Q2 2026 Eiffage SA Earnings Call

August 26, 2026

Operator: Bonjour à toutes et à tous et bienvenue à cette présentation des comptes semestriels du groupe Eiffage. Vous avez pu voir en ouverture une rétrospective de l'ensemble des travaux déjà exécutés sur les EPR2 de Penly qui mobilisent de nombreux savoir-faire du groupe et plus de 1,200 collaborateurs. Comme évoqué en février 2026, the group has a strategy which is affirmed, borne by the long term trends, sovereignty of energy, development of new mobilities, necessary adaptation to the climate change, facing extreme events that go on one after the other and extend on the whole European territory. Those trends will need investments, public as well as private, remaining powerful drivers for growth in the medium and long term for our group. Let's move to the highlights of the H1. It's characterized by results and increasing outcome as expected.

Benoît de Ruffray: Bonjour à toutes et à tous et bienvenue à cette présentation des comptes semestriels du groupe Eiffage. Vous avez pu voir en ouverture une rétrospective de l'ensemble des travaux déjà exécutés sur les EPR2 de Penly qui mobilisent de nombreux savoir-faire du groupe et plus de 1,200 collaborateurs. Comme évoqué en février 2026, the group has a strategy which is affirmed, borne by the long term trends, sovereignty of energy, development of new mobilities, necessary adaptation to the climate change, facing extreme events that go on one after the other and extend on the whole European territory. Those trends will need investments, public as well as private, remaining powerful drivers for growth in the medium and long term for our group. Let's move to the highlights of the H1. It's characterized by results and increasing outcome as expected.

Benoît de Ruffray: In the works, operational performance is solid and visibility remains very good with an order book, a gain in growth over a year and progressing on all of the branches, lines of business. In the concessions, performance is impacted by the decrease of the motorway traffic of the LVs, given the persistence of the oil price, which is high, direct consequence of the Middle East conflicts. These results enable us to confirm the perspectives of the increase of activity and results for the group in 2026.

Benoît de Ruffray: The construction line is back to growth. Commercial activity remained dynamic with some very beautiful operations. You can here see the contract attributed by RTE to the teams' work and services for the construction over five years of 450 modular buildings, industrialized, which are meant to be installed in electrical stations all over the French territory. It mobilizes 70 agencies all over the French territory. At Mantes-la-Jolie, our team secured a new contract in design and build for the construction of the gendarmerie and 58 housing units with an approach aligned environmental performance and quality of use. Eiffage Construction supports the transformation of the campus of ESSEC Business School, Neuilly, with a new contract of energy renovation of a building and the construction of an extension for a modernized learning center with better environmental performances. Operation led an occupied site within a campus welcoming over 4,500 students.

Work and services for the construction, over 5 years, of 450 modular industrialized buildings, which are meant to be installed in electrical stations throughout the French territory.

It mobilizes.

70 agencies all over the French territory.

At Mount Lei, our team secured a new contract in design and build for the construction of the Jean Murray and 58 housing units, with an approach aligned with environmental performance and quality of use.

Eiffage Construction supports a transformation of the campus of EDC Business School Bay, with the new contract for energy renovation of the building and the construction of an extension for a modernized Learning Center with better environmental performance.

Benoît de Ruffray: In the infrastructures, Eiffage Génie Civil has a stable activity in France and remains supported by major projects. Eiffage Route sees its activity contracting by 5%, impacted mainly by the decrease of public order from the local authorities, which is not offset by private order, which remains still growing, neither with the participation in some major projects of the group. Eiffage Métal France is in strong growth thanks to the wind farm projects for RTE and directly through the projects of Atlantique. You can see on the screen the contract devoted to Eiffage Génie Civil by SNCF Réseau for the construction of bridges of the line Amiens-Laon on the Canal Seine-Nord Europe, a bridge of 908 meters and a viaduct of 77 meters span. Eiffage Métal and Eiffage Rail are also intervening on this project.

Operation of LED in an occupied site within a campus welcoming over 4,500 students.

The infrastructure segment has stable activity in France and remains supported by major projects.

Ceases activity contracting by 5%, impacted mainly by the decrease of public order.

From the, uh, local authorities—which is not offset by private order, which remains still growing.

Neither with the participation in some major projects of the group. Eiffage Métal France is in strong growth, thanks to the wind farm projects for RT and director, and through the projects of Atlantic.

You can see on the screen the contract devoted to buy SNCF RZU for the construction of bridges on the line. Anya, on the canal, Es North Europe, a bridge of 98 meters, and A.

Benoît de Ruffray: After a recent collaboration led in success on the Hinkley Point C in the UK, Eiffage Métal signed with Arabelle Solutions, subsidiary of EDF, a long-term partnership, 12 years, for the manufacturing in Lauterbourg, components for heat exchangers for nuclear plants in France and Europe. This partnership consolidates the position of Eiffage Métal as a historical player and equipment provider of first line in the nuclear sector. It is on the location of Lauterbourg that is prepared the manufacturer of metallic elements of structure for the EPR2 in Penly. The energy system branch has an activity in slight growth in France, thanks to a Q2 more dynamic than the first.

V of 77 M span, the Fashion Mall, and the FAR are also intervening on this project.

After a recent collaboration in LED and success at Hinkley Point C in the UK, Eiffage Métal signed with Rebel Solutions, a subsidiary of EDF.

a long-term partnership, 12 years, for the manufacturing in its Ma

In LOTTO components for heat exchangers for nuclear plants in France and Europe, this partnership consolidates the position of Metal as a...

Historical player and equipment provider of the first line in the nuclear sector.

It is on the location of Lotto that is prepared, the fabric manufacturer of metallic elements of structure for the EPR2 in Pawnee.

The Energy System branch has an activity in slight growth in France, thanks to a second queue.

Benoît de Ruffray: The CNES and ESA devoted to a French consortium, Franco-German, under the aegis of Eiffage Énergie Systèmes, the implementation of a new sun farm on the spatial port European, enabling the production of hydrogen, low carbon hydrogen for Ariane 6. At the same time, Eiffage Route is revamping ways and roads for the heavy duty road for the launching pad. Eiffage Énergie Systèmes has been selected by Campus AI for the implementation of the electrical substation, high voltage infrastructures for its Campus Fouju for amount of EUR 120 million. Eiffage Génie Civil and Eiffage Route are also mobilized. This starts the project in its operational phase. As during the past, the group leverages also its compactness to make a difference, mobilizing its different expertise as to win multi land of business contracts.

More Dynamic than the first.

The CNES and ESA devoted to a French consortium, Franco-German under the aegis of the mission of the system, the implementation of the new, uh, Sun Farm on the spatial port European, enabling the production of low-carbon hydrogen for Ariane 6.

At the same time, if a result is revamping ways in roads for the heavy-duty road for the launching pad,

The system has been selected by Campus AI for the implementation of the electrical substation, high voltage.

and infrastructures for its campus, Fuji, for an amount of €120 million, also mobilized,

This starts the project in its operational phase.

Benoît de Ruffray: Eiffage Construction has been appointed lead contractor of a groupment of design build with Eiffage Route and Eiffage Énergie Systèmes for the building of a cultural center and green public spaces at the center of Crèvecœur-le-Grand. Eiffage Construction has been selected for the implementation of the first stage of the Convergences project in Angers, a building of 38,400 square meters. Eiffage Énergie Systèmes has been awarded a contract for high and low voltage. The City of Paris, the Banque des Territoires, and the group Dalkia, Eiffage Énergie, Artelys have signed the articles of incorporation of the single-purpose PPP. Holder of the heating concession contract for Greater Paris. Semap, created for the execution of this contract, will make sure that the public service will be continued for a duration of 25 years.

As during the past, the Group leverages also its compactness to make the difference, mobilizing its different expertise. As to when multi... uh, land of business contracts, a fresh construction has been appointed lead contractor—lead contractor recruitment of...

At Design & Build, with and for the building of a cultural center and green public spaces at the center of traffic.

And, finally, Ash Construction has been selected for the implementation of the first stage of the Convergence project, namely the building of 38,400 square meters. A system has been awarded a contract for high and low voltage.

And the City of Paris, the Bank of the Territories, and the Group On Solutions have signed the articles of incorporation of the single-purpose PPP.

uh, holder of the uh,

Benoît de Ruffray: It will be in charge of the operation, modernization, and liquidization of the heating system of Paris urban infrastructure, which is a major one at the city level, which is supplying above 1 million people in Paris and in the surrounding municipalities. The H1 has also been highlighted by many deliveries. Eiffage Immobilier has delivered a turnkey project on Campus du Parc, enabling to offer a second life to the old architectural school of Nanterre, an iconic building of the '70s. Besides the renovation of the building, the project encompassed the building of three new buildings. Our teams also delivered the Marché Centenaire, a renovation of high technicity of a real estate of 18,000 square meter. The operation, carried out by Eiffage Construction, was highlighted by a dense urban environment, a partially occupied facade. Builder Goyer and Eiffage Métal also took part in this project.

The heating concession contract for Greater Paris SIMUP, created for the execution of this contract, will make sure that the public service will be continued for a duration of 25 years.

It will be in charge of operation modernization and decision-making for the heating system of Paris.

Urban infrastructure, which is a major one at the city level.

which is supplying over one million people in Paris and the surrounding municipalities.

The first half-year has also been highlighted by many deliveries. Eiffage has delivered a turnkey project on campus DEPART, enabling us to offer a second life to the old.

Architectural School of Knotter, an iconic building of the '70s.

Besides the renovation of the building,

a renovation of high technicity of a

A real estate area of 18,000 square meters. The operation carried out by First Construction was highlighted by a dense urban environment.

Benoît de Ruffray: We also started new project as the adaptable high service intensity residence of 319 housing units in Dieppe. A real estate program thought to be evolved after the departure of the workers of the project of EPR2, to welcome tenants of the housing provided by Logeo Seine. It is one of the three operations supported by Eiffage Immobilier to support Eiffage operation in EPR2 in Penly, enabling to provide 1,300 housing units. Eiffage Construction also started the works of Campus Université Grand Paris Nord. On over 77,000 square meters, the project encompasses four buildings devoted to teaching, research, lecture halls, and a convention center. It leverages also the electric works for Eiffage Énergie Systèmes and Eiffage Énergie Systèmes for the operation and maintenance for 12 years.

A partially occupied façade builder, Goya in Fresh Metal also took part in this project. We also started a new project as the adaptable high-service-intensity residence of 319 housing units in the app.

A real estate program thought to be evolved after the departure of the workers of the, uh, project of EPR2 to welcome tenants of the housing provided by Lucen is one of the three operations supported by F to support an F operation in EPR2 in PI, enabling to provide 1,300 housing units.

We have also started construction work on the Computer University in Grande Pinot.

On over 77,000 square meters, the project encompasses four buildings that go to teaching, research, lecture halls, and the convention center.

It also leverages the electric works.

Benoît de Ruffray: On the roads, it is in an urban environment that our teams are leveraging their expertise by implementing a double landscape cycle path of 2.6 kilometers at Oullins-Pierre-Bénite. It is the longest section of this cycle path. Eiffage Route inaugurated the project of renovation of the site of the Pointe du Hoc over Omaha Beach, aimed at improving the conditions of welcome of the public and matching the threats of erosion. The works included the widening of the parking, the security of the cycle path, modification of the welcome building, and the redesigning of the visitor circuit with our Bioklair natural surface. After having dug over 2.5 kilometers, one of the tunnel borer was transferred in April to start the digging of over 2 kilometers. A logistic complex, impressive thing with the transportation on 3 kilometers of the cutting disc of over 150 tons.

For, uh, Energy System and the system for the, uh, operation and maintenance for 12 years.

On the roads, it's in an urban environment that our teams are leveraging their expertise by implementing a double landscape cycle path of 2.6 km. It's the longest section of this cycle path.

If a route is integrated into the project of renovation of the site of the plant, dehawk, over Omaha Beach.

Aimed at improving the conditions of welcome for the public and addressing the threats of erosion, the works included the wiring of the parking.

the security of the, uh, cycle path, modification of the welcome building, and the redesigning of the visitor circuit with Arab Bioclar, natural surface,

after having, um,

Dog over 2.5 kilometers. One of the two little bores was transferred.

And April to start the, uh, digging of over 2.

kilometers. A logistic complex, impressive thing with the transportation on 3 kilometers of the

Benoît de Ruffray: On the works of Penly, has moved on this summer with many important steps. The junction with a new embankment has become a reality with over 8,100 blocks of concrete delivered. This link will enable us to finalize the platforms won over the war, freeing spaces which are important for the project to come. We have also implemented 2 million cubic meters of earthworks and got the first block of factory on its concrete. The teams of Eiffage Rail finalized the works of replacement of the tracks on LGV Nord in Le Havrais. This project, led on behalf of SNCF Réseau, are an important stage in the modernization of the network. Eiffage Métal finalized also works on modernization of a pipe circuit, as well as dismantling of installation and thermal insulation of new lines of a food processing plant.

Of the disk of, uh, cutting disc of over 150 tons.

On the works of Penley has, uh, moved on this summer with many important steps. The junction with the new embankment has become a reality, with over 8,100 blocks of concrete delivered.

This link will enable us to finalize the platforms, one of the war freeing spaces, which are important for the project to come.

We have also implemented 2 million cubic meters of earthworks and got the first.

Um, block of factory.

On its concrete.

The teams of Eiffage finalized the works of replacement of the trucks on LGV North in the Avalon. This project, led for and on behalf of SNCF Réseau, is an important step, an important stage in the modernization of the network.

Also works on modernization of the pipe circuit, as well as dismantling of installation and thermal isolation of new lines of a food processing plant.

Benoît de Ruffray: Eiffage Énergie Systèmes and Eiffage Génie Civil implemented a double underground link of 320 kilovolts over 40 kilometers in the north of Brittany in the framework of a work of electric interconnection between France and Ireland. Eiffage Concessions and Eiffage Énergie Systèmes finalized the construction of a new court of justice in Lille, a building of 24,000 square meters, meeting a specification which is very demanding. Facades and concrete in color. The delivery inaugurations are moving one after the other on the Nové project for the Ministry of the Armies and its planned ambition families. The company's at its operational peak with an average of 150 projects worked on simultaneously, and Nové delivered over 1,500 housing units. For my part, I took part in the inauguration of the barracks in Versailles for over 100 renovated housing units.

A double link and the ground link of 320 kilovolts over 40 kilometers in the north of Brittany, in the framework of a work of interconnection—electric interconnection between France and Ireland.

A fresh connection in the first Synergy system finalized, the construction of a new Court of Justice in Lille, a building of 24,000 square meters, meeting a specification which is very demanding for facades and concrete in color.

The delivery integrations are moving one after the other, and the Novi project for the mystery of the armies, and its plan, ambition, families.

