2025 Universal Registration Document

General and financial elements

The other concession subsidiaries generated positive Ebit of €164 million (€90 million in 2024), reflecting the full-year impact of VINCI Highways’ new concessions (Via Cristais, Northwest Parkway and Entrevias) and the good operational performance of other assets.

In Energy Solutions, Ebit totalled €2,250 million and Ebit margin was 7.6% in 2025, more than 20 basis points higher than in 2024 (€2,027 million and 7.4%).

  • At VINCI Energies, Ebit totalled €1,606 million and Ebit margin was 7.4% in 2025, 20 basis points more than in 2024, as a result of selective, sustainable growth. All business activities and regions contributed to this excellent performance.
  • At Cobra IS, Ebit was €644 million and Ebit margin was 8.0% (1) (€553 million and 7.8% respectively in 2024), reflecting well-controlled business growth.

Ebit in the Construction business was €1,356 million and Ebit margin continued to improve to 4.1% (€1,247 million and 3.8% respectively in 2024).

  • At VINCI Construction, Ebit was €1,353 million (€1,304 million in 2024), and as a result, Ebit margin rose again from 4.1% in 2024 to 4.2% in 2025. Most divisions increased their Ebit margins relative to 2024, particularly Proximity Networks in the United Kingdom, Europe, the Americas, Oceania and France, and Specialty Networks (Soletanche Freyssinet).
  • At VINCI Immobilier, efforts to adjust to tough market conditions – which had affected its earnings in 2024 – and its more selective approach to new developments allowed it to return to profit in 2025. VINCI Immobilier’s Ebit was €3 million in 2025 and Ebit margin was 0.3%, as opposed to a loss of €57 million and a margin of negative 5.0% in 2024.

The Ebit of holding companies included a €38 million expense relating to the amortisation of intangible assets recognised when allocating the Cobra IS purchase price (€28 million in 2024, which included a release of contingency provisions no longer required).

Recurring operating income totalled €9,401 million versus €8,850 million in 2024. It included:

  • the IFRS 2 expense related to share-based payments, which reflects the benefits granted to employees under the Group savings plans and performance share plans, amounting to €567 million (€462 million in 2024);
  • other recurring operating income and expense, which produced net income of €410 million (€316 million in 2024) and included a €300 million positive contribution (€219 million in 2024) from companies accounted for under the equity method. That improvement resulted in particular from good performance at Kansai Airports in Japan and the integration of Budapest airport.
Recurring operating income by business line
Recurring operating income by business line
  2025/2024 change
(in € millions) 2025 % of revenue (*) 2024 % of revenue (*) Amount %
Concessions 6,151 50.3% 5,860 50.3% +291 +5.0%
VINCI Autoroutes 3,278 48.7% 3,239 49.2% +39 +1.2%
VINCI Airports 2,620 54.6% 2,448 54.1% +172 +7.0%
Autres concessions 253 - 174 - +79 -
Energy Solutions 2,037 6.9% 1,856 6.8% +181 +9.7%
VINCI Energies 1,389 6.4% 1,304 6.4% +85 +6.5%
Cobra IS 647 8.1% 552 7.8% +96 +17.3%
Construction 1,200 3.6% 1,112 3.4% +88 +7.9%
VINCI Construction 1,165 3.6% 1,152 3.6% +13 +1.1%
VINCI Immobilier 35 3.2% (40) (3.5%) +75 n/a
Holding companies 12 - 22 - −10 -
Recurring operating income 9,401 12.6% 8,850 12.4% +550 +6.2%

(*) Excluding concession subsidiaries’ revenue derived from works carried out by non-Group companies.

Non-recurring operating items produced a net expense of €37 million in 2025, comprising the impact of disposals by Cobra IS and VINCI Concessions, partly offset by asset impairment charges.

After taking account of non-recurring items, operating income was €9,364 million in 2025 as opposed to €8,783 million in 2024.

1.4 Net income

Consolidated net income attributable to owners of the parent was €4,903 million (6.6% of revenue), up 0.8% compared with the 2024 figure of €4,863 million (6.8% of revenue). On a constant taxation basis – adjusted for the exceptional contribution on corporate income tax for large companies in France – it amounted to €5,352 million, up 10.1% relative to 2024 and equal to 7.2% of Group revenue.

The proportion of consolidated net income attributable to owners of the parent generated outside France was 56% (53% in 2024).

Earnings per share, after taking account of dilutive instruments, amounted to €8.65. That represents an increase of 2.6% compared with 2024 (€8.43), which is larger than the increase in net income attributable to owners of the parent because of VINCI’s share buy-back policy. On a constant taxation basis, it would have been €9.44, up 12% compared with 2024.