Slides
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Half-year results 27th August 2025 2025
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Benoît de Ruffray Highlights Chairman and Chief Executive Officer
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3 Strong growth in activity of 7.5% Net profit Group share growth at constant tax rate • • Increase in Contracting order book +4% year-on-year (+2% since the beginning of the year) • External growth in Europe Strong financial position Four refinancings totaling €4.9 billion Highlights - Group
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Highlights - Contracting Frontex’s new headquarters Warsaw - Poland Formula 1 urban circuit in Madrid Spain Delivery of the RTBF Headquarters Brussels - Belgium Photovoltaic power plants Córdoba - Spain Acquisition of HSM Offshore Energy - Netherlands Inauguration of the CloudHQ new data center - Lisses 4 Extension of the electricity grid Rhin- Neckar - Nord Bade - Germany Institute of Biology and Pathology of the Bordeaux University Hospital
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5 5 Highlights Increased activity and profitability Significant order intake post June 30 Growing activity Eiffage Énergie Systèmes Eiffage Métal Contracting Order book growth
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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 20232016 2017 2020 2021 202220192018 Annual revenue of acquisistions 2024 Rev > €500M Focus on external growth Salvia Eqos Van den Pol 2025 HSM CVS M3i / Inmotechnia IFT / Esacom 6
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Evolution of the relative weight of the Contracting division Total revenue (€M) and breakdown by division (%) Infrastructure 30% 31% 33% 36% 38% 43% 43% 42% 43% 43% 27% 26% 25% 21% 19% 7,387 7,859 8,675 9,238 10,016 H1 2021 H1 2022 H1 2023 H1 2024 H1 2025 7 Construction Energy Systems
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France Europe excluding France International excluding Europe Total revenue (€M) and breakdown by geographical area (%) Continued european development of the Group in Contracting 8 69% 67% 65% 61% 57% 26% 29% 32% 36% 39% 5% 4% 3% 3% 4% 7,387 7,859 8,675 9,238 10,016 H1 2021 H1 2022 H1 2023 H1 2024 H1 2025
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Highlights - Concessions New Port of Marseille Fos headquarters - Marseille A very dense network of electric charging stations Inauguration of a new carpooling park - Chevigny - Saint - Sauveur A79 motorway ramp up Nové 20 years of changes Robust motorway traffic Welcoming our customers to the service areas 9
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10 Highlights Business activity and results improving Strengthening of the PPP portfolio 10 Concessions Business growth Increased results
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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% Centrales hydro- électriques 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) Hydro power plants APRR Adelac (A41) Aliaé (A79) 0.5 % 2025 Port of Marseille Fos head- quarters 11
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Carbon climate issues Publishing the 6th Climate Report 2030: greenhouse gas emissions reduction Committed to achieving net-zero emissions over value chain by 2050 Integration of value chain Businesses Committed to Nature initiative A- CDP rating (Carbon Disclosure Project) 16.3% Revenue aligned with the climate change mitigation objective of the European Green Taxonomy 58.1% Revenue eligible under the European Green Taxonomy 83% Revenue certified ISO 14001 12
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13 Eiffage - 1st semester 2025 Revenue €M +7.5% Operating profit €M +€9M 679 925 1,009 997 1,006 H1 2021 H1 2022 H1 2023 H1 2024 H1 2025 Net profit group share €M 260 354 392 382 308 H1 2021 H1 2022 H1 2023 H1 2024 H1 2025 Free cash flow €M -11 -1 276 148 -91 H1 2021 H1 2022 H1 2023 H1 2024 H1 2025 *Exc IFRS 16 debt and the swaps Financial net debt €M* -€709M 10,233 9,988 10,649 10,617 9,908 H1 2021 H1 2022 H1 2023 H1 2024 H1 2025 Order book €bn +4% 16.6 18.0 19.8 28.4 29.5 H1 2021 H1 2022 H1 2023 H1 2024 H1 2025 8,700 9,452 10,431 11,093 11,928 H1 2021 H1 2022 H1 2023 H1 2024 H1 2025 83* 391
