Vinci (DG) H1 2026 earnings summary

Executive summary

• Revenue rose 2.1% year-over-year to €35.6 billion, with 59% generated internationally and strong contributions from Energy Solutions and Concessions, despite geopolitical and macroeconomic headwinds.

• EBITDA increased 4.5% to €6.4 billion (18.0% margin), and net income attributable to owners grew 9.6% to €2.1 billion; EPS up 11% to €3.70.

• Free cash flow was positive at €264 million, a notable achievement given H1 seasonality.

• Order intake reached €34.4 billion (+8%), and the order book hit a record €76.8 billion, providing strong business visibility.

• Interim dividend increased to €1.10 per share, to be paid in October 2026.

Financial highlights

• EBIT rose 5.4% to €4.4 billion (12.3% margin); EBITDA margin improved to 18.0%.

• Net financial debt at €22.4 billion (1.6x EBITDA), down €0.9 billion year-over-year; liquidity at €18 billion, including €11.5 billion net cash and €6.5 billion undrawn credit facility.

• EPS up 11% to €3.70; net income attributable to owners up 9.6% to €2.1 billion.

• Free cash flow: €264 million (H1), expected to reach €6 billion for FY.

• Dividend payout ratio target: 60% of net income.

Outlook and guidance

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

• Energy Solutions expected to deliver mid to high single-digit revenue growth and margin improvement.

• Construction revenue expected to remain stable, with EBIT margin at least as high as 2025.

• Concessions: airport passenger numbers stable, autoroutes traffic may decline slightly due to geopolitical and macroeconomic events.

• Zero.e renewable capacity targeted to rise from 5 GW to 6 GW by year-end.