In August 2025, VINCI and ACS signed a final settlement regarding certain provisions relating to the acquisition of Cobra IS, which was completed on 31 December 2021: the settlement fixed the amount payable with respect to the earn-out, which had initially been agreed for any new ready-to-build renewable energy projects developed by Cobra IS and capped at €600 million, at €380 million in cash. Given the payments already made by VINCI, the remaining €300 million was paid to ACS in September 2025.
In addition, given the changes in the two groups’ strategic priorities, VINCI and ACS decided to terminate their original agreement to create a joint venture intended to house new renewable energy projects developed by Cobra IS once they had entered the production phase.
The most significant transactions are mentioned in Note B.1 to the consolidated financial statements, “Changes in consolidation scope during the period”, page 346.
At the request of the Portuguese authorities in late 2024, VINCI Airports, via its ANA subsidiary, began preparatory work in January 2025 with a view to building a new airport in Alcochete, close to Lisbon.
That project made significant progress in 2025 with the consultation of stakeholders, the resulting adjustment of the project and a positive response from the concession grantor regarding the start of the preliminary design phase.
The plan to convert London Gatwick airport’s Northern Runway, currently used as a taxiway, to allow dual operations with its Main Runway was approved by the UK authorities.
Its conversion will increase the airport’s capacity at the turn of the next decade, bringing it to 80 million passengers.
In its decision, the UK government recognised the essential role played by air travel in the economic development of the country and its capital.
In late 2025, OMA received approval from the Mexican concession grantor in relation to its five-year 2026-2030 Master Development Program, which defines:
In early 2026, after completing the first phase of works to modernise and reduce the carbon emissions of Cabo Verde’s airports, VINCI Airports announced the start of a new investment programme to increase their capacity. The programme amounts to €142 million over three years and aims to accompany the growth in the archipelago’s air traffic, as well as supporting Cabo Verde’s tourist industry and overall economic growth.
In June 2025, VINCI Autoroutes brought into service a 7 km section of the A57 motorway east of Toulon that has been widened to three-lane dual carriageway. This complex project, undertaken in an urban environment, was fully financed by its Escota subsidiary in an amount of €300 million. The widened section is helping traffic flow more smoothly around the city of Toulon, while making travel safer and promoting the development of public and multimodal transport.
Also in 2025, Escota’s maintenance and renewal work programme, aimed at ensuring the good condition of the infrastructure when the concession contract ends in February 2032, was approved by the French state as concession grantor.
In March 2025, VINCI Highways took over responsibility for operating a near-600 km section of the BR-040 federal highway (Via Cristais) in Brazil under a 30-year concession contract. That contract had been granted to it in September 2024 by the ANTT, Brazil’s national regulator for the land transport sector. This toll highway section connects Belo Horizonte, the capital of Minas Gerais state, with Cristalina, a city in the south-east of Goiás state, and serves the country’s capital, Brasília.
At the end of 2024, VINCI Highways implemented a day/night variable toll system on the Northwest Parkway section of the Denver ring road, leading to an increase in revenue.
Order intake in the Energy Solutions and Construction businesses totalled €63.0 billion in 2025, a 5% year-on-year decrease. The year-on-year decline of €3 billion was due to a high base for comparison. Order intake in flow business, meanwhile, rose by 3%.
At VINCI Energies, order intake hit a new record level of €22.3 billion, up 1% year on year, and exceeded revenue in 2025.(1)
At Cobra IS, order intake remained high at €8.6 billion, which was more than its revenue in 2025. The decrease relative to 2024 (€10.4 billion) was due to a high base for comparison. In particular, the business line had secured two orders totalling €2.5 billion from a German operator in 2024, for offshore windfarm energy converter platforms in the North Sea.
Order intake at VINCI Construction was €32.1 billion, representing a 5% year-on-year decline attributable to a fall in orders for large projects and an adverse exchange rate effect, although orders for flow business were strong.