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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 2025* 14 * Applied to the 2024 financial year, this exceptional contribution would have been around €205 million, with an impact of €130 million on Group net income
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15 Chief Financial Officer Christian Cassayre Results by business line and financial results
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16 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 +8.4% +3.1% +7.5% +4.5% +3.1% +4.3% ∆25/24 ∆25/24 +2.8% +17.4% +7.5% ∆25/24 +14.5% +17.1% 7,387 7,859 8,675 9,238 10,016 1,313 1,593 1,756 1,855 1,912 8,700 9,452 10,431 11,093 11,928 H1 2021 H1 2022 H1 2023 H1 2024 H1 2025 6,416 6,791 7,333 7,430 7,639 1,885 2,295 2,808 3,305 3,879 399 366 290 358 410 8,700 9,452 10,431 11,093 11,928 H1 2021 H1 2022 H1 2023 H1 2024 H1 2025
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17 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 At constant scope and exchange rates 5,131 5,230 5,610 5,608 5,761 1,885 2,295 2,808 3,305 3,879 371 334 257 325 376 7,387 7,859 8,675 9,238 10,016 H1 2021 H1 2022 H1 2023 H1 2024 H1 2025 +2.7% +17.4% +8.4% ∆25/24 +15.7% +17.2% (39%) (61%)(67%) (36%) (69%) (5%) (5 %) (3%) +3.2% +0.5% +4.5% ∆25/24 +7.6% ∆25/24 2,250 2,454 2,833 3,333 3,772 3,167 3,334 3,641 3,976 4,303 1,970 2,071 2,201 1,929 1,941 7,387 7,859 8,675 9,238 10,016 H1 2021 H1 2022 H1 2023 H1 2024 H1 2025 +8.2% +0.6% +8.4% +13.2% (4%) (32%) (29%)(26%) (3%) (65%) (57%) (4%)
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18 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 total 997 9.0 % 1,006 8.4% +9
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19 Construction - Activity and results Stability of the operating margin at 3.4% of revenue Revenue increased by 0.6% (+0.5% lfl) FRANCE INTERNATIONAL Revenue (€bn) and operating margin on ordinary activities (%) 2.0 2.1 2.2 1.9 1.9 3.4% 3.4% 3.4% 3.4% 3.4% H1 2021 H1 2022 H1 2023 H1 2024 H1 2025 Year N Year N+1 Beyond N+1 Results Works Property development 1.7 1.8 1.7 1.6 1.7 2.2 2.4 2.0 2.0 2.2 1.0 0.9 1.1 1.8 1.4 4.9 5.1 4.8 5.5 5.4 30/06/2021 30/06/2022 30/06/2023 30/06/2024 30/06/2025 Order book (€bn) Evolution and breakdown
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Integrated water management - Les Combes - Antibes Juan-les-Pins 20
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21 FRANCE INTERNATIONAL Infrastructure - Activity and results Operating margin increased by 10 bps Revenue increased by 8.2% (+7.6% lfl) Revenue (€bn) and operating margin on ordinary activities (%) Year N Year N+1 Beyond N+1 Order book (€bn) Evolution and breakdown Order intake Results 3.2 3.3 3.6 4.0 4.3 -0.9% -1.0% -0.5% -0.3% -0.2% H1 2021 H1 2022 H1 2023 H1 2024 H1 2025 3.0 3.0 3.4 3.5 4.0 3.0 3.0 3.8 3.9 4.31.7 1.8 1.9 7.6 7.1 7.6 7.8 9.1 14.9 15.4 30/06/2021 30/06/2022 30/06/2023 30/06/2024 30/06/2025 External growth
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Better management of water resources - The Écoasis® solution 22
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23 Energy Systems - Activity and results Operating margin increased by 30 bps at 4.9% of revenue 1.9 2.0 2.4 2.9 3.2 1.6 2.1 2.3 3.0 3.4 0.7 1.1 1.2 2.0 2.0 4.2 5.2 5.9 8.0 8.7 30/06/2021 30/06/2022 30/06/2023 30/06/2024 30/06/2025 2.3 2.5 2.8 3.3 3.8 4.0% 4.0% 4.3% 4.6% 4.9% H1 2021 H1 2022 H1 2023 H1 2024 H1 2025 Year N Year N+1 Beyond N+1 Revenue (€bn) and operating margin on ordinary activities (%) Order book (€bn) Evolution and breakdown FRANCE INTERNATIONAL Revenue increased by 13.2% (+3.2% lfl) Order intake Results External growth
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Leak detection 24