The company is at its operational peak with an average of 150 projects worked on simultaneously.

Delivered over 1,500 housing units.

Benoît de Ruffray: After this vision of this order book and the activity in France, let's move to the European part. As anticipated, the growth of activity is less important than in 2025, but it remains very dynamic with over 8% of real growth in Europe outside of France, 4.7% in organic growth. Development of the group, as alluded in February, remains supported by its exposure to great trends of electrifications, digitization, and sovereignty, but also to its exposures to the trend of our markets in Germany, Spain, and the Netherlands. Commercial activity remained very dynamic in our implantation countries. In Poland, Eiffage Immobilier will transform the most ancient depot of trams in Poznań, implemented over 130 years ago. The space will be renovated and requalified, including the building of two residential buildings of 230 housing units and the renovation of the main building of the depot, as well as the historic buildings.

For my part, I took part in the inauguration of the barracks in Versailles for over 100 renovated housing units. After this,

Vision of this order book and the activity in France. Let's move to the European part.

As anticipated, the growth of activity is less important than in '25, but it remains very dynamic, with over 8% of real growth in Europe outside of France.

4.7% in organic growth.

Development of the group, as alluded to in February, remains supported by its exposure to great trends of electrification, digitization, and sovereignty, but also by its exposure to the trend of A-markets in Germany, Spain, and southern Netherlands.

Activity, commercial activity, remained very dynamic in our implementation countries, in Poland.

Especially, mobility will transform the most ancient depot of trams in Bosnia, implemented over 130 years ago.

The space will be renovated and re-qualified, including the construction of two residential buildings with a total of 230,000 units.

Benoît de Ruffray: In Wrocław, we will implement for the past two years, one of the major residential projects ever implemented in Poland. We just signed the last stage. It's a real estate program of three buildings erected on a former train site location on the banks of the Odra, offering 500 housing units for rental. In Germany, the local teams of Eiffage Génie Civil will implement for the account of the city of Nuremberg, the replacement of two bridges as well as the access routes, a market of EUR 95 million for Eiffage. The new roads, coupled with cycle and pedestrian path, are within the relaunching, the restart of the renovations of the German infrastructure. In Germany, our Belgian subsidiary, Smulders, won the contract in the joint venture, the contract for the construction of a conversion station of DC to be linked with North Sea Connector 2 as of end of 2034.

And the renovation of the main building of the depot, as well as the historic buildings.

In Roof, we will implement for the past two years.

One of the major residential projects ever implemented in Poland—we just signed the last stage.

It's a real estate program of three buildings, erected on a former...

Uh, trained site location on the banks of the Ottawa, offering 500 housing units for rental.

In Germany.

The local teams will implement for the account of the city of Nuremberg the replacement of two bridges, as well as the accessories.

The market of €95 million for Eiffage.

The New Roads.

coupled with, um,

Cycle and pedestrian paths are within the relaunching. The restart of the renovations of the German infrastructure. In Germany, our Belgian subsidiary, Smulders, were only contract in the joint venture of the contract for the construction of a conversion station.

Benoît de Ruffray: The contract encompasses the design of the system, the delivery of the pieces, the construction, the implementation, sea and land, as well as its commissioning. Negotiations are underway for a second project of a similar size. In the Netherlands, Eiffage Métal has been attributed the contract for the construction of two construction in metal construction, an arched one, 260 meters long, and a mobile work of 53 meters for the new bridge of Merwede. Lemmens Crane Systems is in charge of engineering, manufacturing, delivery, and installation of both structures. In Spain, Eiffage Energía Sistemas has secured the contract for the construction of the first center of DataNyx and data centers in Valencia, implementing mechanical installation, low and high voltage systems, as well as voice and data. Still in Valencia, Eiffage Energía Sistemas has been awarded by the Municipal Company of Transport, the contract for the electrification of the bus depots.

Have the C be linked to the NSC2 as of the end of 2034.

The contract encompasses the design of the system.

The delivery of the pieces, the construction, the implementation.

C and land, as well as its commissioning. Negotiations are underway for a second project of a similar size.

In the Netherlands, the fashion medal has been attributed to a contract for the construction of two metal constructions.

An arched bridge, 1,260 meters long, and a movable work of 53 meters for the new bridge of Matterway.

Limits is in charge of Engineering.

Manufacturing, delivery, and consolidation of both structures in Spain. As

Secure the contract for the construction of the first center of data annex and data centers in Valencia.

Implementing mechanical installation.

Low and high voltage systems, as well as a system for voice and data.

Still in Valencia, Eiffage has been...

Benoît de Ruffray: 24 points of charging for the electric buses, a smart system of energy management, and adaptation of infrastructures to meet the growth of the fleet. Activity size, as I've been saying, with 8% growth in Europe outside of France, remains very sustained. In Wrocław, we go on the heavy renovation of an iconic building of modernism after war, transformed in a noble hotel, 100 luxury rooms, 80 private residency, and cultural spaces close to the historic old city. In Spain, the inauguration of the future circuit of Formula One, Madring, has taken place in June, 3 months before the first Grand Prix in mid-September. As you see here, this has been implemented. Our teams also implemented in a record time the building specific to the sports events all along the booths.

Awarded by the municipal company of transport, the contract for the electrification of the bus depots.

Twenty-four, 24 points are recharged or charging for the electric buses. A smart system of energy management and adaptation of the structures to meet the growth of the fleet.

activity sizes has been saying,

With 8% growth in Europe outside of France, momentum remains very sustained.

In a war, so we go on the renovation—heavy renovation—of an iconic.

Building of modernism after the war transformed into a neighborhood hotel. 100 luxury rooms, 80 private residences, and cultural spaces. Close to the historic Old City.

In Spain, the inauguration of the first, the future circuit of Formula 1.

mothering.

Has taken place in June.

3 month, after the first.

I mean, three months before the first Grand Prix in mid-September.

Benoît de Ruffray: In the province of Toledo, Eiffage Energía Sistemas is finalizing the works of the processing of the station of Los Yébenes, implemented in joint venture with Eiffage Construction. This project will replace an obsolete installation to enable the water renovation of the use for the population of 16,000 inhabitants. In Belgium, the project of the train station of Ottignies has officially started that will modernize the most frequented train station of Wallonia, which is inadapted to the needs today. In this framework, Eiffage Construction will intervene in the total destruction of the station, as well as its rebuilding, and as well as the surroundings. On the motorway A3, the 76 kilometers 6 ways driven by Eiffage Concessions and implemented by our teams of Eiffage Génie Civil, have been officially opened to the circulator traffic on 3 August, in presence of the cabinet ministers.

Sports events all along the booths.

In the province of Toledo, a fashion is finalizing, the works of the...

Uh, processing of the station of Los implemented within a co-joint venture of the fresh construction.

This project will replace an obsolete installation to enable the water renovation of the use for the population of 16,000 inhabitants in Belgium.

The project of the, uh, train station of what he needs has officially started. That will modernize the most frequented.

Train station of Woniya, which is being adapted to the needs of today. In this framework, a fresh construction will intervene in the destruction—total destruction of the station as well as its rebuilding and the surroundings.

On the A3 motorway, the 76 km, six ways.

Benoît de Ruffray: With a total cost of EUR 2.8 billion for the extension, operation, and maintenance over 30 years, the project of PPP is currently the greatest project of this type in Germany. In Monte Carlo, Monaco, in the framework of the construction of the Princess Grace Hospital, Eiffage Énergie Systèmes was in charge of the five principal phases of the technical part of the phase I, commissioned end of June. The turnkey has been made in presence of Prince Albert II in mid-July. First patients will be welcomed in January 2027. Beyond the organic growth, we have made also five external growth since January. They take part either in the strengthening of the territorial mesh or to the strengthening of our specialties and expertises. Hand&Werk, specialized in data centers, offers a turnkey offer going from the design, building of the technical construction of buildings to the maintenance.

Driven by fresh concession and implemented by our teams, it has been officially open to circulator traffic on August 3rd, in the presence of the Cabinet investors.

A little customer—€2.8 billion—for the extension, operation, and maintenance over 30 years. The PPP project is currently the largest project at the site in Germany.

And Monte Carlo, Monaco, and the framework of the construction of the hospital, Princess Grace.

Energy System was in charge of the five principal phases of the technical paid part of phase one.

Commissioned end of June, the 10 keys of Prince Albert II in mid-July. First patients will be welcomed on January 27th.

Beyond the organic growth, we have also made five external growth moves since January.

They take part either in the strengthening of the territorial mesh or to the strengthening of our Specialties and expertise.

Specialized in data centers offers, a turnkey offer going from the design-building of the technical construction of buildings.

Benoît de Ruffray: 200 employees, Hand&Werk implemented a sales of EUR 85 million in 2025. Klaus Heidemann Elektroanlagen, 300 employees, enjoys a long experience in the design, installation, and maintenance of electrical systems for customers from the tertiary, industrial, and public sector. This acquisition enables our Salvia subsidiary to widen its expertise and to strengthen its position on the market in the south of Germany. Finally, entities of work of the Baatz Group, a family company created in 1938 for 170 employees, implementing in 2025, a sales to the tune of EUR 150 million. This acquisition enables Eiffage Construction to strengthen and complete its knowhow to become a first-line player of the construction and real estate in Luxembourg with a new group of over 750 employees and sales of over EUR 200 million.

To the maintenance.

200 employees handled the implementation, with sales of €85 million in 2025.

CL High Demand, Electro and Len. 300 employees enjoy a long experience in the design and installation of electrical systems for customers from the tertiary, industrial, and public sectors.

This equation enables our Salvia subsidiary to widen its expertise and to strengthen its position on the market in the south of Germany.

Benoît de Ruffray: In the concessions, we have strengthened our position as first shareholder of Getlink with 29.4% of the capital, following the acquisition of 1.74% of the capital in March for an amount of EUR 167 million. It is our fifth acquisition since 2018. Participation in Getlink is a masterpiece, among others, in the renewal of the portfolio of concession of the group, since Getlink is a concessionaire of the tunnel under the channel until 2086. Group goes on export mode on some projects, mobilizing its specialties. Contribution to this activity is, as foreseen, weaker than last year. Direct outcome of the end of some major projects. Eiffage Energía Sistemas is building four solar farms and a link to the Noor Atlas in Morocco with a total power of 225 megawatts. It will also be in charge of the operation and maintenance for 7 years.

Finally entities of work of the BS group. A family company created in 1938 for 170 employees implementing in 25, a sales to the tune of 150 million euro. This acquisition enables a fast construction to strength in and complete this know-how to become a first line player of the construction and real estate and Luxembourg with the new group of over 750 employees and sales of over 200 million euros.

And then, the concessions: we have strengthened our position as first shareholder of Getlink, with 29.4% of the capital, following the acquisition of 1.74% of the capital in March for an amount of €167 million. This is our fifth acquisition since 2018.

Uh, the participation get link is in Masterpiece among others.

Since the renewal.

Of the portfolio of concessions that the group is getting, it is a concessionary of the tunnel.

Under the channel until 2086, the group goes on, on expert mode, on some projects mobilizing its specialties.

Contribution to this activity is, as foreseen, weaker and less than last year’s direct outcome.

Of the end of some major project, the First Energy System.

Benoît de Ruffray: We are also in Benin, where we implement the extension of the site of Eloula Fin with two new powerhouses of 25 megawatts each. This extension brings this capacity to 75 megawatts. That will be one of the major solar farm of the country. In Norway, Eiffage Génie Civil and Eiffage Métal implemented the first part of the motorway E18, including the viaduct of Grenland that you see on screen, a major step on the strategic axis between Oslo and Kristiansand. In the UK, we have crossed a major step on the high-speed line HS2 with the implementation of the last of the more 5,000 concrete segments, making the main structure of the tunnel, Chiltern.

Is building four solar farms and the link to the Noor Atlas in Morocco with a total power of 225 megawatts. It is also in charge of the operation and maintenance for seven years.

So, the form of the contract in Norway implemented the first part of the motorway E18, including the V of Greenland that you see on screen—a major step on the strategic axis between Oslo and Christiansand.

And in the UK, we have,

Crossed a major step on the high-speed line, HS2, with the implementation.

Benoît de Ruffray: Tunnel of 2.5 kilometers within the trench, then recovered by earth, contributing to a better integration of the high-speed line in the landscape, as well as the reduction of the nuisance for the inhabitants, sound nuisance, noise. In the airports, the traffic is in the slight growth. The H1 has been highlighted by the implementation of the new contract of economic regulation of the Airport of Toulouse for the period May 2026 to December 2030. An important step giving economic visibility over this period of time. Quite recently, we received the confirmation by the opening by United Airlines of a daily line with Washington as of 27 April. In the motorway concessions, the traffic of Light Vehicles is globally decreased, given the persistence of high fuel prices. Compared to the H1 2025, traffic has decreased by 2.5% with APRR.

Of the last of the more than 5,000 concrete segments making up the main structure of the tunnel chipping. Warden tunnel of 2.5 km within the trench, then recovered by earth, contributing to better integration of the high-speed line in the landscape as well as the reduction of, uh,

The nuisance for the inhabitants is sound noises.

Noise.

And the airports, the traffic is seeing slight growth. The half year has been highlighted by the implementation of the new contract of economic regulation of

the airport of Toulouse for the period May 26th to December 2030.

An important step, giving economic visibility over this period of time.

And quite recently, we received confirmation of the opening by United Airlines of a daily line with Washington as of April 27th.

Benoît de Ruffray: Until the beginning of the conflict in the Middle East, traffic was in decrease of 0.8% and of 3.3% between March and June 2026. To be noticed, a good traffic HGV increased by 2.4% on the H1. This summer, our teams inaugurated the A480 Rondeau area and showed the widening of the motorway on 7.5 kilometers while maintaining the traffic of over 100,000 cars per day. With an investment of EUR 300 million financed by the society, which is the concession, this operation proves the capacity of the concession model to deliver projects of collective interests within the territories, matching the stakes of mobility, quality of life, and ecological environmental transition. It is one of the most important projects implemented in the past years on the conceded network.

And the motorway concessions: the traffic of light vehicles has generally decreased, given the persistence of high fuel prices compared to the first half of last year. Traffic is down by 2.5% with APRR.

And until the beginning of the conflict, in the Middle East, traffic was decreasing by 0.8%, and by 3.3% between March and June 26th.

To be noticed.

It's a good, uh, traffic. HTV increased by 2.4% in the first half-year.

This summer, our teams inaugurated the A4H Rondo area, ensured the

Widening of the motorway.

On 7.5 kilometers, while maintaining traffic of over 100,000 cars per day.

With an investment of €300 million financed by the company, which is the compensation, this operation proves the capacity of the concession model to deliver projects of collective interest within the territories.

Matching the, uh, stakes of mobility, quality of life, and ecological environmental transition. It's one of the most important projects implemented in the past years on the conceded network.

