2025 Universal Registration Document

Name: PubliSpeak
Brand: Ipedis

1.1 Segment information by business

The data below is for each of the Group’s three businesses and is stated before elimination, at their own level, of transactions with the rest of the Group.

2025

2025
(in € millions)	Concessions	Energy Solutions	Construction	Holding companies and eliminations	Total
(in € millions)	VINCI Autoroutes VINCI Airports Other concessions	VINCI Energies Cobra IS	VINCI Construction VINCI Immobilier	Holding companies and eliminations	Total
Income statement					Income statement Concessions
Revenue⁽¹⁾	Revenue⁽¹⁾ Concessions 12,219	Revenue⁽¹⁾Energy Solutions29,612	Revenue⁽¹⁾ Construction 33,241	Revenue⁽¹⁾ Holding companies and eliminations (473)	Revenue⁽¹⁾ Total 74,599
Concession subsidiaries’ works revenue	Concession subsidiaries’ works revenue Concessions 875	Concession subsidiaries’ works revenue Energy Solutions-	Concession subsidiaries’ works revenue Construction -	Concession subsidiaries’ works revenue Holding companies and eliminations (103)⁽²⁾	Concession subsidiaries’ works revenue Total 772
Total revenue	Total revenue Concessions 13,094	Total revenue Energy Solutions 29,612	Total revenue Construction 33,241	Total revenue Holding companies and eliminations (576)	Total revenue Total 75,372
Operating income from ordinary activities	Operating income from ordinary activities Concessions 5,935	Operating income from ordinary activitiesEnergy Solutions 2,250⁽³⁾	Operating income from ordinary activities Construction 1,356	Operating income from ordinary activities Holding companies and eliminations 16⁽³⁾	Operating income from ordinary activities Total 9,558
% of revenue⁽¹⁾	% of revenue⁽¹⁾ Concessions 48.6%	% of revenue⁽¹⁾Energy Solutions 7.6%	% of revenue⁽¹⁾ Construction 4.1%	% of revenue⁽¹⁾ Holding companies and eliminations -	% of revenue⁽¹⁾ Total 12.8%
Recurring operating income	Recurring operating income Concessions 6,151	Recurring operating incomeEnergy Solutions2,037⁽³⁾	Recurring operating income Construction 1,200	Recurring operating income Holding companies and eliminations 12⁽³⁾	Recurring operating income Total 9,401
Operating income	Operating income Concessions 6,160	Operating incomeEnergy Solutions 1,993⁽³⁾	Operating income Construction 1,198	Operating income Holding companies and eliminations 12⁽³⁾	Operating income Total 9,364
(in € millions)	Concessions	Energy Solutions	Construction	Holding companies and eliminations	Total
Cash flow statement					Cash flow statement Concessions
Cash flow from operations before tax and financing costs	Cash flow from operations before tax and financing costs Concessions 8,169	Cash flow from operations before tax and financing costsEnergy Solutions 2,805	Cash flow from operations before tax and financing costs Construction 2,194	Cash flow from operations before tax and financing costs Holding companies and eliminations 339	Cash flow from operations before tax and financing costs Total 13,507
% of revenue⁽¹⁾	% of revenue⁽¹⁾ Concessions 66.9%	% of revenue⁽¹⁾ Energy Solutions 9.5%	% of revenue⁽¹⁾ Construction 6.6%	% of revenue⁽¹⁾ Holding companies and eliminations -	% of revenue⁽¹⁾ Total 18.1%
Depreciation and amortisation	Depreciation and amortisation Concessions 2,166	Depreciation and amortisation Energy Solutions 792 ⁽³⁾	Depreciation and amortisation Construction 1,170	Depreciation and amortisation Holding companies and eliminations 78 ⁽³⁾	Depreciation and amortisation Total 4,206
Operating investments (net of disposals)	Operating investments (net of disposals) Concessions (429)	Operating investments (net of disposals) Energy Solutions (1,513)	Operating investments (net of disposals) Construction (887)	Operating investments (net of disposals) Holding companies and eliminations (3)	Operating investments (net of disposals) Total (2,832)
Repayment of lease liabilities⁽⁴⁾	Repayment of lease liabilities ⁽⁴⁾ Concessions (37)	Repayment of lease liabilities ⁽⁴⁾Energy Solutions (450)	Repayment of lease liabilities ⁽⁴⁾ Construction (383)	Repayment of lease liabilities ⁽⁴⁾ Holding companies and eliminations (2)	Repayment of lease liabilities ⁽⁴⁾ Total (871)
Operating cash flow	Operating cash flow Concessions 4,708	Operating cash flowEnergy Solutions1,530	Operating cash flow Construction 1,739	Operating cash flow Holding companies and eliminations 206	Operating cash flow Total 8,183
Growth investments (concessions and PPPs)	Growth investments (concessions and PPP s) Concessions (818)	Growth investments (concessions and PPP s) Energy Solutions (326)	Growth investments (concessions and PPP s) Construction (29)	Growth investments (concessions and PPP s) Holding companies and eliminations -	Growth investments (concessions and PPP s) Total (1,173)
Free cash flow	Free cash flow Concessions 3,890	Free cash flowEnergy Solutions1,204	Free cash flow Construction 1,710	Free cash flow Holding companies and eliminations 206	Free cash flow Total 7,010
	Concessions	Energy Solutions	Construction	Holding companies and eliminations	Total
Balance sheet	Balance sheet Concessions	Balance sheetEnergy Solutions	Balance sheet Construction	Balance sheet Holding companies and eliminations	Balance sheet Total
Capital employed at 31/12/2025	Capital employed at 31/12/2025 Concessions 46,339	Capital employed at 31/12/2025Energy Solutions9,462	Capital employed at 31/12/2025 Construction 1,892	Capital employed at 31/12/2025 Holding companies and eliminations 463	Capital employed at 31/12/2025 Total 58,156
of which investments in companies accounted for under the equity method	of which investments in companies accounted for under the equity method Concessions 1,150	of which investments in companies accounted for under the equity methodEnergy Solutions87	of which investments in companies accounted for under the equity method Construction 689	of which investments in companies accounted for under the equity method Holding companies and eliminations 68	of which investments in companies accounted for under the equity method Total 1,995
of which right-of-use assets in respect of leases	of which right-of-use assets in respect of leases Concessions 275	of which right-of-use assets in respect of leasesEnergy Solutions 1,329	of which right-of-use assets in respect of leases Construction 1,157	of which right-of-use assets in respect of leases Holding companies and eliminations 1	of which right-of-use assets in respect of leases Total 2,761
Net financial surplus (debt)	Net financial surplus (debt) Concessions (29,124)	Net financial surplus (debt)Energy Solutions1,718	Net financial surplus (debt) Construction 3,801	Net financial surplus (debt) Holding companies and eliminations 4,530	Net financial surplus (debt) Total (19,075)

