Nanterre, 29 July 2026 — VINCI said its first-half 2026 performance was excellent, with revenue up 2.1% to €35.6 billion, including 4.2% growth in the second quarter, and Ebitda up 4.5% to €6.4 billion. Earnings per share rose 10.8% to €3.70, free cash flow was positive at €264 million, order intake increased 8%, and the Group’s order book reached a record level. VINCI also confirmed its 2026 guidance and announced an interim dividend of €1.10 per share.

Pierre Anjolras, VINCI’s Chief Executive Officer, said the results were driven in particular by the strong performance of Energy Solutions. He said the overall outcome was achieved despite heightened geopolitical and macroeconomic tensions, which weighed on traffic in the concessions business, highlighting the contrast between VINCI’s more cyclical transport assets and its faster-growing energy and digital infrastructure activities. He added that VINCI’s decentralised and agile organisation helped teams keep costs under control, increase margins, generate cash flow and create long-term value. He also said the Group’s international expansion continued through transactions completed or announced since the start of the year in India, France, Germany and New Zealand, as well as ongoing investment by Cobra IS in energy assets in the United States and Brazil.

Results driven by Energy Solutions and Concessions

VINCI said consolidated revenue increased 2.1% year on year, including 1.3% organic growth, a 1.5% positive effect from changes in the consolidation scope and a 0.6% negative foreign-exchange impact. Revenue outside France rose 4.7% and represented 59% of the total, compared with 57% in the first half of 2025. Second-quarter revenue increased 4.2%, after a 0.3% decline in the first quarter, supported by a 7.8% rise in business outside France.

Ebitda rose 4.5% to €6.4 billion, representing 18.0% of revenue, with a 40-basis-point improvement driven by Concessions and Energy Solutions. Operating income from ordinary activities (Ebit) increased 5.4% to €4.4 billion, or 12.3% of revenue, compared with 11.9% a year earlier. Net income attributable to owners of the parent reached €2.1 billion, up 9.6%.

Earnings per share rose 10.8% to €3.70, helped by VINCI’s share buyback policy after dilution effects.

Positive free cash flow and strong liquidity

Free cash flow was positive at €264 million, compared with €46 million in the first half of 2025. VINCI said most of its free cash flow is generally generated in the second half of the year, and that the improvement reflected higher Ebitda, while working capital requirements and capital expenditure were broadly stable year on year.

Net financial debt stood at €22.4 billion at 30 June 2026, down €0.9 billion from a year earlier and up €3.4 billion from 31 December 2025, mainly because of the seasonal increase in working capital requirements, the payment of the 2025 final dividend and share buybacks.

The Group said its liquidity remained very strong, with €11.5 billion of net cash managed and a €6.5 billion confirmed, unused credit facility at VINCI SA, due to expire in January 2031. Long-term gross financial debt amounted to €34.0 billion, with an average maturity of 5.6 years and an average cost of 4.5%. Rating agencies reaffirmed the Group’s credit ratings in the second quarter.

Concessions: airports resilient, autoroutes under pressure

Revenue in Concessions rose 1.5% to €5.8 billion. VINCI said the temporary decline in traffic on French motorways was offset by the integration of highways in Brazil and growth across the airport network. Ebitda improved in both absolute terms and margin.

VINCI Airports

Passenger numbers at VINCI Airports were stable in the first half despite geopolitical disruptions. VINCI said the conflict in the Middle East, along with its effect on kerosene prices, and tensions between China and Japan weighed on some airports, but others — including those in Portugal, Edinburgh, Belgrade, Budapest, the Dominican Republic, Brazil and Cabo Verde — continued to perform well.

Across the network, more than 159 million passengers passed through airports managed by the Group. VINCI Airports revenue rose 5.3% on a like-for-like basis to €2.3 billion, or 1.8% on an actual basis. Ebitda increased to €1.4 billion, with the margin edging up to 62.6% from 62.4% a year earlier.

VINCI Autoroutes

Traffic on VINCI Autoroutes declined 2.9% in the first half, reflecting a sharp rise in fuel prices in March and the effect of several exceptional heatwaves since late May. Light-vehicle traffic fell 3.7%, while heavy-vehicle traffic increased 1.6%.

Revenue declined 0.7% to €3.1 billion, but Ebitda rose to €2.4 billion and the margin improved to 75.5% from 73.3% in the first half of 2025, supported by the traffic mix and productivity gains.

VINCI Highways

Revenue at VINCI Highways increased 43% on an actual basis, or 13% like-for-like, to €333 million, helped by the addition of Brazilian highways to the portfolio. Ebitda rose to €175 million from €121 million a year earlier, with the margin at 52.6%.