Benoît de Ruffray: Already pioneering with 100% of service areas with a quick charge pass, APRR AREA goes on with the development of infrastructure of charging posts on the network. Two partnerships have been signed. An agreement with Allego that is foreseeing the equipment of 31 rest areas and 5 more service areas as of 2027. A partnership with Milan, inauguration this summer of a new charging area for HEVs in Gevrey-Chambertin on the A31, aiming at the growth of the users. Fulli offers in France and Europe solutions to simplify the moves on the motorways, like the badge of e-toll, the recharging cards for electric cars, and stations at reduced prices. This semester has been the deployment of Fulli on 4 new areas on the PRR, and the new area of Chandamour on the motorway A20. After this, 360 of our activities, some highlights of our carbon strategy.

Already pioneered 100% of service areas with a charging Quick Charge. Uh, uh, pause—APR on area goes under the development of infrastructure of charging posts on the network. Two partnerships have been signed.

an agreement with algo.

As for seeing the equipment of 31 rest areas and 5 more service areas.

As of 2027 and partnership with Mloong integration, this summer a new charging area for HGVs and J-Champs on the 8331, aiming at the growth of the uses.

Fully offers in France and Europe solutions to simplify

The moves on the motorways, like the batch of ITO recharging cards for electric cars. And, uh,

Stations at reduced prices.

The semester has seen the deployment of fully on 4 new areas on the period, and the new area of SHA on the motorway 820.

Benoît de Ruffray: Improvement of our notation, extra-financial, by the stakeholders, EcoVadis and MSCI, validating the robustness of our action plans on the pillars carbon, climate, biodiversity, circular economy, health, security, and governance. In terms of environmental strategy, we have published a new release of our climate report that is putting in value our engagement for the transition of ecology and illustrating our determination to illustrate the climatic change in the evolution of our businesses. Decarbonization is a human challenge that is engaging our 90,000 employees. We implemented a global dynamic of training to the environmental challenges so that our employees will take ownership of the environmental strategy of the group and be able to use it on a daily basis. Let's get to the major figures of this semester. Sales increased to the tune of 2.3%, and operational result increasing to EUR 20 million compared to the H1 2025.

After this, uh, 360 of our activities, some highlights of our carbon strategy.

Improvement of annotation, extra-financial, by the stakeholders echo of MSCI. Validating the robustness of our action plans on the pillars: carbon/climate, biodiversity, circular economy, health, security, and governance.

In terms of environmental strategy, we have published a new release of our climate report.

That is putting in value our engagement for the transition of the ecology and illustrating our determination to illustrate the change in climate change in the evolution of our businesses. The coronation is the human challenge. That is engaging our 90,000 employees.

Take on the shape of the environmental structure of the group and be able to use it on a daily basis.

Let's get to the major figures of this semester.

Benoît de Ruffray: A solid performance in works construction, with sales increasing by 2.8%, 4.8% in the Q2, and an improvement of 20 basis points of the operational margin. Performances of the concessions impacted by the decrease of the traffic of the LVs. Net result group part is increasing by over 12%. Free cash flow, which was structurally weak in the H1, is at the same level as in 2025. Net debt decreases over the 12 months by over EUR 500 million after EUR 1 billion investments of external growth. Finally, visibility of the group is comforted by an order book growing by 7% on the year up to EUR 31.5 billion, progressing on all of its lines of business. As of the perspectives 2026.

Sales increased by 2.3%, and the operational result rose to €20 million compared to the first half of 2025.

A solid performance in works construction, with sales increasing by 2.8%.

4.8% in the second quarter and an improvement of 20 basis points of the operating margin.

Performance of the concessions: affected, impacted by the decrease in the traffic of the LVS. Net result for the group part is increasing by over 12%.

Free cash flow, which was structurally weakened in the first half of the year, is at the same level as in '25.

Net debt decreased over the 12-month period by more than €500 million after €1 billion of external growth investments.

Finally, visibility of the group is comforted by an order book growing by 7% on the year to €31.5 billion, progressing on all of its lines of business.

Benoît de Ruffray: In the concession, the ongoing conflict in the Middle East triggered a decrease of traffic of the light vehicles that has been noticed during the semester and during the summer. We foresee sales and an operational result slightly decreasing compared to 2025. In works, the solid performance recorded in the H1, and notably during the Q2, leads us to foresee a figure slightly increasing for infrastructure and construction, and a more sustained growth at Eiffage Énergie Systèmes, but at a lesser level than in 2025. After this solid H1, we are confident and we confirm our global perspectives for 2026 of increase of activity, of the operational result, and of the net result. Thank you for your attention. Can I invite Christian Cassayre to give some detailed explanation of our financial elements?

As of the perspectives, 26.

And the concession.

The ongoing conflict in the Middle East triggered a decrease in the traffic of light vehicles.

That has been noticed during the semester and during the summer.

We foresee sales and an operational result slightly decreasing compared to 2025.

In works.

The selling to performance recording first half year and not simply doing this. The second quarter leads us to Q2. See a figure slightly increasing for infrastructure and construction, and the more sustained growth at the fashion of the system, but at the lesser level than in 25.

After this solid first half-year, we are confident and we confirm our perspectives. Global perspectives on 26 of the increase of activity, of the provisional results, and of the net result.

Thank you for your attention, and I invite Christian Cassayre to give some detailed explanation of our financial elements.

Christian Cassayre: Good evening, everyone. I will continue the presentation here with the figures more in detail. The group's activity, you can see, has grown by 2.3% in H1, so 1.1% being organic growth. In the contracting, remember, Q1 was a bit flat, and Q2 was much more sustained at 4.8% growth. Q2, the 2.8% total over the half year then. Concessions we see in the opposite dynamic with a net drop in auto traffic as of March due to the conflict in the Middle East, and we see a slowing down in organic growth by 0.5%, negative 0.4% following the disposal of Nové. We will see in a few minutes the figures per branch. If we look at geographic zones here from the right there with the past five years, you can see a strong dynamic.

Good evening, everyone. I'll continue the presentation here with the figures. More in detail, the group's activity, as you can see, has grown by 2.3% in the first half, with 1.1% being organic growth.

In Contracting, remember the first quarter was a bit flat, and the second was much more sustained at 4.8% growth.

Since the second quarter, it's a 2.8% total over the half-year, then,

Some concessions. We see the opposite dynamic with...

That drop in Auto traffic.

As of March, due to the conflict in the Middle East.

And so we see a slowdown in organic growth by 0.5% negative, 0.4% following the disposal of Novey.

Christian Cassayre: Our European markets outside of France, +8%. More limited growth, yet still positive in France at +2.2%, so in total on our target European market, France and outside of France, you can see that in the gray column, we have 4.5% growth. Outside of Europe, we can see a bit of a slowdown, and that was at the ending of many infrastructure projects of a large size, and an increase in external growth. Note that the figures for 2025 here, they have been retreated, readjusted with Goyer coming out of that. A facade company that was previously in infrastructure is now part of the offsite Eiffage Construction section. All the history that you have over the past five years has been readjusted.

So, we see in a few minutes the biggest per branch. Then, if we look at geographic zones here, from the right there with the best five years, you can see strong dynamics for European markets outside of France, plus 8%, and more limited yet still positive growth in France at plus 2.2%. So, in total,

And our target European market: France and outside of France. You can see that in the grey column we have 4.5% growth.

Um outside of Europe, we can see a bit of a Slowdown and that was at the end of the many, the ending of many um infrastructure projects of a large size.

And an increase in, uh, external growth. So note that the figures for 2025—here they are—they've been restated, re-adjusted, with Goya coming out of that.

Christian Cassayre: Now, as regards to results, aside from the allocation of Goyer being in the correct branch, the data for H1 take into account the revisions of provisions for 12 at 31 December 2025. You have the details in the annexes, but a small impact. You have a note there on the bottom of the slide. Operating results, recurring operating, we have EUR 28 million, +11.6% at 2.8%, with the consequence there being an increase of 20 basis points in margins for contracting. As regards concessions, the drop is mainly due to the increase in amortization costs, which were not offset by traffic dynamic. Globally, operating results increasing by EUR 20 million. If we look at this per branch, in Eiffage Construction, you can see a return of activity of 5% Q1.

Have you seen the details in the annexes?

But a small impact.

You have the note there on the bottom of the slide?

So operating results, uh, recurring operating. We have a 28 million plus 11.6% at 2.8%. With the consequence there being an increase of 20 basis points, and in margins, for Contracting as regards, concession to drop this, mainly due to the increase in amortization costs, which were not offset by traffic dynamic.

Globally, operating results increased by €20 million.

Christian Cassayre: Q2, mostly through contracting, +3.1%, and real estate or property at 11.7%. You can see in blue, the comparison basis is favorable looking at the activity for 2024 and 2025, and that was particularly true in real estate. In contracting, growth is carried by the ratcheting up of our Nové contract, which is lessening towards the end of the half of this year, so renovation, residential, and tertiary and energy efficiency in buildings. Major operations are also increasing their pace. Operational margins are stable at 3.5%, real estate contributing to EUR 11 million in the results in 2025, with a slight drop in margin at 4.4% because activity has grown, and it is imputable to sales of block sales at 60% in H1. That is less profitable than the model, but more secure.

If we look at this per branch and as a construction, you can see a return of activity: 5% in the first quarter, second quarter, mostly through Contracting, plus 3.1%, and Real Estate or Property at 11.7%. You can see in blue. The comparison basis is favorable when looking at the activity for 2024 and 2025, and that was particularly true in real estate.

In Contracting, growth is carried by the ratcheting up of our Nova contract.

Which then is lessening towards the end of the first half of this year. So, renovation, residential, and tertiary, and energy efficiency in buildings. Some major operations are also increasing their pace. Operational margins are stable at 3.5%, really contributing to €11 million in the results. In 2025, there is a slight drop in margin to 4.4% because activity has grown.

Christian Cassayre: The good news is that the erosion of the margin has been offset by increasing margins in contracting. You can see we are renewing our order book by +6% over one year and 2% compared to December 2025. This year, I wanted to illustrate my talk here by the buildings in adapting to climate change, which is a very positive, a very buoyant market for us and quite topical. Here we have in Anderlues, in Belgium, this is affordable housing, 156 housing units with a drain area and a spill off area, and it is also contributing to local biodiversity, the flora and fauna and birds nests. The infrastructure branch has stabilized after four years of strong growth. In road works, road in general, revenues are down by 4.2% with inertia related to dropping in municipal contracts.

And that's imputable to block sales at 60% in the first half. So that's less profitable than the model but more secure. And the good news is that the erosion of the margin—

This has been offset by an increase in margins in Contracting. So you can see, we're renewing our order book by plus 6% over one year and 2% compared to December 2025.

This year, I wanted to illustrate my uh talk here by the buildings in um adapting to climate change. Which is a a very positive for very buoyant market for us and quite uh, topical here. We have a in our Endo list in Belgium. This is affordable housing, 156 housing units with a drain area and they spill off area. And it's also contributing to local biodiversity and the floor and fauna and

Comforts Nest. So, the Infrastructure branch has stabilized after four years of strong growth.

Christian Cassayre: In Spain, the road group is increased by 10% compared to traditional markets due to the project that was presented regarding the Formula One project. In civil engineering in France, activity is stable. Major projects mentioned by Benoit are in full production. That is also the case for the HS2 project in the UK. In Germany, we see an increase of 10% in the activity, which is offsetting the end of the construction of the A3 motorway, giving us a stable consolidated revenues. In metals, Smulders is increasing at over EUR 500 million on the increase of the HSM integration as of 1 June 2025 through the H1 of this year. Let me remind you that you know this.

In roadworks for the road in general, revenues are down by 4.2%, with inertia related to municipal assets and a drop in municipal contracts in Spain. The road group is increased by 10% compared to traditional markets, due to the project that was presented regarding Formula 1.

So, in civil engineering, activity in France is stable.

Major projects mentioned by Benoit are in full production. That's also the case for the HS2 project in the UK and in Germany. We see a decrease in increase of 10% of activity, which is offsetting the end of the construction of the A3 motorway.

And getting a sustainable, um, consolidated revenues and metals smelters is increasing.

At over €500 million, uh, in on the increase of the HSM integration as of the 1st of June 2025.

Through the first half of this year.

Christian Cassayre: The structural margin is negative in the H1 due to civil engineering and road, but that is why the consolidated figure that gives us 0.3%, that is stable over the semester but not representative for the entire year. That is due to the performance at the end of the year of these business lines. The order book is at +6%, particularly in the +18 months with this project. So stability expected in the short term. Here we have Eiffage Énergie Systèmes resizing a spillway here in the Rustrel reservoir to meet regulatory requirements and to guarantee safety of the dam during any floods and the evacuation capacity moving from 10 cubic meters per second to 56 cubic meters per second. First step is to increase the walls to 45 meters, and second stage is to build a new evacuator at 155 meters.

Let me remind you that, you know, this—the structural margin is negative in the first half due to, um, Civil Engineering and Road, but that's why the consolidated figure gives us 0.3%, which is stable over the semester, but not representative for the entire year.

That's due to the performance at the end of the year, related to the use of business lines. So the order book is at plus 6%, particularly in the plus 18 months, with these projects, with stability expected in the short term.

Christian Cassayre: Eiffage Énergie Systèmes has solid growth at 4.8%, 2% organically, with quite substantial acceleration in the Q2 at 4.1% in organic growth. Stable activity in France compared to 2025, and a strong growth in Europe outside of France at +10.8%, including 6.2% organic growth. What stands out here is, like in the past, organic growth is an essential driver to our European growth. This half saw a lot of development in Germany, 15%, and Netherlands +15%, Spain +10% overall growth, then at 11%, and including the acquisitions from summer of 2025. So organic growth there is at 4% in Spain. Operational margins continue to grow by 30 basis points. That is 5.2%, so visibility is very good, with an order book at +7% in the beginning of the year, +9% over the year.

Increase the, uh, walls to €45 million. And the second stage is to build a new excavator at €155 million. So, if Energy Systems has solid growth at 4.8%, 2% organically, with quite a substantial acceleration. Second quarter at 4.1% organic growth.

stable activity in France compared to

2025 and strong growth in Europe outside of France at plus 10.8%, including 6.2% organic growth,

What stands out here is, compared to in the past, organic growth is the central driver to our European growth. So, this half saw a lot of development in Germany, up 15%, and the Netherlands, plus 15%. Spain was up 10%, with overall growth then at 11%.

And including the acquisitions from summer of 2025. So, percent organic growth is at 4% in Spain, operational margins continue to grow at 530 basis points to 5.2%. So visibility is very good, with an order book at plus 7% at the beginning of the year, and plus 9% over the year.

