Vinci (DG) Q1 2026 TU earnings summary

Executive summary

• Q1 2026 revenue was stable at €16.3 billion, up 1% at constant exchange rates, with strong order intake of €17.4 billion (+5% year-on-year) and a record order book of €74.9 billion (+4% year-on-year).

• Energy Solutions and Concessions segments showed strong momentum, while Construction declined.

• International operations accounted for over 57% of revenue and 71% of the order book; France revenue declined 2%.

• Net financial debt improved by €1.4 billion year-on-year to €19.8 billion, with managed net cash at €15.5 billion and high liquidity.

• Financial position remains robust, with solid credit ratings and unchanged FY 2026 guidance despite Middle East uncertainties.

Financial highlights

• Q1 2026 revenue: €16,278 million (-0.3% actual, +1.0% like-for-like vs Q1 2025); Concessions: €2.6 billion (+1.4% actual, +3.0% like-for-like); Energy Solutions: €6.9 billion (+4.7% actual, +2.9% like-for-like); Construction: €6.9 billion (-5.3% actual, -4.7% like-for-like).

• France revenue: €6,968 million (-2.0%), International: €9,309 million (+1.1%).

• VINCI Airports revenue: €964 million (-1.6% actual, +3.5% like-for-like); Autoroutes revenue: €1.4 billion (+0.6%), traffic down 1.4%.

• VINCI Highways revenue surged 53% to €159 million, driven by Brazilian assets.

• VINCI Energies revenue up 4.1% to €5.0 billion, Cobra IS up 6.7% to €1.9 billion; 68% of Energy Solutions revenue generated outside France.

Outlook and guidance

• FY 2026 guidance remains unchanged, expecting further growth in revenue, operating earnings, and net income; free cash flow estimated at €6 billion, assuming stable capex and no tax changes.

• The group is well positioned for long-term growth from infrastructure, electrification, and digitalization trends.

• Direct exposure to the Middle East is limited to less than 1% of revenue.