Earnings release
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Vélizy-Villacoublay, 26 August 2026 17:40 Press release First half 2026 results • Increase in revenue (up 2.3%) • Solid performance in Contracting • Revenue up 2.8% (of which +4.8% in the second quarter) • Operating profit on ordinary activities up 11.6% (operating margin on ordinary activities up 20 bps) • Order book up 7% year-on-year at €31.5 billion, with growth in all divisions • Concessions performance affected by decline in light vehicle motorway traffic , buoyant heavy goods vehicle traffic • Net income Group share up 12.1% • Net debt* reduced by €0.5 billion year-on-year • Publication of the 7th climate report • Confirmation of the global outlook for 2026 of revenue and earnings growth Key figures* H1 Change in millions of euros 2025 2026 2026 vs. 2025 Revenue 11,928 12,200 +2.3% Operating profit on ordinary activities 999 1,019 +2.0% As a % of revenue 8.4% 8.4% Net income Group share 305 342 +12.1% Free cash flow (91) (75) Net debt (€bn) 9.9 9.4 -0.5 Order book (€bn) 29.5 31.5 +7% APRR and AREA traffic (thousands of km) 12,353 12,046 -2.5% *: see appendix
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2 Eiffage’s Board of Directors met on 26 August 2026 to approve the financial statements for the first half of 2026(1). Figures for the first half of 2025 take account of the effects of the revision of the Ifric 12 provision on 31 December 2025, as detailed in appendix 3. Activity The Group’s consolidated revenue for the first half of 2026 totalled €12.20 billion, up 2.3% on an actual basis (+1.1% lfl) compared with the first half of 2025. In Contracting, revenue proved robust in the second quarter, with growth of 4.8% ( +3.4% lfl). Total Contracting revenue for the first half of the year came to €10.30 billion ( actual growth of 2.8% or + 1.2% lfl). Revenue remained robust in Europe (France and outside France), with growth of 4.5% (+2.8% lfl) over the first half of the year. Outside Europe, the sharp drop in revenue is due to a number of projects managed on an export basis coming to an end, as anticipated. As Goyer, previously part of the Infrastructure division, joined the Off- Site department of the Construction division, figures for 2025(2) have been amended accordingly. Construction division revenue rose by 5.0% ( actual and lfl) to €2.11 billion. In France, revenue continued to benefit from the ramp- up of a number of major projects and a favourable comparison base, particularly in property development, with an increase of 6.9% (actual and lfl). In Europe excluding France, revenue was also robust (up 4.2% actual and lfl), particularly in Belgium, Luxembourg and Poland. Property development revenue increased by 11.8% to €255 million, which should be put in context following a record low first half of 2025. A total of 1,224 homes were sold compared with 916 in the first half of 2025. The order book stood at €5.9 billion at 30 June 2026, an increase of 6% year -on-year. This only includes part of the multi-year revenue generated by the Nové contract with the French Ministry of the Armed Forces. Infrastructure division revenue remained stable on an actual basis (down 1.3% lfl) at €4.23 billion. Revenue in France increased slightly (+0.5% actual and lfl) to €2.16 billion, with disparities depending on the business unit (Eiffage Route down 4.2%, Eiffage Génie Civil down 0.7% and Eiffage Métal up 46.7%). Eiffage Route was affected by the electoral cycle following the French municipal elections in March 2026. Eiffage Métal benefited from major offshore wind projects. In Europe excluding France, revenue rose 6.5% ( +3.6% lfl) to €1.95 billion. HSM, consolidated as of the start of June 2025, contributed 3.6% of growth, with a currency effect of - 0.7%. In Germany, revenue was affected by works on the A3 motorway coming to an end, but saw significant growth otherwise, as did Spain, which benefited from a few flagship projects. Outside Europe, revenue totalled €118 million compared with €250 million during the period to 30 June 2025. This fall was primarily due to the decline in operations in Senegal, which had been expected, as well as the Puerto Antioquia project in Colombia coming to an end. The order book stood at €16.1 billion at 30 June 2026, up 6% year-on-year. (1): Audit procedures have been performed and the report on the limited review of the financial statements has been issued. (2): Revenue: €158 million in 2025 including €72 million in the first half of 2025 | Order book: €227 million at 30 June 2025
