Competitive position and Outlook
Concessions
Outlook
Activity in VINCI Concessions’ business lines is expected to continue growing in 2026, thanks to unabated demand for mobility worldwide.
VINCI Airports
In the airport sector, traffic should continue growing slightly overall, tracking global economic growth, although circumstances and performance will vary in different regions.
VINCI Autoroutes
In the motorway sector in France, traffic is expected to remain resilient and mirror the economy in France and neighbouring countries, including Spain and Italy.
VINCI Highways
Traffic is also likely to continue to grow in the motorway network outside France, supported by the development of road mobility, particularly in Latin America.
In this high-growth environment, VINCI will continue to develop its network of motorway and airport concessions, by raising its international profile and extending the average maturity of its portfolio through new acquisitions.
This development strategy dovetails with the commitment to sustainable and eco-friendly mobility. The Concessions business will step up its efforts to reduce the direct environmental impact of its activities and support all its stakeholders with its own environmental strategy. From a long-term perspective, the need to transform motorways and airports into low-carbon and climate-resilient infrastructure further substantiates the concession contract model and the recourse to private funding, while confirming the validity of the Group’s strategy of investing in long-cycle assets.
VINCI Autoroutes’ competitive position
VINCI Airports position in the sector
VINCI Airports is the leading private operator and the most geographically diversified, with more than 70 airports worldwide in 2025.
The main listed airport operators in Europe are Aena, Groupe ADP and Fraport.
In Europe, VINCI Airports operates 10 airports in Portugal (72.5 million passengers), 11 airports in France (19.4 million passengers) including Lyon-Saint Exupéry (10.7 million passengers), Belgrade airport in Serbia (8.9 million passengers) and, since June 2024, Budapest airport in Hungary (19.6 million passengers).
In the United Kingdom, VINCI Airports operates London Gatwick (42.8 million passengers), Belfast International (6.7 million passengers) and, as of end-June 2024, Edinburgh airport (17 million passengers).
In Asia, VINCI Airports operates two airports in Cambodia (5.5 million passengers)(*) and holds the concession, as part of a consortium with Japanese partners, for the three airports in the Kansai region of Japan (54.3 million passengers).
In Latin America, VINCI Airports holds concessions for eight airports in Brazil (13.1 million passengers), Guanacaste airport in Costa Rica (2 million passengers) and six airports in the Dominican Republic (6.3 million passengers). In Chile, as part of a consortium with Groupe ADP and Astaldi Concessions, it operates the international airport in Santiago (26.5 million passengers). In Mexico, VINCI Airports is the largest shareholder of OMA, a group operating 13 airports (28.9 million passengers). In the United States, VINCI Airports operates six airports under management contracts (7.2 million passengers). Lastly, it operates Cabo Verde’s seven airports (3.5 million passengers).
(*) Phnom Penh airport ceased operations on 9 September 2025, on which date VINCI Airports began operating the new Phnom Penh airport, Techo International, under a management contract.
Energy solutions
Outlook
In 2026, the Energy Solutions business is expected to continue to ride long-term, fundamental trends – the energy transition, digital transformation and the growing aspiration of nations for greater sovereignty. As these trends accelerate under the effect of the climate emergency and artificial intelligence boom, opportunities are bound to grow in energy networks and infrastructure assets of all types, as well as in industry and construction – most of the markets where VINCI Energies and Cobra IS operate with a high degree of geographical complementarity.
Flow business
VINCI Energies expects to see further organic growth in its flow business, as reflected in its €17.5 billion order book at the end of 2025 (up 6% year on year), and will pursue external growth in 2026, supported by a management model and an organisational structure crafted to integrate newly acquired companies. Underpinning this expansion are VINCI Energies’ proactive efforts to support and assist customers in their energy and digital transformations. Cobra IS, whose order book stood at €18.1 billion at the end of 2025 (up 3% year on year), also anticipates new growth, driven by its diverse, recurrent flow business.
Large EPC projects
Cobra IS’s continued development will also draw on its ability to deliver major turnkey projects, particularly in energy production infrastructure.
Energy assets
The Group has decided to bring together the electricity generation and storage assets (mainly photovoltaic energy) developed by Cobra IS in a single-focus subsidiary, Zero.e. This will provide an opportunity to assess each asset’s performance, optimise financing arrangements and carry out asset rotations on an opportunistic basis. Zero.e’s overall renewable electricity generation capacity – in operation, under construction and ready to build – is expected to rise to approximately 6 GW by the end of 2026.
VINCI Energies and Cobra IS position in the sectors
France
With revenue of €8.6 billion, VINCI Energies is a major player in the French market, where it competes mainly with Spie, Equans (Bouygues) and Eiffage Énergie Systèmes.
Europe
VINCI Energies is a top player in Germany, where it generated revenue of over €3.8 billion in 2025, as well as in the Netherlands, Switzerland, Scandinavia (Sweden, Finland and Norway), Belgium, the United Kingdom and Portugal. In other countries, such as Poland, the Czech Republic, Italy, Romania and Austria, VINCI Energies is a significant player in certain business activities.
Cobra IS has a strong presence in Spain, its domestic market, where it generated €3.2 billion in revenue in 2025. Its main competitors in the engineering, construction and services sectors are Elecnor, Engie, EDP, TSK and Iberdrola. Several large groups, including Iberdrola, are also involved in the development of renewable energy projects. Cobra IS has a long-established presence in Portugal and regularly brings its expertise to bear in Germany, Belgium, Italy, Ireland and the United Kingdom.
