Vinci (DG) Q1 2025 earnings summary

Executive summary

• Q1 2025 revenue increased 3.8% year-over-year to €16.3 billion, with strong international momentum and a record order book of €72 billion, up 8% year-over-year.

• International operations grew 6.3%, now representing over 56% of total revenue.

• Net financial debt stood at €21.3 billion as of March 2025, a limited increase despite M&A activity and seasonal working capital needs.

• Leadership transition: Xavier Huillard to become Chairman, Pierre Anjolras CEO from May 2025.

• Guidance for 2025 maintained: revenue and earnings expected to rise, before a one-off French corporate tax rate increase (~€400 million impact).

Financial highlights

• Consolidated revenue rose to €16.3 billion (+3.8% actual, +1.2% like-for-like); international revenue at €9.2 billion (+6.3%).

• Concessions revenue up 8.2% to €2.5 billion; Autoroutes up 3.8% to €1.4 billion, with traffic up 2.1%; Airports revenue €980 million (+11.9%), passenger numbers up 6%.

• Energy Solutions revenue at €6.6 billion (+5.8%), driven by international growth and acquisitions; order book at €18.1 billion (+13%).

• Cobra IS revenue up 8.5% to €1.7 billion; EPC project revenue up 15%, strong activity in Germany and Brazil; order book above €17 billion (+2% y/y).

• Construction revenue stable at €7.1 billion (+0.8%), with international up 2% and France down 1% like-for-like; order book at €36.8 billion (+9%).

Outlook and guidance

• 2025 revenue and earnings expected to rise, with growth in airports moderating from 2024's 8.5%; Autoroutes traffic and Energy Solutions revenue to see slight growth.

• VINCI Energies revenue expected to grow at a high-to-mid single-digit rate through 2030, with 2025 growth around 5%.

• Cobra IS targets at least €7.5 billion in revenue and high operating margin; renewable capacity to reach 5 GW by year-end.

• Construction revenue expected flat for 2025, with like-for-like slightly negative due to project phasing.

• Guidance does not factor in the one-off increase in France's corporate tax rate for 2025, estimated to impact net income by €400 million.