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3 At Energy Systems division, following a stable first quarter performance on a lfl basis (down 0.3%), revenue picked up significantly in the second quarter (up 6.6% reported or +4.1% lfl). Over the first half of the year, revenue rose by 4.8% ( +2.0% lfl) to €3.95 billion. In France, revenue increased by 0.4% ( -1.2% lfl) to €2.10 billion. In Europe excluding France, the Group’s performance remained brisk with growth of 10.8% (+6.1% lfl) to €1.75 billion, with the acquisitions carried out in Germany, Spain and Italy generating additional growth of 4.6%. Outside Europe, revenue totalled €105 million compared with €102 million during the period to 30 June 2025. The order book grew by 9% year-on-year to €9.5 billion. In the Concessions division, revenue fell by 0.4% (up 0.5% lfl) to €1.90 billion. As a reminder, Nové has been consolidated under the equity method since 31 December 2025 (revenue of €18 million in the first half of 2025), which explains the change in the scope of consolidation. Light vehicle traffic was down overall due to ongoing high fuel prices whilst the heavy goods vehicle one remains buoyant. Traffic was 2.5% lower than in the first half of 2025 for APRR, 6.8% lower for the Millau viaduct, 4.6% lower for Aliénor (A65) and 1.2% lower for Adelac (A41) with revenues of the last two being nonetheless up. However, Aliaé (A79) saw a 1.9% increase in traffic, while the Autoroute de l’Avenir motorway in Senegal saw an increase of 6.6%. Revenue from motorway concessions in France is up by 0.5% to €1.67 billion (+€9 million of which €10 million comes from the new Fulli service areas). Traffic at Toulouse airport rose by 0.9% (revenue up 2.9% at €82 million), while traffic at Lille airport was 1.1% lower than in the first half of 2025. Airports revenue is up 3.0%. Revenue from PPPs and equivalent projects fell to €102 million. Results Operating profit on ordinary activities increased to €1 billion (up €20 million compared with the first half of 2025), with operating margin on ordinary activities maintained at 8.4%. Eiffage Construction generated operating margin of 3.5% (3.5% in the first half of 2025) against the backdrop of ongoing poor conditions in the new build market (residential and commercial properties) and property development in France. In the Infrastructure division, operating margin – which is usually negative in the first half of the year for the civil engineering and roads activities – was -0.3% (-0.3% in the first half of 2025). Eiffage Énergie Systèmes saw further significant improvement in operating margin to 5.2% (4.9% in the first half of 2025), and now benefits from critical mass in its target markets in Europe, all of which are performing well. Overall, Contracting operating margin improved to 2.6% (2.4% in the first half of 2025), bringing the contribution of Contracting to total operating profit on ordinary activities for the first half of the year to €269 million compared with €241 million in the first half of 2025 (an increase of 11.6% with revenue growth of 2.8%). The Concessions division generated operating profit on ordinary activities of €822 million, down €16 million, mainly in relation to motorway concessions in France, affected by the ongoing decline in light vehicle traffic and the increase in amortisation expense, as anticipated. T his represents an operating margin of 43.2% (43.8% in the first half of 2025). APRR, for its part, reported an E bitda margin of 71.7% (72.1% in the first half of 2025). The Fulli service areas, newly operated by APRR, have led to a 0.5 per cent dilution of the Ebitda margin (2026 Ebitda margin on a like-for-like basis with 2025 of 72.2%) Cost of net debt remained more or less stable at €161 million (€159 million in the first half of 2025), with the rise in interest rates offset by the reduction in net debt. Financial income and expense also includes the capital gain on the sale of Volterres. Income from associates (companies consolidated under the equity method) includes €34 million in relation to Getlink. Net income Group share therefore totalled €342 million compared with €305 million in the first half of 2025 (+12.1%).
