VINCI: A Record Order Book of €74.9 Billion Masks a Declining Revenue
VINCI Group recorded a revenue of €16.3 billion in the first quarter of 2026, stable compared to the same period in 2025. Despite an organic contraction of 0.5%, acquisitions and scope adjustments have offset the negative impact of exchange rate fluctuations. The real signal for investors lies elsewhere: the order book reached €74.9 billion, a historical high, providing the group with visibility of nearly 15 months of activity.
Stable Revenue with Underlying Challenges
The consolidated revenue of the group amounted to €16.3 billion in the first quarter of 2026, unchanged from the first quarter of 2025. However, this apparent stability hides a less favorable dynamic in organic growth, recording a contraction of 0.5%. Scope changes contributed 1.4% to growth, while exchange rate fluctuations posed a headwind of 1.2%. In France, activity declined by 2.0%, offset by an increase of 1.1% internationally, which now represents more than 57% of the total revenue. The group, however, noted a strong momentum in energy services with an increase of 4.7%, while concessions grew by 1.4% (3.0% on a comparable structure).
Record Order Book and Strong International Presence
The quarter's order intake for VINCI Energies, Cobra IS, and VINCI Construction amounted to €17.4 billion, up 5% from the first quarter of 2025, significantly exceeding the quarterly activity of these three divisions (€13.6 billion). The group's order book reached €74.9 billion as of March 31, 2026, setting a new record. It has grown by 4% year-on-year and 7% since December 31, 2025. This future work base represents nearly 15 months of average activity. Internationally, the order book accounts for 71%, with 20% in Germany. VINCI Energies particularly benefited from this dynamic with order intakes of €6.8 billion (up 7%), bringing its order book to €20.2 billion. Cobra IS recorded €2.2 billion in orders (up 68%), totaling €18.6 billion in the order book.
Improved Financial Position and Strategic Operations
VINCI's consolidated net financial debt stood at €19.8 billion as of March 31, 2026, an improvement of €1.4 billion over the year. Despite a seasonally unfavorable variation in working capital needs in the first quarter, the debt recorded a limited increase since December 31, 2025. The group maintains a significant liquidity position. The group also finalized several strategic operations in the first quarter: VINCI Energies acquired eight new companies (full-year revenue of approximately €80 million), while VINCI Highways signed an agreement to acquire the Safeway Concessions portfolio in India (nine concessions, nearly 700 km in total, closing expected by the end of 2026). Beyond short-term geopolitical disruptions, the group recognizes that the need for investments in vital infrastructure, particularly in electrification and digitalization, will increase. The group has reiterated its 2026 outlook, unchanged, presented in early February 2026.
