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1. Company Snapshot

1.a. Company Description

VINCI SA, together with its subsidiaries, operates in the concessions, energy, and construction segments primarily in France.It Concessions segment operates motorway concessions with a network of 4,419 kilometers in France; 45 airports; 4,437 kilometers of motorways; highways, railways, and 4 stadiums, as well as operates airports in France and in 11 other countries.The company's Energy segment provides services to the manufacturing, infrastructure, facilities management, and information and communication technology sectors; engineering, procurement, and construction services in the energy sector, and manufacturing and energy-related services; and renewable energy concession projects development services.


Its Construction segments engages in designing and carrying out projects that involve general contractor capabilities; works related to geotechnical and structural engineering, digital technology, nuclear or renewable thermal energy; and focuses on business area, such as buildings, civil engineering, infrastructure, and in a specific geographical area.The company also provides property development services for residential and commercial properties; and property services, as well as operates managed residences.It also operates in Germany, the United Kingdom, Albania, Belarus, Bosnia-Herzegovina, Bulgaria, Croatia, Czech Republic, Estonia, Hungary, Kosovo, Latvia, Lithuania, Macedonia, Moldova, Montenegro, Poland, Romania, Serbia, Slovakia, Slovenia, Ukraine, Portugal, North America, Central and South America, Africa, Russia, the Asia-Pacific, the Middle East, and other European countries.


The company was founded in 1899 and is headquartered in Nanterre, France.

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1.b. Last Insights on DG

Vinci SA's recent performance was driven by strong 2025 full-year results, including a 4% revenue growth to €74.6 billion and a record free cash flow of €7.0 billion. The company's operating earnings increased across its three businesses: Concessions, Energy Solutions, and Construction. Additionally, Vinci's share buyback program, which includes the repurchase of 386,808 treasury shares, has likely boosted investor confidence. The company's 2026 outlook also expects further revenue and earnings growth, with a proposed dividend of €5.00 per share, up €0.25 from 2024.

1.c. Company Highlights

2. VINCI's 2025 Earnings Report: A Strong Performance

VINCI's full-year 2025 performance was outstanding, with revenue growth driven by Concessions and Energy Solutions. Revenue increased by 4% to €63.2 billion, with EBITDA and operating income rising across all businesses. Net income group share was €5.4 billion, up 10% at constant taxation, and free cash flow reached an all-time high of €7 billion. The actual EPS came out at €5.47, beating estimates of €5.17.

Publication Date: Feb -10

📋 Highlights
  • 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.

3. NewsRoom

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VINCI enters into exclusive negotiations with the French government for the concession of the future A154 and A120 motorway link

Feb -20

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VINCI Autoroutes and VINCI Airports traffic in January 2026

Feb -18

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Is Vinci (ENXTPA:DG) Pricing Fair After Strong Five Year Share Price Performance

Feb -18

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VINCI: Disclosure of transactions in on shares from February 09th to February 13th,2026

Feb -17

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Vinci SA (VCISF) Full Year 2025 Earnings Call Highlights: Record Free Cash Flow and Strategic ...

Feb -16

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VINCI: Disclosure of transactions in on shares from February 02nd to February 06th, 2026

Feb -10

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VINCI: Publication of audited consolidated financial statements at 31 December 2025

Feb -09

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Assessing Vinci’s (ENXTPA:DG) Valuation After Recent Share Price Strength

Feb -07

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4. Business Breakdown

4.a. Revenues by Country

4.b. Revenues by Segment

5. Expected revenues mid-term growth (4.87%)

6. Segments

VINCI Construction (Including Eurovia)

Expected Growth: 4.5%

VINCI Construction's 4.5% growth is driven by Eurovia's strong performance in road construction and concessions, as well as VINCI Construction's diversified portfolio in building and civil engineering. The segment benefits from increased investments in infrastructure projects, particularly in Europe and Asia, and a favorable regulatory environment supporting growth in energy and transportation sectors.

VINCI Energies

Expected Growth: 5.5%

VINCI Energies' 5.5% growth is driven by increasing demand for energy efficiency and digitalization solutions. The company's strong presence in the European market, diversified services, and expanding portfolio of projects contribute to its growth. Additionally, VINCI Energies' focus on innovative technologies, such as smart buildings and renewable energy, positions it well for long-term success.

Concessions - VINCI Autoroutes

Expected Growth: 3.5%

VINCI Autoroutes' 3.5% growth is driven by increased traffic volume, higher toll rates, and a favorable regulatory environment. The concession model's stability and Vinci SA's operational expertise also contribute to this growth, allowing for efficient management of motorway networks and optimized services.

Concessions - Other Concessions (VINCI Highways, VINCI Railways and VINCI Stadium)

Expected Growth: 4.0%

VINCI's concessions segment growth (4.0%) is driven by increased traffic volumes, particularly at VINCI Highways, and stable passenger numbers at VINCI Railways. Additionally, VINCI Stadium's events and hospitality services contribute to growth. The segment benefits from a diversified portfolio, long-term contracts, and investments in infrastructure.

Cobra IS

Expected Growth: 6.0%

Cobra IS, a subsidiary of Vinci SA, exhibits 6.0% growth driven by increasing demand for digital and energy transition services. Strong performance in construction and concessions segments, coupled with strategic acquisitions and investments in innovation and sustainability, contribute to this growth.

