In 2024, Equans will continue to roll out its strategic plan. It will remain focused on improving performance in a supportive environment and will continue to prioritise margins over volume growth. The 2024 sales figure will be close to, yet slightly above, that of 2023. It will factor in both the effects of growth in Equans’ markets and the scope effect related to the asset-based activity disposals at end-2023, and the selective approach to contracts strategy.

As a reminder, Equans is aiming for:

• Sales: from 2025 onwards, an acceleration in organic sales growth to align with that of market peers
• Margin:
  • In 2025, a current operating margin from activities (COPA margin) close to 4%
  • In 2027, a current operating margin from activities (COPA margin) of 5%
• Cash: a cash conversion rate (COPA-to-cash flow1) before working capital requirements (WCR) of between 80% and 100%