Christian Cassayre: We have a framework agreement here, and we have this market where we've been providing emergency support with NED. You can see the map. We had our folks mobilized 24/7 to repair, replace any cables, and intervene wherever necessary dealing with the heat waves. In the concessions here, you can see this slide's main interest is to give you the details of the PPP concessions are consolidated with overall integration, indicating their end date to show you that beyond 2035, 2036 are assets outside of APRR. I'll just make two comments on the bottom part of the graph. In the motorway concessions other than APRR, we can see that this revenues are on the downturn in three of the four, and shown the gray part of the graph there, you see the revenues in Nové 2025 consolidated by the equity method.

We have a framework agreement here, and we have this market where we've been in, providing emergency support with NDS. You can see the map, we had our folks mobilized 24/7 to repair, replace any cables, and then intervene wherever necessary, dealing with the, um, heat waves.

In the constructions, here you can see these slides. The main interest is to give you the details of the PPP.

Concessions and consolidated, with overall integration indicating their end date, to show you that beyond 2035, 2036, our assets are outside of APR. So then I'll just make two comments on the bottom part of the graph.

and,

Christian Cassayre: If we focus on APRR AREA networks, there we see the Light Vehicle traffic is down by 3.4%, overall limited to 2.5%, though it's maintained due to the HGVs. You can see that we've got an increase in tariffs though and tolls at the beginning of the year, but not enough to offset. A79 is continuing to ramp up with a lesser growth in the current context. We've taken over four service areas directly with our brand Fulli, generating us revenues of EUR 10 million. Commercial margin is low in this type of a business. It does dilute the margin, the EBITDA margin by 50 basis points. This means that the EBITDA of this area would have a slight increase at 72.2%, and that's due to the reactivity, the responsiveness of our APRR teams who contain their expenditures as soon as traffic started dropping.

The A Motorway sections, other than APRR. We can see that these revenues are on the downturn in three of the four. And so the great part is the graph there that you see—the revenues and NOVA 2025 consolidated by the equity method.

If we focus on our PRR area networks, we see that light vehicle traffic is down by 3.4%, and overall it's limited to 2.5%. Though, it's maintained due to the age. GVS.

And so, you can see that it's, uh,

We've got an increase in tariffs and tolls at the beginning of the year, but not enough to offset. So, are the 79 and 879 continuing to ramp up?

With a lesser growth in the current context. So we have four—we've taken over four service areas directly with our brand, fully generating revenues of €10 million of commercial margin. The margin is low, and in this type of business, it does dilute the margin. The EBIT down margin by 50 basis points. So this means that the...

Christian Cassayre: Sticking with dealing with climate change, at the entry of the tunnel in Dullin, A43, in Savoie, we had to carry out some maintenance and monitoring operations, because with the heat and the weather and freezing, thawing these networks need to be secured. All of this, of course, is part of our business plans. Outside the APRR network, you can see that the EBITDA margin for main assets is already high, and our motorway concessions in the younger ones were at 80%. Allier here as well, where we manage these service areas at EUR 6 million, and with the EUR 28 million you can see up here. On the right, you have just FYI, the amount here for constructions carried out by Eiffage in the concessions of PPP and greenfield currently under construction. In Sun'Agri, the specialists in Eiffage Concessions for energy production.

Um, this area would have a slight increase at 72.2%. That's due to the reactivity, the responsiveness of our APR teams to contain their expenditures as soon as traffic started dropping.

Sticking with the deal, dealing with climate change at the entry of the tunnel in Doolin a 43. Um, in tsavo, we had to carry out some maintenance and monitoring uh, operations because with the Heat and the and the weather and freezing thawing. Uh, these networks need to be secured. So all of this, of course, is part of our business plan.

Outside, the APR Network, you can see that the ebitda margin for main assets has already high and our our Motorway, concessions are in the younger ones, we're at 80%, so Aaliyah here as well, where we manage the service areas at 6 million euros and with the 28 million, you can see up here and on the right, you have, um, just FYI the amount here for constructions, carried out by in the concessions of PPP in Greenfield currently under construction.

Christian Cassayre: You can see the operations here, and this is to deal with climate change. We call this dynamic agrivoltaism, because we can change the orientation of these panels. Getlink, we have the update in the increase in capital here. You can see the quote-part with using the equity method. That's a profit share. The profit, EUR 34 million for components here. We can have the results for the half of Getlink is EUR 118 million. You can see on the right there, gives us EUR 34 million in QS. An adjustment of the 2025 result gives us 8.8, minus the amortization of goodwill, gives us 9.3. We also have EUR 129 million in dividends in 26 June, much higher than 2025, the EUR 62 million that were taken into account in 2025.

In sum, agreed, there are specialized specialists in, if I can, sessions for energy production. You can see the operations here, and this is to deal with climate change. We call this dynamic agri-voltas.

Because we can change the orientation of these, um, panels. So get link. We have the update of the, in the increase in cap capital here, you can see the share part uh, that with using the equity method so that's a

Serve the profit: €34 million for components here. We can have the results for half of Getlink as €118 million. You can see on the right, that gives us €34 million in queues, an adjustment of the 2025 result gives us €8.8 million. Minus the amortization of goodwill gives—

The gives us.

That gives us 9.3, as we also have €129 million in dividends, and June 26th, which is higher than 2025.

And the €62 million that were taken into account in 2025.

Christian Cassayre: So now looking at our income statement after going over operations, we can see we are more or less stable. A EUR 161 million increase in interest rates has been offset by the drop in net debt. Other financial expenses include the capital gains of the disposal of Volterres. Corporate tax is stable, and the net profit group share comes out at EUR 342 million, so that is an increase of 12%. If we look at the changes in the net debt, we will need to compare this to 2025. You can have that in the bottom of the page. EBITDA is on the upswing as the dividends coming in from the companies, the associates using the equity method. You can see there is a greater need, change in WCR as compared to contracting and in Eiffage Métal, we saw that the expenses, interest and tax have been also impacted with the cash flow.

So now, looking at our income statement after going over operations,

We can see more or less stable €161 million. Increases in interest rates have been offset by the drop in the net debt. Other financial expenses include the capital gains of the disposal of Voltaire Corporate. Tax is stable, and the net profit group share comes out at €342 million, so that's an increase of 12%.

If we look at the changes in the net debt, then we need to compare this to 2025. You can have that at the bottom of the page, even though EBITDA is on the upswing as the dividends are coming in from the company's associates using the equity method. You can see that there's a greater need, a change in working capital requirements due, as compared to—

Uh, contracting and metal. We saw that the, um,

Expenses, interest, and tax have been.

Christian Cassayre: But this brings us to free cash flow at EUR 420 million. The net investments are under control, EUR 495 million, EUR 47 million, and including EUR 35 million in contracting. So following this investment, free cash flow negative at EUR 75 million and negative last year in June 2025 at minus EUR 90 million. It is not representative of our annual cash flow. This generated in the H2 due to the seasonality of our business lines. Then in blue here you have the acquisitions at EUR 204 million, including the most recent capital injection to Getlink and the acquisitions mentioned by Benoît de Ruffray in Germany and France, subtracting the disposal costs of Volterres. And then the dividends that were given out by APRR and those by Eiffage to the shareholders at EUR 468 million, movements on the share prices. So the debt, EUR 9.4 billion total in June 2025.

Uh, also impacted but with the with cash flow, but this brings us to uh free cash flow at 420 million. The investments in net Investments are under control 495 million 47 million and of including 35 in Contracting. So are following this Investments free cash flow negative at 75 and negative last year in June 2025, at minus 911. So, it's not representative of the her annual cash flow. Just regenerated this generated in the second half due to the seasonality of our business lines. So then in blue here, you have the Acquisitions, the 204 million, including the most recent Capital injection to get link and the Acquisitions mentioned by, um, Benoit in Germany and France deduct subtracting the um disposal costs of of volt care.

And then the dividends that were given out by APRR and those.

Christian Cassayre: We invested a lot, nearly EUR 1 billion over the past 12 months, reinforcing our participation in Getlink by some 9%. So the EUR 9.4 billion can be broken out into addition non-recourse debt and about EUR 600 million and then EUR 500 million of treasury and cash flow in the holding in the contracting division, gross cash at EUR 2.4 billion. And this enables us to continue to be financially agile. A final slide here. This is our order book at a historic level of over EUR 31.5 million. And you can see it is on the upswing in all of the branches. The essential growth here is in, you can see, in green. And that is an increase of 14%, a growth of 3% compared to the short term. So the group's visibility is very good, very positive. We benefit from our ability to be positioned in our operations that are multi-year and multi-business line.

It says to the shareholders that there were 468 million movements on the share prices. So the debt—uh, €9.4 billion—uh, total in June.

5, uh, we have, um,

We invested a lot, nearly a billion, over the past 12 months.

Reinforcing our participation and getting by some 9%.

For the 9.4%.

Uh, there's a non-recourse debt.

and about €600 million, and then €500 million of

Treasury in cash flow in the holding company.

The the Contracting.

Division, gross or cash.

2.4 billion.

And this enables us to continue to be financially agile. A final slide here: this is our order book and a historic level of over 31.5% essential growth. Here, as you can see in green—

And that's an increase of 14%, growth of 3%.

Elodie Rall: So that is it for me with the figures. I now suggest we move on to question and answers. Hello, gentlemen. Thank you very much for your presentation. I am Elodie Rall from J.P. Morgan. I have got a couple of questions. I might go one by one, so maybe we could start looking at motorways. Clearly, traffic is down this year, especially in the H1. Margins are down as well. You talked about some dilution of them. You talked about the actions taken to offset the drop in traffic and the impact in your margin. What are those drivers? What are those levers? And what about the rest of the year? What will you do if traffic does continue to go down? And what will be the cost for motorways and what have been the trends? This summer, we saw the increase in petrol and gas prices.

Christian Cassayre: So that is it for me with the figures. I now suggest we move on to question and answers.

In the—compared to the short term. So, the group's visibility is very good, very positive. We benefit from our ability to be positioned in operations that are multi-year and multi-business line. All right, so that's it for me with the figures. I now suggest we move on to questions and answers.

Elodie Rall: Hello, gentlemen. Thank you very much for your presentation. I am Elodie Rall from J.P. Morgan. I have got a couple of questions. I might go one by one, so maybe we could start looking at motorways. Clearly, traffic is down this year, especially in the H1. Margins are down as well. You talked about some dilution of them. You talked about the actions taken to offset the drop in traffic and the impact in your margin. What are those drivers? What are those levers? And what about the rest of the year? What will you do if traffic does continue to go down? And what will be the cost for motorways and what have been the trends? This summer, we saw the increase in petrol and gas prices.

Hello, gentlemen. Thank you very much for your presentation. I'm from JP Morgan. I've got a couple of questions, and I might go one by one.

Is down this year, especially in the first half; margins are down as well. You talked about some dilution of them, you talked about the actions taken to offset the drop in traffic and their impact, and that impact on your margin. What are those drivers? What are those levers?

Benoît de Ruffray: Is there something planned for the motorways? I thought maybe I will stop there and ask my other questions later. Go ahead. Thank you. We will start with traffic, as each and every year. I will start by answering the first question about traffic. During the summer, which is not over yet, the trend on LVs is confirmed by what we noticed since March and the beginning of the conflict in the Middle East. As for LVs and for HGVs, we go on having a sustained traffic more to the tune of 1%. To answer your first question, what we implemented to take into account this decrease in traffic, we had a certain amount of action on the various parts, either operational, current operation, or on HR, while keeping in mind that the security of our teams and also our customers remains the first top priority.

Elodie Rall: Is there something planned for the motorways? I thought maybe I will stop there and ask my other questions later. Go ahead.

And what about the rest of the year? What will you do if traffic does continue to go down, and what will be the cost for, uh, motorways, and what have been the trends? Um, this summer, we saw the increase in, uh, petrol and gas prices. Is there something planned for the motorways?

I thought maybe I'll stop there and ask my other questions later. Uh, go ahead.

Benoît de Ruffray: Thank you. We will start with traffic, as each and every year. I will start by answering the first question about traffic. During the summer, which is not over yet, the trend on LVs is confirmed by what we noticed since March and the beginning of the conflict in the Middle East. As for LVs and for HGVs, we go on having a sustained traffic more to the tune of 1%. To answer your first question, what we implemented to take into account this decrease in traffic, we had a certain amount of action on the various parts, either operational, current operation, or on HR, while keeping in mind that the security of our teams and also our customers remains the first top priority.

Thank you. I'll start with the traffic, as each and every year. I'll start answering the first question about traffic during the summer, which is not over yet. The trend on LVS is confirmed by what we noticed for months since the beginning of the conflict in the Middle East.

That's where I'll be using for HGVS. We go on having a sustained traffic.

More to the tune of 1%. And to answer your first question, what we implemented...

Christian Cassayre: We had to make arbitration not to question the security of our teams and our customers. Precision, Elodie, on the decreasing margins, you will see APRR and AREA retreated a bit, a slight progression of the margin decreased by the charge amortization going with the end of concession date, which is getting closer. We do not stop on the cap, ex cap. We keep the capital expenditure, but the margin of EBITDA transformed is a slight progression with an effect which is more marked on the measures taken in the H2. If the traffic is picking up, should we expect an increase of the costs again? Well, everything is in the assumption you are making. If the traffic picks up, we cannot say anything today.

Benoît de Ruffray: We had to make arbitration not to question the security of our teams and our customers. Precision, Elodie, on the decreasing margins, you will see APRR and AREA retreated a bit, a slight progression of the margin decreased by the charge amortization going with the end of concession date, which is getting closer. We do not stop on the cap, ex cap. We keep the capital expenditure, but the margin of EBITDA transformed is a slight progression with an effect which is more marked on the measures taken in the H2. If the traffic is picking up, should we expect an increase of the costs again? Well, everything is in the assumption you are making. If the traffic picks up, we cannot say anything today.

To take into account this decrease in traffic, we had a certain amount of action on the various parts, either operational, current operation, or on HR, while keeping in mind that the security of our teams and also our customers remains the first top priority. So, how to make arbitration not to question the security of our teams and our customers?

Precision, LOD on the decreasing margins. You will see.

aprr an area.

Retreated EBITDA, slight progression of the margin decreased by the charge of monetization.

Going with the end of the conversation, the date is getting closer. We don't stop on the gap. Xcap, we keep U.

The capital expenditure.

But the margin of EBITDA re-transform.

is in slight progression with an effect, which is,

More is marked on the measures taken in the second half of the year.

If the traffic is picking up, should we expect an increase in the costs again?

Christian Cassayre: There are a certain amount of measures we took which will go on, a certain amount of things, if traffic improves, will be reported or delayed.

Benoît de Ruffray: There are a certain amount of measures we took which will go on, a certain amount of things, if traffic improves, will be reported or delayed.

