| (in € millions) | 2025 | 2024 | 2025/2024 change |
|---|---|---|---|
| Revenue(*) | Revenue(*) 2025 74,599 |
Revenue(*) 2024 71,623 |
Revenue(*) 2025/2024 change +4.2 % |
| Revenue generated in France(*) | Revenue generated in France (*)2025 30,787 |
Revenue generated in France (*)2024 30,197 |
Revenue generated in France (*)2025/2024 change +2.0 % |
| % of revenue(*) | % of revenue(*) 2025 41.3 % |
% of revenue(*) 2024 42.2 % |
% of revenue(*) 2025/2024 change
|
| Revenue generated outside France(*) | Revenue generated outside France (*)2025 43,813 |
Revenue generated outside France (*)2024 41,426 |
Revenue generated outside France (*)2025/2024 change +5.8 % |
| % of revenue(*) | % of revenue(*) 2025 58.7 % |
% of revenue(*) 2024 57.8 % |
% of revenue(*) 2025/2024 change
|
| Recurring operating income | Recurring operating income 2025 9,558 |
Recurring operating income 2024 8,997 |
Recurring operating income 2025/2024 change +6.2 % |
| % du chiffre d’affaires(*) | % du chiffre d’affaires(*) 2025 12.8 % |
% du chiffre d’affaires(*) 2024 12.6 % |
% du chiffre d’affaires(*) 2025/2024 change
|
| Résultat opérationnel courant | Résultat opérationnel courant 2025 9,401 |
Résultat opérationnel courant 2024 8,850 |
Résultat opérationnel courant 2025/2024 change +6.2 % |
| Operating income | Operating income 2025 9,364 |
Operating income 2024 8,783 |
Operating income 2025/2024 change +6.6 % |
| Net income attributable to owners of the parent (**) | Net income attributable to owners of the parent (**) 2025 4,903 |
Net income attributable to owners of the parent (**) 2024 4,863 |
Net income attributable to owners of the parent (**) 2025/2024 change +0,8 % |
| % of revenue(*) | % of revenue(*) 2025 6.6 % |
% of revenue(*) 2024 6.8 % |
% of revenue(*) 2025/2024 change
|
| Diluted earnings per share (in €) | Diluted earnings per share (in €)2025 8.65 |
Diluted earnings per share (in €)2024 8.43 |
Diluted earnings per share (in €)2025/2024 change +0.22 |
| Dividend per share (in €) | Dividend per share (in €)2025 5.00(***) |
Dividend per share (in €)2024 4.75 |
Dividend per share (in €)2025/2024 change +0.25 |
| Net income attributable to owners of the parent excluding the exceptional contribution in France | Net income attributable to owners of the parent excluding the exceptional contribution in France 2025 5,352 |
Net income attributable to owners of the parent excluding the exceptional contribution in France 2024 4,863 |
Net income attributable to owners of the parent excluding the exceptional contribution in France 2025/2024 change +10.1 % |
| Diluted earnings per share excluding the exceptional contribution in France | Diluted earnings per share excluding the exceptional contribution in France 2025 9.44 |
Diluted earnings per share excluding the exceptional contribution in France 2024 8.43 |
Diluted earnings per share excluding the exceptional contribution in France 2025/2024 change +1.01 |
2025
|
2024
|
2025/2024 change
|
|
| Cash flow from operations before tax and financing costs | Cash flow from operations before tax and financing costs 2025 13,507 |
Cash flow from operations before tax and financing costs 2024 12,689 |
Cash flow from operations before tax and financing costs 2025/2024 change 6.4 % |
| % of revenue(*) | % of revenue(*) 2025 18.1 % |
% of revenue(*) 2024 17.7 % |
% of revenue(*) 2025/2024 change
|
| Operating cash flow(**) | Operating cash flow(**) 2025 8,183 |
Operating cash flow(**) 2024 8,261 |
Operating cash flow(**) 2025/2024 change -0.9 % |
| Free cash flow(**) | Free cash flow(**) 2025 7,010 |
Free cash flow(**) 2024 6,808 |
Free cash flow(**) 2025/2024 change +3.0 % |
| Free cash flow excluding the exceptional contribution in France | Free cash flow excluding the exceptional contribution in France 2025 7,435 |
Free cash flow excluding the exceptional contribution in France 2024 6,808 |
Free cash flow excluding the exceptional contribution in France 2025/2024 change +9.2 % |
2025
|
2024
|
2025/2024 change
|
|
| Equity including non-controlling interests | Equity including non-controlling interests 2025 34,328 |
Equity including non-controlling interests 2024 34,032 |
Equity including non-controlling interests 2025/2024 change +295 |
| Net financial debt | Net financial debt 2025 (19,075) |
Net financial debt 2024 (20,415) |
Net financial debt 2025/2024 change +1,340 |
(*) Excluding concession subsidiaries’ revenue derived from works carried out by non-Group companies.
(**) Including the negative impact caused by the payment in 2025 of the exceptional contribution on corporate income tax for large companies introduced in France: €449 million on net income and €425 million on free cash flow.
(***) Dividend proposed at the Shareholders’ General Meeting of 14 April 2026.
In 2025, revenue growth was accompanied by a further improvement in operating income in each of the Group’s three businesses: Concessions, Energy Solutions and Construction. Despite a greater tax burden in France, net income was slightly higher than in 2024 and free cash flow hit a new record.
Consolidated revenue rose by 4.2% to €74.6 billion in 2025 (organic growth of 2.6%, a 2.5% positive impact from changes in the consolidation scope and a 1.0% negative impact from exchange rate movements).
Ebitda amounted to €13.5 billion (18.1% of revenue), 6.4% higher than the 2024 figure of €12.7 billion (17.7% of revenue).
Operating income from ordinary activities (Ebit), reflecting the contribution of fully consolidated subsidiaries, rose to almost €9.6 billion from €9.0 billion in 2024, equal to 12.8% of revenue (12.6% in 2024).
Recurring operating income – including the IFRS 2 expense with respect to share-based payments, a positive contribution from companies accounted for under the equity method and other recurring operating items – rose by 6.2% to €9.4 billion (€8.9 billion in 2024).
Consolidated net income attributable to owners of the parent was €4.9 billion (of which 56% outside France). This was slightly higher than in 2024 (up 0.8%) despite the significant increase in the corporate tax burden in France in 2025. (1) There was a larger increase in earnings per share (2) (up 2.6% to €8.65), because of VINCI’s share buy-back policy.
On a constant taxation basis,(1) net income attributable to owners of the parent would have risen by 10% to almost €5.4 billion (€9.44 per share,(2) up 12%).
Operating cash flow (before taking account of growth investments in concessions) amounted to almost €8.2 billion (€8.3 billion in 2024).
Free cash flow hit a new record of €7.0 billion (€6.8 billion in 2024) despite the exceptional contribution on corporate income tax for large companies in France that was paid in late 2025.(1)
On a constant taxation basis,(1) free cash flow would have amounted to €7.4 billion, up 9% compared with 2024. In addition to Ebitda growth, the increase resulted from a further improvement in the working capital requirement, due in particular to policies adopted in all businesses – and particularly Construction – to improve processes for the collection of customer payments.