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4 Financial position Free cash flow – which is structurally low in the first half of the year – totalled -€75 million, of the same order as in 2025 (-€91 million), despite the more significant seasonal variation in the working capital requirement. Acquisitions during the first half of the year represented an expense of €204 million. This relates primarily to the latest increase in the stake held in Getlink, as well as acquisitions in energy services in Germany. Net debt – excluding debt under IFRS 16 and fair value of swaps – totalled €9.4 billion at 30 June 2026, a reduction of €0.5 billion over 12 months. N on-recourse net debt of the Concessions decreased by €0.6 billion year-on-year to €9.9 billion, while holding company activities and Contracting divisions presented a positive net cash position of over €0.5 billion, stable over 12 months. Free cash flow generation over the last 12 months has enabled the Group to finance major investments in growth (in particular increasing its stake in Getlink by 7.11% and then 1.74%) and reduce its net debt. Eiffage cancelled shares in the first half of the year at the same time as carrying out a rights issue reserved for employees. Treasury shares account for 0.8% of share capital as at 30 June 2026 compared with 1.8% as at 30 June 2025 and 3.0% as at 31 December 2025. Financing The Group benefits from a solid financial position at the level of both Eiffage SA (and its Contracting subsidiaries), with a short-term rating of F2 from Fitch, as well as its concession entities, the largest of which is APRR, rated A/Stable by Fitch and A-/Stable by S&P. Eiffage SA and its Contracting subsidiaries had a cash position of €4.4 billion as at 30 June 2026, comprising €2.4 billion of cash and cash equivalents and an undrawn bank credit facility of €2 billion with no financial covenants. This facility with no financial covenants matures in 2031, with the possibility of being extended by one year. Eiffage SA’s cash position remains stable (down €0.1 billion relative to 30 June 2025). APRR had a cash position of €2.9 billion as at 30 June 2026, comprising €1.4 billion of cash and cash equivalents and an undrawn bank credit facility of €1.5 billion. This facility with no financial covenants matures in 2031, with the possibility of being extended by one year. APRR’s cash position decreased by €0.4 billion relative to 30 June 2025. In January 2026, APRR successfully carried out a new €0.5 billion bond issue maturing in January 2032 with a coupon of 3.125%. Engagements in the environnemental transition The Group published its seventh climate report in the first half of 2026 and is continuing with its efforts to reduce its greenhouse gas emissions and limit pressure on natural resources and biodiversity, as well as the impact of the waste it produces. In particular, the climate report addresses adapting local regions to climate change, detailing: - how climate change is taken into account at the highest level of the company and at the heart of its business lines, with more and more staff trained in and made aware of climate issues; - management of climate change-related physical and transition risks; - the strategy selected in order to be compatible with limiting the average rise in global temperature to 1.5°C and opportunities for sustainable activities, the development of which should be ramped up. The Group has also had its rating upgraded by ESG rating agencies MSCI, EcoVadis, ISS and Sustainalytics.