Well, everything is in the assumption you're making. If the traffic picks up,

We can't say anything today. There are a certain amount of measures we took, which are

Benoît de Ruffray: It is in between, right? To add to it, maybe one of the elements is to all through the summer, given the traffic, the short-term workers we are hiring, the amounts are much weaker than what we usually have in the summer. On the energy part, you reported to margin increasing by 30 basis points. Can you share with us what are the drivers? Is it an organic driver? Do you expect this kind of increase all over the year? Ludovic will answer. Hello. Good evening. Thank you for the question. In France, as we have seen, we have organic growth, which is less dynamic than previously. So to guarantee the level of margin, we work on the selectiveness of our business and also on the operations. This is something we discussed last year. We go on with that. It is a long-term system.

Which will go on a certain amount of things if traffic improves, will be reported or delayed.

If in between right.

To add to it, maybe one of the elements is to run through the summer.

given the traffic, the

Um, short. Um,

Workers. We are hiring.

Um, the amounts are much weaker than what we usually have in the summer.

And the energy part.

You reported the margin increasing by 30 basis points. Can you share more details with us?

What are the drivers? Is it an organic driver, is it?

Do you expect this kind of, uh, increase all over the year? Ludovic will answer.

Ludovic Duplan: Hello. Good evening. Thank you for the question. In France, as we have seen, we have organic growth, which is less dynamic than previously. So to guarantee the level of margin, we work on the selectiveness of our business and also on the operations. This is something we discussed last year. We go on with that. It is a long-term system.

Hello.

Good evening. I mean, thank you for the question. In France, as we have seen, we are not going to growth, which is less dynamic than previously.

So, to guarantee the level of margin, we work on the selectiveness of our business and also on the operations. This is something we discussed last year, and we go on with that.

Ludovic Duplan: We've seen in Europe we have a growth which is excessively organic, and some total part of the margin comes from this European drive dynamic. I would say at the H1, to add to what Ludovic said, the 30 basis point, we have them as much in Europe as well as in France. I think it's very important. It proves the performance of the teams. When you have an organic growth that is decreasing, it's more complex. But the dynamics implemented for a certain amount of years go on producing their fruits, and the selectiveness of the deals is key. We are confident on this capacity to maintain this increase of the margin. To go on with that about the data centers, can you give us an explanation where do we stand?

It's a long-term system we've seen in Europe. We have a growth which is excessively

Organic.

And some total part of the margin comes from this European Drive dynamic.

I would say.

At the half year, to add to what we said.

The 30 basis points, we have them as much in Europe as well as in France.

I think it's very important. It proves the performance of the teams.

When you have organic growth that is decreasing, it's more complex.

But the dynamics implemented for a certain amount of years go on producing the fruits.

Of the, uh, deals is key.

Benoît de Ruffray: To go on with that about the data centers, can you give us an explanation where do we stand?

So we are confident on this, uh, capacity to maintain this increase of the margin.

So, to go on with that about the data centers, can you give us an explanation? Where do we stand?

Benoît de Ruffray: Is it a sub-sector which is important for you, or will something change for Eiffage? Can we expect different margin on this kind of projects? Data centers, you have several worlds in the data centers. You have the world of the current data center we've been doing for years, under 20 megawatts. Either we're working in a big chunk or on minor chunks, and on which we do maintenance on this activity. We're in a regular growth for the past years. Then you have the hyperscales, everybody talking about it. We're talking about billions of works. There, we have to be cautious relatively. Those are projects which are excessively long. We don't have one project to do with one order. It's several orders that are logged in. It's over the years. It's projects which are the implementation, commercial closing is rather long.

and uh,

Is it a subsector which is important for you, or...

Will something change refresh.

Can we expect a different margin with this kind of approach?

Data centers. You have several worlds in the data centers; you have the world of the current data center. We've been doing this for years.

and,

The 20—we're working in.

A big chunk or minor chunks, and on this activity, we do maintenance. We’ve been in regular growth for the past years.

Then you have the hyperscales. Everybody's talking about it. We're talking about billions of works.

The.

We have to be cautious, relatively, with those projects which are excessively long. We don't have one project to do with one order; it's several orders that are, uh, logged in. It's over the years—it's projects, which is the implementation.

Benoît de Ruffray: You have to make sure that you have the tenant before starting the works, because it's the tenant that, given the nature of the tenant, you have the definition of the design, because each user has its own design. It's a long process. You have to make announcement that you have the energy, you are ready, and you have to have the developers to make sure that they have the right tenant to use the data center. We today, our ambition is to secure a first hyperscale. We're still in the first building in the finalization. We've finished the building. We almost finished. There were 24 rooms of 1,000 square meters at 74 megawatt IT. We finished the rooms on the first floor, and we are negotiating to finish the rooms of the second floor, given the needs of the user. It's a project we started a few years ago.

Commercial closing is rather long.

You have to make sure that you have the tenant before starting the works, because it's the tenant that—given the nature of the tenant—you have the definition.

Of the design, because each user has its own design, it's a long process. You have to make an announcement that you have the energy, that you are ready. And you have to have the developers to make sure that they have the right tenant to use the data center. Today, our ambition is to secure a first.

Hyperscale.

Who are still in the first building in the finalization. We've finished the building, uh,

We almost finished. There were 24 rooms of 1,000 square meters. It's 74 megawatts.

Benoît de Ruffray: It's still in a phase of finalization. It's going to be EUR 800 million projects, and we're working with them on the building next to ours. We ramp up in a reasonable way on our capacity to do data center. We did it in France. As you have seen, we made an acquisition in Germany, enabling us to position ourselves on data centers. We have also the strength in Spain. It works. Everybody's moving on. The hyperscale, our ambition is to structure ourselves to be able to do it in France, too, in parallel in the global Eiffage offer. We are also as an EPC, i.e., we are doing the energy, but also the building. What I wish is to position ourselves on projects that will provide a major part of the equipment. Because today, you have a certain amount of hyperscale.

We finished the rooms of the first floor and we are negotiating to finish the rooms of the second floor, given the needs of the user. It's a project we started a few years ago; it's still in the phase of finalization. It's going to be an €800 million project, and we are working with them on the building next to ours to ramp up in a reasonable way and increase our capacity for the Data Center. We did it in France, as you have seen. We made an acquisition in Germany, enabling us to position ourselves in data centers. We also have strength in Spain.

It works. Everybody's moving on, and the hyperscale. Our ambition is to structure ourselves to be able to do it in France.

Two in parallel, in the global Eiffage offer.

We are also, as an EPC—i.e., Engineering, Procurement, and Construction—company.

Benoît de Ruffray: If you are working for Google, for instance, they come with the prefab. They buy everything themselves, and you just do the installation. It mobilizes a tremendous amount of staff for a very low added value. In the universe of the hyperscale, we have different types of hyperscale, diverse types of data centers. What we want to do Eiffage way with all the provision of the equipment and the building to have a better added value. We have a reasonable process. We are working a lot on these things. It is excessively long. We might have some good news to announce at the end of next year. It is good news, a major project. Look, the impact on the profit, I cannot give you the level of margin, but it must be a contribution, right? Non-dilutive.

We are doing the energy, but also the building. And what I wish is to position ourselves on projects where we provide a major part of the equipment, because today you have what is called the 'mother' of hyperscale.

If you're working for Google, for instance, they come with the prefab, they buy everything themselves, and you just do the installation. So it mobilizes a tremendous amount of stuff for a very low added value. So then, in the universe of the hyperscale, you have different types of how to scale.

There were diverse types of, uh, data centers. What we want to do,

A fast way, with all the provision of the equipment and the building, to have a better added value. So we have a reasonable process. We work a lot on those things. It's excessively long.

We might have some good news to announce at the end of, uh, next year.

Another piece of good news: the major projects.

Now, look at the impact on the profit.

I can't give you the level of margin, but it must be a contribution, right?

Non-dilutive.

Ludovic Duplan: LOD, what is important beyond the general explanation of Ludovic is that, yes, it is dilutive, but it is very risky. The contractual models, current ones on the European market, not on the American markets. We are not in the construction management. We are on risk transfer. Our subcontractor chains cannot have balance sheets. It is a risk taken totally. Hence, the fact that we have an appetite, but reasoned appetite. We have a first scene. It went well. If not, we would not go on that way. We put more people on it. We hybrid the teams to be able tomorrow to face at least 2 construction in France and maybe in the future also in Germany. At the end of the day, the risks are very important.

Benoît de Ruffray: LOD, what is important beyond the general explanation of Ludovic is that, yes, it is dilutive, but it is very risky. The contractual models, current ones on the European market, not on the American markets. We are not in the construction management. We are on risk transfer. Our subcontractor chains cannot have balance sheets. It is a risk taken totally. Hence, the fact that we have an appetite, but reasoned appetite. We have a first scene. It went well. If not, we would not go on that way. We put more people on it. We hybrid the teams to be able tomorrow to face at least 2 construction in France and maybe in the future also in Germany. At the end of the day, the risks are very important.

LOD, what's important beyond the general explanation of Ludovic?

Is that? Yes, it's relative.

But it's very risky, and the models—contractual models, the current ones—on the European market.

Not on their American markets. We're not in construction management; we're on risk transfer.

Balance sheets. So it's a risk taken totally. Hence the fact that we have an appetite, but the reason for the appetite we have is first in. It went well.

If not, we wouldn't go on that way.

Benoît de Ruffray: Obviously, we accept to take those risks when we are convinced that we have the human capacities to do it, and we have the human capacity to do and we succeed. Yes, it is dilutive, clearly, but we have to look on both sides. Just last one for the road. Where do we stand on the progress of the projects? Will we have a speed up, an acceleration on the order books and on the activity? Guillaume? Hello. The German plan, we talk a lot about it. We start to see the first effects, not only in the figures, even as been said by Christian, we were able to offset the end of the A3 by current activity. It is partly linked with the first effects of this plan of jumpstart of Germany. Some contractors are working on that.

We put more people on it, with hybrid, for the teams to be able tomorrow to face at least two Construction projects in France and maybe in the future also in Germany. But at the end of the day, the risks are very important. So obviously,

We accept to take those risks when we are convinced that we have the human capacities to do it, and we have the human capacity to do, and we succeed. Yes, it's relatively...

But we have to look at both sides.

And just the last one for the road.

Uh, where do we stand on the progress? On the projects, we have a speed-up and acceleration.

On the order books, and on the activity.

Gum.

Guillaume Sauvé: Hello. The German plan, we talk a lot about it. We start to see the first effects, not only in the figures, even as been said by Christian, we were able to offset the end of the A3 by current activity. It is partly linked with the first effects of this plan of jumpstart of Germany. Some contractors are working on that.

Hello.

The German plan—we talk a lot about it. We are starting to see the first effects, not only in the figures.

As Cristiano has said, we were able to offset the end of the A3 by current activity. It's partly linked.

Guillaume Sauvé: We see there is a trend, there is a drive, there is a strong drive on Deutsche Bahn, a very sustained activity. There is a lot of pressure on the regularity of the trains in Germany. It is a classical topic in Germany. They were on works, things that were done a few years ago. They developed new models, more collaborative models, first element. Second element also on projects of corridor. The network is much more meshed than in France. They are able to reroute trains totally and give complete areas of 30 kilometers on which you have to do all the works. It is a massive impact because you have to mobilize a lot of resources on a very short time to do a lot of works. They are still looking on how to be able to speed up the implementation of their investments. We discussed it already.

With the first effects of this, uh, plan of, uh, jumpstart of Germany, some, um, contractors are working on that. We see there is a trend. There's a drive, that is, a strong drive on Deutsche Bahn.

That's a very sustained activity. That's a lot of pressure on the regularity of the trains in Germany.

It's a a u.

Classical topic in Germany. They were on works.

I mean things that were done a few years ago—they developed new models, more collaborative models.

First element and second element also, on projects of corridor.

The network is much more meshed than in France. They are able to re-route trains totally.

And give.

Complete areas of 30 kilometers on which you have to do all the works. It's a massive impact because you have to mobilize a lot of resources in a very short time to do a lot of work. They are still looking at how to be able to speed up the implementation of their investments.

We discussed.

It already.

Benoît de Ruffray: The traditional German model, the design is done by the government or the lender or state-owned companies, and all this process that requires engineering has doubled in Germany. The capacity to speed up is limited by that. It is less the case on Deutsche Bahn because it has been a long time they have those projects on shelf. They had budget problems and the restart of the economy in Germany. They have less constraints, and they speed up the implementation of the project they had prepared for some years. What Guillaume was saying, the only way to speed up is to open up cooperative modes where the capacity of design has to be found with the different players, and this is very positive. It is a very good thing. Let us say it. If it is longer to be implemented, those who are already on location in Germany are supporting the support.

The traditional German model—the design is done.

by the government, or the lender, or—

State-owned companies in all this process that requires engineering haven't doubled in Germany.

so,

The capacity to speed up is limited by that.

It's less the case with Deutsche Bank because it's been a long time; they have those projects on the shelf, they had—

Budget problems and, and the restart of the economy in Germany.

They have fewer constraints, and they speed up the implementation of the project they had prepared for some years.

And what Geo was saying, the only way to speed up is to open up.

Cooperative modes where the capacity of design has to be found with the different players, and this is very positive.

And it's a very good thing. Let's say it: if it's longer to be implemented, it's...

Benoît de Ruffray: If there were a fantastic jump, you would have seen the influx of foreign operators. We are the operators in Germany. We are the first beneficiary of the plan, even if many people hope it would be faster, but it is already active, and it is going to go on since the general consensus on its necessity and the obsolescence of many road and train infrastructure make it that there is a consensus for that. It is important for it to go on. It is a very good news that finally it goes not as fast, but on the longer span of time, it is easier and gives us the capacity to better organize ourselves to capture this growth.

Those who are already on location in Germany are supporting the support. If there was a fantastic jump, you would have seen the influx of foreign operators. So we are the operators.

In Germany, were they the first beneficiary of the plan?

Even if many people hope it would be faster, it is already active, and it's going to go on since the general consensus.

On its necessity and the upsales of many roads and train infrastructure.

Make sure that there is a consensus for that. It's important for it to go on. It's very good news.

Elodie Rall: Well, since no one else is. Okay, I will come back then. Well, to an extension to what was said, if you look at the German history, there we see some competitors get it all wrong by subcontracting the design to architects' offices. I am thinking about the opera construction site in Hamburg. Some EUR 600 million losses. Today, the risk for Eiffage and our competitors, we have to be able to implement our engineering capacities, whereas in the past it was not being done. That is my question. Are you capable? Well, two things are different. There is the building construction market where we are not that active. We just have one subsidiary there called Albao that is not that active. We have some civil engineering.

Finally, it goes not as fast, but over the longest span of time it's easier and gives us the capacity to better organize ourselves to capture this growth.

Well, to an extent to what was said. If you look at the German history, there we have some. We've seen some competitors, get it all wrong by subcontracting. The design to Architects offices. I'm thinking about the, uh, uh, Opera construction site in Hamburg.

