Vinci (DG) H1 2025 earnings summary

Executive summary

• Revenue grew 3.2% year-over-year to €34.9 billion in H1 2025, driven by strong performance in Concessions (+7.7%) and Energy Solutions (+6.2%), with international operations now representing 57% of total revenue.

• EBITDA and operating profit rose across all business lines, with EBIT margin improving to 11.9%; net income declined 5% to €1.9 billion due to a one-off French corporate tax increase.

• Free cash flow was €46 million, reflecting seasonal patterns; net financial debt at €23.3 billion, stable year-over-year.

• Order book reached a record €71.3 billion, up 6% year-over-year, providing 14 months of business visibility.

• Interim dividend maintained at €1.05 per share, reflecting confidence in 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 at €1.9 billion, down 5% due to higher French taxation.

• Diluted EPS at €3.34 (reported), down 3.5% year-over-year; free cash flow positive at €46 million.

• Net financial debt at €23.3 billion; liquidity at €11.0 billion cash plus €6.5 billion undrawn credit facility.

• International revenue grew 5.4% to €19.9 billion, now 57% of total.

• Order book covers over 14 months of activity, with France 29%, Germany 19%, rest of world 52%.

Outlook and guidance

• 2025 guidance confirmed: revenue and earnings expected to rise, excluding the impact of the French corporate tax hike.

• 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.

• Order book at record levels supports future growth; selectivity and margin focus remain priorities.