VINCI: 2025 full year results - Outstanding performance, record free cash flow

Nanterre, 5 February 2026

OUTSTANDING PERFORMANCE – RECORD FREE CASH FLOW

• Revenue growth: €74.6 billion (+4%) - operating earnings up for each of the Group’s three businesses: Concessions, Energy Solutions and Construction
• Increase in net income: €4.9 billion (+1% and +10% excluding the exceptional tax contribution)
• Record free cash flow: €7.0 billion
• 2026 outlook: further revenue and earnings growth expected
• Dividend proposed with respect to 2025: €5.00 per share (up €0.25 compared with 2024) 

Pierre Anjolras, VINCI’s Chief Executive Officer, made the following comments:

VINCI’s performance in 2025 was outstanding. Revenue growth was accompanied by a further improvement in operating earnings. Despite the tax burden in France, net income was higher than in 2024, free cash flow hit a record €7 billion and net financial debt fell by €1.3 billion.
In a turbulent global macroeconomic and geopolitical environment, the Group’s decentralised and multi-local organisation once again showed its merits.
The successful integration of recent acquisitions and firm growth in the Energy Solutions and Concessions businesses further strengthened the Group’s international footprint, where it now generates almost 60% of its revenue and over 50% of its net income.
In mobility infrastructure, VINCI concluded with the competent authorities important agreements that provide greater visibility on the contracts as well as promising growth prospects: in France with Cofiroute’s additional investment plan and Escota’s maintenance and end-of-concession plan; in the UK with the approved plan to bring the Northern Runway into routine use at London Gatwick airport; in Mexico with the approval of the Master Development Program for OMA’s airports. This contractual dynamic is in line with VINCI’s strategy of creating value in its long-term activities.
Furthermore, to enhance its returns on investment and help give greater clarity to its activities, the Group is carrying out portfolio reviews in its three businesses. Depending on the outcomes, VINCI could decide to increase its interests in certain assets or dispose of others.
VINCI has entered 2026 with serenity, discipline and bold purpose. Guided by a long-term vision and buoyed by the energy transition, the digital transformation, the mobility needs as well as the sovereignty challenges, the Group will continue to strengthen its leading positions, combining operational excellence with value creation and all-round performance.

The changes set out below are relative to 2024 unless otherwise stated.

I.  OUTSTANDING OVERALL FINANCIAL PERFORMANCE

GOOD MOMENTUM IN ENERGY SOLUTIONS AND CONCESSIONS

Consolidated revenue rose by 4.2% to €74.6 billion (a 2.6% organic growth, a 2.5% positive impact from changes in the consolidation scope,² and a 1.0% negative impact from exchange rate movements³). The following should be noted in particular:

• revenue outside France accounted for 59% of the total and rose by 6% (including a 3% increase on a like-for-like basis), and revenue in France grew by 2%;
• the Energy Solutions and Concessions businesses showed good momentum with revenue growth of 8% and 5% respectively.

Higher revenue was accompanied by an improvement in operating earnings across all business lines.

Operating income from ordinary activities (Ebit) rose by 6.2% to €9.6 billion (up €561 million), equal to 12.8% of revenue (12.6% in 2024). Growth in Ebit was driven by Concessions (up €247 million) and Energy Solutions (up €223 million).

Consolidated net income attributable to owners of the parent was €4.9 billion (of which 56% outside France compared with 53% in 2024), slightly higher than in 2024 (up 0.8%) despite the significant increase in the corporate tax in France in 2025.¹ There was a larger increase in earnings per share⁴ (up 2.6% to €8.65), because of VINCI’s share buy-back policy.

Excluding the exceptional tax contribution,¹ net income attributable to owners of the parent would have risen by 10% to almost €5.4 billion (€9.44 per share,⁴ up 12%).

RECORD FREE CASH FLOW – LOWER DEBT

Free cash flow hit a new record of €7.0 billion (€6.8 billion in 2024) despite the exceptional contribution on the profits of large companies in France that was paid in late 2025.¹ Excluding this impact, free cash flow would have amounted to €7.4 billion, up 9% compared with 2024.