Some €600 million losses. So today the risk for us and our competitors is that we were able to get people to implement our engineering capacities, whereas in the past, it was not being done.

Christian Cassayre: Well, two things are different. There is the building construction market where we are not that active. We just have one subsidiary there called Albao that is not that active. We have some civil engineering.

So that's my question. So, are you capable? Well, two things are different.

Benoît de Ruffray: These are two completely different worlds, and there have been a certain number of players in it, including Eiffage, where we have already had projects based on that model, and these are PPPs where we were the designers. We were controlling the design with other German designers who helped us out in capacity-wise. In this area, we have not encountered any difficulty. The place where we saw major difficulties in the past, that we were not there. That was in very large building projects in Germany with some DGCE, for instance, where there were difficulties in the market itself, but we are not involved there. The stimulus package, or the recovery in Germany is just on infrastructure that is rail and roadways.

Christian Cassayre: These are two completely different worlds, and there have been a certain number of players in it, including Eiffage, where we have already had projects based on that model, and these are PPPs where we were the designers. We were controlling the design with other German designers who helped us out in capacity-wise. In this area, we have not encountered any difficulty. The place where we saw major difficulties in the past, that we were not there. That was in very large building projects in Germany with some DGCE, for instance, where there were difficulties in the market itself, but we are not involved there. The stimulus package, or the recovery in Germany is just on infrastructure that is rail and roadways.

There's the building construction market, where we're not that active. We just have one, uh, subsidiary there called Elbow. That's not that active. And we have some civil engineering. These are two completely different worlds.

And there have been a certain number of players, including us, where we've already had projects based on that model. And these are PPPs where we were the designers.

We were controlling the design with other German designers who helped us out, capacity-wise. But in this area, we have not encountered any difficulty at any place where we sell. Major difficulties in the past, like we weren't there—that would seem—very large building projects in Germany with some...

Elodie Rall: Well, the stimulus package or the recovery package, if you look at the budget documents, you see that part of it is a transfer of budgets that are general budgets to the FermaGen zones. Can we say that maybe this year, next year, we will see a net balance there, a positive balance there in terms of activity? Well, that is what we are seeing statistically. That is what we want to do. There is a lot of discussion and debate in Germany right now because some politicians want to show that they are moving forward very fast on the stimulus package, on recovery package, but it is not going as fast as historic budgets, though. The debate then is on transfers in Germany. Fundamentally, we have increasing amounts of activity and having 10% growth, normative growth, and continued growth, sustained growth with a certain number of operations. Well, we have the visibility there.

Christian Cassayre: Well, the stimulus package or the recovery package, if you look at the budget documents, you see that part of it is a transfer of budgets that are general budgets to the FermaGen zones. Can we say that maybe this year, next year, we will see a net balance there, a positive balance there in terms of activity? Well, that is what we are seeing statistically. That is what we want to do. There is a lot of discussion and debate in Germany right now because some politicians want to show that they are moving forward very fast on the stimulus package, on recovery package, but it is not going as fast as historic budgets, though. The debate then is on transfers in Germany. Fundamentally, we have increasing amounts of activity and having 10% growth, normative growth, and continued growth, sustained growth with a certain number of operations. Well, we have the visibility there.

Did you see, for instance, where there were difficulties in the market itself? But we're not involved there, and the stimulus package or the recovery in Germany is just on infrastructure—that's real—and roadways.

So the stimulus package, or the recovery package, if you look at the budget documents,

You see that? It's part of it. It's a transfer of, transfer of budgets.

Those are general budgets for the FEMA again, zones. Can we say that maybe this year or next year, we'll see a net balance there—a positive balance there in terms of activity?

Well, that's what we're seeing statistically. That's what we want to do. There's a lot of discussion and debate in Germany right now, because politicians want to show that they're moving forward very fast on the stimulus package, on the real recovery package, but it's not going as fast as a historic budget. So, so...

Benoît de Ruffray: We have the capacity. We could not go a whole lot faster because you have to hire, you have to draw in the talent, and that is another point that I have already shared with you. A certain number of crises in other sectors, other industries, made our industry increasingly attractive, and I think that is one of the best news coming out of the German stimulus package. We have never had so many people interested. Now we are able to attract interim alternates, alternating workers, young people coming back into our sector who, in the past, you could not go out and recruit workers from, say, a German automotive factory. We are attractive now, and you hear about this on a daily basis. This is probably the most positive point for me in the medium to long term in our ability to continue to move forward and contribute to the German stimulus package.

Christian Cassayre: We have the capacity. We could not go a whole lot faster because you have to hire, you have to draw in the talent, and that is another point that I have already shared with you. A certain number of crises in other sectors, other industries, made our industry increasingly attractive, and I think that is one of the best news coming out of the German stimulus package. We have never had so many people interested. Now we are able to attract interim alternates, alternating workers, young people coming back into our sector who, in the past, you could not go out and recruit workers from, say, a German automotive factory. We are attractive now, and you hear about this on a daily basis. This is probably the most positive point for me in the medium to long term in our ability to continue to move forward and contribute to the German stimulus package.

The debate then is on transference in Germany. So, fundamentally, we have increasing amounts of activity and are seeing 10% growth in normative growth, and continued, sustained growth with a certain number of operations. Well, we have the visibility there; we have the capacity,

We can't—we couldn't go a whole lot faster, because you have to hire, you have to draw in the talents, and that's another point that I've already shared with you.

A certain number of crises and developments in other sectors, other industries, have made our industry increasingly attractive. And I think that's one of the best pieces of news coming out of the German stimulus package. We've never had so many people interested. Now we are able to attract interim, alternating workers, and young people coming back into our sector who—um,

Benoît de Ruffray: Another point that is very important is also the necessity to support the energy transition in Germany, and you see substantial growth for our specialized affiliates there in high voltage networks, and we see growth that is quite substantial there. Entry barriers, we see a lot of growth there. These areas are very dynamic. There is a lot of momentum here, and it is not just air. There is underground. When you say underground, this is civil engineering teams, and these are teams from the Energy Systems as well. There is a real calling there. Behind infrastructure, you have to think that part of the growth is coming from Energy Systems and the electrical system, the electrical infrastructure of the country. Hi, Eric. Here. I have a couple of questions. I am going to throw them all out there.

Christian Cassayre: Another point that is very important is also the necessity to support the energy transition in Germany, and you see substantial growth for our specialized affiliates there in high voltage networks, and we see growth that is quite substantial there. Entry barriers, we see a lot of growth there. These areas are very dynamic. There is a lot of momentum here, and it is not just air. There is underground. When you say underground, this is civil engineering teams, and these are teams from the Energy Systems as well. There is a real calling there. Behind infrastructure, you have to think that part of the growth is coming from Energy Systems and the electrical system, the electrical infrastructure of the country.

In the past, you couldn't, uh, go out and recruit, uh, workers from, say, a German automotive factory. So we're attractive now, and you hear about this on a daily basis. This is probably the most positive point for me in the medium to long term, and our ability to continue to move forward and contribute to the German stimulus package. Another point that's very, very important is also,

The necessity to support the energy transition in Germany, and you see substantial growth.

For our specialized affiliates.

There is growth in high voltage networks, and it's quite substantial there. Entry barriers exist, so we see a lot of growth there.

So these areas are very dynamic. There's a lot of momentum here, and it's not just areas underground. When you say underground, this is civil engineering teams, and these are...

Teams from the energy systems as well. So there's a real calling there. So behind infrastructure, you have to think that part of the growth is there, coming from energy systems and the electrical system—the electrical infrastructure of the company, uh, sorry, of the country.

[Analyst]: Hi, Eric. Here. I have a couple of questions. I am going to throw them all out there.

Hi, Eric.

Here.

Elodie Rall: On the Warnow Tunnel in Germany, what is it that compelled you to get interested in that asset there? Could you give us your viewpoint on the residential market in 2027 in France for Eiffage Immobilier? I am assuming you are not very optimistic there. I would just like to know what your feelings are. Also, as regards to Germany, were you directly, indirectly impacted by the drought that impacted the Rhine River? Is there anything impacting your business there? The slowing of traffic on the motorways, what do you think is the sensitivity of, say, Light Vehicles regarding price of petrol, gas here? If gas does stay high, if fuel does stay high, will people just get used to the new paradigm and drive their cars as much as they did in the past? Final question here, this is really a detail here.

[Analyst]: On the Warnow Tunnel in Germany, what is it that compelled you to get interested in that asset there? Could you give us your viewpoint on the residential market in 2027 in France for Eiffage Immobilier? I am assuming you are not very optimistic there. I would just like to know what your feelings are. Also, as regards to Germany, were you directly, indirectly impacted by the drought that impacted the Rhine River? Is there anything impacting your business there? The slowing of traffic on the motorways, what do you think is the sensitivity of, say, Light Vehicles regarding price of petrol, gas here? If gas does stay high, if fuel does stay high, will people just get used to the new paradigm and drive their cars as much as they did in the past? Final question here, this is really a detail here.

I have a couple of questions. I'm going to throw them all out there on the Warnow Tunnel in Germany.

What compelled you to get interested in that asset there? Could you give us your viewpoint on the residential market in 2027 in France?

For a size, real estate.

I'm assuming you're not very optimistic there. I'd just like to know what your feelings are.

Also.

As regards a Germany.

Were you directly or indirectly impacted by?

The, uh, the droughts that impacted the Rhine River.

Uh, is there anything impacting your business there?

And the slowing of traffic on the motorways.

Elodie Rall: On Sun'Agri, you came in in 2022. I was just wondering if Sun'Agri was profitable at this stage, and if so, have you started giving out the dividends? Thank you. The first question was on the Warnow Tunnel. We had expressed that in the press release when we first entered into negotiations. If you read the press release there, we are very familiar with Atlas Arteria. Our motorways, APRR and AREA. Just coming to completion of construction. Having the Warnow concession, we thought we would have a common structure to manage these two assets because we wanted to not consolidate A3. During the discussions, Atlas Arteria suggested we could acquire Warnow 100%.

[Analyst]: On Sun'Agri, you came in in 2022. I was just wondering if Sun'Agri was profitable at this stage, and if so, have you started giving out the dividends? Thank you.

What do you think is the sensitivity of the light Vehicles regarding price of Petrol? Gas here. If gas does say hi, if you'll just stay high, will people just get used to the new paradigm and drive their cars as much as they did in the past final question here. It's really a detail here on Sunday. Are you came in in 2022? I was just wondering if Sun are was profitable at this stage and if so, have you started the giving out the dividends

Thank you.

Benoît de Ruffray: The first question was on the Warnow Tunnel. We had expressed that in the press release when we first entered into negotiations. If you read the press release there, we are very familiar with Atlas Arteria. Our motorways, APRR and AREA. Just coming to completion of construction. Having the Warnow concession, we thought we would have a common structure to manage these two assets because we wanted to not consolidate A3. During the discussions, Atlas Arteria suggested we could acquire Warnow 100%.

The first question was on the Warnow Tunnel.

Um, we'd expressed that in the press release. When we first started—uh, first entered into negotiations. If you read the press releases, there we—

Of course, we are very familiar with Tartaria.

with Atlas arteria, our um,

Motorways, APRR, an area.

and so,

This coming to.

Completion of construction. So, with the

Having the concession, having the war? No, concession. We thought we would have a common structure to manage these two assets.

Because we want to not consolidate A3.

So, during the discussions though, Atlas, our carrier,

Benoît de Ruffray: As discussions moved forward, and as you saw in the press release, we did not reach an agreement on the financial conditions for the 100% purchase of Warnow. It is a concession that enables us to go faster in the area where we want to build the future constant current substation. We managed to do that just as the concession came in for the direct current substation there. We know historically that goes well. There was no technical issue. We just had to reach an agreement on the price, and we did not. That is where the idea came from. Hello, thank you for the question. As you know, in residential real estate, the context is deteriorated, and there is a climate of wait and see, in terms of confidence and trust and just a general context.

We suggested we could acquire—we wanted to know 100%. And so, as discussions moved forward and as you saw in the press release, we did not reach an agreement on the financial conditions for the 100% purchase of 1.0. So, it's a concession,

That enables us to go faster in the area where we want to build.

the future, uh,

constant current substation.

So, we had a cost.

We had, just as we managed to do that, just as the concession came in for the direct current, um, substation there.

so we know, historically it

That's how it goes. Well, we just had to—there was no technical issue, we just had to reach an agreement on the price, and we did not.

So that's where the idea came from.

Hello, thank you.

As you know, in residential real estate, the context has deteriorated.

And then there's a climate of wait and see.

Benoît de Ruffray: It is hard to anticipate between now and end of 2026 and even into 2027, hard to imagine a substantial improvement in the situation as regards budget and political situation and general context-wise. However, there are housing needs, and they have never been as high as they are now, and the desire to become a homeowner is still there. Our real estate teams are working really hard in finding the right fit of our commercial offer, working on these two levers, two drivers, where we think our model has a real impact. On one hand, developing controlled cost acquisitions, for working with our developers. We have potential activity of 11,000 housing units we are working on right now.

In terms of confidence and trust, and just the general context, it's hard to anticipate between now and the end of 2026, and even into 2027, how to imagine a substantial improvement.

In the situation as regards the budget, the political situation, and the general context—why? So, however,

There are housing needs, and they have never been as high as they are now. The desire to become a homeowner is still there, so our real estate teams are working really hard to find the right fit.

Of our commercial offer.

impacting work on these two levers, to drive where we think our model

Has a real impact.

On one hand, developing controlled cost acquisitions.

Uh, for working with our developers.

Christian Cassayre: The second driver we have is the contribution of our industrial solutions to our operations to be able to onboard, produce affordable housing by massifying the cost, and then sustainable housing, including all of the usages and reversibility. To have good visibility, we have to be able to be ready for the rebound effect when the confidence does come back. As to regards Germany, the topics related to the drought in the Rhine River, we are not directly impacted, because when we work with these industrialists, we are working in technical maintenance and that, but not in delivery. There is no real impact on our business there. There was road traffic sensitivity there, sensibility in road traffic.

Benoît de Ruffray: The second driver we have is the contribution of our industrial solutions to our operations to be able to onboard, produce affordable housing by massifying the cost, and then sustainable housing, including all of the usages and reversibility. To have good visibility, we have to be able to be ready for the rebound effect when the confidence does come back. As to regards Germany, the topics related to the drought in the Rhine River, we are not directly impacted, because when we work with these industrialists, we are working in technical maintenance and that, but not in delivery. There is no real impact on our business there. There was road traffic sensitivity there, sensibility in road traffic.

We have potential activity of 11,000 housing units that we're working on right now.

And the second driver we have is the contribution of our Industrial Solutions.

to our operations, to be able to

Usages and reversibility, so you have good visibility.

