VINCI’s Energy Solutions business operates in very buoyant markets, due to the shift towards electrification, rapid growth in artificial intelligence and data centres, the digitalisation of industrial processes and building management, and defence and sovereignty challenges. Overall, revenue in this business rose by 7.8% compared with 2024 to €29.6 billion, of which 71% came from outside France.
VINCI Energies operates in some particularly dynamic markets that are being driven by the energy transition and digital transformation. Its companies, which operate within a highly decentralised organisation, allow it to take advantage of those favourable trends. The acquisitions made by VINCI Energies to increase its geographical coverage and bolster its expertise are also having a positive effect. Acquisitions completed in 2024 and 2025 contributed around €625 million toVINCI Energies’ revenue last year, boosting its growth by 3.1%, including €280 million from acquisitions completed in 2025. Exchange rate movements had a slight negative impact (down 0.3%).
VINCI Energies’ four segments (Infrastructure, Industry, Building Solutions and ICT) increased their revenue. However, ICT’s activities have been affected by the slowdown in markets for fibre optic cable deployment.
Outside France (60% of the total), revenue was €13.0 billion, up 7.9% relative to 2024 (up 3.5% like-for-like). Business levels remained buoyant in Germany (VINCI Energies’ largest international market) and in the Benelux countries.
In France (40% of the total), revenue was €8.6 billion, up 3.4% compared with 2024 (up 3.0% at constant scope). Market conditions were robust, particularly in VINCI Energies’ Building Solutions and Infrastructure segments.
The increase in revenue at Cobra IS was driven by major EPC(1) projects (45% of the total). The 24% increase in revenue from those projects continued the trend seen for several quarters and reflected the build-up of some major strategic energy transition and energy sovereignty projects in a number of countries, including Germany, Brazil and Australia.(2) Flow business accounted for 55% of total revenue and continued to grow at a firm pace of around 5%.
Outside Spain (61% of the total), revenue amounted to €4.8 billion (up 25% actual and up 26% like-for-like).
In Spain (39% of the total), revenue totalled €3.2 billion (down 2.2% actual and down 2.6% like-for-like). Recurring flow business accounted for almost 90% of the total and rose by 4% compared with 2024.
In the Construction business, revenue remained high at €33.2 billion (up 1%).
Revenue rose by 1.1% to €32.1 billion, with varying market conditions depending on the country and business sector.
Revenue from major projects (11% of the total) fell because of the phasing of certain projects, including several Grand Paris Express works packages and the HS2 rail project in the United Kingdom. However, flow business remained firm, as did business for Soletanche Freyssinet’s network of specialist subsidiaries, particularly in the nuclear industry. International revenue generated by the Construction business was adversely affected by the euro’s rise against most other currencies (negative impact of 1.5%), although the effect was more than offset by changes in scope (positive impact of 2.8%).
Outside France (55% of the total), revenue was €17.8 billion, stable (up 0.2%) relative to 2024 (down 1.8% like-for-like). Business levels were very strong in the Czech Republic and Morocco, and resilient overall in other regions.
In France (45% of the total), revenue rose again to €14.3 billion (up 2.3% compared with 2024) due to good performance in roadworks, rail works and water works. In building, while the new-build market was still depressed, business remained firm in refurbishments and construction projects for public buildings.
Although conditions in France’s property development market remained very difficult, VINCI Immobilier’s revenue amounted to €1.1 billion, representing a limited decline of 3% compared with 2024.
Revenue – including the Group’s share of joint developments that are accounted for under the equity method – was down 4% to €1.3 billion in 2025, reflecting a 7% decline in revenue recognised on a progress towards completion basis in the French residential segment, partly offset by a 7% improvement in the non-residential segment. The number of reservations in France at VINCI Immobilier fell by 13% to 4,177 residential units in 2025. Work began on 4,310 units, an increase of 11% relative to 2024, while completed residential sales declined by 7% to 4,509 units.