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5 Board composition For strictly family related reasons, Ms Odile Georges-Picot has chosen to resign from her position as a director of the company with effect from 27 August 2026. Ms Georges-Picot had served as an independent director since her appointment at the Annual General Meeting of 25 April 2018. 2026 outlook The Contracting order book stood at €31.5 billion as at 30 June 2026, an increase of 7% year -on-year (up 6% since the start of the year), with growth in all divisions. Thanks to this record order book and solid results for the first half of 2026, the Group is able to confirm its overall outlook of “revenue growth of a lesser extent than in 2025 and further improvement of operating profit on ordinary activities and net income Group share”. In Contracting, the Group expects: - 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 2025; - higher operating margin thanks to further improvement in profitability at Eiffage Énergie Systèmes and consolidation in margins level of the other Contracting business units as part of an ongoing selective order intake policy. In Concessions, revenue and operating profit are now expected to be slightly lower than in 2025 (“slight increase” previously) due to the ongoing decline in motorway traffic as a result of high fuel prices. Subsequent events - Eiffage Construction has strengthened its presence in Luxembourg with the acquisition of the Baatz Group’s contracting entities. Results presentation A more detailed presentation of the financial statements for the first half of 2026, in French and English, as well as the detailed financial statements of the Group and APRR, can be found on the company’s website, www.eiffage.com. The financial statements presentation and analyst conference will take place at 5.40 p.m. on 26 August 2026 and can be viewed live or as a recording on the company’s website and at the following links: English: https://edge.media-server.com/mmc/p/jmkstp29/lan/en French: https://edge.media-server.com/mmc/p/jp8sirq7 Investor contact Xavier Ombrédanne Tel.: + 33 (0)1 71 59 10 56 xavier.ombredanne@eiffage.com Press contact Sophie Mairé Tel.: + 33 (0)1 71 59 10 62 sophie.maire@eiffage.com
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6 APPENDICES Appendix 1: First-half revenue by segment 1st semester Change 2025 2026 2026 vs. 2025 in millions of euros Actual 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% Sub-total Contracting 10,016 10,296 +2.8% +1.2% Concessions (excl. Ifric 12) 1,912 1,904 -0.4% +0.5% Total Group (excl. Ifric 12) 11,928 12,200 +2.3% +1.1% Of which: France 7,639 7,754 +1.5% +1.3% Europe excl. France 3,879 4,188 +8.0% +4.7% Total Europe 11,518 11,942 +3.7% +2.4% International (excl. Europe) 410 258 -37.1% -36.8% Construction revenue (Ifric 12)* 98 *** 90 nm ** Pro forma for restatement of Goyer from Infrastructure to Construction *** Pro forma for revision of Ifric 12 provision Second-quarter revenue by segment 2nd quarter Change 2025 2026 2026 vs. 2025 in millions of euros Actual 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% Sub-total Contracting 5,304 5,559 +4.8% +3.4% Concessions (excl. Ifric 12) 1,006 992 -1.4% -0.5% Total Group (excl. Ifric 12) 6,310 6,551 +3.8% +2.8% Of which: France 4,082 4,134 +1.3% +1.1% Europe excl. France 2,087 2,281 +9.3% +6.5% Total Europe 6,169 6,415 +4.0% +2.9% International (excl. Europe) 141 136 -3.5% -2.8% Construction revenue (Ifric 12)* 61 *** 53 nm ** Pro forma for restatement of Goyer from Infrastructure to Construction *** Pro forma for revision of Ifric 12 provision
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7 Appendix 2: Operating profit on ordinary activities and margin H1 2025 pro forma H1 2026 Change 2026 vs. 2025 million euros % of revenue million euros % of revenue Change 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 -72 8 Total Group 999 8.4% 1,019 8.4% 20 * Pro forma for restatement of Goyer from Infrastructure to Construction (operating profit: +€11 million in 2025 including +€4 million in the first half of 2025) *** Pro forma for revision of Ifric 12 provision
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8 Appendix 3: Consolidated financial statements Income statement in millions of euros Pro forma H1 2025 H1 2026 Income from operating activities (1) 12,297 12,438 Other income 9 9 Cost of goods (2,016) (1,996) Staff costs (2,881) (3,024) External expenses (5,380) (5,302) Taxes and duties (291) (295) Depreciation and amortisation (756) (806) Provisions (net of reversals) (80) (46) Change in inventories (work-in-progress and finished goods) 32 (12) Other operating income and expenses 65 53 Operating profit on ordinary activities 999 1,019 Other income and expenses from operations (24) (19) Operating profit 975 1,000 Cash and cash equivalents 54 51 Cost of debt (gross) (213) (212) Cost of debt (net) (159) (161) Other financial income and expenses (9) 24 Share of income from associates 34 35 Income tax (351) (347) Net income 490 551 Group share 305 342 Non-controlling interests 185 209 (1) Including Ifric 12 in the amount of €98m in H1 2025 and €90m in H1 202 6 Figures for the first half of 2025 take account of the effects of the revision of the I fric 12 provision on 31 December 2025, as detailed in appendix 3.
