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Vinci (DG) investor relations material
Vinci H1 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
Executive summary
Revenue increased 3.2% year-over-year to €34.9 billion, led by Concessions (+7.7%) and Energy Solutions (+6.2%), with international markets driving growth.
Operating earnings and margins improved across all business lines; net income declined 5% due to a one-off French corporate tax increase.
Interim dividend maintained at €1.05 per share; order book reached €71.3 billion, up 6% year-over-year.
Major acquisitions and integration of new assets in airports, highways, and energy bolstered international presence.
The group remains resilient amid macroeconomic and geopolitical uncertainties, maintaining a long-term growth outlook.
Financial highlights
EBITDA rose 8% to €6.1 billion (17.6% of revenue); EBIT up 6.9% to €4.1 billion (11.9% margin).
Net income attributable to owners was €1.9 billion; EPS €3.34, down 3.5% year-over-year.
Free cash flow was €46 million, reflecting seasonal patterns; net financial debt at €23.3 billion.
International revenue grew 5.4% to €19.9 billion, now 57% of total.
Order book covers over 14 months of activity, supporting future business visibility.
Outlook and guidance
2025 guidance confirmed: revenue and earnings expected to rise, excluding the impact of higher French corporate tax.
Autoroutes traffic and Airports passenger numbers expected to grow, though at a slower pace for airports.
Energy Solutions and Construction to maintain or improve margins; Cobra IS targets €7.5 billion revenue.
Renewable electricity capacity to reach 5 GW in operation or under construction by year-end.
Continued focus on margin over volume, with disciplined M&A and selectivity in project bidding.
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