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Vinci (DG) investor relations material
Vinci H2 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.H2 2025 earnings summary6 Feb, 2026
Executive summary
Revenue reached €74.6 billion, up 4.2% year-over-year, with 59% generated internationally and all business segments posting operating earnings growth.
Net income attributable to owners rose to €4.9 billion (+0.8%), or €5.4 billion (+10%) excluding a one-time French tax; earnings per share increased 2.6%.
Record free cash flow of €7.0 billion, up €202 million; net financial debt reduced by €1.3 billion to €19.1 billion.
Proposed dividend of €5.00 per share for 2025, a 5.3% increase, with a payout ratio at 58%.
International revenue now represents nearly 60% of total, with over half of net income generated outside France.
Financial highlights
EBITDA rose 6.4% to €13.5 billion (18.1% of revenue); EBIT increased 6.2% to €9.6 billion (12.8% of revenue).
Free cash flow excluding the exceptional tax reached €7.4 billion (+9%); free cash flow conversion remains strong.
Net financial debt at €19.1 billion, 1.4x EBITDA; liquidity at €15.5 billion with €6.5 billion undrawn credit facility.
Return on capital employed (ROCE) at 10.7% and return on equity (ROE) at 16.4%.
CapEx stable at €4.9 billion; cash return to shareholders €3.8 billion, including €2.7 billion in dividends.
Outlook and guidance
2026 guidance: further revenue, operating earnings, and net income growth expected; free cash flow estimated at €6 billion.
Dividend payout ratio targeted at 60% of net income, with opportunistic share buybacks.
Energy Solutions expected to see mid to high single-digit revenue growth and margin improvement; Construction revenue to remain stable with at least same margin.
Zero.e renewable energy portfolio targeted to grow from 5 GW to 6 GW by end-2026.
Airports and highways to benefit from capacity expansions and regulatory agreements.
Elaborate on asset rotation strategy and capital impact
What are the key drivers for margin expansion?
How will Zero.e's funding be optimized?
How will BESS investments enhance Zero-E's value?
French corporate surtax: long-term competitiveness impact
VINCI Construction: core flow business strategy impact
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Next Vinci earnings date
Q1 2026 TU23 Apr, 2026
Vinci
Next Vinci earnings date
Q1 2026 TU23 Apr, 2026
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Frequently asked questions
Vinci SA is a global construction and concessions company involved in designing, building, financing, and managing infrastructure and facilities. Its key business areas include infrastructure development through Vinci Construction, operating highways and airports under Vinci Concessions, and providing energy services via Vinci Energies. The company is engaged in a variety of projects, such as highways, airports, bridges, and energy distribution networks. Vinci’s activities span various sectors, including transportation, energy, and urban development. The company is headquartered in Nanterre, France, and its shares are listed on the Euronext Paris.
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