Energy Solutions: higher revenue, margins and orders

VINCI said its Energy Solutions business operates in markets supported by electrification, AI and data-centre growth, digital infrastructure services, industrial-process optimisation, building performance and sovereignty-related needs.

In the first half, Energy Solutions revenue increased 6.8% to €14.6 billion, of which 69% was generated outside France. Second-quarter revenue rose 8.6%. Ebitda climbed 10% to €1.4 billion and Ebit increased 12% to €1.1 billion. The Ebitda margin rose 30 basis points to 9.6%, while the Ebit margin improved 40 basis points to 7.8%.

Order intake increased 5% to €16.4 billion, and the order book rose 7% to €38.3 billion.

VINCI Energies

VINCI Energies reported revenue of €10.7 billion, up 6.6% on an actual basis and 3.4% like-for-like. Second-quarter revenue growth was 9.0% on an actual basis and 5.2% like-for-like. Outside France, which represented 59% of the total, revenue increased 7.5% in the half, with strong growth in Germany, the Benelux countries and the United States. In France, revenue rose 5.5%.

Ebitda reached €1.0 billion, with the margin improving to 9.3% from 9.0%, and Ebit rose to €0.8 billion, with the margin at 7.5% versus 7.2% a year earlier.

Order intake rose 9% to €12.6 billion and reached a new rolling 12-month record of €23.4 billion. The order book at 30 June 2026 stood at €20.0 billion, up 12% year on year and 15% from the end of 2025, equal to 11 months of average activity.

VINCI said the main contracts won in the half included electrical infrastructure in Guinea and the Czech Republic, technical packages for new data centres in Asia and France, battery energy storage systems in several European countries, a solar farm in Ireland, work at Santo Domingo airport, a PPP for education facilities in Germany and participation in a naval nuclear propulsion reactor project for the Brazilian navy.

Cobra IS

Cobra IS revenue rose 7.1% to €3.9 billion, including 7.5% growth in the second quarter. Growth was broadly balanced between flow business, which accounted for 59% of revenue and remained very strong in Spain, and EPC projects. Ebitda reached €0.4 billion, with the margin improving to 10.7% from 10.3%, while Ebit rose to €0.3 billion, with the margin at 8.4% versus 7.9%.

Order intake fell about €200 million, or 5%, to €3.8 billion, mainly because of a high comparison base related to large projects. Cobra IS said flow-business order intake continued to rise strongly. Its order book at 30 June 2026 stood at €18.3 billion, up 2% year on year and 1% from 31 December 2025, representing more than two years of average activity.

Renewable power and transmission assets

Through its Zero.e roadmap, Cobra IS brought two new solar farms into service in Texas in spring 2026, with a combined capacity of 250 MW. Around 80% of the electricity produced is sold under 10-year power purchase agreements to Google for its data centres. The portfolio’s operating capacity now totals 1.6 GW, while 4.0 GW is under construction or ready to build. VINCI said Cobra IS had invested €2.6 billion in renewable energy production since it was acquired in late 2021.

In electricity transmission, Cobra IS won two new public-private partnership contracts in Brazil through auctions organised by ANEEL. One project is in São Paulo and Rio de Janeiro and combines new 500 kV transmission lines and a substation with the renovation of existing 230 kV lines and substations. The second project is in Pará and Mato Grosso and involves two new transmission lines over 511 km and three substations. The projects are valued at about €225 million and are due for completion in 2030, with operation and maintenance continuing until 2056.

VINCI said its current power-line PPP portfolio comprises five projects in Brazil, covering more than 2,500 km, and one project in Australia, covering more than 200 km.

Construction: resilient backlog despite softer first-half revenue

Construction revenue declined 1.3% to €15.5 billion in the first half. Ebitda margin was 5.0% and Ebit margin 2.1%, levels that VINCI said are not representative of the expected full-year performance because of seasonality. The Group said demand remained supported by environmental and digital transitions, defence and sovereignty, water management and climate resilience.

VINCI Construction

VINCI Construction revenue amounted to €15.0 billion. A stronger second quarter, up 2.6%, limited the decline at end-June to 1.1% on an actual basis. VINCI said lower activity on large projects — which account for less than 10% of revenue — was driven partly by progress on the High Speed 2 line in the United Kingdom, while revenue in France was affected by the municipal-election cycle and some phasing issues in building projects. Other divisions posted growth, with particularly strong momentum in Oceania and Central Europe.

Ebitda was €0.7 billion, with the margin nearly stable at 4.9%, and Ebit was €0.3 billion, with the margin stable at 2.2%. Order intake increased 10% to €18.0 billion and several important contracts were won, while the order book reached a record €38.5 billion at 30 June 2026, up 8% year on year and 12% versus year-end 2025.

