GOVERNANCE
“The Group once again delivered very solid results, confirming that our model is well equipped to navigate crises. We design, build and operate vital infrastructure for communities and people. Our businesses meet long-term needs. Added to this is the new worldwide tendency towards polarisation and the resulting quest for sovereignty, which entails reshoring strategic infrastructure. For a group with a multi-local organisation such as ours, this is giving rise to numerous opportunities.”
How would you describe VINCI’s results in 2025?
The international situation was complex, and the Group once again delivered very solid results, confirming that our model is well equipped to navigate crises.
We design, build and operate vital infrastructure for communities and people. Our businesses meet long-term needs that are already reshaping the landscape and will grow stronger – the energy transition, electrification shift, decarbonisation, digital transformation, soaring demand for mobility and accelerating urbanisation. Added to this is the new worldwide tendency towards polarisation and the resulting quest for sovereignty, which entails reshoring strategic infrastructure. For a group with a multi-local organisation such as ours, this is giving rise to numerous opportunities.
Our geographical footprint continued to expand in 2025, and we now make close to 60% of our revenue outside France. The United Kingdom, in particular, solidified its position with the successful integration of Edinburgh airport and the acquisition of FM Conway, which has rounded out our construction operations in south-east England remarkably well. We have also gained ground in Germany, with three key acquisitions by VINCI Energies, which continues to pursue a vigorous external growth strategy. Germany should soon become VINCI’s largest market after France.
The year’s performance would have been remarkable were it not for one shadow: safety. We had too many accidents again in 2025 – despite the progress we continue to make. We know that the zero accidents target is within reach: more than three-quarters of the Group’s business units reached it in 2025. The goal now is to reach it across all our workplaces by systematically following our rules built on our three intangible principles – exemplarity, transparency and dialogue. That is precisely the direction I want us to take together in 2026.
How are the Group’s three businesses performing, starting with Concessions?
After the post-Covid catch-up and a spell of high inflation, the situation is returning to normal in all our geographies. Despite the stabilisation and negative currency effects, our concessions continue to expand at a robust pace by leveraging their tried and tested business model to tap into the long-term need for investment in infrastructure.
Traffic in our airports rose by 5% in 2025. The very good performance by our two latest acquisitions – Edinburgh and Budapest – shows that our initial assessments were sound and that our disciplined approach to external growth is wise. Another highlight in 2025 was the approval of our plan to turn London Gatwick’s second runway, which is currently used as a taxiway, into a take-off runway. Lastly, VINCI Airports is pressing ahead with its carbon emission reduction efforts: VINCI operates six of the world’s “net-zero” airports, making us the industry leader on this front. We fully intend to continue moving forward on this path!
Traffic at VINCI Autoroutes remained at satisfactory levels and the network maintained an outstanding quality of service, especially during the summer period. The widened motorway crossing Toulon in France has been commended by all stakeholders – from central government to local authorities to residents. This fully integrated project, which included the construction of safe bus stops connected to a multimodal transport hub, illustrates our ability to transform an urban motorway into a multimodal infrastructure asset and once again underscores the value of the concession model. Escota cleared a key milestone in 2025 when it secured approval for its maintenance and renewal works programme, designed to ensure that its network is in good condition through to the end of the concession period in 2032. The agreement on the new “Contrat de plan” for the Cofiroute network, which was signed in January 2026, also reflects the resumption of constructive discussions between VINCI Autoroutes and the French government.
Outside France, VINCI Highways has significantly strengthened its position in Brazil, where it successfully integrated Entrevias and took over operations on the Via Cristais highway. Our network in that country now spans 1,164 km, making it our second-longest worldwide.
Within a few years, VINCI has become the world’s leading private airport and motorway concession operator.
Did Energy Solutions continue to grow?
Yes, because the megatrends unfolding today are benefiting it more than any other business in the Group. The electrification shift, which is sweeping across every sector, is creating considerable demand for generation infrastructure and for transmission networks – and that demand will increase further. This momentum translated into a remarkable 8% leap in our Energy Solutions revenue in 2025.
Flow business, in particular, remains buoyant in all our geographies, as every VINCI Energies activity continues to benefit from the growing traction of the energy transition and digital transformation.
Large projects are also seeing significant growth, notably in electricity transmission. Cobra IS, for instance, signed Australia’s first ever public-private partnership contract for an electricity transmission project in 2025.