This unprecedented performance was based on:

• an increase of over €800 million in Ebitda to €13.5 billion (18.1% of revenue), driven by Concessions and Energy Solutions;
• a further €2.5 billion improvement in the working capital requirement, due in particular to policies adopted in all businesses – and particularly Construction – to improve processes for the collection of customer payments;
• a grip on capex, while further ramping-up the Group’s investments in electricity generation and transmission infrastructure. 

Consolidated net financial debt stood at €19.1 billion at 31 December 2025, down €1.3 billion compared with 31 December 2024 and equal to 1.4 times Ebitda.

At 31 December 2025, VINCI had a very high level of liquidity:

• €15.5 billion of net cash on the balance sheet;
• an unused €6.5 billion confirmed credit facility, which has been extended to January 2031.

At 31 December 2025, long-term gross financial debt totalled €34.6 billion. Its average maturity was 5.5 years (5.9 years at 31 December 2024) and its average cost was 4.4% (4.9% in 2024).

In 2025, rating agencies affirmed their credit ratings for the Group, showing their confidence in its creditworthiness.⁵

II.  KEY HIGHLIGHTS BY BUSINESS

CONCESSIONS

The Concessions printed a 5% rise in revenue (€12 billion) and in Ebitda (to more than €8 billion), driven by solid traffic levels at VINCI Airports, VINCI Autoroutes and VINCI Highways.

The successful integration of recent developments – including Edinburgh airport, Northwest Parkway in Denver and highways in Brazil – also contributed to that good performance.

Free cash flow totalled €3.9 billion, up €336 million compared with 2024.

It should be noted that the Group is the world’s first private airport operator and now also the leading motorway operator, with a network spanning 8,200 km.

• VINCI Airports
  

Traffic was dynamic at most airports in the network: 334 million passengers were welcomed in 2025 across the airports managed by the Group,⁶ 5.0% more than in 2024. There were remarkable increases at recently acquired airports (Budapest, Edinburgh, Mexico and Cabo Verde), and in Japan.

This positive momentum drove VINCI Airports’ revenue to €4.8 billion (up 6.0%) and its Ebitda to €3.0 billion (equal to 63.4% of revenue). Free cash flow hit a record €1.2 billion, up almost €200 million.

• VINCI Autoroutes 
  

Although traffic levels on the VINCI Autoroutes network were affected at the end of the year by farmers’ blockades, they rose by 0.9% overall in 2025 (light vehicles up 0.9%, heavy vehicles up 0.7%).

Revenue rose by 2.3% to €6.7 billion. Ebitda totalled €4.8 billion, equal to 71.0% of revenue, and free cash flow was €2.6 billion.

• VINCI Highways 
  

Revenue amounted to €543 million (up 35% on an actual basis, up 11% on a like-for-like basis⁷) and Ebitda was €282 million, equal to 51.9% of revenue. Free cash flow was close to €90 million.

ENERGY SOLUTIONS

VINCI’s Energy Solutions business operates in very buoyant markets: shift towards electrification, rapid growth for AI and data centres, digitalisation of industrial processes and building management, and defence and sovereignty challenges.

Overall, revenue grew by 8% to €30 billion – of which 71% came from outside France – and the operating margin rose by more than 20 basis points to 7.6%.

Free cash flow totalled €1.2 billion after taking into account new investments in electricity generation and transmission (€1.1 billion).

• VINCI Energies 
  

Revenue came to €21.6 billion, up 6.1% on an actual basis and up 3.3% on a like-for-like basis (of which 7.3% and 5.3% respectively in the fourth quarter of 2025, reflecting good momentum both in France and internationally). Outside France (60% of the total), revenue rose by 7.9%. Apart from the impact of acquisitions,⁸ business levels remained particularly buoyant in Germany – VINCI Energies’ largest market after France – and in the Benelux countries. In France (40% of the total), revenue was up 3.4% in a robust market.

VINCI Energies’ focus on selective and sustainable growth can be seen in its Ebit, which totalled €1.6 billion, equal to 7.4% of revenue (7.2% in 2024). VINCI Energies generated €1.6 billion of free cash flow in 2025, close to the record set in 2024.

Order intake at €22.3 billion was higher than revenue in 2025. As a result, the order book at 31 December 2025 amounted to €17.5 billion (up 6% year on year), representing 10 months of VINCI Energies’ average business activity.

