"Continued significant improvement in Equans’ profitability and margin from activities to 4.8%, up 0.9 points year-on-year, with a soft start to the year in terms of sales."

Equans continues to roll out its strategic Plan. For 2026, Equans is targeting: 

• stable sales versus 2025, at constant exchange rates; 
• a margin from activities of 5%, a year ahead of the targets set at the 2023 Capital Markets Day (CMD);  
• a cash conversion rate (COPA-to-cash flow2) before working capital requirement (WCR) of between 80% and 100%. 

Equans will hold another CMD at end-2026. 

Detailed analysis for Equans

Equans’ backlog was €26.1 billion at end-March 2026, decreasing slightly by 1% year-on-year but rising 1% at constant exchange rates and excluding principal disposals and acquisitions. In first-quarter 2026, Equans’ order intake was €5.0 billion. The underlying margin of the order intake continues to improve steadily.  

Equans posted sales of €4.3 billion in first-quarter 2026, down 6% year on year. Equans is continuing its selective approach to contracts and business strategy and observed a slow start to the year in some niche markets and some geographies. Sales included a negative exchange rate effect of around €80 million, with the strong increase in sales in North America being entirely offset by exchange rate effects. 

The up-trend in Equans’ profitability continued to improve significantly. COPA was €205 million in first-quarter 2026, up by €28 million year-on-year. The margin from activities was 4.8%, an increase of 0.9 points year-onyear, demonstrating the continued successful execution of the Perform plan.