Vinci (DG) H2 2025 earnings summary

Executive summary

• Revenue reached €74.6 billion, up 4.2% year-over-year, with 59% generated internationally and all business segments posting operating earnings growth.

• Net income attributable to owners rose to €4.9 billion (+0.8%), or €5.4 billion (+10%) excluding a one-time French tax; earnings per share increased 2.6%.

• Record free cash flow of €7.0 billion, up €202 million; net financial debt reduced by €1.3 billion to €19.1 billion.

• Proposed dividend of €5.00 per share for 2025, a 5.3% increase, with a payout ratio at 58%.

• International revenue now represents nearly 60% of total, with over half of net income generated outside France.

Financial highlights

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

• Free cash flow excluding the exceptional tax reached €7.4 billion (+9%); free cash flow conversion remains strong.

• Net financial debt at €19.1 billion, 1.4x EBITDA; liquidity at €15.5 billion with €6.5 billion undrawn credit facility.

• Return on capital employed (ROCE) at 10.7% and return on equity (ROE) at 16.4%.

• CapEx stable at €4.9 billion; cash return to shareholders €3.8 billion, including €2.7 billion in dividends.

Outlook and guidance

• 2026 guidance: further revenue, operating earnings, and net income growth expected; free cash flow estimated at €6 billion.

• Dividend payout ratio targeted at 60% of net income, with opportunistic share buybacks.

• Energy Solutions expected to see mid to high single-digit revenue growth and margin improvement; Construction revenue to remain stable with at least same margin.

• Zero.e renewable energy portfolio targeted to grow from 5 GW to 6 GW by end-2026.

• Airports and highways to benefit from capacity expansions and regulatory agreements.