• Cobra IS
  

Revenue rose by 13% to €8.0 billion, driven by major EPC⁹ projects (45% of the total). The increase in this segment (up 24%) continued the trend established in previous quarters and reflected the build-up of some major strategic energy transition and sovereignty projects in many countries, including Germany, Brazil and Australia.¹⁰ Flow business accounted for 55% of total revenue and continued to grow at a firm pace close to 5%.

Ebit at Cobra IS totalled €644 million, equal to 8.0% of revenue (7.8% in 2024). Free cash flow was negative €365 million: it includes heavier investments in photovoltaic electricity generation (€0.9 billion in 2025 as opposed to €0.6 billion in 2024). The amount of capital invested by Cobra IS in renewable energy production since it was acquired by VINCI in late 2021 thus came to €2.3 billion at 31 December 2025.

Order intake remained high at €8.6 billion¹¹ and exceeded Cobra IS’s revenue in 2025. The order book at 31 December 2025 amounted to €18.1 billion, up 3% year on year. It represents more than two years of Cobra IS’s average business activity.

• Long-term energy infrastructure assets: Zero.e (renewable energy production and batteries) and transmission lines PPPs
  

The Group has decided to house the electricity generation (mainly photovoltaic) and storage assets developed by Cobra IS into a dedicated subsidiary called Zero.e. This will better highlight the performance of those assets, optimize funding and enable opportunistic asset rotation.

Currently, Zero.e has more than 5.0 GW of renewable electricity production capacity in operation, under construction or Ready-To-Build.¹²

Zero.e is pursuing a selective investment policy in a limited number of countries (mainly Spain, Portugal, Brazil, the United States and Australia), through developments combining renewable energy facilities with battery projects.¹³ 

Furthermore, VINCI Energies and Cobra IS also have long-standing expertise in carrying out large turnkey projects to build and maintain high-voltage transmission lines¹⁴.

In particular, Cobra IS’s current portfolio of public-private partnerships (PPP) consists of:

• Three PPP in Brazil – covering around 1,900 km of lines – two of which are under construction and one in operation;
• One PPP in Australia – covering more than 200 km of lines – under construction.

Cobra IS regularly takes steps to optimise its portfolio of assets in this area. For example, in May 2025 it completed the disposal of its 50% stake in the PPP related to the Mantiqueira transmission line in Brazil for around €130 million.¹⁵

CONSTRUCTION

In the Construction business, revenue remained high at €33 billion (up 1%). Business levels were supported, as VINCI’s other businesses, by key megatrends: energy transition and digital transformation, defence and sovereignty, added to which are the need for water management systems and infrastructure to enhance climate resilience.

Its Ebit margin continued to improve, reaching over 4%.

The main highlight for the Construction business in 2025 was its very strong free cash flow, resulting from improved internal processes for the collection of customer payments.

• VINCI Construction 
  

Revenue rose by 1.1% to €32.1 billion, with varying market conditions depending on the country and business sector.

Although revenue from major projects (11% of the total) fell in particular because of the phasing of certain large infrastructure projects, flow business remained firm, as did business for the specialty networks (Soletanche Freyssinet, notably in the nuclear industry).

In France, business levels rose because of good performance in roads, rail and water works, as well as refurbishment of buildings. Outside France (55% of total revenue), business growth was very strong in the Czech Republic and Morocco, and resilient overall in other regions. VINCI Construction’s revenue was adversely affected by the euro’s rise against most other currencies (negative impact of 1.5%).

Ebit amounted to €1.4 billion and the Ebit margin continued to improve, reaching 4.2%, up from 4.1% in 2024.

Free cash flow hit a record €1.4 billion, almost twice the level achieved in 2024. This exceptional performance reflects a particularly high level of cash inflows from customers at the end of the year.

Order intake totalled €32.1 billion in 2025 and the order book at 31 December 2025 was €34.2 billion, up 1% at constant exchange rates but down 2% at current exchange rates. The year-end order book represents 13 months of VINCI Construction’s average business activity.

