VINCI: Strong Performance in 2025, Marked by a Record Free Cash Flow
On February 5, 2026, VINCI Group published its annual results for the fiscal year 2025. The year was characterized by an increase in revenue, improved operational results across all its business sectors, and a record free cash flow. Despite increased taxation in France, net income slightly progressed and net financial debt decreased.
Revenue and Operational Results
In 2025, VINCI's consolidated revenue reached EUR 74.6 billion, up 4.2% compared to 2024. This growth was driven by organic growth of 2.6%, a positive scope effect of 2.5%, partially offset by a negative currency effect of 1.0%. International activities accounted for 59% of total revenue. Concessions revenue rose by 5% to EUR 12.2 billion, while energy services grew by 8% to nearly EUR 30 billion. Construction revenue remained stable to high at EUR 33 billion. Operating income from operations amounted to EUR 9.6 billion, up 6.2%, corresponding to a margin of 12.8% of revenue, compared to 12.6% a year earlier.
Net Income and Share Performance
VINCI's net income attributable to the group amounted to EUR 4.9 billion in 2025, an increase of 0.8% compared to 2024. This occurred despite the negative impact of an exceptional contribution on the profits of large companies in France, estimated at EUR 449 million on net income. Excluding the effect of this surtax, the net income attributable to the group would have reached EUR 5.35 billion, representing a 10% increase year-on-year. Net income per share stood at EUR 8.65, up 2.6%, and at EUR 9.44 excluding the surtax. The international share of net income accounted for 56%, up from 53% in 2024, reflecting the increasing importance of activities outside France in the group's overall performance.
Record Free Cash Flow and Financial Position
In 2025, the group's free cash flow reached a record level of EUR 7.0 billion, compared to EUR 6.8 billion in 2024. Excluding the impact of the corporate tax surcharge, it would have reached EUR 7.4 billion. This performance is notably explained by an increase in EBITDA to EUR 13.5 billion, an improvement in working capital requirements of EUR 2.5 billion, and controlled investments. Net financial debt decreased by EUR 1.3 billion over the year, settling at EUR 19.1 billion as of December 31, 2025, equivalent to 1.4 times EBITDA. The group also had a net cash position of EUR 15.5 billion and an unused confirmed credit line of EUR 6.5 billion. For the fiscal year 2025, the board of directors proposes a dividend of EUR 5.00 per share, up EUR 0.25 from 2024, subject to approval at the general meeting.
