France · Delayed Price · Currency is EUR Vinci Earnings Call Transcripts
Fiscal Year 2026
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Revenue and order intake grew, with a record order book and strong international presence. Energy solutions and highways segments led growth, while Construction saw a modest decline due to project phasing and weather. Guidance for 2026 remains unchanged.
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The AGM highlighted strong financial results, record free cash flow, and robust international growth, with all resolutions approved. Leadership transitions, strategic investments in energy and infrastructure, and a continued focus on ESG and innovation were emphasized.
Fiscal Year 2025
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Outstanding 2025 results with revenue, EBITDA, and net income growth across all segments, record free cash flow, and a 5% dividend increase. International expansion, strong order backlog, and disciplined capital allocation support a positive 2026 outlook.
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Q3 revenue grew 4.7% and nine-month revenue reached EUR 54.3 billion, driven by strong energy solutions and concessions, with a record EUR 71 billion order book and reduced net debt. 2025 guidance is confirmed, supported by robust international growth and recent acquisitions.
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H1 2025 saw robust revenue and profit growth, driven by international operations and strong performance in concessions and energy solutions. Despite a higher French tax burden, net profit contraction was limited, and the order book reached a record high, supporting a positive outlook for 2025.
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Q1 2025 revenue grew 4% to €16.3 billion, with record order book and strong international momentum. Guidance for 2025 is maintained, with growth expected in revenue and earnings, and robust financial position supports ongoing M&A and shareholder returns.
Fiscal Year 2024
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Record 2024 results with revenue and earnings at all-time highs, driven by international growth and strong free cash flow. All core segments performed well, with airports and energy leading, and the group expects further growth in 2025 despite tax and macroeconomic headwinds.
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Revenue and EBITDA have doubled and tripled respectively since 2016, with strong international growth and a disciplined, decentralized model. Guidance to 2030 targets mid- to high-single-digit growth, 7.5%+ EBIT margin, and 100%+ cash conversion, with bolt-on M&A as a key driver. Management sees significant valuation upside versus peers.
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Revenue rose 3.3% to €52.3 billion, driven by strong performance in concessions and energy services, with a robust order book and continued M&A activity. Net debt increased due to acquisitions, and a potential €400 million tax charge in 2025 could impact net income.
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Revenue and EBIT grew strongly in H1, driven by robust performance across all divisions and major international investments. Despite a new French transport tax and higher net debt, financial health remains solid, with further growth expected in 2024.