Excluding concession subsidiaries’ revenue derived from works carried out by non-Group companies.
Intra-group revenue of the VINCI Energies and VINCI Construction business lines derived from works carried out for the Group’s concession companies.
Before the amortisation of intangible assets identified when allocating the Cobra IS purchase price for €38 million. This amortisation is recognised at the level of the holding companies.
Including associated financial expense.

2024

2024
(in € millions)	Concessions	Energy Solutions	Construction	Holding companies and eliminations	Total
(in € millions)	VINCI Autoroutes VINCI Airports Other concessions	VINCI Energies Cobra IS	VINCI Construction VINCI Immobilier	Holding companies and eliminations	Total
Income statement					Income statement Concessions
Revenue⁽¹⁾	Revenue ⁽¹⁾ Concessions 11,651	Revenue ⁽¹⁾Energy Solutions 27,478	Revenue ⁽¹⁾ Construction 32,927	Revenue ⁽¹⁾ Holding companies and eliminations (433)	Revenue ⁽¹⁾ Total 71,623
Concession subsidiaries’ works revenue	Concession subsidiaries’ works revenue Concessions 985	Concession subsidiaries’ works revenue Energy Solutions-	Concession subsidiaries’ works revenue Construction -	Concession subsidiaries’ works revenue Holding companies and eliminations (149)⁽²⁾	Concession subsidiaries’ works revenue Total 837
Total revenue	Total revenue Concessions 12,636	Total revenue Energy Solutions 27,478	Total revenue Construction 32,927	Total revenue Holding companies and eliminations (582)	Total revenue Total 72,459
Operating income from ordinary activities	Operating income from ordinary activities Concessions 5,688	Operating income from ordinary activitiesEnergy Solutions 2,027⁽³⁾	Operating income from ordinary activities Construction 1,247	Operating income from ordinary activities Holding companies and eliminations 35⁽³⁾	Operating income from ordinary activities Total 8,997
% of revenue⁽¹⁾	% of revenue⁽¹⁾ Concessions 48.8%	% of revenue⁽¹⁾ Energy Solutions 7.4%	% of revenue⁽¹⁾ Construction 3.8%	% of revenue⁽¹⁾ Holding companies and eliminations -	% of revenue⁽¹⁾ Total 12.6%
Recurring operating income	Recurring operating income Concessions 5,860	Recurring operating incomeEnergy Solutions 1,856⁽³⁾	Recurring operating income Construction 1,112	Recurring operating income Holding companies and eliminations 22⁽³⁾	Recurring operating income Total 8,850
Operating income	Operating income Concessions 5,866	Operating incomeEnergy Solutions 1,841⁽³⁾	Operating income Construction 1,104	Operating income Holding companies and eliminations (28)⁽³⁾	Operating income Total 8,783
(in € millions)	Concessions	Energy Solutions	Construction	Holding companies and eliminations	Total
Cash flow statement					Cash flow statement Concessions
Cash flow from operations before tax and financing costs	Cash flow from operations before tax and financing costs Concessions 7,773	Cash flow from operations before tax and financing costsEnergy Solutions 2,496	Cash flow from operations before tax and financing costs Construction 1,988	Cash flow from operations before tax and financing costs Holding companies and eliminations 432	Cash flow from operations before tax and financing costs Total 12,689
% of revenue⁽¹⁾	% of revenue⁽¹⁾ Concessions 66.7%	% of revenue⁽¹⁾Energy Solutions 9.1%	% of revenue⁽¹⁾ Construction 6.0%	% of revenue⁽¹⁾ Holding companies and eliminations -	% of revenue⁽¹⁾ Total 17.7%
Depreciation and amortisation	Depreciation and amortisation Concessions 2,103	Depreciation and amortisation Energy Solutions 702⁽³⁾	Depreciation and amortisation Construction 1,046	Depreciation and amortisation Holding companies and eliminations 147⁽³⁾	Depreciation and amortisation Total 3,998
