2025 Universal Registration Document

Concessions

OTHER CONCESSIONS

RAILWAY KNOW-HOW: LISEA

VINCI designs, finances, builds, maintains and operates rail and urban transport infrastructure. In France, it manages the South Europe Atlantic high-speed rail line (SEA HSL) between Tours and Bordeaux. This 302 km line, which connects Paris to Bordeaux in just two hours, was built by VINCI and its partners under a concession contract with SNCF Réseau that runs until 2061. In 2025, the line welcomed nearly 23 million passengers. Also in 2025, LISEA, the concession company for the SEA HSL, began construction of a train maintenance and stabling site in Marcheprime, near Bordeaux, removing a barrier to the arrival of new operators in this market.

Since the high-speed rail market opened to competition in 2020, demand for more frequent and affordable services has continued to grow. Yet the SEA HSL estimates that every year some 2 million passengers are unable to find a seat for lack of trains, while the SEA line uses less than 50% of its capacity. The 14-hectare Marcheprime site, entirely financed by private funds, will address this issue by offering independent, multi-skilled maintenance and stabling services.

It will encourage the arrival of new operators and the creation of additional connections, notably on France’s Atlantic coast, and speed up opening of the French rail market. Velvet, France’s first independent high-speed train operator, will use this site primarily to maintain its fleet of 12 trains after launch of operations on the Atlantic seaboard in 2028.

More generally, the LISEA maintenance and stabling site is part of a long-term vision to strengthen regional and international interconnection. Thanks to its strategic location, it will support the development of future high-speed lines to Occitanie and Spain.

The two subsidiaries LISEA and MESEA (the line maintenance company) have also developed SEACloud, a shared platform dedicated to innovation and data processing to serve predictive maintenance and asset management, with the goal of optimising the performance and safety of the SEA high-speed line. In 2025, Géovoie, a track geometry use case tool, was further developed through improvements in its predictive model, while IsoIA, a system that monitors insulation of signalling systems, was deployed across the line’s 35 signalling stations.

Like all VINCI Concessions subsidiaries in Europe, MESEA continued with its decarbonisation efforts with the aim of achieving net zero emissions by 2030. One example was a solar power plant commissioned on the MESEA site in Clérac (western France).

STADIUMS

VINCI’s portfolio of concessions currently includes two large sports venues. In 2025, the Allianz Riviera in Nice (south-east France) hosted 24 soccer matches played by its resident club OGC Nice (18 Ligue 1 games, one Coupe de France and five European league matches) as well as over 40 seminars and corporate events. The Marie-Marvingt stadium in Le Mans (north-west France) welcomed 26 major sports events, including 21 soccer matches played by its resident club Le Mans FC, one French national women’s soccer team match, three Le Mans women’s soccer team games and a gala match to celebrate the club’s 40th anniversary. Altogether, these two stadiums welcomed almost 770,000 visitors in 2025.