (34) (47) Cash flow from operations before interest and taxes 3,003 3,090 Net interest expense 261 284 Interest paid (259) (289) Income tax expense 544 612 Income tax paid (584) (686) Change in working capital requirement 359 699 Net cash from operating activites 3,324 3,710 in millions of euros 2023 2024 Purchases of fixed assets (514) (550) Purchase of intangible concession assets (354) (386) Purchase of non-current financial assets (4) (21) Disposals and reductions of fixed assets 154 229 Net operating investments (718) (728) Purchases of controlling interests (309) (964) Disposals of controlling interests and assets held for sale 4 20 Cash and cash equivalents of entities bought or sold 56 157 Net financial investments (249) (787) Net cash used in investing activities (967) (1,515) Dividends paid to shareholders* (805) (967) Capital increase 213 249 Purchases/disposals of non controlling interests (250) (110) Repurchase and resale of treasury shares (334) (462) Repayment of lease liabilities (335) (348) Repayment of borrowings (1,684) (830) New borrowings 1,043 1,400 Net cash (used in) financing activities (2,152) (1,068) Movement in other financial assets - - Net increase in cash and cash equivalents 205 1,127 Cash and cash equivalents at 31 December 4,835 5,959 45* of which dividends paid by Eiffage SA: €351M in 2023 and €395M in 2024
Page 46
Financial expenses and results 46 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 (18) (10) Concessions (280) (278) Holding & Contracting (32) (40) Financial result (312) (318)
Page 47
Contracting - Customer segmentation Construction 38% 62% Infrastructure Private Public 77% 23% Energy Systems 57% 43% 47
Page 48
Grand Paris Express contracts won by Eiffage 48
Page 49
Evolution of the operating profit (€M) and operating margin (%) Contracting Concessions 49 585 646 736 840 3.7% 3.8% 4.0% 4.3% 2021 2022 2023 2024 1,346 1,577 1,690 1,665 44.5% 47.2% 46.3% 42.8% 2021 2022 2023 2024
Page 50
Holding and Contracting Concessions Change in working capital requirement (€M) 206 185 363 733 2021 2022 2023 2024 50 +: treasury generation - : treasury consumption 28 38 -4 -34 2021 2022 2023 2024
Page 51
Motorway Concessions in France 2025 tariff increase *I = Inflation 51 Tariff formula for APRR and AREA 2026 Beyond 2026 APRR: 70% xI + 0.315% AREA: 70% xI + 0.33% APRR and AREA: 70% xI Name (end of concession | % holding) Average tariff increase for 2025 APRR and AREA (2035/2036 | 52.5%) APRR +1.08% AREA +1.10% Aliaé (A79) (2068 | 52.5%) +1.58% Aliénor (A65) (2067 | 100%) +2.10% Millau Viaduct (2079 | 100%) +2.73% Adelac (A41) (2060 | 100%) +2.75%
Page 52
5 9 28 APRR & Financière Eiffarie Financial net debt structure* (in millions of euros) *Excl. IFRS 16, fair value of swaps Mtm Total Financière Eiffarie APRR 6,659 7,096 6,674 6,681 1,056 1,061 1,012 894 7,715 8,157 7,686 7,575 31/12/2021 31/12/2022 31/12/2023 31/12/2024 52 28
Page 53
APRR - Gross debt profile 700 700 500 500 500 500 500 700 500 500 500 500 700 118 2025 2026 2027 2028 2029 2030 2031 2032 2033 2034 2035 2036 500 EMTN Program 53 Profile as at 31/12/2024 * *matured on 15th january 2025 in millions of euros
Page 54
APRR and AREA - Changes to traffic 127.4 125.1 114.2 Km travelled,12 months rolling average, rebased to Q4 2007 100 54 LV Total HGV 80 85 90 95 100 105 110 115 120 125 130 Q4 2007 Q2 2008 Q4 2008 Q2 2009 Q4 2009 Q2 2010 Q4 2010 Q2 2011 Q4 2011 Q2 2012 Q4 2012 Q2 2013 Q4 2013 Q2 2014 Q4 2014 Q2 2015 Q4 2015 Q2 2016 Q4 2016 Q2 2017 Q4 2017 Q2 2018 Q4 2018 Q2 2019 Q4 2019 Q2 2020 Q4 2020 Q2 2021 Q4 2021 Q2 2022 Q4 2022 Q2 2023 Q4 2023 Q2 2024 Q4 2024
Page 55
