| (in € millions) | 2025 | % of revenue (*) | 2024 | % of revenue (*) | 2025/2024 change |
|---|---|---|---|---|---|
| Concessions | Concessions 2025 8,169 |
Concessions% of revenue (*)66.9% | Concessions 2024 7,773 |
Concessions% of revenue (*)66.7% | Concessions 2025/2024 change +397 |
| VINCI Autoroutes | VINCI Autoroutes 2025 4,784 |
VINCI Autoroutes % of revenue (*)71.0% |
VINCI Autoroutes 2024 4,662 |
VINCI Autoroutes % of revenue (*)70.8% |
VINCI Autoroutes 2025/2024 change +122 |
| VINCI Airports | VINCI Airports 2025 3,042 |
VINCI Airports % of revenue (*)63.4% |
VINCI Airports 2024 2,883 |
VINCI Airports % of revenue (*)63.7% |
VINCI Airports 2025/2024 change +159 |
| Other concessions | Other concessions 2025 344 |
Other concessions % of revenue (*)- |
Other concessions 2024 228 |
Other concessions % of revenue (*)- |
Other concessions 2025/2024 change +116 |
| Energy Solutions | Energy Solutions 2025 2,805 |
Energy Solutions% of revenue (*)9.5% | Energy Solutions 2024 2,496 |
Energy Solutions% of revenue (*)9.1% | Energy Solutions 2025/2024 change +309 |
| VINCI Energies | VINCI Energies 2025 2,019 |
VINCI Energies % of revenue (*)9.3% |
VINCI Energies 2024 1,794 |
VINCI Energies % of revenue (*)8.8% |
VINCI Energies 2025/2024 change +226 |
| Cobra IS | Cobra IS 2025 786 |
Cobra IS % of revenue (*)9.8% |
Cobra IS 2024 702 |
Cobra IS % of revenue (*)9.9% |
Cobra IS 2025/2024 change +84 |
| Construction | Construction 2025 2,194 |
Construction% of revenue (*)6.6% | Construction 2024 1,988 |
Construction% of revenue (*)6.0% | Construction 2025/2024 change +206 |
| VINCI Construction | VINCI Construction 2025 2,133 |
VINCI Construction % of revenue (*)6.6% |
VINCI Construction 2024 1,985 |
VINCI Construction % of revenue (*)6.2% |
VINCI Construction 2025/2024 change +148 |
| VINCI Immobilier | VINCI Immobilier 2025 61 |
VINCI Immobilier % of revenue (*)5.5% |
VINCI Immobilier 2024 2 |
VINCI Immobilier % of revenue (*)0.2% |
VINCI Immobilier 2025/2024 change +58 |
| Holding companies | Holding companies 2025 339 |
Holding companies % of revenue (*)- |
Holding companies 2024 432 |
Holding companies % of revenue (*)- |
Holding companies 2025/2024 change −94 |
| Ebitda | Ebitda 2025 13,507 |
Ebitda% of revenue (*)18.1% | Ebitda 2024 12,689 |
Ebitda% of revenue (*)17.7% | Ebitda 2025/2024 change +818 |
(*) Excluding concession subsidiaries’ revenue derived from works carried out by non-Group companies.
The net change in the operating working capital requirement and current provisions produced a cash inflow of €2,496 million in 2025 (€2,311 million in 2024). This further €1,820 million improvement in the working capital requirement was due in particular to policies adopted in all businesses – particularly Construction – to improve processes for the collection of customer payments. It also reflects a €675 million increase in current provisions.
Income taxes paid amounted to €3,005 million in 2025. The €785 million increase compared with the 2024 figure of €2,220 million resulted in particular from a €425 million payment in December 2025 relating to the exceptional contribution on corporate income tax for large companies in France.
Net interest paid amounted to €1,318 million in 2025 (€1,177 million in 2024).
Cash flow from operating activities was €11.9 billion, up €0.2 billion from the 2024 figure of €11.7 billion.
Operating investments, net of disposals, rose by almost 5% to €2,832 million from €2,708 million in 2024. This included €881 million invested by VINCI Construction (€921 million in 2024) and €1,232 million by Cobra IS (€1,220 million in 2024), of which €852 million related to renewable energy projects (€637 million in 2024).
After repayments of lease liabilities and the related financial expense in an amount of €871 million (€745 million in 2024), operating cash flow(1) was down slightly by 0.9% to almost €8.2 billion (€8.3 billion in 2024).
Growth investments in concessions and public-private partnerships totalled €1,173 million (€1,453 million in 2024). That figure includes €565 million invested by VINCI Autoroutes (€604 million in 2024) and €263 million by VINCI Airports (€445 million in 2024), reflecting in particular investments made by Mexican airport operator OMA and by Concessionária dos Aeroportos da Amazônia, along with €327 million of investments by Cobra IS, particularly in high-voltage transmission line PPPs in Brazil (€349 million in 2024).
Free cash flow(1) hit a new record of €7.0 billion (€6.8 billion in 2024) despite the exceptional contribution on corporate income tax for large companies in France that was paid in late 2025.(2) On a constant taxation basis, free cash flow would have amounted to €7.4 billion, up 9% compared with 2024. VINCI Autoroutes generated free cash flow of €2.6 billion, an increase of €0.1 billion compared with 2024 despite the increase in taxation.(2) VINCI Airports’ free cash flow hit an all-time high of €1.2 billion, up almost €200 million. VINCI Energies generated €1.6 billion of free cash flow in 2025, close to the record set in 2024. Free cash flow at Cobra IS was negative €365 million because of heavier investment in electricity generation using photovoltaic technology. VINCI Construction’s free cash flow reached a record €1.4 billion, almost double the level achieved in 2024. This exceptional performance reflects a particularly high level of cash inflows from customers at the end of the year.
Financial investments, net of disposals,(3) and other investment flows totalled €1.9 billion. The main transactions are set out in paragraph 1.1, “Highlights of the period”. By business line, those transactions represented a total amount (including the net financial debt of acquired companies) of €0.4 billion for Concessions, €0.4 billion for VINCI Energies, €0.7 billion for VINCI Construction and €0.3 billion for VINCI SA with the payment of the final balance of the Cobra IS earn-out to ACS.
In 2024, financial investments totalled €7.0 billion and related mainly to the 30-year extension of the Aerodom concession, the acquisitions of a 50.01% stake in Edinburgh airport and a 20% stake in Budapest airport at VINCI Airports, and the acquisition of Northwest Parkway in Denver by VINCI Highways.
