2025 Universal Registration Document

Key data

CONCESSIONS

Revenue(1)

(in €m)

This chart shows the Concessions revenue(Excluding concession subsidiaries’ revenue derived from works carried out by non-Group companies. See glossary page 456.) in millions of euros for 2024 and 2025. 2024: €11,651m - 2025: €12,219m.

Ebitda(2)

(in €m and as a percentage of revenue(1))

This chart shows the Concessions Ebitda(Cash flow from operations before tax and financing costs. See glossary page 456.) in millions of euros and as a percentage of revenue(Excluding concession subsidiaries’ revenue derived from works carried out by non-Group companies. See glossary page 456.) for 2024 and 2025. 2024: €7,773m, 66.7% - 2025: €8,169m, 66.9%.

Operating income from ordinary activities

(in €m and as a percentage of revenue(1))

This chart shows the Concessions operating income from ordinary activities in millions of euros and as a percentage of revenue(Excluding concession subsidiaries’ revenue derived from works carried out by non-Group companies. See glossary page 456.) for 2024 and 2025. 2024: €5,688m, 48.8%. 2025: €5,935m, 48.6%.

Net income attributable to owners of the parent

(in €m)

This chart shows the Concessions net income attributable to owners of the parent in millions of euros for 2024 and 2025. 2024: €2,726m. 2025: €2,951m.

Net financial debt(3)

(in €m)

This chart shows the Concessions net financial debt(at 31 December 2025.) in millions of euros for 2024 and 2025. 2024: €31,739m. 2025: €29,124m.

Capital employed(3)

(in €m)

This chart shows the Concessions capital employed(at 31 December 2025.) in millions of euros for 2024 and 2025. 2024: €47,688m. 2025: €46,339m.

Revenue(1) by geographical area

(as a percentage)

This donut chart shows the Concessions revenue(Excluding concession subsidiaries’ revenue derived from works carried out by non-Group companies. See glossary page 456.) by geographical area in 2025, as a percentage. France: 58%. United Kingdom: 15%. Portugal: 11%. Americas: 11%. Rest of the world: 4%.