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 100.00% Amédéa (A412) Concession FR 2079 Under construction 100.00% Millau Viaduct Concession FR 2079 Operational 100.00% Autoroute de l’Avenir motorway Concession SEN 2044 Operational 75.00% Toulouse Airport Concession FR 2046 Operational 49.99% Lille Airport Concession FR 2042 Operational 90.00% Bretagne-Pays de la Loire HSRL PPP FR 2036 Operational 100.00% Nové Concession FR 2056 Operational & under construction 50,00% Decathlon Arena Pierre Mauroy stadium and related structures PPP FR 2043/2076 Operational 100.00% Sun’R Renewable energy FR / Operational & under construction 85.64% Hydroelectric power stations Renewable energy FR / Operational & under construction 100.00% Reims Arena Concession FR 2036 Operational 100.00% Marina Baie des Anges Concession FR 2052 Operational & under construction 96,00% Toulon Marina Concession FR 2054 Operational & under construction 98.00% Grande Arche PPP FR 2034 Operational 100.00% Îlot Perrée – Police station PPP FR 2030 Operational 100.00% 55
Page 56
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% Prado South Tunnel Concession FR 2054 Operational 41.50% Prado Carénage Tunnel Concession FR 2032 Operational 34.15% Brittany university PPP FR 2038 Operational 10.00% Jean-Zay Lorraine high school PPP FR 2034 Operational 15.00% Seine-St-Denis middle schools lot 1 PPP FR 2034 Operational 15.00% Seine-St-Denis middle schools lot 3 PPP FR 2034 Operational 15.00% Région Centre high school PPP FR 2025 Operational 19.00% HD CG 54 network PPP FR 2032 Operational 19.00% Prisons Lot 1 PPP FR 2037 Operational 19.90% GreEn-ER Grenoble university PPP FR 2041 Operational 19.90% Lille university PPP FR 2041 Operational 15.00% Aix-Marseille university PPP FR 2042 Operational 15.00% Metz university PPP FR 2042 Operational 15.00% Nancy university PPP FR 2043 Operational 19.90% Marche-en-Famenne prison PPP BEL 2038 Operational 18.37% A94 PPP GER 2046 Operational 33.33% A3 PPP GER 2050 Under construction 50.00% Huatacondo PV Renewable energy CHIL 2047 Operational 6.30% Ten Merina Renewable energy SEN 2042 Operational 15.00% Maurepas Aqua center Concession FR 2044 Operational 5.00% Var middle schools PPP FR 2043 Operationnel 19.90% 56
Page 57
Assets under concession (equity accounted and participations) 57 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 136 179 Prado Carénage tunnel 31 29 Other motorway concessions 2,808 3,015 Toulouse Airport 1,014 1,003 Lille Airport 18 19 Airport concessions 1,032 1,022 Bretagne-Pays de la Loire HSRL 873 825 Nové 57 134 Renewable energies 150 172 Decathlon Arena Pierre Mauroy Stadium and ancillaries 244 237 Grande Arche 131 121 Other 250 230 Other concessions and PPPs 1,705 1,719 Getlink S.E. 1,873 1,866 Total 15,912 15,632
Page 58
Life cycle of a PPP Eiffage Financial investor Length in years Call for tender 5%-10% Equity 90%-95% Debt Construction contract Maintenance contract Sale of equity Preservation of O&M contracts Debt deconsolidation 1 YEAR Tender Financial structuring PPP contract signing Construction Capex 3 TO 6 YEARS Launch of operations 1 TO 2 YEARS Operation 15 TO 20 YEARS Value 58
Page 59
Contracting ▪ Sustain and develop the Group’s European roots ▪ Complete acquisitions in specialised business lines ▪ Expand around the world in export mode Major balances Concessions ▪ Manage, optimise and extend the maturity of our assets ▪ Strengthen our portfolio ▪ Explore new sectors Harness all the Group’s business lines right across the value chain ▪ Greenfield concessions ▪ Development ▪ Operations / Maintenance European roots Build up all the Group’s business lines and geographical coverage in its target countries 59
Page 60
Energy sovereignty ▪ Decarbonisation of energy generation ▪ Optimisation of use and reduced energy footprint ▪ Increased energy generation All the Group’s business lines harnessed right across the value chain ▪ Eiffage Énergie Systèmes ▪ Eiffage Génie Civil, Eiffage Route, Eiffage Métal ▪ Eiffage Construction, Eiffage Immobilier, Eiffage Aménagement ▪ Eiffage Concessions Sustainable mobility Support for decarbonisation of transport Industrial sovereignty ▪ Relocation & extension of manufacturing facilities ▪ Production of new goods ▪ Changing digital habits Common trends across all the Group’s European positions A Group catering to the major trends in Europe 60