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25 Concessions and PPP - Activity Revenue increased by 3.1% Name (end of concession | % holding) Revenue (€M) Revenue ∆25/24 Traffic ∆25/24 APRR and AREA* (2035/2036 | 52.5%) 1,526 +3.5% +2.2% Aliaé (A79) (2068 | 52.5%) 26 +13.3% +11.7% Adelac (A41) (2060 | 52.5%) 38 +4.9% +1.7% Aliénor (A65) (2067 | 100%) 39 +2.0% -0.4% Millau Viaduct (2079 | 100%) 29 -1.3% -2.5% Autoroute de l’Avenir motorway (2044 | 75%) 34 +4.3% +4.3% Motorway Concessions 166 +4.2% Toulouse Airport (2046 | 49.99%) 80 -0.3% -1.9% Lille Airport (2042 | 90%) 16 +5.2% / Airport Concessions 96 +0.6% BPL HSRL (2036 | 100%) 41 +0.9% Nové (2056 | 50%) 18 -13.5% Eiffage Services (building PPP O&M contractor) 20 -4.2% Decathlon Arena Stade Pierre Mauroy and ancillaries (2043/2076 | 100%) 17 +4.2% Renewable Energies 14 +2.6% Other 14 / PPP and equivalent 124 -1.9% Sub total excl. APRR and AREA 386 +1.3% Total Concessions 1,912 +3.1% Revenue* APRR and AREA (€M) 75 90 113 159 16642 71 88 95 96 83 84 122 127 124 200 245 323 381 386 H1 2021 H1 2022 H1 2023 H1 2024 H1 2025 Motorway concessions Airport concessions PPP and equivalent Revenue Concessions and PPP (€M) Excl. APRR and AREA 1,113 1,348 1,433 1,474 1,526 H1 2021 H1 2022 H1 2023 H1 2024 H1 2025
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26 26 APRR - AREA - Aliaé (A79) - Activity* and results Revenue* (€M) and EBITDA margin* 1,113 1,348 1,454 1,501 1,555 75.3% 76.5% 76.8% 72.3% 72.1% H1 2021 H1 2022 H1 2023 H1 2024 H1 2025 Traffic Toll receipts Revenue mix HGV 17% HGV 36% LV 83% LV 64% Other 5% Tolls 95% 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% Margin evolution Increasing level of activities on Aliaé (A79) Continued investment Financing
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27 27 Concessions and PPP - Activity and results Name (end of concession | % holding) Revenue €m EBITDA €m EBITDA Margin (%) 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% Autoroute de l’Avenir motorway (2044 | 75%) 34 23 69.1% Motorway Concessions 166 130 78.3% Toulouse Airport (2046 | 49.99%) 80 23 28.3% Lille Airport (2042 | 90%) 16 3 19.5% Airport Concessions 96 26 26.8% Motorway and airport Concessions 262 156 59.5% PPP and equivalent 124 40 32.1% Total concessions and PPP 386 196 50.7% Portfolio evolution Operating profit on ordinary activities of €845 million
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Basins serving the protection of water and aquatic environments 28
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29 29 Getlink - Activity and results Key figures Net profit for 100% (€M) -123 50 161 173 113 Acquisitions history for 20.55% of the capital Results 264 468 537 540 56466 68 73 83 83 330 185 92 330 571 940 808 739 H1 2021 H1 2022 H1 2023 H1 2024 H1 2025 Eurotunnel Europorte ElecLink Revenue for 100% (€M) 1 3 52 62 66 H1 2021 H1 2022 H1 2023 H1 2024 H1 2025 Dividends received by Eiffage (€M)
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30 Consolidated income statement 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) Other financial income (expenses) (3) (8) Financial income (expenses) (167) (167) Share of profit (loss) of equity-method investments 40 34 Of which Getlink 35 31 Income tax (235) (353) Of which exceptional corporate income tax contribution in France (135) Profit for the period 617 496 Non-controlling interests 235 188 Net profit group share 382 308 -19.4% Of which impact on the net profit group share of the exceptional corporate income tax contribution in France (83) in millions of euros
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31 Financial net debt* evolution DFN 31/12/2024* DFN 30/06/2025* *Excl. Ifrs 16 debt and swaps Mtm 1,2831,260 31 (451) Operation 542 Net capex 91 Free cash flow EBITDA Δ WCR inc. Holding & Contracting 845 Concessions 47 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. 452 paid to Eiffage S.A. shareholders in millions of euros Dividends of companies consolidated using the equity method PF H1 2024 (1,745) 672 588 330 109 (36) 266 (10) 593 (551) 403 (148) Free cash flow (66) 9,414 (1,835) ( 72) 892 564 385 195 ( 38) 23 ( 44) 424 9,908
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32 Treasury / Financial net debt structure* *Excl. IFRS 16 debt and swaps mtm Total Net treasury* Holding & Contracting Financial net debt* Concessions 31/12/22 31/12/23 31/12/24 30/06/23 30/06/25 1,013 1,123 1,260 1,066 1,283 (9,414) (10,649) (9,908)(10,617) 30/06/24 1,153 in millions of euros (10,166) (9,916) (10,753) (10,882) (10,761) (10,456) (10,655) (10,486) 587 966 1,347 -193 38 578
