Company Reports

Eiffage reported mixed first-half 2026 results. Traffic figures surprised negatively owing to higher fuel prices, but group guidance for 2026 was maintained; slightly higher expectations for infrastructure and construction are expected to offset softness in concessions.

Eiffage operates three construction businesses in its contracting segment and numerous infrastructure assets, including its stake in the APRR and AREA toll road networks, within its concessions segment. Despite accounting for only 16% of group revenue, the concessions segment generates 66% of group EBIT. Eiffage also has a 29.4% equity stake in Getlink, the Channel Tunnel operator, which is reported using equity method accounting.

Eiffage reported first-quarter results broadly in line with our expectations and maintained its 2026 guidance. It noted this could change if the war in the Middle East has a more significant impact on European countries.

Eiffage released its 2025 results after hours on Feb. 25. Group revenue was up 8.0% year over year to EUR 25.3 billion, ahead of consensus and our estimates. Profitability also surprised to the upside.

Eiffage operates three construction businesses in its contracting segment and numerous infrastructure assets, including its stake in the APRR and AREA toll road networks, within its concessions segment. Despite accounting for only 16% of group revenue, the concessions segment generates 66% of group EBIT. Eiffage also has a 27.66% equity stake in Getlink, the Channel Tunnel operator, which is reported using equity method accounting.

We’re initiating coverage of Eiffage, the French toll road and construction group.

Eiffage operates three construction businesses within its contracting segment and numerous infrastructure assets, including its stake in the APRR and AREA toll road networks, within its concessions segment. Despite accounting for only 17% of group revenue, the concessions segment generates 67% of group EBIT. Eiffage also has a 27.66% equity stake in Getlink, the Channel Tunnel operator, which is reported using equity method accounting.