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, and supported by recent acquisitions.

• International operations contributed 58% of total revenue, growing 5.3% year-over-year, with notable growth in Brazil, Germany, and the UK.

• Order book reached a record €70.6 billion at end-September, up 6% year-over-year, providing 14 months of average activity and high visibility for future operations.

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

• Major contract wins included Melbourne's Eastern Freeway, energy and infrastructure projects globally, and the start of the 30-year BR-040 highway concession in Brazil.

Financial highlights

• Concessions revenue increased by 5.4% to €9.4 billion, with VINCI Airports up 6.6% and VINCI 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 and growth in France and continental Europe.

• Net financial debt at end-September was €21.4 billion, down €0.8 billion year-over-year; group liquidity remains strong with €12.3 billion in net cash and a €6.5 billion undrawn credit facility.

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

Outlook and guidance

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

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

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

• No short-term impact expected from German infrastructure plans; any effect likely post-2026.