We have to be ready for the rebound effect when confidence does come back.

I will start in regards to Germany.

Uh, the topics related to the drought in the, uh, Rhine River. We are not directly impacted.

Uh, because when we work with the S Industrial industrialists, we're working in technical maintenance and that, but not—

Uh, delivery—there's no real impact on our business there.

Benoît de Ruffray: Well, we would like to have an idea of what the formula is, but we are seeing that the lengths of the duration of the crisis that we are experiencing and the really high prices over the long term of, say, diesel costs, which had a major impact on Light Vehicles. Second effect is that we saw deferred impact for certain ways of working that are different, such as more remote working and less travel. That impacts traffic. However, we are optimistic about the sensitivity of traffic to fuel prices. We are seeing an increase in traffic of EVs, and so we are seeing also more corporate fleets moving to electric cars. So that should have an impact on the traffic as regards to thermal engines. Christian. Regarding Sun'Agri. Production of 140 megawatt hours. Solar hours.

It was—there was road, traffic, sensitivity, their sensibility, and road traffic. Well,

We'd like to have an idea of what the formula is.

But we're seeing that the lengths of the duration of the crisis that we're experiencing, and the really high prices over the long term of, let's say, diesel cost, which had a major impact on light vehicles. Second effect is that we saw a deferred impact.

For certain ways of working that are different.

Such as more remote working and Let's Travel.

That impacts the traffic. However, we are optimistic about the sensitivity of traffic to fuel prices.

Um, we're seeing an increase in traffic from electric vehicles.

And so we're also seeing more corporate fleets moving to electric cars. So that should have an impact on traffic with regard to thermal engines. Christian.

Christian Cassayre: Production of 140 megawatt hours. Solar hours.

regarding Sun are

Uh, production of 140 megawatt-hours.

Christian Cassayre: So we are expecting breakeven over 2 years, keeping in mind that a good part of our loss is development costs, where we have private equity actors in the same area. Those costs go into losses. But in terms of the non-capitalization of the development costs, which is the policy, we are just being prudent there for right now. Being cautious for right now. Elodie, did you have another question? Well, maybe one last one for me from a free cash flow, which is down a bit. Okay, it was last year as well, but you managed to turn that back around at the end of the year. Can we expect the same trend this year? Well, that is what we said, that at the end of the year, after 5 years where we have over EUR 2 billion in cash coming in, you have got the WCR.

Solar, solar hours. So we are expecting break-even over two years.

Keeping in mind that a good part of our loss is development costs, where we have private equity actors in the same area.

those costs go into losses, but in terms of

With the non-capitalization of the development costs, this is a policy. We're just being prudent there, for right now.

Being cautious for right now.

Elodie, do you have another question?

Elodie Rall: Well, maybe one last one for me from a free cash flow, which is down a bit. Okay, it was last year as well, but you managed to turn that back around at the end of the year. Can we expect the same trend this year?

Well, maybe one last question from me on free cash flow.

uh, which is

Down a bit. Okay, it was last year as well, but you managed to turn that back around at the end of the year. Can we expect the same trend this year?

Christian Cassayre: Well, that is what we said, that at the end of the year, after 5 years where we have over EUR 2 billion in cash coming in, you have got the WCR.

Well, that's what we said at the end of the year.

Christian Cassayre: We are trying to have a full year. We are trying to do the same thing for a full year. I do not have any better forecast at this stage. It is all going to come in H2. So certain contracts, of course, depending on our ability to contract those contracts in H2. The cursor can move slightly, but the goal is, of course, to have our H2 to be compliant, similar to last year. So the motorway free cash will be lower than last year, of course. Well, since I got the mic back, what about taxes in France? We are all expecting those two, the same level of income tax as well as last year. What does that change for you? I am sure it is something you were expecting. Does that change your policy of distributing dividends, perhaps? Well, that is no big surprise, is it?

After 5 years, where we have over 2 billion in cash, coming in. You've got the, uh, working capital requirements. We're trying to have a full year, trying to do the same thing for a full year. I don't have any better forecasts at this stage. It's um, all going to come in in um, second half. So certain contracts, of course, depending on our ability to contract a um, second, those contracts and H2, um,

The line can, the cursor can move slightly, but the goal is, of course, to

Have our second half, our H2, be compliant, similar to last year.

Elodie Rall: Well, since I got the mic back, what about taxes in France? We are all expecting those two, the same level of income tax as well as last year. What does that change for you? I am sure it is something you were expecting. Does that change your policy of distributing dividends, perhaps?

So, the roadway—the motorway free cash—will be lower than last year, of course.

Well, since I got the mic back,

Tax.

France, Texas, and France. We are all expecting those to be at the same level of, um, ...

Income tax as well from last year. What does that change for you? I'm sure it's something you were expecting, does that?

Perhaps you should consider changing your policy on distributing dividends.

Benoît de Ruffray: Well, that is no big surprise, is it?

Benoît de Ruffray: We will see what the modalities are. But, as regards dividends, we first of all try and get through the year, right? And, of course, we will take all of that into consideration with the board, but it is not anything really surprising. We shall see if ultimately, I will try and make any changes. But this is exceptional. Well, exceptional is starting to last a bit too long, but as regards dividends, we will consider this with a great interest with our board when the time is right. I suggest we move to the questions online. The first question coming in from English from Mark TP.

Well, that's no big surprise, is it? We will see what the, um...

Modalities are. But, um,

As regards dividends, we first of all try and get through the year, right? And of course, we will take all of that into consideration with the Board.

But it's not anything really surprising. We shall see. If ultimately, you know, I will, if the—

Trying to make any changes.

But this is exceptional.

Well, the exceptional is starting to last a bit too long, but as regards dividends, we will consider this.

I suggest we move to the questions online. First question coming in, in English, from Mark EP?

Mark Iptacwen: Hi. Thanks for taking my question. It's Mark Iptacwen from Citi. I've just got two separate questions. The first one, on the working capital requirement number, you mentioned that it's increased year-on-year at the H1 point. Can you elaborate a bit more on the reason for that? Is it simply a consequence of higher activity levels in Protimar? Or have you seen any change in client behavior or in your collection policy or anything around that? If you can elaborate on that, please. My second question is on Eiffage Métal. You mentioned that it's benefited from some offshore wind projects. I just want to ask about your view on the sector in Europe at least, or globally, if you have a view globally, but your view on what you think the offshore wind sector looks like now.

Hi, uh, thanks for taking my question. It's Mark, calling from Citi. Um, I've just got two separate questions. The first one—

On the working capital requirement number, you mentioned that it's increased during the year, at the H1 point. Can you elaborate a bit more on the reason for that? Is it simply a consequence of high activity levels and project timing, or have you seen any change in client behavior, or in your collection policy, or anything around that? If you can elaborate on that, please?

Um, and then my second question is on—uh, if I just may—I, you mentioned that it's benefited from some offshore wind projects. Um,

Mark Iptacwen: Do you think it's more constructive now than it was one or two years ago? Are you expecting to see more tender activity? I think there's quite a few countries putting up more capacity auctions in the coming months and years. So I just want to know what your view is on that, please. Thank you.

I just want to ask about your view on the sector in Europe at least or or Globe if you have a view globally. But but your view on what you think the offshore wind sector looks like now are you seeing uh do you think it's more constructive now than it was you know 1 or 2 years ago? Um, and he expect him to see more tender activity. I think there's quite a few countries putting up more capacity auctions uh in in in in the coming months and and years. Um so I just want to know what your what your view is on on that, please. Thank you.

Christian Cassayre: As regards working capital requirements, we don't see any change in our customers' behavior in the time frames when they. The payment time frames that they're complied with, and we comply with our subcontractors. But there's some that have not been payable yet, but maybe it's due to big contracts. Nothing specific to point out in terms of client behavioral changes. But so far, we're not seeing any changes in behavior. Guillaume, what about the offshore market? Well, offshore market as we see it, as we imagine it, we think the market is well-oriented, less so perhaps than it was a few years back due to the increase in rates. We are seeing signs that enable us to think that it's positive still. There's a lot of development in terms of substations.

As regards working capital requirements.

We don't see any change in our customers' behavior, in the time frames when they—and the payment time frames that they are complied with—and we comply with ours. We comply with our, um,

Subcontractors. But there are some that have not come, uh, have not been payable yet, but maybe it's due to big contracts. Nothing specific to point out in terms of a—

client to behavioral changes.

Versus so far, maybe because we're not seeing any changes in behavior.

Guillaume Sauvé: Well, offshore market as we see it, as we imagine it, we think the market is well-oriented, less so perhaps than it was a few years back due to the increase in rates. We are seeing signs that enable us to think that it's positive still. There's a lot of development in terms of substations.

Kim. What about the offshore market? Well, the offshore market, as we see it, as we imagine it, we think...

The market is, well, oriented less, or perhaps differently, than it was a few years back. Due to the increase in rates, we are seeing signs that enable us to think.

Guillaume Sauvé: DSOs, distribution companies are currently investing in offshore substations at sea, in constant current, direct current, DC, and we see and in Belgium as well, they're investing in these substations. We see that there's been a slight drop in developers, mostly due to an adjustment of the contract conditions and increasing prices. I think the UK and auctions in the UK, they've adjusted their models with the new conditions. Meaning that today the markets are recovering. We're seeing that in France as well. Bids, calls for tenders, RFQs, there are about a dozen programs. In UK as well, we're seeing RFQs for many different fields. Three, four years ago, we had the markets for foundations. Now it's substations that are catching up, maybe even getting ahead, and we think we'll see a balance in the upcoming years. So those are the major trends in this market.

Uh, that's positive. So there's a lot of development in terms of substations, DSOs. Distribution companies are currently investing in offshore and, um,

Substations at sea, and the constant current direct current (DC). And we see, in Belgium as well, they're investing in these substations.

We see that there's been a slight drop in the number of developers, mostly due to an adjustment of the contract conditions and increasing prices. I think the UK—

And auctions in the EU indicated just off their models with the new conditions.

meaning that today, the markets are

Recovering, we're seeing that in France as well. Bids calls for tenders rfqs. They're about a dozen programs and UK as well. We're seeing uh uh rfqs for many different fields. We had the 3 4 years ago, we had the them, had the markets for foundations. Now the substations that are catching up maybe even getting ahead, we think we'll see a balance in the upcoming years.

So, those are the major trends in this market.

Benoît de Ruffray: Question suivante. Next question.

Operator: La question suivante de la part de José Arroyo, Santander.

Benoît de Ruffray: From Santander.

Because Chelsea want. Next question.

From sometime there.

José Arroyo: Hello, good afternoon. I have three questions if I may. I wanted to ask you about the retender of the French motorways. Do you have any visibility today when Sanef could be retendered? Based on the information available to you today, would you be inclined to look at this opportunity? My second question is on Getlink. In the last communication to the market you made earlier this year, I believe you did not include any statement regarding your intention to acquire more shares, and I wanted to clarify if I read that correctly. Last question, I am afraid it is again on working capital. I wanted to ask about another dynamic. The order book is up 7% year on year, but working capital inflows are down. I wanted to ask you if there has been a change in the type of orders that you are taking.

José Arroyas: Hello, good afternoon. I have three questions if I may. I wanted to ask you about the retender of the French motorways. Do you have any visibility today when Sanef could be retendered? Based on the information available to you today, would you be inclined to look at this opportunity? My second question is on Getlink. In the last communication to the market you made earlier this year, I believe you did not include any statement regarding your intention to acquire more shares, and I wanted to clarify if I read that correctly. Last question, I am afraid it is again on working capital. I wanted to ask about another dynamic. The order book is up 7% year on year, but working capital inflows are down. I wanted to ask you if there has been a change in the type of orders that you are taking.

Hello, good afternoon. I have three questions, if I may. I wanted to ask you about the reader of the French motorways. Do you have any visibility today on when SF could be returned?

And based on the information available to you today, would you be inclined to look at this opportunity?

José Arroyo: Are large EPC orders down compared to a year ago? Thank you.

José Arroyas: Are large EPC orders down compared to a year ago? Thank you.

Are large EPC orders down compared to a year ago? Thank you.

Benoît de Ruffray: Kevin, on the future of the motorway concessions, we have certain amount of elements. We know that on the side of the Cabinet Ministry of Transport, they will renew the contracts, but there is a deadline, spring 2027. That is the French presidential election, before talking with certainty. Regarding Sanef, it is terminated in December 2031. Given the size, it takes 3 years to implement this call for tender. When the next president will be installed, we will have more visibility. Regarding the interest for the next call for tender for the concessions on the motorway, we can confirm that. On the need for a WCR, the slight erosion has to be made more relative. EUR 100 million on a quarter of EUR 12 billion activity, it is a few percent. It is not an exact science. It is linked to a lesser part of major EPC contracts in the order book.

And the future of the motorway concessions. We have a certain amount of elements.

We know that, on the side of the cabinet Ministry of Transport, they really will renew the contracts, but there is a deadline: spring ’27. That’s the French presidential election, before. Talking with certainty regarding SF, it is terminated on December 31st.

It takes three years to implement this call for, uh,

tender. And, uh,

When the next president is installed, we'll have more visibility.

And regarding the interest for the next call attended for the concessions on the motorway, we can confirm that...

And the need for a WCR.

The slight erosion has to be made more relative to €100 million.

Benoît de Ruffray: If you look at the order book, the last page of the presentation, you can see on the long run, the major contracts. It is in the green part of the graph. It is growing by 14.14%. We are securing major contracts. Sometimes when we execute through more favorable milestones, we recoup some cash. On the H1, we have a less cash, but nothing significant on the structure, on the time of payment of the contract. It is just zilch given the gap compared to the last H. Getlink, no change on our behalf. We always said it is an asset which is important and we believe in it in the long run, and we are ready to strengthen ourselves given the condition of the market without, we are at 29.4% of the capital. I think we draw the path.

On the quarter, for €12 billion of activities, it's a few percent. It's not an exact science. It's long linked to Alyssa, part of major APC contracts in the order book. If you look at the order book, on the last page of the presentation, you can see in the long run the major contracts—it's in the green part of the graph—are growing by 14 percent. We are securing major contracts.

Sometimes.

When you execute through more favorable milestones, we recoup some cash.

But, uh, on the first page, we...

We have less cash, but nothing significant on this structure in the time of payment of the contract. It's just—

Zilch given the the gap.

Compared to the last age.

Get link. No, change on the behalf. We always said it's an asset which is important. We believe in it.

In the long run.

And we are ready to strengthen ourselves.

Given the condition of the market, without—you know, we are at 29.4% of the capital.

I think, uh, we, we, we, we trod the path.

Operator: La question suivante de la part de Cristian Nedelcu, UBS.

Benoît de Ruffray: Next question. UBS.

Next question. UPS UPS.

