VINCI Launches Convertible Bond Issue in ADP Shares
VINCI announces the launch of a convertible bond issue in existing ordinary shares of Groupe ADP, with a nominal value of 500 million euros and maturing in 2031. This operation is part of a financing strategy and partial monetization of its stake in Groupe ADP.
VINCI, which holds 8.0% of the share capital of Groupe ADP, is proceeding with the issuance of convertible bonds for a nominal amount of 500 million euros. The bonds will have a maturity of 5 years and will bear interest at an annual rate of between 0.75% and 1.25%, payable semi-annually. They will be issued at 100% of par and redeemed at par at maturity on March 4, 2031. The initial exchange price will feature a premium of between 30% and 35% over the reference share price. If fully exchanged at maturity, VINCI will retain an approximate 4.9% stake in the share capital of Groupe ADP, subject to adjustments to the exchange ratio. The settlement-delivery of the bonds is scheduled for March 4, 2026. VINCI plans to use the proceeds from this issue to finance its general needs.
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The bonds will be placed through an accelerated book-building process with qualified investors only, in France and outside France, excluding the United States, Australia, Canada, Japan, and South Africa. No prospectus will be prepared. VINCI has agreed to a lock-up commitment on its shares of Groupe ADP, its convertible or exchangeable securities, and its equity derivatives for a period of 90 calendar days following the issue date, subject to certain customary exceptions. BNP Paribas is acting as structuring advisor, while Natixis and Société Générale are serving as global coordinators and joint bookrunners. Barclays Bank Ireland PLC, BofA Securities, and Morgan Stanley Europe SE are acting as associate bookrunners, and Nomura Financial Products Europe GmbH as co-lead manager.
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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