Vinci (DG) Q1 2026 TU earnings summary

Executive summary

• Q1 2026 revenue was stable at €16.3 billion, up 1% at constant exchange rates, with strong Energy Solutions and Concessions offsetting a decline in Construction.

• Order intake reached €17.4 billion (+5% year-on-year), and the consolidated order book hit a record €74.9 billion (+4% year-on-year), covering nearly 15 months of activity.

• International operations accounted for over 57% of revenue and 71% of the order book, with Germany representing 20%.

• Net financial debt improved by €1.4 billion year-on-year to €19.8 billion, with high liquidity and robust credit ratings.

• FY 2026 guidance remains unchanged despite uncertainties from the Middle East crisis.

Financial highlights

• Concessions revenue was €2.6 billion (+1.4% actual, +3.0% like-for-like); Energy Solutions revenue was €6.9 billion (+4.7% actual, +2.9% like-for-like); Construction revenue was €6.9 billion (-5.3% actual, -4.7% like-for-like).

• VINCI Energies revenue up 4.1% to €5.0 billion, Cobra IS up 6.7% to €1.9 billion, with 68% of Energy Solutions revenue generated outside France.

• VINCI Airports revenue was €964 million, down 1.6% actual but up 3.5% like-for-like; Autoroutes revenue up 0.6% to €1.4 billion.

• VINCI Highways revenue surged 53% to €159 million, driven by Brazilian assets.

• France revenue was €6.97 billion (-2.0%), while international revenue was €9.31 billion (+1.1%).

Outlook and guidance

• FY 2026 guidance is unchanged, expecting mid to high single-digit revenue growth for Energy Solutions and stable Construction revenue excluding forex effects.

• Free cash flow for 2026 is estimated at €6 billion, assuming stable capex and no tax changes.

• Direct exposure to the Middle East remains limited (<1% of 2025 revenue), but the group is monitoring ongoing uncertainties.

• Long-term growth is expected from infrastructure, electrification, and digitalization trends.