Vinci (DG) Q3 2026 TU earnings summary

Executive summary

• Q3 revenue rose 4.9% to €20.36bn (+2.6% like-for-like); 9M revenue reached €55.96bn, up 3.1% reported and 1.8% like-for-like.

• 9M international revenue rose 6.7% to €33.45bn and represented 60% of total revenue; growth was led by Energy Solutions and international activity.

• 9M order intake rose 6% to €49.6bn; the September order book reached €75.4bn, up 7% YoY and equivalent to 14 months of activity.

Financial highlights

• 9M revenue by business: Concessions €9.55bn (+1.8%), Energy Solutions €22.26bn (+7.4%) and Construction €24.58bn (+0.4%).

• Q3 international revenue rose 10% reported and 6.2% like-for-like; France declined 2.5%.

• Energy Solutions order intake reached €24.3bn, up 9%, and its order book increased 9% to €38.5bn; Construction order intake rose 3% to €25.3bn and backlog 5% to €36.9bn.

Outlook and guidance

• 2026 guidance was confirmed: further growth in revenue, operating earnings and net income attributable to owners; free cash flow could reach €6bn.

• Guidance assumes constant taxation and Zero.e capex at its 2025 level of €0.9bn; it excludes a potential French long-distance transport infrastructure tax increase.

• The potential tax increase could add ~€450m to 2026 operating earnings and net profit charges, payable in 2027, with no 2026 cash impact.