• VINCI Immobilier 
  

Amid very difficult conditions in France’s property development market, VINCI Immobilier’s revenue amounted to €1.1 billion, representing a limited decline of 3% and the number of reservations in France totalled 4,177 residential units, down 13%. On the plus side, there has been an upturn in the launch of new construction projects.

Thanks to its efforts to adjust to tough market conditions – which had affected its earnings in 2024 – and its more selective approach to new developments, VINCI Immobilier’s returned to profit.

III.   OTHER HIGHLIGHTS

AGREEMENTS RELATING TO MOBILITY INFRASTRUCTURE ASSETS

• London Gatwick: approval of the Northern Runway project
  

The plan to convert London Gatwick airport’s Northern Runway to enable dual usage with the main runway was approved by the UK authorities.

Its conversion will increase the airport’s capacity at the turn of the next decade, bringing it to 80 million passengers.

In its decision, the UK government recognised the essential role played by air travel in the economic development of the country and its capital.

• New Lisbon airport: start of the preliminary design phase 
  

At the request of the Portuguese authorities in late 2024, VINCI Airports, via its ANA subsidiary, began preparatory studies in January 2025 with a view to building a new airport in Alcochete, close to Lisbon.

A new milestone has been reached with the consultation of stakeholders, the resulting adjustment of the project and a positive response from the concession grantor in 2025 regarding the start of the preliminary design phase.

• OMA (Mexico): signing of the new Master Development Program
  

In late 2025, OMA received approval from the Mexican concession grantor in relation to its five-year 2026-2030 Master Development Program, which defines:

• • the investments to be made during the period (around €800 million);
  • the related tariffs increases (reference inflation rate plus 6.9% in total over the period).

• Cabo Verde airports: new investments to increase capacity
  

In early 2026, after completing the first phase of works to modernise and reduce the carbon emissions of Cabo Verde’s airports, VINCI Airports announced the start of a new investment programme. It amounts to €142 million over three years and aims to accompany the growth in the archipelago’s air traffic, as well as supporting Cabo Verde’s tourist industry and overall economic growth.

• Escota: approval of the end-of-concession work programme
  

In 2025, Escota’s maintenance and renewal work programme, aimed at ensuring the good condition of the infrastructure when the concession contract ends in February 2032, was approved by the grantor.

• Cofiroute: signing of a ‘Contrat de plan’

In January 2026, following constructive discussions with the French state as the concession grantor, VINCI Autoroutes entered into an addendum to the Cofiroute concession contract. This involves in particular around €350 million of investments to be made on the intercity network. These investments mainly cover projects for shared mobility, electric transport facilities, environmental integration and land-use planning. This addendum also includes the offset¹⁶ of the increase of the regional development tax (TAT or ‘Taxe d’Aménagemement du Territoire’) decided in the Finance Bill for 2020.
This addendum will be funded by specific price increases.¹⁷

• Northwest Parkway (Denver): implementation of a toll modulation system
  

At the end of 2024, with more than one year ahead of schedule, VINCI Highways implemented a day/night rate modulation system leading to an increase in revenue, and continued its programme of costs optimisation and reinternalisation.

APPOINTMENTS AND GOVERNANCE

• VINCI Executive Committee
  

Following Pierre Anjolras’s appointment as the Group’s Chief Executive Officer in May 2025, several new members were appointed to VINCI’s Executive Committee.

The composition of the Executive Committee can be viewed on the Group’s website.

(Management team | VINCI).

• VINCI Board of Directors
  

At the next Shareholders’ General Meeting, the resolutions put to the vote will include the renewal of the term of office as Director of Xavier Huillard, who serves as Chairman of the Board.

ENVIRONMENTAL AMBITION

VINCI continued to implement its strategy, illustrated in particular by the following:

• Climate: VINCI’s direct greenhouse gas emissions were reduced by 26% in 2025,¹⁸ in line with its planned reduction target of 40% by 2030.¹⁸
• Ratings: VINCI earned an A score in the “Climate Change” category from CDP.¹⁹

SHARE CAPITAL

In 2025, the Group purchased 16.6 million VINCI shares in the market for €2.0 billion and carried out €0.8 billion of capital increases, which created 7.5 million new shares allocated to Group employees under share ownership plans. Pursuant to the authorisation given by shareholders in the Shareholders’ General Meeting, the Board of Directors decided in 2025 to cancel 7.5 million shares held in treasury.