Page 61
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. Ifric 12) 21,832 23,429 +7.3% +3.7% O/w: France 15,038 15,495 +3.0% +2.2% International 6,794 7,934 +16.8% +6.9% Europe excluding France 6,099 7,123 +16.8% +5.8% Excluding Europe 695 811 +16.7% +16.5% Construction revenue (Ifric 12) 232 239 n.s. 61
Page 62
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. Ifric 12) 5,939 6,451 +8.6% +3.9% O/w: France 3,958 4,199 +6.1% +5.6% International 1,981 2,252 +13.7% +0.4% Europe excluding France 1,738 2,048 +17.8% +2.7% Excluding Europe 243 204 -16.0% -16.5% Construction revenue (Ifric 12) 91 77 n.s. 62
Page 63
Alternative performance indicators: definitions Item Definition Construction revenue generated by concessions (Ifric 12) Construction revenue generated by concessions corresponds to costs relating to services to build or improve infrastructure committed to by the concession operator determined in accordance with the requirements of Ifric 12, “Service Concession Arrangements”, after elimination of intragroup operations Contracting order book Portion of signed contracts not executed Net financial debt Net financial debt excluding debt from IFRS16 applied since 1st January 2019 and the fair value of swaps Free cash flow Free cash flow is calculated as follows: Net cash from operating activities - net operating investments + lease obligation repayments - PPP contract debt repayments Operating marging Operating profit / revenue EBITDA Profit from recurring operations before depreciation, amortisation and provisions (net of reversals) Like-for-like (lfl) Constant consolidation scope is calculated by neutralising: the 2024 contribution made by companies consolidated for the first time in 2024; the 2024 contribution made by companies consolidated for the first time in 2023 for the period equivalent to that of 2023 which preceded their first-time consolidation; the contribution made in 2023 by companies deconsolidated in 2024 for the period equivalent to that of 2024 following their date of deconsolidation; the 2023 contribution made by companies deconsolidated in 2023. Constant exchange rate: 2023 exchange rates applied to 2024 revenues in currencies. Group’s liquidity The Group’s liquidity is calculated as follows: cash and cash equivalents managed by Eiffage S.A. and its Contracting subsidiaries + undrawn bank line(s) of credit of Eiffage S.A. APRR’s liquidity APRR’s liquidity is calculated as follows: cash and cash equivalents managed by APRR and its subsidiaries + undrawn bank line(s) of credit of APRR 63
Page 64
Alternative performance indicators: calculation methods and reconciliation with financial statement aggregates Reconciliation of aggregates of net cash flow and free cash flow tables Reconciliation of line items in the statement of financial position and net financial debt in millions of euros 2023 2024 Net cash from operating activities 3,324 3,710 Net operating investments -718 -728 Repayment of lease liabilities -335 -348 Free cash flow 2,271 2,634 in millions of euros 2023 2024 Cash and cash equivalents 4,944 6,025 Non-current loans -12,554 -12,158 Current loans and other borrowings -1,524 -2,224 Non-current borrowings due within one year -797 -1,073 Restatement of derivative financial instruments 15 16 Net financial debt excluding IFRS 16 debt, fair value swaps -9,916 -9,414 64
Page 65
Investor relations contact and agenda Eiffage APRR 2024 annual results and analysts' presentation 26.02.2025 26.02.2025 Quarterly information and turnover for Quarter 1 2025 13.05.2025 22.04.2025 Shareholders’ general meeting 23.04.2025 / Quarterly information and turnover for Quarter 2 2025 / 29.07.2025 2025 half-year results and analysts’ presentation 27.08.2025 27.08.2025 Quarterly information and turnover for Quarter 3 2025 13.11.2025 21.10.2025 Xavier Ombrédanne xavier.ombredanne@eiffage.com +33 (0) 1 71 59 10 56 65
Page 66
Disclaimer 66