Operating investments (net of disposals)	Operating investments (net of disposals) Concessions (311)	Operating investments (net of disposals) Energy Solutions (1,469)	Operating investments (net of disposals) Construction (927)	Operating investments (net of disposals) Holding companies and eliminations -	Operating investments (net of disposals) Total (2,708)
Repayment of lease liabilities⁽⁴⁾	Repayment of lease liabilities⁽⁴⁾ Concessions (39)	Repayment of lease liabilities⁽⁴⁾Energy Solutions (393)	Repayment of lease liabilities⁽⁴⁾ Construction (312)	Repayment of lease liabilities⁽⁴⁾ Holding companies and eliminations (2)	Repayment of lease liabilities⁽⁴⁾ Total (745)
Operating cash flow	Operating cash flow Concessions 4,626	Operating cash flowEnergy Solutions 1,922	Operating cash flow Construction 854	Operating cash flow Holding companies and eliminations 859	Operating cash flow Total 8,261
Growth investments (concessions and PPP)	Growth investments (concessions and PPP ) Concessions (1,072)	Growth investments (concessions and PPP ) Energy Solutions (348)	Growth investments (concessions and PPP ) Construction (33)	Growth investments (concessions and PPP ) Holding companies and eliminations -	Growth investments (concessions and PPP ) Total (1,453)
Free cash flow	Free cash flow Concessions 3,554	Free cash flowEnergy Solutions 1,575	Free cash flow Construction 821	Free cash flow Holding companies and eliminations 859	Free cash flow Total 6,808
	Concessions	Energy Solutions	Construction	Holding companies and eliminations	Total
Balance sheet					Balance sheet Concessions
Capital employed at 31/12/2024	Capital employed at 31/12/2024 Concessions 47,688	Capital employed at 31/12/2024Energy Solutions 9,144	Capital employed at 31/12/2024 Construction 2,093	Capital employed at 31/12/2024 Holding companies and eliminations 476	Capital employed at 31/12/2024 Total 59,401
of which investments in companies accounted for under the equity method	of which investments in companies accounted for under the equity method Concessions 1,307	of which investments in companies accounted for under the equity methodEnergy Solutions96	of which investments in companies accounted for under the equity method Construction 635	of which investments in companies accounted for under the equity method Holding companies and eliminations 68	of which investments in companies accounted for under the equity method Total 2,105
of which right-of-use assets in respect of leases	of which right-of-use assets in respect of leases Concessions 297	of which right-of-use assets in respect of leases Energy Solutions1,191	of which right-of-use assets in respect of leases Construction 1,023	of which right-of-use assets in respect of leases Holding companies and eliminations 2	of which right-of-use assets in respect of leases Total 2,513
Net financial surplus (debt)	Net financial surplus (debt) Concessions (31,739)	Net financial surplus (debt)Energy Solutions 1,308	Net financial surplus (debt) Construction 3,418	Net financial surplus (debt) Holding companies and eliminations 6,599	Net financial surplus (debt) Total (20,415)

Excluding concession subsidiaries’ revenue derived from works carried out by non-Group companies.
Intra-group revenue of the VINCI Energies and VINCI Construction business lines derived from works carried out for the Group’s concession companies.
Before the amortisation of intangible assets identified when allocating the Cobra IS purchase price for €108 million. This amortisation is recognised at the level of the holding companies.
Including associated financial expense.

2025 Universal Registration Document

General and financial elements

1.1 Segment information by business

2025

2024