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

• stable sales versus 2025, at constant exchange rates;
• a cash conversion rate (COPA-to-cash flow1) before working capital requirement (WCR) of between 80% and 100%.

Equans has raised its full-year margin target again and is now targeting a margin from activities of at least 5.5% (following an initial upward revision to at least 5.2% in first-half 2026). As a reminder, the initial target set at the Capital Markets Day in February 2023 was to reach a margin from activities of 5.0% in 2027.

Equans will hold another Capital Markets Day on 25 February 2027, starting at 10.30am (CET).

Detailed analysis for Equans

Equans’ backlog improved sharply to a record €27.7 billion at end-September 2026, rising by €1.9 billion year-on-year (up 7%).

Order intake was €15.3 billion in the first nine months of 2026, marking a record for a nine-month period. Order intake on contracts worth less than €5 million was up slightly year-on-year, representing around 65% of the total order intake. Order intake on contracts worth more than €5 million increased very sharply year-on-year, representing around 35% of the total order intake, with major new orders booked across several specialist segments such as data centres, solar & storage and energy systems. 
Further significant contracts are also expected in fourth-quarter 2026. 
Part of the order intake worth more than €5 million booked since the start of 2026 will contribute to Equans’ sales from the end of 2027 onwards.

Equans posted sales of €13.5 billion in the first nine months of 2026, down 2% year-on-year (down 1% at constant exchange rates). Third-quarter 2026 sales were up 2%, confirming the gradual improvement in activity expected over the course of the year and helping to progressively offset the soft start to the year.

Equans’ profitability continued to improve significantly. COPA at Equans was €739 million in first nine months of 2026, rising by €174 million year-on-year. The margin from activities posted strong growth year-on-year at 5.5% (up 1.4 points year-on-year).

In the first nine months of 2026, Equans completed ten acquisitions, representing full-year sales of around €315 million.