At 31 December 2025, following those transactions, VINCI’s capital thus consisted of 581.8 million shares, including 25.8 million treasury shares (4.4% of the capital at that date).

A new share buy-back programme will be proposed at the next Shareholders’ General Meeting.

IV.   OUTLOOK

The need for investments in essential infrastructure (mobility, urban development, electrification and digitalisation) will continue to increase, driven by sovereignty challenges around the various regions of the world.

In this context, underpinned by its expertise as well as its particularly agile and reactive decentralised model, VINCI has entered the year with confidence and serenity.

The Group intends to maintain its discipline in terms of both new orders and acquisitions, and will focus on increasing its margins, generating cash flow and creating long-term value.

At this stage, barring exceptional events, the Group anticipates the following trends in 2026:

• Concessions:
  • Now firmly above their pre-Covid levels, airport passenger numbers should continue to increase overall, in step with global economic growth, although with various situations between regions.
  • Traffic levels on French motorways should follow the country’s economic output and that of its neighbours, including Spain and Italy.
    
    
• Energy Solutions:
  
  • Buoyed by very dynamic markets, Energy Solutions should again see mid to high single-digit revenue growth with an expected new improvement in margin,²⁰ which is already among the highest in its sector.
  • Zero.e’s total renewable electricity generation capacity – in operation, under construction and Ready-To-Build – could rise from 5 GW²¹ to around 6 GW by the end of 2026.
    
    
• Construction:
  
  • As a reflection of its long-standing policy of selectivity, revenue – excluding exchange rate effects – is likely to be similar to that achieved in 2025, with Ebit margin²⁰ at least as high.

Based on those developments and assuming no change in taxation,²² VINCI would expect the following in 2026:

• further growth in its revenue, operating earnings and net income attributable to owners of the parent;
• free cash flow, as an initial estimate, could reach €6 billion.²³

V.   SHAREHOLDER REMUNERATION

• Dividends
  

Taking into account the quality of VINCI’s financial performance and its confidence in the Group’s outlook, the Board of Directors has decided²⁴ to propose a dividend of €5.0 per share with respect to 2025, an increase of 5.3% compared with 2024.

As an interim dividend of €1.05 was paid in October 2025, the final dividend payment on 23 April 2026, if approved at the Shareholders’ General Meeting, will be €3.95 per share.

This would result in a payout ratio – i.e. the total dividend as a proportion of net income attributable to owners of the parent – of 58%, close to the Group’s medium-term target of 60%.²⁵

At the closing share price on 30 January 2026, the yield is 4.1%.

• Share buy-back policy
  

While the primary aim of the Group’s share buy-backs is to offset the dilution caused by the creation of shares granted via employee savings plans, the Group may also buy back its own shares in an opportunistic manner, depending on its financial headroom after taking into account acquisitions and market conditions.

By taking this approach, VINCI will seek to maintain a solid financial position justifying the excellent credit ratings it regularly earns.

*********

**********

This press release, the slide presentation of the 2025 results and the consolidated financial statements for the year ended 31 December 2025 will be available on the VINCI website: www.vinci.com.

London Gatwick airport’s full-year 2025 results will be published mid-March 2026, and the documents will be available on the company’s website:
https://www.gatwickairport.com/company/about-us/investors.html

About VINCI
VINCI is a world leader in concessions, energy solutions and construction, employing 294,000 people in more than 120 countries. We design, finance, build and operate infrastructure and facilities that help improve daily life and mobility for all. Because we believe in all-round performance, above and beyond economic and financial results, we are committed to operating in an environmentally and socially responsible manner. And because our projects are in the public interest, we consider that reaching out to all our stakeholders and engaging in dialogue with them is essential in the conduct of our business activities. VINCI’s ambition is to create long-term value for its customers, shareholders, employees, partners and society in general. www.vinci.com

Appendices are presented in the attachment to this email.

