VINCI’s consolidated revenue amounted to €74.6 billion in 2025, up 4.2% on an actual basis and up 2.6% on a like-for-like basis compared with 2024. Changes in consolidation scope had a positive 2.5% impact, mainly relating to acquisitions made by VINCI Energies (described in paragraph 1.1 above) and the full-year impact for VINCI Airports of integrating Edinburgh airport. Movements in exchange rates had a 1.0% negative impact, caused by the rise in the euro against most other currencies, including the US dollar.
Outside France,revenue was €43.8 billion, up 5.8% on an actual basis (up 3.3% like-for-like) compared with 2024. Revenue generated outside France equalled 59% of the Group total versus 58% in 2024. Organic growth was 6.8% in the Concessions business and 6.9% in the Energy Solutions business, while revenue in the Construction business fell by 1.7% on an organic basis.
In France (41% of the total), revenue totalled €30.8 billion, up 2.0% on an actual basis (up 1.7% at constant scope) compared with 2024. Organic growth was 2.0% in the Concessions business, 3.1% in the Energy Solutions business and 1.2% in the Construction business.
Revenue in Concessions totalled almost €12.2 billion, up 4.9% on an actual basis (up 3.9% like-for-like) compared with 2024.
Revenue in Energy Solutions (VINCI Energies and Cobra IS) amounted to €29.6 billion, up 7.8% (up 5.8% like-for-like) relative to 2024.
Revenue in Construction (VINCI Construction and VINCI Immobilier) totalled €33.2 billion, up 1.0% (down 0.4% like-for-like) compared with 2024.
| 2025/2024 change | ||||
|---|---|---|---|---|
| (in € millions) | 2025 | 2024 | Actual | Like-for-like |
| Concessions | 12,219 | 11,651 | +4.9% | +3.9% |
| VINCI Autoroutes | 6,733 | 6,585 | +2.3% | +2.3% |
| VINCI Airports | 4,796 | 4,526 | +6.0% | +5.8% |
| Other concessions | 690 | 540 | +27.8% | +7.9% |
| Energy Solutions | 29,612 | 27,478 | +7.8% | +5.8% |
| VINCI Energies | 21,608 | 20,373 | +6.1% | +3.3% |
| Cobra IS | 8,004 | 7,105 | +12.7% | +12.9% |
| Construction | 33,241 | 32,927 | +1.0% | -0.4% |
| VINCI Construction | 32,137 | 31,784 | +1.1% | -0.3% |
| VINCI Immobilier | 1,105 | 1,143 | -3.3% | -3.4% |
| Intercompany eliminations | (473) | (433) | - | - |
| Revenue (*) | 74,599 | 71,623 | +4.2% | +2.6% |
| Concession subsidiaries’ works revenue | 875 | 985 | -11.2% | -14.3% |
| Intercompany eliminations | (103) | (149) | - | - |
| Concession subsidiaries’ revenue derived from works carried out by non-Group companies | 772 | 837 | -7.7% | -11.2% |
| Total consolidated revenue | 75 372 | 72 459 | +4.0% | +2.5% |
VINCI Autoroutes : revenue rose by 2.3% to €6.7 billion. Although traffic levels on intercity networks were affected at the end of the year by farmers’ protests, they rose by 0.9% overall in 2025 (light vehicles up 0.9%, heavy vehicles up 0.7%).
VINCI Airports : passenger numbers rose significantly at most airports in the network. Overall, the airports managed by the Group welcomed 334 million passengers in 2025, 5.0% more than in 2024. There were impressive increases at recently acquired airports (Budapest and Edinburgh as well as those in Mexico and Cabo Verde) and at airports in Japan. This positive momentum drove VINCI Airport’s revenue to €4.8 billion, up 6.0% on an actual basis and up 5.8% on a like-for-like basis compared with 2024.
Other concessions : revenue was €0.7 billion, up 28% relative to 2024 (up 7.9% like-for-like). Revenue at VINCI Highways was €543 million, an increase of 35% on an actual basis and 11% on a like-for-like basis. The main revenue contributors were Lima Expresa (which holds the concession for a section of the Lima ring road in Peru), Gefyra (which holds the concession for the Rio–Antirrio bridge in Greece), Via Cristais (which started operating in March 2025 in Brazil), Entrevias (also in Brazil, which has been fully consolidated since the end of October), and Northwest Parkway (which operates a section of the Denver ring road in the US state of Colorado).
The other concessions relate to MESEA (the company in charge of maintaining and operating the South Europe Atlantic high-speed rail line between Tours and Bordeaux) and VINCI Stadium, where business activity was limited in 2025 because its concession for the Stade de France ended in early August 2025.