Outside Europe
VINCI Energies has been active in North America since 2018 and is solidifying its position in Canada as well as the United States. In South America, its main market is Brazil. It is a long-time player in Africa, where it is a leader in Morocco and is expanding its operations in West Africa. VINCI Energies also operates in the Middle East and has a solid foothold in New Zealand and Australia, as well as in South-East Asia, with operations in Singapore and Indonesia.
Cobra IS is a long-established player in Brazil, where it regularly carries out large engineering, procurement and construction (EPC) projects and develops renewable energy assets. Broadly speaking, Latin America, Australia and the United States are key markets for Cobra IS.
Construction
Construction Outlook
Order intake in 2025 – particularly in the rail works, water management, energy, defence and building renovation sectors – kept the order book at a high level. It reached €34.2 billion at end-December 2025, representing approximately 13 months of business volume. This visibility enabled the business to confidently pursue its selective order-taking policy.
In order to minimise the impact of a persistently uncertain economic and geopolitical environment, VINCI Construction can continue to draw on its broad spectrum of expertise, geographical diversification and decentralised organisation. These strengths should help to keep its business model resilient, its 2026 revenue close to its 2025 levels (at constant exchange rates) and its Ebit margin at least steady.
In the medium term, the macro trends unfolding today, which are already visible in the type of projects currently under way, will continue to generate new business opportunities. Global climate change adaptation efforts and carbon emissions reduction targets call for significant upgrades in the infrastructure that sustains power grids, water management, low-carbon transport and climate resilience.
In building activities, efforts to reduce energy consumption and carbon emissions, combined with urban development and changes in the way we live and work, will also give rise to a growing volume of new projects.
VINCI Construction will be developing new expertise, products and services to provide workable and sustainable solutions to advance the environmental transition, while pushing ahead with its efforts to reduce its own direct footprint.
In a market undergoing considerable change, VINCI Immobilier will continue taking measures to boost operational efficiency and roll out its strategic plan centred on operational excellence, innovation, product repositioning to address new ways of living, working and engaging with urban communities, as well as diversification of its product segments.
To support its customers and other stakeholders on the ground, VINCI Immobilier also aims to further strengthen the acceptance and quality of its projects by addressing the economic, environmental and social challenges that lie at the heart of its business.
Beyond the downturn currently affecting the market in France, the medium- and long-term outlook indicates business will be buoyed by the structural need for homes and the essential transformation of existing business premises to accommodate changing uses, meet stricter environmental requirements and redeploy manufacturing throughout the country.
Over the longer term, VINCI Immobilier’s responsible approach and expertise in land recycling will underpin future business.
VINCI Construction Position in the sectors
Specialty networks
Soletanche Freyssinet, a world leader in specialist civil engineering, operates in more than 100 countries and is active on a very fragmented market. Its competitors include Trevi, Bauer and Keller in special foundations, and VSL (a Bouygues subsidiary) in prestressing and stay cable systems.
France
VINCI Construction is the leader in the building and civil engineering sectors in France, ahead of Bouygues Construction, Eiffage Construction, NGE, Fayat and Spie batignolles. The remaining market is divided among several medium-sized regional companies (including Demathieu Bard and Léon Grosse) and a large number of small contractors. In the transport infrastructure and urban development sectors, VINCI Construction is a market leader alongside Colas (Bouygues group) and Eiffage Infrastructures. The market is otherwise shared by a large number of local and regional companies. VINCI Construction is also a market leader in aggregates, where its competitors include roadworks companies and cement groups such as Holcim, GSM ( Heidelberg Materials) and Cemex, along with a number of local producers.
Germany
VINCI Construction, through Eurovia GmbH, is one of the sector’s main players with Strabag, in a market made up mainly of regional players.
United Kingdom
VINCI Construction operates in the United Kingdom through its subsidiaries specialising in the building, civil engineering, roadworks, long-term road maintenance and building facilities management markets. Its main competitors are Balfour Beatty, Kier, Morgan Sindall, Laing O’Rourke, Tarmac (CRH group), Sir Robert McAlpine, Aggregate Industries (Holcim) and Hanson (Heidelberg Materials).
Central Europe
VINCI Construction operates in the region through its local subsidiaries, notably in Poland, the Czech Republic and Slovakia. VINCI Construction is among the leaders in road and rail works in the Czech Republic. Its main competitors are Porr, Metrostav and Strabag.
North America
Through its Canadian business units, VINCI Construction is one of the major players in road infrastructure works in Quebec, Alberta and British Columbia. Its main competitors are subsidiaries of Colas, CRH and Amrize, as well as local companies. Through its business units in the United States, VINCI Construction is a market leader in roadworks on the east coast, with operations in 10 eastern states and in Texas. For construction works, its main competitors are Archer Western Contractors (a Walsh Group subsidiary) and Lane Construction (Webuild); for the manufacture and application of asphalt concrete, it competes against Preferred Materials (CRH) and a large number of regional players.
Afrique
Operating in some 20 countries, VINCI Construction is a major player, through its subsidiary Sogea-Satom, in Central Africa, West Africa, Equatorial Africa and East Africa.
Oceania
VINCI Construction is a prominent player in the New Zealand and Australian infrastructure markets through HEB Construction and Seymour Whyte.
Source: internal studies, company literature.
