VINCI: FIRST QUARTER 2026 – STABLE REVENUE – INCREASE IN ORDER INTAKE

Nanterre, 23 April 2026

FIRST QUARTER 2026: STABLE REVENUE – INCREASE IN ORDER INTAKE

• Stable revenue at a high level (€16.3 billion, up 1% at constant exchange rates)
  • Good momentum for Energy Solutions
  • Increase in Concessions
  • Decline in Construction
• Order intake up – record-high order book
• Very solid financial position
• Guidance unchanged

Revenue – MAIN INDICATORS

* Excluding concession subsidiaries’ revenue derived from works carried out by non-Group companies (see glossary).
** At 31 March.

The changes set out below are relative to the first quarter of 2025 unless otherwise stated.

I.  SOLID OVERALL PERFORMANCE

GOOD MOMENTUM FOR ENERGY SOLUTIONS – INCREASE IN CONCESSIONS

Consolidated revenue in the first quarter of 2026 amounted to €16.3 billion. It was stable year on year, with changes in scope offsetting the adverse effect of exchange rate movements (a 0.5% negative organic growth, a 1.4% positive impact from changes in the consolidation scope² and a 1.2% negative impact from exchange rate movements).

Whereas revenue in France fell by 2.0%, revenue outside France grew by 1.1% (up 0.9% on a like-for-like basis), raising its contribution to total revenue to more than 57%.

Highlights include revenue growth of Energy Solutions (+4.7%) reflecting the good momentum in this business, and of Concessions (up 1.4%, and up 3.0% on a like-for-like basis).

ORDER INTAKE WELL ORIENTED, ORDER BOOK AT AN ALL-TIME HIGH

Order intake at VINCI Energies, Cobra IS and VINCI Construction totaled €17.4 billion during the quarter. It represents a year-on-year increase of 5% and was significantly higher than the revenue of these business lines over the period (€13.6 billion).

The order book at 31 March 2026 hit a new all-time high of €74.9 billion. With increases of 4% year on year and 7% since 31 December 2025, it represents almost 15 months of average business activity at VINCI Energies, Cobra IS and VINCI Construction.

The Group therefore has good visibility, enabling it to maintain its selective approach to new order intake with serenity. International business made up 71% of the order book, with Germany accounting for 20%.

VERY SOLID FINANCIAL POSITION

VINCI’s consolidated net financial debt at 31 March 2026 amounted to €19.8 billion, improving by €1.4 billion year on year.

Despite the seasonal rise in the working capital requirement in the first quarter, debt increased only slightly from the 2025-end figure.

VINCI maintained a very high level of liquidity, unchanged relative to 31 December 2025:

• managed net cash of €15.5 billion;
• a €6.5 billion confirmed and unused credit facility at VINCI SA.³

II.  KEY HIGHLIGHTS BY BUSINESS

CONCESSIONS

Revenue in the Concessions business amounted to €2.6 billion, up 3% on a like-for-like basis (up 1.4% on an actual basis, after adjusting for adverse currency and scope effects), attesting to its resilience in a turbulent environment.

• VINCI Airports

Impacted by adverse scope⁴ and currency effects, revenue at VINCI Airports totalled €964 million, down 1.6% on an actual basis, but up 3.5% on a like-for-like basis.

Despite the disruptions caused by the situation in the Middle East,⁵ passenger numbers rose in the first quarter (up 1.5%⁶) thanks to a good geographic diversification. Overall, airports managed by the Group welcomed 74 million passengers in the first quarter, with many of the network’s airports achieving solid growth in Europe (Portugal, Edinburgh, Belgrade and Budapest) and in Latin America (Mexico, the Dominican Republic and Brazil). By contrast, traffic at London Gatwick was affected by flight cancellations related to the conflict in the Middle East, whilst tensions between China and Japan affected traffic at Kansai airports.

• VINCI Autoroutes

Revenue at VINCI Autoroutes rose by 0.6% to €1.4 billion. 

Traffic levels across all vehicle types fell by 1.4%⁷, although it should be noted that levels observed in the first quarter are not representative of the year as a whole. Light vehicle traffic on the intercity network fell by 1.9% due to adverse weather conditions at the start of the year, the farmers’ blockades in January and a high comparison base⁸. Excluding these items, light vehicle traffic would have decreased by around 1%, mainly due to the rise in fuel prices in March. Heavy vehicle traffic, meanwhile, saw growth of 1.3%. 

• VINCI Highways

Driven by the addition of Brazilian highways to the portfolio,⁹ revenue saw a strong increase of 53% on an actual basis (23% like-for-like) to €159 million.

ENERGY SOLUTIONS

VINCI’s Energy Solutions business operates in very buoyant markets: shift towards electrification, growth for AI and data centres, digitalisation of industrial processes and building management, defence and sovereignty challenges. Current geopolitical events are likely to continue sustaining these major trends, and particularly the acceleration of electrification.

Overall, revenue grew by 5% to €6.9 billion, of which 68% came from outside France. 