1 ‘Exceptional tax contribution’: negative impacts of €449 million on net income and of €425 million on free cash flow caused by the exceptional contribution in 2025 on the profits of large companies in France.
2 Mainly consisting of acquisitions outside France as follows: (i) VINCI Concessions: in late June 2024, VINCI Airports acquired a 50.01% stake in Edinburgh airport, which has been fully consolidated in the Group’s financial statements since 30 June 2024 and contributed €419 million to the Group’s revenue in 2025 (€210 million in 2024); VINCI Highways in Brazil took over the operation of the BR-040 federal highway (Via Cristais) in March 2025, while Entrevias has been fully consolidated since October 2025 (see page 3 of this press release); (ii) VINCI Energies, which carried out 33 acquisitions in 2025 and 34 in 2024, contributing more than €600 million to the Group’s revenue growth; and (iii) VINCI Construction, which contributed around €900 million to the increase in revenue including €664 million related to FM Conway Limited in the United Kingdom, whose acquisition has been completed in late January 2025. These acquisitions of Energy Solutions and Construction are summarised in Appendix F of this press release.
3 Caused by the rise in the euro against most other currencies, including the US dollar.
4 After taking account of dilutive instruments.
5 S&P Global maintained its credit ratings (A− long-term and A2 short-term, with stable outlook) in October 2025, and Moody’s did likewise (A3 long-term and P-2 short-term, with stable outlook) in May 2025.
6 Figures at 100% including passenger numbers at all managed airports over the period as a whole.
7 Of which in Brazil: (i) BR-040 highway (Via Cristais), revenue of €68 million in 2025 and (ii) Entrevias, revenue of €25 million since the end of October 2025.
8 See the summary of acquisitions by VINCI Energies in Appendix F of this press release.
9 EPC: engineering, procurement and construction.
10 In Germany, HVDC (high voltage direct current) converter platforms and the first liquefied natural gas regasification terminal; high-voltage transmission lines projects in Brazil; and the start of a large electricity transmission contract in Australia as part of a 35-year public-private partnership.
11 The decrease relative to 2024 (€10.4 billion) was due to a high base for comparison. In particular, the business line had secured two orders totalling €2.5 billion in 2024 for offshore windfarm energy converter platforms in the North Sea for a German operator.
12 In May 2025, two new solar farms were brought into service in Brazil with total capacity of 0.6 GW, bringing the combined capacity of Zero.e’s photovoltaic facilities in operation to 1.2 GW. Facilities offering an additional 3.9 GW of capacity are either under construction or Ready-To-Build: 2.1 GW in Spain, 0.9 GW in the United States and 0.8 GW in Brazil – with the aim of starting production in those three countries in 2026-2027 – and 0.1 GW in Ecuador, expected to come into service in 2027.
13 Battery energy storage systems (BESS).
14 To be noted: Cobra IS is currently in charge of the maintenance of around 40,000 km of lines in Brazil.
15 Since 2023 in Brazil, Cobra IS has also sold a 50% stake in the Sertaneja PPP and a 50% stake in the Chimarrao PPP. The three disposals (Mantiqueira, Sertaneja and Chimarrao) have generated proceeds of almost €300 million.

16 In accordance with the decision issued by the Paris Administrative Court of Appeal in May 2025.
17 Cofiroute’s tolls will rise at 83% of the reference inflation rate until the end of the concession (as opposed to 70% previously) and with additional hikes for light vehicles of 0.472 % on 1 February 2026 and of 0.173% per year from 2027 to 2030.
18 Compared with 2018 levels.
19 Carbon Disclosure Project.
20 Ebit/revenue.
21 Based on its current portfolio with 5 GW of capacity, Zero.e’s Ebitda is likely to rise above €400 million by 2030.
22 Taking into account that the higher corporate income tax rate introduced in France in 2025 (around 36%) also applies in 2026.
23 Assuming that Zero.e’s capex is similar to its 2025 level (€0.9 billion).
24 At its meeting of 5 February 2026 chaired by Xavier Huillard and held to review and approve the 2025 financial statements, which will be presented to shareholders for their approval at the Shareholders’ General Meeting on 14 April 2026. The financial statements have been audited and the auditors’ report is currently being prepared.
25 That target applies in the absence of exceptional circumstances such as those that arose during the Covid crisis, when the payout ratio was increased to over 90% with respect to 2020 and over 60% with respect to 2021.

Attachment

• CP VINCI FY 2025 EN

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