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9 Balance sheet in millions of euros 31/12/2025 30/6/2026 Property, plant and equipment 2,410 2,426 Right-of-use assets and leases 1,368 1,513 Investment properties 64 62 Intangible assets held under concessions 10,850 10,572 Goodwill 4,799 4,836 Other intangible assets 319 294 Investments in associates 2,838 2,934 Financial assets in relation to non-current service concession agreements 1,083 1,048 Other non-current financial assets 420 474 Deferred taxes 259 285 Other non-current assets 1 1 Total non-current assets 24,411 24,445 Inventories 944 977 Trade and other receivables 7,025 7,895 Current taxes 35 46 Financial assets in relation to current service concession agreements 78 80 Other assets 2,555 3,141 Cash and cash equivalents 5,870 4,517 Assets held for sale 16 - Total current assets 16,523 16,656 Total assets 40,934 41,101
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10 in millions of euros 31/12/2025 30/6/2026 Share capital 392 392 Consolidated reserves 6,037 6,785 Total other comprehensive income 50 103 Income for the period 1,022 342 Group equity 7,501 7,622 Non-controlling interests 1,389 1,314 Total equity 8,890 8,936 Borrowings 11,573 10,976 Lease liabilities 992 1,141 Deferred taxes 744 738 Non-current provisions 881 909 Other non-current liabilities 538 538 Total non-current liabilities 14,728 14,302 Trade and other payables 5,613 5,995 Miscellaneous borrowings and financial liabilities 1,846 1,601 Non-current borrowings due in less than a year 1,005 1,323 Lease liabilities due in less than a year 359 355 Income tax liability 262 309 Current provisions 1,125 1,117 Other current liabilities 7,106 7,163 Liabilities held for sale - - Total current liabilities 17,316 17,863 Total equity and liabilities 40,934 41,101
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11 Cash flow statement in millions of euros Pro forma H1 2025 H1 2026 Cash and cash equivalents at start of period 5,959 5,784 Impact of changes in exchange rates (1) 2 Corrected cash position at start of period 5,958 5,786 Net income 490 551 Income from associates (34) (35) Dividends received from associates 72 138 Depreciation and amortisation 756 805 Net provisions 64 7 Other income not affecting the cash position 105 86 Income from disposals (15) (43) Cash flow 1,438 1,509 Net interest expense 145 145 Interest paid (223) (209) Income tax expense 352 347 Income tax paid (369) (342) Change in working capital requirement related to activity (892) (1,030) Net cash flow from operating activities 451 420 Purchases of property, plant and equipment and intangible assets (298) (233) Purchases of intangible assets held under concessions (138) (116) Purchases of financial assets (7) (24) Disposals and reductions of fixed assets 82 82 Net operating investment (361) (291) Acquisitions of equity investments (202) (257) Disposals of equity investments and assets corresponding to disposals 6 38 Cash positions of entities acquired/sold 182 15 Net financial investment (14) (204) Net cash flow from investing activities (375) (495) Dividends paid to shareholders* (678) (760) Rights issue 280 293 Acquisitions/disposals of minority interests (9) 0 Buying and selling of treasury shares (26) (131) Repayment of lease liabilities (181) (204) Repayment of borrowings (1,924) (1,149) Borrowings 1,567 524 Net cash flow from financing activities (971) (1,427) Change in cash position (895) (1,502) Cash and cash equivalents at end of period 5,063 4,284 *Including dividends paid by Eiffage SA of €468m (€452m in H1 2025) Figures for the first half of 2025 take account of the effects of the revision of the I fric 12 provision on 31 December 2025, as detailed in appendix 3.