• VINCI Energies

Revenue came to €5.0 billion, up 4.1% on an actual basis (up 1.4% like-for-like). Outside France (57% of the total), revenue rose by 3.6%, buoyed by recent acquisitions. Revenue generated in Germany (the business line’s largest market after France) increased by almost 10%. In France (43% of the total), revenue was up 4.6% on an actual basis (up 3.4% like-for-like) in a robust market.

Order intake, rising by 7% to €6.8 billion, ¹⁰ was appreciably higher than revenue in the first quarter, and hit a new rolling 12-month record of €22.8 billion, reflecting very good momentum both in France and abroad. 

VINCI Energies’ order book at 31 March 2026 amounted to €20.2 billion (up 12% year on year and up 16% compared with 31 December 2025), representing 11 months of VINCI Energies’ average business activity.

• Cobra IS

Revenue rose by 6.7% to €1.9 billion. Most of this growth has been driven by flow business, which saw very dynamic trend this quarter, particularly in Spain. It accounted for 58% of the total revenue. On the other hand, revenue in the EPC¹¹ business posted a slight increase, reflecting phasing effects (completion of several projects in Brazil and ramp-up of new projects in Germany and Australia¹²).

Order intake, surging by 68% to €2.2 billion, ¹³ was significantly higher than revenue in the first quarter.

Cobra IS’s order book at 31 March 2026 amounted to €18.6 billion (up 9% year on year and up 3% compared with 31 December 2025), representing more than two years of Cobra IS’s average business activity.

CONSTRUCTION

In the Construction business, revenue remained at a high level (€6.9 billion). 

• VINCI Construction

Revenue came to €6.7 billion, representing a limited decline of 3.3% at constant exchange rates (down 5.3% on an actual basis). This was due to lower revenue from major projects because of the phasing and progress of projects, as well as the impact of difficult weather conditions in Central Europe. However, business levels were firm in the United Kingdom, Oceania and Africa, and in civil engineering in France. 

Order intake fell by 5% to €8.4 billion¹⁴ and was appreciably higher than revenue in the first quarter. 

VINCI Construction’s order book at 31 March 2026 amounted to €36.1 billion (down 2% year on year and up 5% compared with 31 December 2025), representing almost 14 months of its average business activity.

• VINCI Immobilier

Revenue amounted to €218 million in the first quarter, down 7%. 

However, the number of reservations in France rose by 17% to 819 housing units.

III.   OTHER HIGHLIGHTS

GOVERNANCE

• VINCI Board of Directors

At the Shareholders’ General Meeting of 14 April 2026, Xavier Huillard’s term of office as Director was renewed for a period of four years, and he was subsequently appointed Chairman by the Board of Directors.

MAIN RECENT DEVELOPMENTS

• Bonds exchangeable for shares in Groupe ADP

On 25 February 2026, VINCI successfully placed €500 million of bonds exchangeable for ordinary shares of Groupe ADP. The bonds have a five-year maturity – except in case of early redemption, exchange or purchase and cancellation – and pay an annual coupon of 0.75%. If all bonds are exchanged at maturity, VINCI would retain a stake of around 4.8% in Groupe ADP, subject to any adjustment of the exchange ratio.
This transaction forms part of VINCI’s policy of creating value by optimising its cost of capital and actively managing its portfolio.

• Concessions

VINCI Highways has signed an agreement to acquire the Safeway Concessions portfolio, comprising nine toll highway concessions in India (nearly 700 km in total). The concessions are due to expire between 2048 and 2058.

The transaction is subject to approval by the relevant Indian authorities, and financial closing is expected by the end of 2026.

VINCI has been named the French state’s preferred bidder for the concession relating to the future A154–A120 motorway link, a new 97 km section of motorway in the Eure-et-Loir department in the west of the Greater Paris area. Under a 35-year concession contract, VINCI Autoroutes will handle programme management, financing and operation. VINCI Construction will design and build the infrastructure.
The signature of the concession contract, subject to approval by the relevant authorities, is expected in autumn 2026.

• Energy Solutions

VINCI Energies completed the acquisitions of eight new companies in the first quarter of 2026, representing combined annual revenue of around €80 million, mainly outside France (in Belgium, the Netherlands and the United States): three in the Building Solutions segment, three in Industry and two in Infrastructure.

• Construction

VINCI Construction has signed an agreement to acquire New Zealand company Fletcher Construction, which has annual revenue of around €630 million and whose main areas of expertise cover water, maritime, port, airport and railway as well as roadworks. It also has a growing volume of business in renewable energies.
The acquisition is subject to approval by the relevant authorities and should be completed in 2026. It will enable VINCI Construction, alongside HEB Construction, to become a major player in New Zealand’s fast-growing infrastructure market.

IV.   2026 GUIDANCE UNCHANGED

After this solid start to the year, VINCI keeps unchanged its 2026 guidance presented when publishing its full-year 2025 results in early February this year.

It is not yet possible to provide a reliable estimate of the impact that may arise from the current crisis in the Middle East.¹⁵ That impact will be assessed and commented upon, if necessary, in due course.

