In 2026, the Energy Solutions business is expected to continue to ride long-term, fundamental trends – the energy transition, digital transformation and the growing aspiration of nations for greater sovereignty. As these trends accelerate under the effect of the climate emergency and artificial intelligence boom, opportunities are bound to grow in energy networks and infrastructure assets of all types, as well as in industry and construction – most of the markets where VINCI Energies and Cobra IS operate with a high degree of geographical complementarity.
VINCI Energies expects to see further organic growth in its flow business, as reflected in its €17.5 billion order book at the end of 2025 (up 6% year on year), and will pursue external growth in 2026, supported by a management model and an organisational structure crafted to integrate newly acquired companies. Underpinning this expansion are VINCI Energies’ proactive efforts to support and assist customers in their energy and digital transformations. Cobra IS, whose order book stood at €18.1 billion at the end of 2025 (up 3% year on year), also anticipates new growth, driven by its diverse, recurrent flow business.
Cobra IS’s continued development will also draw on its ability to deliver major turnkey projects, particularly in energy production infrastructure.
The Group has decided to bring together the electricity generation and storage assets (mainly photovoltaic energy) developed by Cobra IS in a single-focus subsidiary, Zero.e. This will provide an opportunity to assess each asset’s performance, optimise financing arrangements and carry out asset rotations on an opportunistic basis. Zero.e’s overall renewable electricity generation capacity – in operation, under construction and ready to build – is expected to rise to approximately 6 GW by the end of 2026.
