At 31 December 2025, the combined order book of the Energy Solutions business and VINCI Construction stood at €69.8 billion. After rising by 1% year on year – with an increase of 3% outside France and a decrease of 4% in France – it represented 14 months of average activity for the business lines concerned, with 59% of it to be completed in 2026. International business made up 71% of the order book (70% at 31 December 2024).
VINCI Energies’ order book amounted to €17.5 billion at 31 December 2025, up 6% year on year (up 1% in France and up 9% outside France). It represents almost 10 months of VINCI Energies’ average business activity.
Cobra IS’s order book rose by 3% to €18.1 billion. It represents more than two years of Cobra IS’s average business activity.
VINCI Construction’s order book was €34.2 billion, up 1% at constant exchange rates but down 2% on an actual exchange rate basis (down 6% in France, up 1% outside France). It represents almost 13 months of VINCI Construction’s average business activity.
| (in € billions) | 31/12/2025 | Of which France | Of which outside France | 31/12/2024 | Of which France | Of which outside France |
|---|---|---|---|---|---|---|
| Energy Solutions | Energy Solutions 31/12/2025 35.6 |
Energy Solutions Of which France 6.6 |
Energy Solutions Of which outside France 29.0 |
Energy Solutions 31/12/2024 34.1 |
Energy Solutions Of which France 6.6 |
Energy Solutions Of which outside France 27.5 |
| VINCI Energies | VINCI Energies 31/12/2025 17.5 |
VINCI Energies Of which France 6.6 |
VINCI Energies Of which outside France 10.9 |
VINCI Energies 31/12/2024 16.5 |
VINCI Energies Of which France 6.5 |
VINCI Energies Of which outside France 10.0 |
| Cobra IS | Cobra IS 31/12/2025 18.1 |
Cobra IS Of which France 0.0 |
Cobra IS Of which outside France 18.1 |
Cobra IS 31/12/2024 17.6 |
Cobra IS Of which France 0.1 |
Cobra IS Of which outside France 17.5 |
| VINCI Construction | VINCI Construction 31/12/2025 34.2 |
VINCI Construction Of which France 13.3 |
VINCI Construction Of which outside France 20.9 |
VINCI Construction 31/12/2024 35.0 |
VINCI Construction Of which France 14.2 |
VINCI Construction Of which outside France 20.8 |
| Total | Total 31/12/2025 69.8 |
Total Of which France 19.9 |
Total Of which outside France 49.9 |
Total 31/12/2024 69.1 |
Total Of which France 20.7 |
Total Of which outside France 48.3 |
The need for investments in essential infrastructure (mobility, urban development, electrification and digitalisation) will continue to increase, driven by sovereignty challenges around the various regions of the world.
In this context, underpinned by its expertise as well as its particularly agile and reactive decentralised model, VINCI has entered the year with confidence and serenity.
The Group intends to maintain its discipline in terms of both new orders and acquisitions, and will focus on increasing its margins, generating cash flow and creating long-term value.
At this stage, barring exceptional events, the Group anticipates the following trends in 2026:
Concessions:
Energy Solutions:
Construction:
As a reflection of its long-standing policy of selectivity, revenue – excluding exchange rate effects – is likely to be similar to that achieved in 2025, with Ebit margin(1) at least as high.
Based on those developments and assuming no change in taxation,(3) VINCI would expect the following in 2026:
