2025 Universal Registration Document

General and financial elements

1.5 Cash flow
Cash flow
(in € millions) 2025 2024 2025/2024 change
Cash flow from operations before tax and financing costs (Ebitda) 13,507 12,689 +818 +6.4%
% of revenue 18.1% 17.7% - -
Changes in working capital requirement and current provisions 2,496 2,311 +185 -
Income taxes paid (3,005) (2,220) −785 -
Net interest paid (1,318) (1,177) −142 -
Dividends received from companies accounted for under the equity method 282 117 +165 -
Other changes(*) (76) (6) −69 -
Cash flow from operating activities 11,886 11,714 +172 +1.5%
Operating investments (net of disposals) (2,832) (2,708) −124 +4.6%
Repayments of lease liabilities and financial expense on lease liabilities (871) (745) −126 +16.9%
Operating cash flow 8,183 8,261 −78 −0.9%
Growth investments in concessions (1,173) (1,453) +280 −19.3%
of which VINCI Autoroutes (565) (604) +39  
of which VINCI Airports (265) (445) +180  
of which VINCI Highways and other concessions (343) (405) +61  
Free cash flow 7,010 6,808 +202 +3.0%
of which Concessions 3,890 3,554 +336 -
of which Energy Solutions 1,204 1,575 −371 -
of which Construction 1,710 821 +889 -
of which holding companies 206 859 −652 -
Net financial investments (1,865) (7,025) +5,160 -
Others 40 41 −1 -
Free cash flow after growth financing 5,185 (176) +5,361 -
Capital increases and reductions 764 590 +174 -
Transactions in treasury shares (2,002) (1,912) −90 -
Dividends paid (3,469) (3,472) +2 -
Capital transactions (4,708) (4,793) +86 -
Net cash flow during the period 477 (4,969) +5,447 -
Other changes 862 681 +182 -
Change in net financial debt 1,340 (4,289) +5,628 -
Net financial debt (19,075) (20,415) +1,340 -
1.5.1 Cash flow from operations before tax and financing costs (Ebitda)

Ebitda(1) amounted to €13,507 million, equal to 18.1% of revenue, as opposed to €12,689 million and 17.7% in 2024. 

In Concessions, Ebitda amounted to €8,169 million, up 5.1% relative to 2024 (€7,773 million). Ebitda margin was 66.9% (66.7% in 2024).

  • At VINCI Autoroutes, Ebitda amounted to €4,784 million, up 2.6% relative to the 2024 figure of €4,662 million. Ebitda margin was 71.0% in 2025 (70.8% in 2024).
  • Ebitda at VINCI Airports totalled €3,042 million, equal to 63.4% of revenue (€2,883 million and 63.7% in 2024).

In Energy Solutions, Ebitda amounted to €2,805 million, up 12.4% relative to 2024 (€2,496 million). Ebitda margin was 9.5% (9.1% in 2024).

  • At VINCI Energies, Ebitda was €2,019 million, equal to 9.3% of revenue, up 12.6% relative to 2024 (€1,794 million and 8.8% respectively).
  • Ebitda at Cobra IS was €786 million (9.8% of revenue), up 12% compared with the 2024 figure of €702 million (9.9% of revenue).

In Construction, Ebitda amounted to €2,194 million, up 10.4% relative to 2024 (€1,988 million). Ebitda margin was 6.6% (6.0% in 2024).

  • VINCI Construction’s Ebitda was €2,133 million or 6.6% of revenue (€1,985 million and 6.2% of revenue in 2024).
  • VINCI Immobilier’s Ebitda was €61 million or 5.5% of revenue (€2 million in 2024).