Vinci: Slight Rebound in Highway Traffic in May, Mixed Airport Results

Highways: Slight Monthly Rebound, but Annual Trend Still Downward

Vinci's highway traffic increased by 0.3% in May 2026 compared to May 2025, supported by a favorable calendar effect due to the timing of the Ascension and Pentecost weekends. Light vehicle traffic increased by 0.8% over the month, while heavy vehicle traffic declined by 2.7%, impacted by two fewer working days. However, the cumulative decline for the first five months of the year has narrowed to -1.8%, from -2.5% at the end of April, indicating a gradual slowdown in the decrease. The group attributed the persistent weakness in traffic to the continuous rise in fuel prices, particularly diesel.

Airports: Mixed Growth with Clear Regional Contrasts

Passenger traffic at Vinci's airports increased by 0.1% in May and by 0.6% since the beginning of the year. Performance varies significantly by region: Portugal (ANA) improved by 3.0% in May and 3.3% cumulatively, while the United Kingdom declined by 0.7% monthly and 1.1% annually. France shows relative stability (-1.6% cumulative for May). Central European airports benefit from positive dynamics, with Serbia at +8.8% and Hungary at +7.3% in May. In America, Mexico progresses (+3.7% in May), while the United States records a significant drop of 13% for the month. In Asia, performance remains depressed, with Japan down 7.3% and Cambodia 18% in May.

Commercial Air Movements Decline, Except in Some Promising Markets

Vinci's commercial air movements (ATM) decreased by 1.5% in May and by 1.8% cumulatively since the beginning of the year. This decline masks significant heterogeneity: Costa Rica shows an exceptional increase of 18% in May (24% cumulatively), Cabo Verde progresses by 19% in May, and the United Kingdom remains stable (+0.6% monthly). Conversely, the United States plunges to -14% in May (-21% cumulatively), Japan declines by 9.4%, and Cambodia by 11% for the month.