- Revenue Growth & EBITDA Margin Expansion: Full-year revenue rose 4% to €63.2 billion, with Concessions' EBITDA margin reaching 66.9% (up 10 basis points) and Energy Solutions reporting an 8% revenue increase to €30 billion with a 7.6% margin.
- Record Free Cash Flow: Free cash flow hit a historic high of €7 billion in 2025, driven by strong EBITDA growth and working capital management, supporting €12 billion in dividends and buybacks.
- Dividend Increase & Payout Ratio: Dividend proposed at €5 per share (5% higher YoY), with a 58% payout ratio in 2025, targeting a 60% long-term ratio to balance shareholder returns and growth.
- International Revenue Dominance: 60% of total revenue came from international operations, led by U.S. and Latin America growth, while France contributed 41% and Europe (excluding France) 38%.
- Energy Solutions Momentum: VINCI Energies and Cobra drove Energy Solutions' 8% revenue growth, with 30+ acquisitions annually and Cobra's EPC projects surging 24% due to offshore projects.
Segment Performance
Concessions' revenue grew 5%, with a 4% like-for-like increase, and an EBITDA margin of 66.9%, up 10 basis points. Energy Solutions' revenue rose 8% to €30 billion, driven by international business, with a 7.6% margin. Construction's revenue increased slightly, with selectivity guiding project choice.
Geographic Performance
International revenue accounted for 60% of total revenue, with France contributing 41% and Europe (excluding France) 38%. The U.S. and Latin America drove growth, while Australia and New Zealand declined due to unfavorable exchange rates.
Financial Highlights
Operating profit from ordinary activities was €9.558 million, up 6.2%, representing 12.8% of revenue. Net income reached €4.9 billion, slightly above 2024's level, and earnings per share increased 2.6%. The company's financial structure is solid, with a credit line of €6.5 billion and a maturity extended to January 2031.
Outlook and Guidance
For 2026, VINCI expects continued growth in revenue, operating earnings, and net income, with an estimated free cash flow of €6 billion. The Board will propose a dividend of €5 per share. Analysts estimate next year's revenue growth at 3.2%.
Valuation
VINCI's current P/E Ratio is 15.41, and the Dividend Yield is 3.57%. The company's ROE is 16.74%, indicating a strong return on equity. The Net Debt / EBITDA ratio is -1.43, showing a healthy debt position. With a solid financial policy and a strong business model, VINCI is well-positioned for future growth.
Management Insights
Nicolas Notebaert noted that dialogue is being maintained with the government regarding concessions in France, and a constructive approach has been taken. The company is investing in long-term infrastructure concessions and has a selective policy focused on margin over volume.