After taking into account financial investments (net of disposals) of almost €1.9 billion in 2025,(1) dividend payments and share buy-backs net of capital increases related to savings plans for Group employees, consolidated net financial debt was €19.1 billion at 31 December 2025, down €1.3 billion compared with 31 December 2024 and equal to 1.4 times Ebitda.
At 31 December 2025, VINCI’s liquidity position remained very strong, comprising €15.5 billion of net cash managed (up €2.4 billion versus 31 December 2024) and an unused confirmed credit facility of €6.5 billion, which has been extended until January 2031.
Order intake in the Energy Solutions and Construction businesses totalled €63.0 billion in 2025, more than the revenue generated by the three business lines concerned. The 5% decrease in order intake relative to 2024 was due to a high base for comparison, particularly in large projects.
The order book stood at €69.8 billion at 31 December 2025. After rising by 1% year on year – with an increase of 3% outside France and a decrease of 4% in France – it represented almost 14 months of average activity for the business lines concerned. International business made up 71% of the order book, as opposed to 70% at 31 December 2024. At constant exchange rates, growth in the order book would have been almost 3%.
In October 2025, VINCI Highways took operational control of Entrevias, which holds a concession until 2047 for two toll highway sections in the Brazilian state of São Paulo, and in which VINCI Highways has held a 55% stake since May 2023. This acquisition of control is connected with the sale of the 45% stake in Entrevias held by Brazilian investment firm Pátria Investimentos to a sovereign wealth fund and the amendment to the shareholders’ agreement signed at the time of the transaction. Entrevias was previously accounted for under the equity method but is now fully consolidated in the Group’s financial statements.
In 2025, VINCI Construction completed the acquisitions of:
VINCI Energies completed the acquisition of 33 new companies in 2025, representing full-year revenue of almost €700 million including €600 million outside France, of which:
The main acquisitions were as follows.
In Germany:
In Romania, EnergoBit, which specialises in engineering and installation works relating to electrical substations as well as overhead transmission and distribution lines. It also has a workshop for assembling transformers and medium-voltage switchgear, enabling it to provide its customers with tailor-made solutions.
In May 2025, Cobra IS announced the sale of its 50% stake in Brazilian company Mantiqueira Transmissora, which has a public-private partnership (PPP) contract to build a high-voltage transmission line, for around €130 million. Cobra IS will continue to operate and maintain the line until 2046.
Cobra IS also sold its stake in the Morecambe offshore wind power project in the United Kingdom.