However, looking beyond the economic disturbance that VINCI and on all other companies may face in the near term, recent events strengthen the Group’s firm belief that the need for investments in essential infrastructure – development of electrification and digitalisation in particular – will continue to increase, driven by sovereignty challenges in the world’s various regions.

Accordingly, the Group will be able to leverage its expertise and its multi-local entrepreneurial organisation – which is highly agile and responsive – in order to take part in these megatrends, which will continue to drive its growth.

Conference calls and financial calendar

The Group will comment on its revenue and business activities in the first quarter of 2026 in a conference call to be held in English today (Thursday, 23 April 2026) at 17:50 CEST.

To take part, please obtain an individual access code ahead of the call via the following link:
https://register-conf.media-server.com/register/BI61fdcc1acd2a4d368381eac583379cd6

and then dial one of the following numbers:
FR:          +33 1 86 47 80 85
UK:         +44 1400 220156
US:         +1 864 991 4103

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About VINCI
VINCI is a world leader in concessions, energy solutions and construction, employing 294,000 people in more than 120 countries. We design, finance, build and operate infrastructure and facilities that help improve daily life and mobility for all. Because we believe in all-round performance, above and beyond economic and financial results, we are committed to operating in an environmentally and socially responsible manner. And because our projects are in the public interest, we consider that reaching out to all our stakeholders and engaging in dialogue with them is essential in the conduct of our business activities. VINCI’s ambition is to create long-term value for its customers, shareholders, employees, partners and society in general. www.vinci.com

Appendices are presented in the attachment to this email.

¹ See glossary.
² Changes mainly consisted of the following: (i) in the Concessions business, the full consolidation of the Brazilian highway concession holder Entrevias since October 2025 (€31 million of revenue in the first quarter of 2026) at VINCI Highways; the end of the management of the concession contract for Phnom Penh airport in Cambodia at VINCI Airports in September 2025, see following page; the end of the concession for the Stade de France in August 2025 at VINCI Stadium; (ii) at VINCI Energies, eight acquisitions in the first quarter of 2026 and 33 in 2025, which contributed €145 million to the increase in revenue in the first quarter of 2026; (iii) at VINCI Construction, €97 million of additional revenue.
³ Due to expire in January 2031.
⁴ The previous international airport in Phnom Penh (Cambodia), which was operated by VINCI Airports subsidiary Cambodia Airports under concession, closed in early September 2025. Since, Cambodia Airports holds an operating contract for Phnom Penh’s new international airport (Techo International). Overall, Cambodia Airports generated revenue of €11 million in the first quarter of 2026, as opposed to €47 million in the first quarter of 2025.
⁵ In 2025 as a whole, less than 3% of VINCI Airports’ total passenger numbers were exposed to routes to the Middle East. Such routes represented in particular 5% of London Gatwick airport’s capacity.
⁶ With a 1.6% increase in March.
⁷ With a 1.4% decrease in March (light vehicles -2.4%, heavy vehicles +3.6%).
⁸ Due to additional traffic on the motorways resulting from the SNCF strike in early 2025.
⁹ As a reminder, apart from Entrevias (see previous page), VINCI Highways took over operation – under a new concession – of Via Cristais in Brazil in March 2025 (€20 million of revenue in the first quarter of 2026).
¹⁰ The main contracts won by VINCI Energies in early 2026 included technical works packages for new data centres in Asia (Singapore, Indonesia), works on Santo Domingo airport (managed by VINCI Airports) in synergies with VINCI Construction, the installation of battery energy storage systems (BESS) in Europe (Germany, Belgium and the United Kingdom), a PPP contract relating to education facilities in Germany and the development of a naval nuclear propulsion reactor for the Brazilian navy.
¹¹ EPC: engineering, procurement and construction.
¹² In Germany, HVDC (high voltage direct current) converter platforms and the first liquefied natural gas regasification terminal; electricity transmission lines in Australia as part of a 35-year public-private partnership.
¹³ Major contracts won by Cobra IS in early 2026 included the installation of electrolysers in Spain.

¹⁴ The main contracts won by VINCI Construction in early 2026 included a design and construction of offshore outfall structure for two EPR nuclear reactors at the Penly site (France); a design-build contract for infrastructure as part of the STEP Fusion nuclear fusion prototype project in Nottinghamshire (United Kingdom); the upgrade of Prague’s main wastewater plant (Czech Republic); a design-build contract for a liquefied petroleum gas storage and distribution terminal in Cartagena (Spain); a design-build contract for 68 km of drinking water pipes in Jamaica; the renovation of a waste treatment plant in the Paris region; the reconfiguration of a motorway interchange in California (United States); the construction of a tunnel in Abidjan (Ivory Coast); and rehabilitation works on the Alexandria tramway (Egypt). 
¹⁵ It should be reminded that the Group direct exposure to the Middle East is limited. In 2025, VINCI derived – through its Energy Solutions and Construction businesses – a revenue that represented less than 1% of the Group total revenue.

Attachment

• VINCI_CP_Q1_2026_20260423_EN