VINCI Initiates a Capital Increase Reserved for Its Employees in France
The concessions and construction group has set the terms for a new share issue aimed at French employees, according to a press release published on December 30, 2025. The operation will take place between January and April 2026.
During its meeting on October 15, 2025, the VINCI board of directors finalized the conditions of this capital increase, carried out under the delegation granted by the general meeting on April 17, 2025. The issuance price of the new shares was set at 111.27 euros, corresponding to 95% of the average of the first prices listed on Euronext Paris during the 20 trading sessions preceding October 15, 2025, according to the press release. Employees of the group in France will be able to subscribe to this operation via the FCPE Castor Relais 2026/1 during a period from January 1 to April 30, 2026.
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The maximum number of new shares that can be issued will depend on the total amount of subscriptions made by employees, the company specifies. This operation falls within the limit set by the 25th resolution of the April 2025 general meeting. The total of new shares that can be issued under this resolution and a parallel resolution aimed at employees of certain foreign subsidiaries cannot exceed 1.5% of the number of shares composing the share capital at the time of the board's decision, according to the press release. The FCPE will proceed with the subscription of the new shares at the end of May 2026.
Admission to Trading on Euronext Paris
The admission of these new shares to trading on the regulated market of Euronext Paris will be requested immediately after their creation, according to the group. These ordinary shares will not be subject to any restrictions and will carry rights from January 1, 2026, the press release specifies. The final amount of the issue will be determined based on the contributions from employees and the matching contributions paid by the companies of the group participating in the savings plan in France.
VINCI a réalisé en 2025 une performance en hausse. La progression du chiffre d’affaires s’est accompagnée d’une nouvelle amélioration des résultats opérationnels.
Chiffre d’affaires 2025 de 74,6 milliards d’euros; EBITDA 13,5 milliards; résultat net part du Groupe 4,9 milliards; cash-flow libre 7,0 milliards; endettement net en baisse; dividende proposé 5,00 euros par action; perspectives 2026 positives.
Outlook / guidance
Expected revenue: Le chiffre d’affaires en 2026 est attendu en hausse par rapport à 2025, avec des progressions dans les concessions, les services à l’énergie et la construction, et un cash-flow libre estimé autour de 6 milliards d’euros en première approche, sous réserve d’un niveau d’activité et d’un cadre fiscal inchangé.
Expected EBITDA: La direction prévoit une nouvelle progression en 2026, sans chiffre précis communiqué.
Expected net income: La direction anticipe une progression du résultat net part du Groupe en 2026, sous réserve d’un exercice stabilisé.
Management commentary: La direction affirme sa discipline financière et son positionnement sur les trois métiers, avec un accent sur la génération de cash-flow et la création de valeur.
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