Eiffage SA said the first quarter of 2026 reflected a slow start to the year for the French construction and concessions group, with distinct impacts across its business lines.
Management reported that sales for the quarter came in 1.3% below consensus estimates. The Energy Systems division experienced setbacks in France, attributed in part to adverse weather conditions. Meanwhile, the Infrastructure arm was affected by the timing and phasing of projects located outside Europe, which reduced activity in the period.
By contrast, the Construction division recorded strength, delivering a 5% like-for-like increase. That improvement was linked to the ramp-up of several major projects, which provided a measurable contribution to group revenues in the quarter.
Order intake remained resilient. The group order book expanded 4.0% compared with the prior quarter and was up 4.7% year-on-year, driven by demand in the Energies business. In particular, the Energy Systems order book grew 7% on a quarter-on-quarter basis.
At the reported pace, Eiffage’s backlog now equates to approximately 17.5 months of contracting activity, compared with 16.8 months at the end of 2025. That metric signals a modest sequential extension of visible work for the group.
Despite the mixed start, the company confirmed its operational guidance for 2026. Management cautioned, however, that the outlook could be revised if the crisis in the Middle East produces a more pronounced impact on European countries.
On the broker front, Jefferies retained a buy recommendation on Eiffage and set a price target of 160.00, which the firm said represents an 18% upside from the current share price of 135.65. Jefferies also adjusted its 2026 earnings per share forecast down slightly to 11.70 from 11.80, a reduction of under 1%.
Taken together, the quarterly update describes a company balancing weather- and timing-related disruptions in two divisions against continued momentum in construction and a modestly expanding order book, while preserving its guidance subject to geopolitical developments affecting Europe.