| (in € millions) | Concessions | Energy Solutions | Construction | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|
| VINCI Autoroutes | VINCI Airports | Other concessions(2) | Total | VINCI Energies | Cobra IS | Total | VINCI Construction | VINCI Immobilier | Total | ||
| Income statement | |||||||||||
| Revenue(1) |
6,733 |
4,796 |
690 |
12,219 |
21,608 |
8,004 |
29,612 |
32,137 |
1,105 |
33,241 |
|
| Concession subsidiaries’ works revenue | 548 | 207 | 120 | 875 | - | - | - | - | - | - | |
| Total revenue |
7,281 |
5,003 |
811 |
13,094 |
21,608 |
8,004(3) |
29,612 |
32,137 |
1,105 |
33,241 |
|
| Operating income from ordinary activities |
3,311 |
2,459 |
164 |
5,935 |
1,606 |
644 |
2,250 |
1,353 |
3 |
1,356 |
|
| % of revenue |
49.2% |
51.3% |
23.8% |
48.6% |
7.4% |
8.0% |
7.6% |
4.2% |
0.3% |
4.1% |
|
| Recurring operating income |
3,278 |
2,620 |
253 |
6,151 |
1,389 |
647(3) |
2,037 |
1,165 |
35 |
1,200 |
|
| Operating income |
3,306 |
2,620 |
234 |
6,160 |
1,372 |
621(3) |
1,993 |
1,162 |
36 |
1,198 |
|
|
|
|
|
|
|
|
|
|
|
|
||
| Cash flow statement | |||||||||||
| Cash flow from operations before tax and financing costs |
4,784 |
3,042 |
344 |
8,169 |
2,019 |
786 |
2,805 |
2,133 |
61 |
2,194 |
|
| % of revenue(1) |
71.0% |
63.4% |
49.8% |
66.9% |
9.3% |
9.8% |
9.5% |
6.6% |
5.5% |
6.6% |
|
| Depreciation and amortisation |
1,503 |
562 | 102 |
2,166 |
621 | 171(3) | 792 |
1,106 |
64 |
1,170 |
|
| Operating investments (net of disposals) | (23) | (375) | (32) | (429) | (281) |
(1,232) |
(1,513) |
(881) | (6) | (887) | |
| Repayment of lease liabilities(4) | (12) | (23) | (3) | (37) | (446) | (4) | (450) | (321) | (62) | (383) | |
| Operating cash flow |
3,204 |
1,508 |
(4) |
4,708 |
1,568 |
(38) |
1,530 |
1,426 |
313 |
1,739 |
|
| Growth investments (concessions and PPPs) | (565) | (263) | 10 | (818) | - | (327) | (326) | (29) | - | (29) | |
| Free cash flow | 2,639 | 1,245 | 5 | 3,890 | 1,568 | (365) | 1,204 | 1,397 | 313 | 1,710 | |
| Balance sheet | |||||||||||
| Capital employed at 31/12/2025 |
16,647 |
24,102 |
5,590 |
46,339 |
4,122 |
5,340 |
9,462 |
783 |
1,108 |
1,892 |
|
| of which investments in companies accounted for under the equity method |
- |
896 |
254 |
1,150 |
8 |
79 |
87 |
526 |
164 |
689 |
|
| of which right-of-use assets in respect of leases |
18 |
243 |
14 |
275 |
1,221 |
107 |
1,329 |
779 |
378 |
1,157 |
|
| Net financial surplus (debt) |
(15,001) |
(10,542) |
(3,581) |
(29,124) |
1,366 |
352 |
1,718 |
4,176 |
(375) |
3,801 |
|
| (in € millions) | Concessions | Energy Solutions | Construction | |||||||
|---|---|---|---|---|---|---|---|---|---|---|
| VINCI Autoroutes | VINCI Airports | Other concessions(2) | Total | VINCI Energies | Cobra IS | Total | VINCI Construction | VINCI Immobilier | Total | |
| Income statement | ||||||||||
| Revenue(1) |
6,585 |
4,526 |
540 |
11,651 |
20,373 |
7,105 |
27,478 |
31,784 |
1,143 |
32,927 |
| Concession subsidiaries’ works revenue | 521 | 349 | 115 | 985 | - | - | - | - | - | - |
| Total revenue |
7,106 |
4,875 |
655 |
12,636 |
20,373 |
7,105 |
27,478 |
31,784 |
1,143 |
32,927 |
| Operating income from ordinary activities |
3,265 |
2,334 |
90 |
5,688 |
1,474 |
553(3) |
2,027 |
1,304 |
(57) |
1,247 |
| % of revenue(1) | 49.6% | 51.6% | 16.6% | 48.8% | 7.2% | 7.8% | 7.4% | 4.1% | (5.0%) | 3.8% |
| Recurring operating income |
3,239 |
2,448 |
174 |
5,860 |
1,304 |
552(3) |
1,856 |
1,152 |
(40) |
1,112 |
| Operating income |
3,239 |
2,439 |
188 |
5,866 |
1,288 |
553(3) |
1,841 |
1,151 |
(48) |
1,104 |
|
|
|
|
|
|
|
|
|
|
|
|
| Cash flow statement | ||||||||||
| Cash flow from operations before tax and financing costs |
4,662 |
2,883 |
228 |
7,773 |
1,794 |
702 |
2,496 |
1,985 |
2 |
1,988 |
| % of revenue(1) |
70.8% |
63.7% |
42.2% |
66.7% |
8.8% |
9.9% |
9.1% |
6.2% |
0.2% |
6.0% |
| Depreciation and amortisation | 1,427 | 582 | 94 |
2,103 |
557 |
145(3) |
702 | 994 | 52 |
1,046 |
| Operating investments (net of disposals) | (16) | (282) | (13) | (311) | (249) |
(1,220) |
(1,469) |
(921) | (7) | (927) |
| Repayment of lease liabilities(4) | (11) | (24) | (5) | (39) | (383) | (10) | (393) | (262) | (49) | (312) |
| Operating cash flow |
3,111 |
1,496 |
19 |
4,626 |
1,622 |
301 |
1,922 |
796 |
58 |
854 |
| Growth investments (concessions and PPPs) | (604) | (445) | (23) | (1,072) | 1 | (349) | (348) | (33) | - | (33) |
| Free cash flow | 2,507 | 1,052 | (5) | 3,554 | 1,623 | (48) | 1,575 | 762 | 58 | 821 |
| Balance sheet | ||||||||||
| Capital employed at 31/12/2024 | 17,575 | 24,700 | 5,413 | 47,688 | 4,280 | 4,865 | 9,144 | 685 | 1,408 | 2,093 |
| of which investments in companies accounted for under the equity method | 12 | 890 | 405 |
1,307 |
17 | 78 | 96 | 497 | 138 | 635 |
| of which right-of-use assets in respect of leases | 18 | 261 | 18 | 297 |
1,104 |
87 |
1,191 |
686 | 337 |
1,023 |
| Net financial surplus (debt) |
(16,159) |
(11,558) |
(4,023) |
(31,739) |
761 |
547 |
1,308 |
4,116 |
(698) |
3,418 |