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33 33 Breakdown by division (€bn) and variation over 12 months Contracting order book 13,1 mois -2% +3% +9% +4% ∆25/24 Year N Year N+1 Beyond N+1 +11% +11% -7% ∆25/24 ConstructionInfrastructureEnergy Systems Contracting order book (€bn) and variation over 12 months +4% 6.5 6.7 7.5 8.1 9.0 6.8 7.5 8.1 9.0 9.93.4 3.8 4.3 11.4 10.6 16.6 18.0 19.8 28.4 29.5 30/06/2021 30/06/2022 30/06/2023 30/06/2024 30/06/2025 4.2 5.2 5.9 8.0 8.7 7.6 7.8 9.1 14.9 15.4 4.9 5.1 4.8 5.5 5.4 16.6 18.0 19.8 28.4 29.5 30/06/2021 30/06/2022 30/06/2023 30/06/2024 30/06/2025
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34 Appendices
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35 Group shareholding structure Shareholding at 31/12/2024 98M shares Employees shareholders Treasury shares Floating Shareholding at 30/06/2025 98M shares 5.8%21.4% 72.7% 1.8% 23.3% 74.9% Shareholding at 30/06/2024 98M shares 2.6%21.9% 75.5%
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36 Revenue (excl. Ifric 12) Revenue breakdown (€M) Revenue breakdown in Europe excluding France (€M) 1,002 675 527 462 214 58 100 116 151 1,251 715 566 449 246 216 136 86 214 Germany Spain Belgium Luxembourg United Kingdown Netherlands Poland Norway Switzerland Others H1 2024 H1 2025 7,430 358 3,305 7,639 410 3,879 France International exc. Europe Europe exc. France H1 2024 H1 2025
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37 37 Concessions financial net debt breakdown Non-recourse debt raised in dedicated SPVs for €10.5 billion* Non-recourse FND structure (M€) 1,195 1,959 7,346 *Excl. IFRS 16 debt, fair value of Concessions swaps: €37 M Motorways and airport PPP and misc APRR and Financière Eiffarie BPL HSRL 710 Grande Arche 115 Others 210 Decathlon Arena Pierre Mauroy Stadium 160 Toulouse Airport 76 Aliénor (A65) 653 Millau Viaduct 532 Non-recourse FND breakdown (€M) Financière Eiffarie 762 APRR 6,584 Autoroute de l’Avenir motorway (Senegal) 82 Adelac (A41) 616
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Liquidity APRR liquidity 1.8 billion of euros in cash and cash equivalents 1.5 billion of euros undrawn bank credit line without financial convenant Renewed on 25/02/2025 for 5+1+1 year 3.3 billion of euros in liquidity =+ Group liquidity 2.5 billion of euros in cash and cash equivalents 2.0 billion of euros undrawn bank credit line without financial convenant Renewed on 08/01/2025 for 5+1+1 year =+ 4.5 billion of euros in liquidity 38
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39 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 250 344 Investment accounted for using the equity method 2,073 2,082 Financial assets on service concessions arrangement non-current 1,161 1,122 Other financial assets non-current 392 411 Deferred tax assets 252 276 Other assets 1 1 Total non-current assets 23,930 24,006 Inventories 929 975 Trade receivables 6,725 7,525 Current tax receivables 20 32 Financial assets on service concessions arrangement current 74 76 Other current assets 2,604 3,103 Other financial assets - - Cash and cash equivalent 6,025 5,268 Assets held for sale - - Total current assets 16,377 16,979 Total assets 40,307 40,985
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40 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 6,946 Attributable to non-controlling interests 1,434 1,406 Total capital and reserves 8,153 8,352 Long-term debt 12,158 12,032 Rented assets debt 903 929 Deferred tax liabilities 807 824 Non-current provisions 828 830 Other non-current liabilities 462 453 Total non-current liabilities 15,158 15,068 Trade creditors 5,473 5,759 Short-term loans and other borrowings 2,224 2,176 Non-current borrowings due within one year 1,073 980 Lease liabilities due within one year 341 342 Current tax liabilities 264 305 Current provisions 909 966 Other creditors and accruals 6,712 7,037 Liabilities held for sale - - Total current liabilities 16,996 17,565 Total liabilities and shareholder’s equity 40,307 40,985
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41 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 (705) (756) Provisions (43) (73) Changes in inventories 20 32 Other operating income and expenses 37 65 Operating profit on ordinary activities 997 1,006 Other operating income and expenses (18) (24) Operating profit 979 982 Income from cash and cash equivalent 66 54 Cost of gross debt (230) (213) Net finance costs (164) (159) Other financial income (expenses) (3) (8) Share of profit (loss) of associates 40 34 Corporation tax (235) (353) Net profit 617 496 Attributable to the Group 382 308 Non-controlling interests 235 188 (1) Included Ifric 12 for €115M for H1 2024 and €102M for H1 2025
