Equans continues to roll out its strategic Plan. Equans has adjusted its outlook for 2025 and is targeting: 

• Sales close to the level of 2024, at constant exchange rates (previously, Equans was targeting continued organic sales growth, at a lower pace than in 2024).
• A margin from activities close to 4.2% (previously, Equans was targeting a margin from activities close to 4%, possibly slightly higher).
• A cash conversion rate (COPA-to-cash flow4 ) before working capital requirement (WCR) of between 80% and 100%. 

As a reminder, Equans aims to gradually catch up with the organic growth of sector peers and to achieve a margin from activities (COPA margin) of 5% in 2027.