Vinci (DG) H2 2025 (Media) earnings summary

Executive summary

• Revenue reached €74.6bn, up 4.2% year-over-year, with international operations contributing 59% of total revenue and 56% of net income.

• Net income rose to €4.9bn (+0.8%), or €5.4bn (+10%) excluding a €449m exceptional tax contribution in France.

• Free cash flow hit a record €7.0bn, with net financial debt reduced by €1.3bn to €19.1bn (1.4x EBITDA).

• All three business segments—Concessions, Energy Solutions, and Construction—reported higher operating earnings.

• Proposed dividend for 2025 is €5.00 per share, up €0.25 from 2024, with a payout ratio of 58%.

Financial highlights

• EBITDA rose 6.4% to €13.5bn (18.1% of revenue); EBIT increased 6.2% to €9.6bn (12.8% of revenue).

• Earnings per share grew 2.6% to €8.65, or 12% to €9.44 excluding the exceptional tax.

• Free cash flow: €7.0bn, a new record (+€202m year-over-year).

• Net financial debt at €19.1bn, down €1.3bn; leverage at 1.4x EBITDA.

• Cash flow from operations improved, supported by a €2.5bn working capital improvement and disciplined capex.

Outlook and guidance

• 2026 guidance anticipates further growth in revenue, operating earnings, and net income, barring exceptional events.

• Free cash flow for 2026 estimated at €6bn, assuming similar capex and tax environment.

• Energy Solutions: Mid to high single-digit revenue growth and margin improvement expected.

• Construction: Revenue to remain stable with at least the same margin as 2025.

• Concessions: Airport passenger numbers and motorway traffic expected to rise in line with economic growth.