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42 Consolidated cash flow statement in millions of euros H1 2024 H1 2025 Cash and equivalents at 1 January 4,835 5,959 Currency effect (1) (1) Restated cash and cash equivalents at 1 January 4,834 5,958 Net profit 617 496 Profit (loss) of equity-method investments (40) (34) Dividends from equity-method investments 66 72 Depreciation and amortisation 705 756 Net increase in provisions 24 56 Other non-cash items 54 105 Gain (loss) on disposals (17) (15) Cash flow from operations before interest and taxes 1,409 1,436 Net interest expense 140 145 Interest paid (198) (223) Income tax expense 235 354 Income tax paid (363) (369) Change in working capital requirement (672) (892) Net cash from operating activites 551 451 in millions of euros H1 2024 H1 2025 Purchases of fixed assets (232) (298) Purchase of intangible concession assets (68) (138) Purchase of non-current financial assets (9) (7) Disposals and reductions of fixed assets 77 82 Net operating investments (232) (361) Purchases of controlling interests (265) (202) Disposals of controlling interests and assets held for sale 9 6 Cash and cash equivalents of entities bought or sold 38 182 Net financial investments (218) (14) Net cash used in investing activities (450) (375) Dividends paid to shareholders* (662) (678) Capital increase 249 280 Purchase / disposals of non controling interests (48) (9) Repurchase and resale of treasury shares (180) (26) Repayment of leases debt (171) (181) Repayment of borrowings (830) (1,924) New borrowings 401 1,567 Net cash (used in) financing activities (1,241) (971) Net increase in cash and cash equivalents (1,140) (895) Cash and cash equivalents at closing 3,694 5,063 *Incl. dividends paid by Eiffage SA of €M 452 (€M 395 in H1 2024)
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43 43 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 (4) (7) Concessions (145) (136) Holding & Contracting (19) (23) Financial result (164) (159)
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44 Grand Paris Express contracts won by Eiffage
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45 APRR & Financière Eiffarie - Financial net debt structure* 45 5 14 14 14 15 14 7,096 6,674 6,681 6,865 6,658 6,584 1,061 1,012 894 1,037 961 762 8,157 7,686 7,575 7,902 7,619 7,346 31/12/2022 30/12/2023 30/12/2024 30/06/2023 30/06/2024 30/06/2025 Eiffarie / Financière Eiffarie APRR in millions of euros *Excluding IFRS 16 debt and the swaps
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46 APRR - Gross debt profile 46 EMTN Programme Profile as at 30/06/2025 in millions of euros 700 500 500 500 700 500 500 500 500 500 500 500 700 500 119 2025 2026 2027 2028 2029 2030 2031 2032 2033 2034 2035 2036
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47 APRR - Changes to traffic Km travelled,12 months rolling average, rebased to Q4 2007 128.7 126.1 113.7 100 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 Q2 2025
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48 48 Motorway Concessions in France 2025 tariff increase *I = Inflation 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 contract | % 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 | 52.5%) +2.75%
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49 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 Operational 100.00% Amédéa (A412) Concession FR 2079 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 ancillaries PPP FR 2043/2076 Operational 100.00% Sun’R Renewable energy FR / Operational & under construction 86.37% Hydroelectric power stations Renewable energy FR / Operational & under construction 100.00% Reims Arena Concession FR 2036 Operational 100.00% Baie des Anges Marina Concession FR 2052 Operational & under construction 96.00% Marinas in the Bay of Toulon 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%
