1H26 Results Due After Close on 26th August

研报英文原文证据摘录

1H26 Results Due After Close on 26th August

EUROPE | Infrastructure

Eiffage EquityJulyResearch16, 2026

ESTIMATE CHANGE1H26 Results Due After Close on 26th August

We expect a quiet H1, with APRR affected by higher fuel costs and stable RATING BUY

Contracting momentum. Energies LFL should tick up slightly, but remains PRICE €122.30^

constrained by slow French flow development. On a relatively stable PRICE TARGET | % TO PT €160.00 | +31%

outlook, earnings growth is being driven by Contracting margin progression 52W HIGH-LOW €147.50 - €103.05

and greater contribution from GET's equity. French politics remains a risk FLOAT (%) | ADV MM (USD) 94.9% | 25.28

near term; however, pullbacks are opportunities with the stock already on MARKET CAP €11.5B | $13.2B

an 11% FCF Yield. TICKER FGR FP

^Prior trading day's closing price unless otherwise

noted.

Well positioned in Europe. Q2 is unlikely to be a momentous quarter for Eiffage, operating

in a tricky environment as energy and fuel prices rise, while political uncertainty weighs on

sentiment near term in France. Despite this, the business is well positioned in Europe to benefit FY (Dec) CHANGE TO JEFe JEF vs CONS

from long-term investments in energy, defense and digital infrastructure, which are sorely 2026 2027 2026 2027

needed across the continent. Trading at an attractive 11% FCF yield, valuation is compelling, in REV <-1% <-1% NA NA

our view, and 2026 estimates look to be in a sensible place. However, H2 will likely see volatility, EPS -2% -1% NA NA

and here we look to be tactical near term, as history would indicate entry points tend to appear

during periods of heightened political noise. 2026 (€) 1Half 2Half FY

EPS -- -- 11.46

Key numbers in H1. We expect no major change in momentum in Q2 vs. Q1 in our estimates. PREV 11.70