The number of digital infrastructure projects is also increasing, and our Group has all the strengths it needs to cement its position as a prominent player in this field, which is set to enjoy strong development over the next decade.
Lastly, we continue to expand our portfolio of renewable energy production assets – particularly photovoltaic power plants. Our portfolio’s capacity had reached over 5 GW at the end of 2025 (1.2 GW in operation and nearly 4 GW under development). In other words, we are progressively building a third pillar of long-term assets, which we develop and operate in-house, to stand alongside our two more mature pillars, which are motorways and airports. This is a structural transformation – and a fantastic opportunity.
It performed remarkably well in most geographies, reflecting VINCI Construction’s selective order-taking policy and focus on profitability. The teams once again managed to increase their Ebit margin, through their methodical and disciplined approach.
The buoyant rail sector is one of the main growth drivers and covers projects that involve all our businesses. They notably include metro and light rail projects (for instance in Paris, Toronto and Singapore) as well as large programmes in Europe – for example High Speed 2 in the United Kingdom, Rail Baltica, the Fehmarnbelt Fixed Link and the Lyon–Turin line. The diversity and quality of our project portfolio attest to our leading position in this sector, which has a vital role to play in decarbonising travel while absorbing rising demand for mobility.
Water is another dynamic sector where we are working on several projects that will have a lasting impact, including the modernisation of a wastewater treatment plant in Canberra.
We are also seeing growth in projects relating to sovereignty and defence, for public-sector and industrial players alike, as well as in the nuclear, waste treatment and healthcare sectors.
The property development market, meanwhile, continues to weather one of the severest and longest downturns in its recent history, and VINCI Immobilier’s teams are navigating it with realism and resolve. The fact that its results returned to positive territory in 2025 is a telling example of our ability to adapt.
Our determination and commitment to society and the environment are unchanged. Because we have a long-term vision and because we strongly believe that our social, environmental and economic performance reinforce one another. We set ourselves ambitious environmental aims around acting for the climate, promoting the circular economy and preserving natural environments back in 2020. Then we started rolling out action plans to achieve those aims, and those plans are still ramping up in all our business lines. This spurred a collective dynamic that has elevated the environment into a strategic priority across the Group. Transformation is now well under way in our businesses, both to reduce our footprint and our customers’ footprints. Turning back is out of the question – especially as our teams have embraced this vision on the ground, across all our businesses and countries. They are fully invested in this unifying cause.
The geopolitical volatility worldwide, compounded by the political uncertainty and institutional instability in France, suggests that the situation will remain complex for a long time. VINCI is a stabilising force in this situation, for its employees, for its customers, for its suppliers and for its shareholders. That is why we need to stay focused on our culture’s fundamental principles: our long-term perspective, aim for all-round performance, decentralised and multi-local organisation, trusted management, unparalleled execution quality, strict discipline and selective investment policy.
Then, as public debt is deepening, public authorities will increasingly need operators such as VINCI, that cover the entire value chain and are capable of designing, financing and building infrastructure on schedule, operating it, and providing optimal service quality throughout.
Beyond that purely contractual dimension, I believe that widening the scope of public-private partnerships to all forms of cooperation will be increasingly important in the period ahead. We are already putting this principle into practice through our interaction with research ecosystems (our academic partnerships, involvement in HI! PARIS and lab recherche environnement’s research), our innovation initiatives (via Leonard’s links with the startup ecosystem) and our foresight work (at La Fabrique de la Cité). And we are doing the same for society at large, through the Fondation VINCI pour la Cité and our professional integration pathways. This broader vision of public-private partnerships comes to life, as I see it, in the thousands of informal but nonetheless essential conversations that our teams are having on the ground, in our 4,300 business units.
This ability to interlink global vision and local action is the main reason I am confident in our Group’s future, and in our role as a force for good, creating lasting value across all our businesses, in all our host countries, for everyone.