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50 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% 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 motorway PPP GER 2046 Operational 33.33% A3 motorway PPP GER 2050 Under construction 50. 00% Huatacondo PV Renewable energy CHIL 2047 Operational 6.30% Ten Merina Renewable energy SEN 2042 O perational 15.00% Maurepas Aqua center Concession FR 2044 Operational 5.00% Var middle schools PPP FR 2043 Operational 19.90%
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51 51 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 Carénage tunnel 29 27 Motorway concessions 3,015 2,995 Toulouse Airport 1,003 992 Lille Airport 19 19 Airport concessions 1,022 1,011 Bretagne-Pays de la Loire HSRL 825 799 Nové 134 182 Renewable energies 172 170 Decathlon Arena Pierre Mauroy Stadium and ancillaries 237 233 Grande Arche 121 116 Other 230 271 Other concessions and PPPs 1,719 1,771 Getlink 1,866 1,860 Total 15,632 15,360
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52 52 Major balances Contracting Sustain and develop the G roup’s European roots Complete acquisitions in speci alised business lines Expand around the world in ex port mode Concessions Manage, optimise and extend t he 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
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53 53 Energy sovereignty Decarbonisation of energy gener ation Optimisation of use and reduced ener gy 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 m anufacturing 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
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54 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 1,912 +3.1% +3.1% Total Group (excl. Ifric 12) 11,093 11,928 +7.5% +4.3% Of which: France 7,430 7,639 +2.8% +2.7% International 3,663 4,289 +17.1% +7.5% Europe excluding France 3,305 3,879 +17.4% +6.7% Excluding Europe 358 410 +14.5% +14.5% Contracting revenue (Ifric 12) 115 102 n.s. 54
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55 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 +3.2% +3.2% Total Group (excl. Ifric 12) 5,904 6,310 +6.9% +3.5% Of which: France 3,895 4,082 +4.8% +4.7% International 2,009 2,228 +10.9% +1.1% Europe excluding France 1,800 2,087 +15.9% +5.1% Excluding Europe 209 141 -32.5% -32.5% Contracting revenue (Ifric 12) 94 65 n.s. 55
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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 2025 contribution made by companies consolidated for the first time in 2025; the 2025 contribution made by companies consolidated for the first time in 2024 for the period equivalent to that of 2024 which preceded their first-time consolidation; the contribution made in 2024 by companies deconsolidated in 2025 for the period equivalent to that of 2025 following their date of deconsolidation; the 2024 contribution made by companies deconsolidated in 2024. Constant exchange rate: 2024 exchange rates applied to 2025 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. 56
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57 Alternative performance indicators: calculation methods and reconciliation with financial statement aggregates Reconciliation between the aggregates of the cash flow statement and the free cash flow Reconciliation between items reported in the balance sheet and net financial debt in millions of euros H1 2024 H1 2025 Net cash from operating activities 551 451 Net operating investments -232 -361 Repayment of lease liabilities -171 -181 Free cash flow 148 -91 in millions of euros H1 2024 H1 2025 Cash & cash equivalents 3,883 5,268 Non-current provisions -11,723 -12,032 Current loans and other borrowings -1,704 -2,176 Part of non-current borrowings due within one year -1,081 -980 Restatement of derivative financial instruments 8 12 Net financial debt excluding IFRS 16 debt, fair value of swaps -10,617 -9,908 57
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58 Investor relations contact and Agenda Quarterly information and turnover for the 3rd quarter 13.11.2025 Annual results and analysts presentation 25.02.2026 General Meeting of shareholders 22.04.2026 Quarterly information and turnover for the 1st quarter 12.05.2026 Half-year results and analysts’ presentation 26.08.2026 Quarterly information and turnover for the 3rd quarter 12.11.2026 Xavier Ombrédanne xavier.ombredanne@eiffage.com +33 (0)1 71 59 10 56
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59 Disclaimer 59