2025 Universal Registration Document

In Specialty Networks, VINCI Construction deploys its expertise in some 100 countries.

Soletanche Bachy, a world leader in foundations and soil technologies, carried out a wide range of projects in 2025, recording high business volumes and growing profitability.

In France, business was brisk thanks to projects in connection with the Grand Paris Express programme and the Toulouse metro.

In the Iberian Peninsula, where business volumes grew more than 20%, Soletanche Bachy worked on two civil engineering and foundation projects for an industrial site in Huelva (Andalusia) that will recover and process non-ferrous metals from waste electrical and electronic equipment.

In North America, business returned to normal levels after exceptional performance in 2024. The slight dip on a like-for-like basis in 2025 was offset by the contribution to growth of Hub, a foundation and groundworks specialist based in the Boston area which was acquired in 2025. Notable projects in North America included Soletanche Bachy International’s involvement in the construction of the Gowanus Owls Head overflow tank, one of two underground structures connected to the Gowanus canal in Brooklyn, designed to prevent stormwater and wastewater from discharging directly into the canal, thereby ensuring a sustained improvement in water quality.

2025 was a year of contrasting trends in Latin America, with business slowing down in Chile and Mexico despite strong order intake.

In the Asia-Pacific region, the year was marked by strong growth thanks in particular to several major infrastructure projects in Australia, Singapore and Hong Kong, while the order backlog remained high.

In Central Europe, the Czech Republic in particular posted stand-out performance.

This good overall level of performance counter-balanced more sluggish activity on a number of major rail projects (including High Speed 2 in the UK and the City Rail Link project in Auckland, New Zealand).

Menard, which specialises in soil investigation, improvement and remediation, maintained high busi-ness levels in 2025 following strong growth in 2024, despite adverse exchange rates. The downturn in Oceania and Canada following a record 2024 was largely offset by major projects in the US. ConeTec posted significant growth, driven in particular by historically high business levels at Geotech Drilling, a subsidiary acquired in early 2024. In South-East Asia, business volumes are supported by a portfolio of projects in Indonesia and the Philippines, recently supplemented by a major project in Malaysia which is expected to continue through to the end of 2026. In Europe, the clear upturn in the Spanish market, a positive outlook in the Czech Republic and the recent expansion in Ireland are adding to the momentum. Generally speaking, the soil decontami-nation sector (Remea, Dunton) is expecting business volumes to grow in the future.

Geoquest (formerly Terre Armée) saw growth slow marginally in 2025, due in part to the strength of the euro against other currencies, which drove revenue down slightly. Profitability, on the other hand, continued to improve. A specialist in soil-structure interaction, the company continues to diversify its business mix and grow its industrial base. In 2025, Geoquest took part in a wide range of projects, including the supply of Reinforced Earth® walls for the Toquepala mine (Peru), and the construction of a parallel taxiway at Tribhuvan international airport (Nepal) using Reinforced Earth® retaining walls and drainage and reinforcement systems. In India, the company also installed anti-erosion revetment on the banks of the Ganges. In Australia, Geoquest supplied more than 13,700 sq. metres of Reinforced Earth® walls for the South Geelong–Waurn Ponds track duplication project, which has made travel safer through the removal of two dangerous level crossings. In Turkey, the company won its first contract for the design, supply and installation of nozzles and metal arches for hydraulic structures.