The main contracts won included the railway maintenance centre and control centre for High Speed 2 in Birmingham, several multi-year road maintenance contracts in New Zealand and the United Kingdom, road contracts in Australia, building contracts in France including the new hospital in Reims, offshore outfall structures for two EPR reactors at Penly, an upgrade to Prague’s main wastewater plant, a design-build contract for an LPG storage and distribution terminal in Cartagena, renovation of a waste-treatment plant in the Paris region, and a motorway interchange reconfiguration in Florida.

VINCI Immobilier

VINCI Immobilier’s revenue fell 10% to €0.4 billion as France’s property development market remained under pressure. Cost-cutting measures improved Ebitda in both value and margin, with the margin rising to 6.8% from 5.7% in the first half of 2025, while Ebit remained at breakeven. Housing reservations in France declined 16% to 1,749 units, with fewer bulk sales, although individual sales increased.

Governance and year-to-date developments

VINCI appointed Thierry Mirville as Chief Financial Officer on 1 June 2026, replacing Christian Labeyrie, who will retire at the end of the year.

Since the start of 2026, VINCI Highways signed an agreement to acquire Safeway Concessions, a portfolio of nine toll highway concessions in India covering nearly 700 km and expiring between 2048 and 2058. The transaction is subject to approval by the relevant Indian authorities, with financial close expected by the end of 2026.

VINCI Concessions was named by the French state as preferred concessionaire for the future A154–A120 motorway link, a new 97 km section west of Greater Paris. The concession would run for 35 years. VINCI Autoroutes would manage the programme, financing and operation, while VINCI Construction would design and build the infrastructure. Signing is expected in the third quarter of 2026, subject to approval.

VINCI Energies completed 12 acquisitions in the first half, mainly outside France, across its building, digital infrastructure, industry and energy-infrastructure businesses. These companies generate almost €130 million in combined annual revenue.

On 16 July 2026, VINCI Energies announced a public tender offer for All for One, a listed German company with revenue of €500 million in fiscal year 2025. All for One is a specialist in business-application integration and maintenance, serving more than 4,500 Mittelstand customers with 3,000 employees. VINCI said the offer would strengthen its digital infrastructure services business under the Axians brand, where revenue in 2025 was €3.8 billion, including €2.7 billion from infrastructure construction and €1.1 billion from digital infrastructure services.

In May 2026, VINCI Construction completed the acquisition of Fletcher Construction in New Zealand, with annual revenue of about €630 million, and Modern Group of Companies in New Brunswick, Canada, with annual revenue of €50 million.

VINCI said it won several data-centre contracts in Europe and Asia in the first half, worth nearly €900 million in total. Contracts related to data centres represented more than €1.2 billion in the order book at 30 June 2026, mainly in Singapore and Spain.

On 25 February 2026, VINCI placed €500 million of bonds exchangeable for ordinary shares of Groupe ADP. The bonds mature in five years, unless redeemed, exchanged or repurchased earlier, and carry an annual coupon of 0.75%. If fully exchanged at maturity, VINCI’s stake in Groupe ADP would fall to around 4.8%, subject to any adjustment of the exchange ratio.

2026 guidance confirmed

Following the strong first-half performance, VINCI confirmed its 2026 guidance for further growth in revenue, operating earnings and net income attributable to owners of the parent. Free cash flow could reach €6 billion.

For Concessions, VINCI slightly adjusted its assumptions because of recent geopolitical and macroeconomic developments. The Group now expects total airport passenger numbers to remain stable versus 2025 and traffic on French motorways to decline slightly.

For Energy Solutions, VINCI expects mid- to high-single-digit revenue growth and another improvement in margin. The total renewable electricity generation capacity of Zero.e — including operating, under-construction and ready-to-build projects — could rise from 5 GW at the end of 2025 to around 6 GW by the end of 2026.

For Construction, VINCI expects revenue excluding exchange-rate effects to be similar to 2025, with Ebit margin at least as high.

Shareholder returns

VINCI’s Board of Directors, chaired by Xavier Huillard, met on 29 July 2026 and approved the consolidated financial statements for the six months ended 30 June 2026. The Board also approved an interim dividend of €1.10 per share for 2026, compared with €1.05 a year earlier. It will be paid on 15 October 2026.

The Group also bought back €1.0 billion of shares in the first half of 2026, equivalent to 7.9 million shares at an average price of €125.8. On 10 June 2026, VINCI launched a new share buyback programme with a maximum purchase amount of €200 million to be completed by 31 July 2026.

VINCI said the press release, first-half 2026 presentation and consolidated financial statements will be available on its website, along with the first-half 2026 results of London Gatwick airport, which are due in the second half of August 2026.

VINCI is a global leader in concessions, energy solutions and construction, employing 294,000 people in more than 120 countries.