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12 Detail of impacts of revision of Ifric 12 provision Income statement 30 June 2025 in millions of euros Reported Impact Adjusted Income from operating activities 12,301 (4) 12,297 External expenses (5,384) 4 (5,380) Provisions (net of reversals) (73) (7) (80) Operating profit on ordinary activities 1,006 (7) 999 Operating profit 982 (7) 975 Other financial income and expenses (8) (1) (9) Income tax (353) 2 (351) Net income 496 (6) 490 - Group share 308 (3) 305 - Non-controlling interests 188 (3) 185
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13 Appendix 4: Order book by division in billions of euros 30/06/2025 30/06/2026 Change 2026 vs. 2025 Change 3 months Construction 5.6 * 5.9 +6% +4% Infrastructure 15.2 * 16.1 +6% +1% Energy Systems 8.7 9.5 +9% +1% Total Contracting 29.5 31.5 +7% +1% To be delivered in year N 9.0 9.3 +3% N+1 9.9 10.2 +3% N+2 and later 10.6 12.0 +14% * Pro forma for restatement of Goyer from Infrastructure to Construction (€227M at 30 June 2025). Appendix 5: Alternative performance metrics: definitions and calculation methods and reconciliation with financial statement aggregates Definitions Concessions’ “Construction” revenue (Ifric 12) Concessions’ “Construction” revenue corresponds to costs relating to the provision of construction services or infrastructure improvements by the company awarded the concession contract in accordance with Ifric 12 “Service Concession Arrangements”, after elimination of intragroup transactions Contracting order book Proportion of signed contracts not executed Net debt Net debt excluding debt under IFRS 16 applied since 1 January 2019 and fair value of derivatives Free cash flow Free cash flow is calculated as follows: Net cash flow from operating activities - net operating investment - repayment of lease liabilities - repayment of receivables in relation to PPP agreements Operating margin Operating profit on ordinary activities as a percentage of revenue EBITDA Earnings before interest, taxes, depreciation and amortisation Like-for-like (lfl) At constant scope, adjusted for: the 2026 contribution of companies added to the scope of consolidation in 2026; the 2026 contribution of companies added to the scope of consolidation in 2025 for the equivalent period to that of 2025 prior to the date they were added; the 2025 contribution of companies removed from the scope of consolidation in 2026 for the equivalent period to that of 2026 prior to the date they were removed; the 2025 contribution of companies removed from the scope of consolidation in 2025. At constant exchange rates: 2025 exchange rates applied to foreign currency revenue for 2026. Group liquidity The Group’s liquidity is calculated as follows: cash and cash equivalents managed by Eiffage SA and its Contracting subsidiaries + Eiffage SA undrawn bank credit facilities APRR liquidity APRR’s liquidity is calculated as follows: cash and cash equivalents managed by APRR and its subsidiaries + APRR undrawn bank credit facilities
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14 Calculation methods and reconciliation with financial statement aggregates Free cash flow (alternative performance measurement metric): calculation methods and consolidated financial statement aggregates in millions of euros H1 2025 H1 2026 Net cash flow from operating activities 451 420 Net operating investment (361) (291) Repayment of lease liabilities (181) (204) Free cash flow (91) (75) Net debt (alternative performance measurement metric): calculation methods and consolidated financial statement aggregates in millions of euros H1 2025 H1 2026 Cash and cash equivalents 5,268 4,517 Non-current borrowings (12,032) (10,976) Current miscellaneous borrowings and financial liabilities (2,176) (1,601) Non-current borrowings due in less than a year (980) (1,323) Adjustment for derivatives 12 5 Net debt excluding debt under IFRS 16 and fair value of swaps (9,908) (9,378) Appendix 6: Financial calendar Third-quarter financial information and revenue 12.11.2026 Full-year results and analyst meeting 24.02.2027 Annual general meeting 21.04.2027 First-quarter financial information and revenue 12.05.2027 First-half results and analyst meeting 25.08.2027 Third-quarter financial information and revenue 09.11.2027 Negative periods begin a fortnight before quarterly publications and 30 days before annual and interim publications.