Vinci (DG) Q3 2025 TU earnings summary

Executive summary

• Revenue for the first nine months of 2025 rose 3.7% year-over-year to €54.3 billion, with Q3 revenue up 4.7%, driven by strong performance in Energy Solutions and Concessions.

• International operations contributed 58% of total revenue, with notable growth in Brazil, Germany, and the UK.

• Order book reached a record €70.6 billion (up 6% year-over-year), representing 14 months of activity.

• Order intake for nine months was €46.9 billion, down 3% year-on-year, but Q3 order intake rebounded, up 4% vs Q3 2024.

• Major contract wins included Melbourne's Eastern Freeway, energy and infrastructure projects globally, and a new airport management contract in Cambodia.

Financial highlights

• Concessions revenue increased by 5% to €9.4 billion, with VINCI Airports up 6.6% and Autoroutes up 2.7%.

• Energy Solutions revenue grew 6.7% to €20.7 billion, led by VINCI Energies (+5.6%) and Cobra IS (+9.9%).

• Construction revenue stabilized at €24.5 billion (+0.8%), with Q3 showing a 4% increase.

• EBITDA for H1 2025 was €6.1 billion (17.6% margin), up from €5.7 billion in H1 2024.

• Net financial debt at end-September was €21.4 billion, down €0.8 billion year-over-year.

Outlook and guidance

• 2025 guidance confirmed: revenue and earnings expected to rise, with stable or improved operating margins and continued growth in Autoroutes traffic and Airports passenger numbers.

• One-off increase in French corporate tax rate to impact 2025 net income by €400 million.

• Robust order book provides strong visibility and supports selective bidding and margin improvement focus.