Concessions - VINCI Airports

Expected Growth: 5.0%

VINCI Airports' concessions growth is driven by increasing air traffic, airport expansion projects, and higher concession fees. The 5.0% growth is fueled by rising passenger volumes, particularly in European airports, and contributions from new airport acquisitions. A recovering travel industry and efficient operational management also support this growth rate.

VINCI Immobilier and Holding Companies

Expected Growth: 3.0%

VINCI Immobilier's growth is driven by Vinci SA's diversified portfolio, strong order book, and increasing demand for sustainable infrastructure. Holding companies benefit from Vinci's stable cash flow, strategic acquisitions, and efficient risk management, enabling a 3.0% growth rate through optimized resource allocation and synergies.

Eliminations

Expected Growth: 0.0%

The 0.0% growth in eliminations from Vinci SA suggests a stable financial performance. This stability can be attributed to efficient cost management and potentially offsetting factors such as reduced inter-segment transactions or effective tax planning, indicating a balanced financial strategy.

7. Detailed Products

Construction Services

Vinci SA's construction services encompass a wide range of activities, including design, construction, and maintenance of various infrastructure projects such as roads, bridges, airports, and buildings.

Energy and Utilities

Vinci SA's energy and utilities segment provides services related to the production, transmission, and distribution of energy, including renewable energy sources, as well as water and waste management.

Concessions

Vinci SA's concessions segment manages and operates various infrastructure projects under concession agreements, such as airports, motorways, and stadiums, providing services to users and collecting tolls or fees.

Specialized Businesses

Vinci SA's specialized businesses segment includes services such as airports, real estate, and logistics, providing specialized solutions to clients across various industries.

Design and Engineering

Vinci SA's design and engineering segment provides design, engineering, and project management services for various infrastructure projects, from feasibility studies to project completion.

8. Vinci SA's Porter Forces

Forces Ranking

Threat Of Substitutes

Vinci SA operates in the construction and concessions industry, where substitutes may be limited in certain segments such as large-scale infrastructure projects. However, in other segments like building construction, there might be more substitute options. The threat level is medium due to the varied nature of the industry.

Bargaining Power Of Customers

Vinci SA's customers are typically governments or large corporations for its concessions and construction services. These customers often have significant budgets but are not usually price-sensitive to the extent that they can exert high bargaining power on Vinci SA, especially given the company's scale and reputation.

Bargaining Power Of Suppliers

The construction and concessions industry relies on a wide range of suppliers, from materials to equipment. Vinci SA, being a large player, likely has significant negotiating power over its suppliers. The threat is low because Vinci can switch suppliers if needed and has the scale to negotiate favorable terms.

Threat Of New Entrants

The barriers to entry in the construction and concessions industry are high, including significant capital requirements, regulatory hurdles, and the need for established relationships with governments and clients. This makes the threat of new entrants low.

Intensity Of Rivalry

The construction and concessions industry is highly competitive, with several large players competing globally and locally. Vinci SA faces significant competition from other major players like Ferrovial, Atlantia, and Vinci's direct competitors in various markets. The competition level is high due to the global presence of these competitors and their diversified services.

9. SWOT Analysis

Strength

Weaknesses

Opportunities

Threats

10. Capital Structure

10.a. Balance Sheet

10.b. Weighted Average Cost of capital

Value
Debt Weight 54.77%
Debt Cost 5.44%
Equity Weight 45.23%
Equity Cost 9.11%
WACC 7.10%
Leverage 121.08%

11. Quality Control: Vinci SA passed 5 out of 9 key points

12.a Historical Valuation

12.b Price/Earnings Ratio

12.c Margin Valuation

12.d Peers Valuation

Peers Group Analysis

Stock-Card
Bouygues

A-Score: 7.1/10

Value: 7.8

Growth: 5.3

Quality: 3.6

Yield: 8.1

Momentum: 9.0

Volatility: 8.7

1-Year Total Return ->

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Stock-Card
Vinci

A-Score: 6.7/10

Value: 6.3

Growth: 6.1

Quality: 4.7

Yield: 6.9

Momentum: 7.0

Volatility: 9.0

1-Year Total Return ->

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Moury Construct

A-Score: 6.7/10

Value: 6.8

Growth: 7.4

Quality: 7.1

Yield: 4.4

Momentum: 7.5

Volatility: 6.7

1-Year Total Return ->

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Strabag

A-Score: 6.6/10

Value: 7.5

Growth: 4.7

Quality: 6.5

Yield: 8.1

Momentum: 10.0

Volatility: 3.0

1-Year Total Return ->

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Heijmans

A-Score: 6.3/10

Value: 5.7

Growth: 6.6

Quality: 6.2

Yield: 6.9

Momentum: 9.5

Volatility: 3.0

1-Year Total Return ->

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BAE Systems

A-Score: 4.9/10

Value: 2.4

Growth: 6.8

Quality: 4.9

Yield: 5.0

Momentum: 4.5

Volatility: 6.0

1-Year Total Return ->

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Peers Metrics

12.e Scoring Insights

12.f DCF BETA

Parameters

Short Term Growth

Short term Time

Long-Term Growth

WACC

Target Price

140.9$

Current Price

140.9$

Potential

-0.00%

Expected Cash-Flows