Cristian Nedelcu: Hi. Thank you very much for taking my questions. I have two. Maybe the first one just to follow up on the data centers topic. One of your competitors talked about a pipeline of tenders of around EUR 30 billion over the next six months. I just wanted to understand, I think you've mentioned a bit earlier on the call, but I'm not sure if I understood well. The timeline-wise potential orders, large orders on data center hyperscaler, do you think you could see anything over the next couple of quarters, or you think it's more a theme for end of 2027 and beginning 2028? That's maybe the first question. The second one, just on the order intake recently in Q2, could you make any comments around the margin profile of that order intake?

Hi, thank you very much for taking my questions. I have two—maybe the first one is just a follow-up on the data centers topic.

Um, one of your competitors talked about a pipeline of tenders of around €30 billion over the next six months. Um, and I just wanted to understand—I think you mentioned it a bit earlier on the call, but I'm not sure if I understood well,

Timeline-wise, for potential orders—large orders on data center hyperscalers—do you think we could see anything over the next couple of quarters? Or do you think it's more a theme for the end of 2027 and the beginning of 2028? That's maybe the first question.

And and the second 1 just on the order intake. Um, recently in in Q2, could you make any comments around the, the margin profile?

Cristian Nedelcu: I don't know, from the mix perspective, I don't know if you're seeing some of your competitors bidding more aggressively for some of these projects over the last few months. Are you confident your order intake comes in at an accretive margin or a strong EBIT margin going forward? Thank you.

Of the of that order intake. I don't know from the mix perspective. Um, I don't know if you're seeing some of the, some of your competitors, bidding more aggressively for some of these project over the last few months.

Benoît de Ruffray: Regarding data centers, I don't know where this pipeline of EUR 30 billion is coming, but basically, we do not have the intention to do a data center in an export mode. That's crystal clear. Indeed, we are interested in opportunities of data centers in countries where we are already implemented, located. It's going to be data centers in Europe, basically. Then the countries in which we have capacities, human capacities, technical capacities to be able to implement them facing the mastering and the mastering of risks we were discussing earlier, which are important. When you put this filter, yes, we are confident in France. We're more and more so in Germany, and on smaller sizes. We already did things in Spain, Belgium, and the Netherlands.

Um, so are you, are you confident your, um, your order intake comes in at a, at a creative margin or a strong, a bit margin going forward. Thank you.

Regarding that data centers.

I don't know where this pipeline of €30 billion is coming from, but basically, we do not have the intention to do a data center in an export mode. That's crystal clear.

So indeed, we are interested.

In opportunities of data centers in countries where we are already implemented.

Located, it's going to be data centers in Europe, basically, then.

Human capacities, technical capacities to be able to implement them.

Facing the mastering, and the mastering of risks we were discussing earlier, which are important.

When you put this filter, yes, we are confident in France.

Who are more and more. So, in Germany.

And on smaller sizes.

Benoît de Ruffray: Once all this put together, all those filters implemented, the 30 billion is more in the United States and Australia and all of the places where we are not and where we are not interested in. It is much less opportunities. If I add to that we put the filter hyperscale and only hyperscale, we hope to have a team able to do so in Germany, and we regard that we have two teams able to do it in France today. In the best of the world, we would do three hyperscales on a frame of 6 to 12 months. We have one on the way. The longest element in Europe, the administrative processes. Just listen to the major IT companies. They said it took them so much time to make an investment. They discovered the red tape in Europe, and they notice it is much, much longer.

We already did things in Spain, Belgium, and the Netherlands.

So once all this is put together, all these filters implemented, the $30 billion is more on the United States and Australia, and all the places where we are not, and where we are not interested in, it's much less.

Opportunities. If I add to that, that we put the filter 'hyperscale' and only hyperscale, we hope to have a team able to do so in Germany, considering that we have two teams able to do it in France today.

So, the best in the world, we would do three hyperscalers.

On a timeframe of 6 to 12 months, we have one on the way.

And the last element.

In Europe, the administrative processes.

Just listen to the, uh, major IT companies. They—

Said they never had.

It took them so much time to make an investment. They discovered the red tape in Europe.

Benoît de Ruffray: Eventually, the securitization for the developers of the tenants, which are not very numerous, it is very complex, especially with the red tapes things. Certain other projects, even in the Paris area, will not be made because they will not be made on time. If you put in all those filters, it remains very reasonable in terms of opportunity. Next, we are not very numerous to be able to answer those orders, so the demand is much more important than the offer. It ends up by being done by bits and pieces, and there will not be suddenly order intake of billions of euros that will appear. But the long-term trend is that we are doing more and more. We still have the maintenance for the smaller one that is ramping up.

And they notice it's much, much longer. And eventually, the security for the developers...

Of.

The tenants, which are not very numerous—it's very complex.

Especially with the red tape, a certain number of projects, even in the Paris area, will not be made because they will not be made on time.

If you put in all these filters, it remains very reasonable in terms of opportunity.

Next, we're not very numerous to be able to answer those, uh, orders. So the demand is much more important than the offer.

And, um, it ends up being done bit by bit and in pieces.

And there will not be, suddenly, an order intake of billions of euros that will appear.

Benoît de Ruffray: Each and every year we do more, and we may have, we hope, two hyperscalers together, hundreds of thousands of millions of activity. We need the road for the installation, the teams of civil engineering or of construction contractors to maximize the mastering of the risk facing the end user. It is positive in growth, but do not expect a tremendous jump overnight in activity. I think it is the best way to master the risk. It remains excellent opportunities that will go on being developed. Maybe three or four years from now, we will be able to do it in one or two other countries. But this is what we want to do. But it is going to take some more time since we have first to make sure that we are mastering the risk and the teams able to do it.

But the long-term trend is that we're doing more and more. We still have the maintenance for the smaller one that is ramping up. So, each and every year, we do more, and we may have—we hope...

2 hyperscalers.

Together, hundreds of Millions.

Hundreds of thousands or millions of activity.

And, um, we need the road for the installation, the teams of civil engineering or construction contractors.

To maximize the mastering of the risk facing the end user, so it’s positive and growth.

But do not expect a tremendous jump overnight in activity.

And I think it's the best way to master the risk.

And it remains an excellent opportunity that will continue to be developed. Maybe three or four years from now, we'll be able to do it in one or two other countries. But this is what we want to do, although it's going to take some more time. First, we need to make sure that we are mastering the risks and that the team is able to do it.

Benoît de Ruffray: The 15 people who have a hyperscale project of data center are very seldom. It has been done in the past, but it is always the same thing. If in the future those developers say, "We cannot make and give us some means, and we will pay you in cost plus fees," we are not in the same risk profile, so we will be able to go faster. But for the time being, it is not the way the market is organized. On the part, order intake and margin profile, there is no real change. The margins remain of good quality. They are different given, is it design, is it design and building, is it only design? Given the risk profile of the line of businesses, you have different margins, but not the same risk. This is what you have in the legacy.

The 15th, who have a hyperscale project for a data center.

Uh, very seldom. It's been done in the past, but it's always the same thing. If, in the future, those developers say, 'Uh, we can't make—give us some means, and we'll pay you in cost plus fees.' We're not in the same risk profile, so we'll be able to go faster.

But for the time being, it's not the way the market is organized.

On the part.

Other intake.

And uh, margin profile.

There's no real change.

Benoît de Ruffray: We have, and we would like to do so, but we have no notion of impairment of the margin level. There is always a trend, a drive in Europe on our markets that is very important, and we are still very active. There is no reason to change the margin profile of the group. Next question from Nicolas Mora, Morgan Stanley. Morgan Stanley.

The margins remain of good quality, the are different given, is it design? Is it design? And building is it only design given the risk profile of the business of the line of businesses. You have different margins, but not the not the same risks and this is what you have in the Legacy we have. And we would like to do so but we have no.

And we're still very active.

There's no reason to change the margin profile of the Group.

Operator: Next question from Nicolas Mora, Morgan Stanley.

Benoît de Ruffray: Morgan Stanley.

Morgan Stanley.

Nicolas Mora: Yes. Good afternoon. I may actually switch to French.

Benoît de Ruffray: Two questions for me first. Two questions for me. On the M&A pipeline. You were active on the Q1 on construction and energy system. Can you tell us about the pipeline on the energy system? You did Germany. You did France. About the targets on the H2.

Nicolas Mora: Two questions for me first. Two questions for me. On the M&A pipeline. You were active on the Q1 on construction and energy system. Can you tell us about the pipeline on the energy system? You did Germany. You did France. About the targets on the H2.

Yes, I've actually switched to French.

pipeline.

Nicolas Mora: Accelerating sur la Belgique, sur la Suisse, et même sur l'Europe de l'Est. On a une voie sur la vision d'élargir un petit peu l'activité au-delà des gros points forts, donc France, Allemagne, Benelux, Espagne. Et petit deux, pour revenir juste sur Eiffage Énergie Systèmes et cette amélioration de la croissance organique au Q2, après un Q1 un petit peu léger. Vous confirmez la guidance? Je pense qu'on était à 2% to 3% de croissance organique pour la division sur l'année. Est-ce que vous êtes plus confiants, moins confiants, vu la prise de commande? Surement plus confiants qu'à février. Je vous laisse répondre. Merci.

You're active on the first quarter system.

For.

Growth more intake.

Benoît de Ruffray: En ce qui concerne regarding the external growth, we do not change our way of doing things. We go on trying to strengthen ourselves in the countries where we are already present, either to look for new markets or to develop new expertise. As we did this year in France, at the beginning of the year, we are going to look for strong expertise, like in the industrial cold refrigeration. We are in the same rationale. We are interested to strengthen ourselves in all the countries where we are present already. We do it in Germany, we do it in Belgium, we go on in Spain. We are interested in all the countries where we are present. We have a certain amount of topics that I hope will be successful. Regarding the development of a new country, should we go to Eastern Europe? Well, we are interested in it.

Regarding the external growth.

We don't change our way of doing things. We go on, trying to strengthen ourselves in the countries where we are already present, either to look for new markets or to develop new expertise.

And as we did this year in France, at the beginning of the year, we looked for strong expertise, like in the industrial cold refrigeration. With the same rationale, we're interested in strengthening ourselves in all the countries where we are already present.

We do it in Germany. We, uh,

In Belgium, we go to Spain.

We're interested in all the countries where we are present. We have a certain number of topics that I hope will be successful regarding the development of a new country.

Should we go to Eastern Europe?

Benoît de Ruffray: We remain opportunistic because we entered last year in Switzerland and in Austria through the EQOS. I would rather deal with those countries and strengthen ourselves in the countries where we put the flagship, rather than to go on developing in new countries. It is not forbidden, but it is not priority of the day. The second question was on the growth. Currently, Q1, there was a basic effect of the lower growth. Organic is better on Q2. I hope we are going to go on with this one or this way till the end of the year, with the caveat of saying that in France, we have an organic growth which is less sustained, but it remains sustained in Europe. I remain confident in the end of the year. Nicolas, I think that the assumption that 2% to 3% organic growth is the right one.

Well, we are interested in it.

We remain opportunistic because we entered last year in Switzerland and in Austria, through The Echoes.

But, um, I'd rather deal with those countries and strengthen ourselves in countries where we put the flagship, rather than go on developing in new countries. But...

Well, it's not forbidden, but it's not the priority of the day. The second question was on the growth.

Currently.

In the first quarter, there was a basic effect with the, uh, lower growth. Organic gets better in the second quarter, or I hope we're going to go on with this one, or this way, till the end of the year.

With the caveat of saying that in France, we have organic growth, which is less sustained.

But it remains the same in Europe. I remain confident in the, uh, end of the year.

Benoît de Ruffray: The first quarter, as Ludovic said, it is a base effect compared to Q1 2025. To add on the M&A pipeline, it is the Energy Systems branch LOB on which we are the most active, but we do not forbid ourselves from acquiring a specialty that could strengthen us in the various countries. The acquisition of Baatz with the first construction is a change of scale in Luxembourg. Next, I will add to the fact in Luxembourg, we are not very present, except for the Belgian teams who are going to Luxembourg. It is not the same thing as being Luxembourgese. In the Eastern European countries, we do not have a will, as Ludovic said, I will put a caveat. It is Poland. We have factories of Eiffage Métal. We have Goyer as subsidiary. We are very present on real estate there. So we have a basic knowledge of the country.

Nicholas, I think that the assumption that 2–3% organic growth is the right one.

And for the first quarter, Asic said it's a base effect.

compared to

the uh, first quarter 25.

And to add on the PIPE M&A pipeline.

It's the Energy System branch where you are the most active.

But we do not forbid ourselves from acquiring a specialty that could strengthen us in the various countries.

Benoît de Ruffray: Next, I will add to the fact in Luxembourg, we are not very present, except for the Belgian teams who are going to Luxembourg. It is not the same thing as being Luxembourgese. In the Eastern European countries, we do not have a will, as Ludovic said, I will put a caveat. It is Poland. We have factories of Eiffage Métal. We have Goyer as subsidiary. We are very present on real estate there. So we have a basic knowledge of the country.

And the acquisition of BATS with the first construction is a change of scale in Luxembourg.

I will add to the fact.

And Luxembourg was not very present.

Except for the Belgian teams we’re going to look at, it was not the same thing as being Luxembourg is.

And in the Eastern European countries, we do not have a will as to the exit out. For the cabinet, it's Poland.

We have, uh, factories for fashion metal. We have Go Yay.

Benoît de Ruffray: We developed a certain amount of employees with our Polish employees, and it is the major country in terms of population in Eastern Europe. So there was one place where we would have some thoughts, but we have to find the perfect match and make sure that we share the positive we have, that we have a certain amount of Polish people in the group which are aware that it could be an opportunity for the group. So we will remain aware. As Nicolas said, it is the pipe for H2. No, there will not be Eastern Europe there in H2, in the fiscal 2026. There are some things on which we work in other countries mentioned by Ludovic. Any other question?

a subsidiary. We're very present on real estate there, so we have a basic knowledge of the country. We developed—

The, a certain amount of employees with our Polish employees, and it's the major country in terms of population in Eastern Europe. So, if there was one place where we would have had some thoughts,

But we have to find the perfect match.

And make sure that we share the positives. We have that—we have a certain amount of Polish people.

And the group is aware that it could be an opportunity for the group. So we will remain aware, as Nicholas said. It's the pipeline for the second half. No, there won't be Eastern Europe there in H2.

In the, uh, fiscal '26. But there are some things on which you will work, in other countries mentioned by Ludovic.

Christian Cassayre: No more questions coming from online.

Operator: No more questions coming from online.

Any other question?

No more questions coming from online.

Benoît de Ruffray: Thank you all for attending and listening, and we will see you around the cocktail party for those of you who are present here physically. Goodbye.

So, thank you all for attending and listening.

And we'll see you around the cocktail party for those of you who are present here physically. Goodbye.

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Q2 2026 Eiffage SA Earnings Call

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