| 2025/2024 change | |||||||
|---|---|---|---|---|---|---|---|
| (in € millions) | 2025 | % of total | 2024 | % of total | Amount | Actual | At constant exchange rates |
| France | 30,787 | 41.3% | 30,197 | 42.2% | +590 | +2.0% | +2.0% |
| United Kingdom | 7,362 | 9.9% | 6,700 | 9.4% | +663 | +9.9% | +11.3% |
| Germany | 6,485 | 8.7% | 5,553 | 7.8% | +932 | +16.8% | +16.8% |
| Spain | 3,780 | 5.1% | 3,801 | 5.3% | −21 | −0.6% | −0.6% |
| Central and Eastern Europe | 3,297 | 4.4% | 3,147 | 4.4% | +150 | +4.8% | +3.6% |
| Rest of Europe | 7,587 | 10.2% | 6,936 | 9.7% | +651 | +9.4% | +8.8% |
| Europe excluding France | 28,511 | 38.2% | 26,137 | 36.5% | +2,374 | +9.1% | +9.1% |
| North America | 5,434 | 7.3% | 5,498 | 7.7% | −64 | −1.2% | +5.1% |
| Of which United States | 3,437 | 4.6% | 3,297 | 4.6% | +140 | +4.2% | +10.4% |
| Of which Canada | 1,998 | 2.7% | 2,201 | 3.1% | −204 | −9.2% | −2.9% |
| Central and South America | 4,294 | 5.8% | 4,222 | 5.9% | +72 | +1.7% | +5.2% |
| Africa | 1,768 | 2.4% | 1,546 | 2.2% | +222 | +14.3% | +14.2% |
| Rest of the world | 3,805 | 5.1% | 4,022 | 5.6% | −217 | −5.4% | −0.2% |
| International excluding Europe | 15,302 | 20.5% | 15,288 | 21.3% | +13 | +0.1% | +4.7% |
| Total International | 43,813 | 58.7% | 41,426 | 57.8% | +2,387 | +5.8% | +7.5% |
| Revenue(*) | 74,599 | 100.0% | 71,623 | 100.0% | +2,977 | +4.2% | +5.2% |
Operating income from ordinary activities (Ebit) was €9,558 million, 6.2% more than in 2024 (€8,997 million). It equalled 12.8% of revenue compared with 12.6% in 2024.
| 2025/2024 change | ||||||
|---|---|---|---|---|---|---|
| (in € millions) | 2025 | % of revenue(*) | 2024 | % of revenue (*) | Amount | % |
| Concessions | 5,935 | 48.6% | 5,688 | 48.8% | +247 | +4.3% |
| VINCI Autoroutes | 3,311 | 49.2% | 3,265 | 49.6% | +47 | +1.4% |
| VINCI Airports | 2,459 | 51.3% | 2,334 | 51.6% | +126 | +5.4% |
| Other concessions | 164 | - | 90 | - | +75 | - |
| Energy Solutions | 2,250 | 7.6% | 2,027 | 7.4% | +223 | +11.0% |
| VINCI Energies | 1,606 | 7.4% | 1,474 | 7.2% | +132 | +9.0% |
| Cobra IS | 644 | 8.0% | 553 | 7.8% | +91 | +16.4% |
| Construction | 1,356 | 4.1% | 1,247 | 3.8% | +110 | +8.8% |
| VINCI Construction | 1,353 | 4.2% | 1,304 | 4.1% | +49 | +3.7% |
| VINCI Immobilier | 3 | 0.3% | (57) | (5.0%) | +61 | n/a |
| Holding companies | 16 | - | 35 | - | −19 | - |
| Operating income from ordinary activities (Ebit) | 9,558 | 12.8% | 8,997 | 12.6% | +561 | +6.2% |
| Share-based payments (IFRS 2) | (567) | - | (462) | - | −105 | - |
| Profit/(loss) of companies accounted for under the equity method | 300 | - | 219 | - | +81 | - |
| Other recurring operating items | 110 | - | 97 | - | +13 | - |
| Recurring operating income | 9,401 | 12.6% | 8,850 | 12.4% | +550 | +6.2% |
| Non-recurring operating items | (37) | - | (68) | - | - | - |
| Operating income | 9,364 | 12.6% | 8,783 | 12.3% | +581 | +6.6% |
NB: Operating income from ordinary activities is defined as operating income of fully consolidated subsidiaries before the effects of share-based payments (IFRS 2), the profits or losses of companies accounted for under the equity method and other recurring and non-recurring operating items.
In Concessions, Ebit was €5,935 million, up more than 4% relative to 2024 and equal to 48.6% of revenue.
At VINCI Autoroutes, Ebit was €3,311 million, up 1.4% relative to 2024 (€3,265 million). The improvement in Ebitda was partly offset by an increase in amortisation after new sections of motorway came into service, particularly on the A57 near Toulon. Ebit margin was 49.2% in 2025, as opposed to 49.6% in 2024.
At VINCI Airports, Ebit was €2,459 million, up 5.4% relative to 2024 (€2,334 million). That increase, in line with VINCI Airports’ organic growth, also reflects an increase in revenue per passenger, a firm grip on operating costs and the full-year impact of Edinburgh airport. Ebit margin fell from 51.6% in 2024 to 51.3% in 2025.
