Vinci SA · EURONEXT:DG
Vinci SA — 9M 2025 Earnings Presentation
105 slides from Vinci SA's earnings presentation, Oct 23, 2025
Slide 1: First nine months 2025 highlights
: - bl i\ VINCI awarded design and build contract of a section of the Eastern Freeway in Melbourne (Australia) 23 OCTOBER 2025
Slide 2: Disclaimer
Disclaimer This presentation may contain forward-looking objectives and statements about VINCI’s financial situation, operating results, business activities and expansion strategy. These objectives and statements are based on assumptions that are dependent upon significant risk and uncertainty facto
Slide 3: 9M 2025 highlights
9M 2025 highlights
Slide 4: 9M 2025 highlights
9M 2025 highlights Growth in revenue of almost +4% YoY (of which +5% in Q3) Dynamic business levels in Energy Solutions and Concessions ia Ww Concessions: revenue up 5% ; higher airports passenger numbers and motorways traffic both in France and abroad al 1 -f- Energy Solutions: revenue up 7%, buoye
Slide 5: Q3 2025 consolidated revenue
Q3 2025 consolidated revenue A 2025/2024 in € million Q3 2025 Q3 2024 Actual Like-for-like Concessions* 3,631 3,562 +1.9% +3.0% VINCI Autoroutes 1,995 1,950 42.3% 42.3% VINCI Airports 1,457 1,446 +0.7% +4.7% VINCI Highways 144 111 +29.4% +11.8% Other concessions** 35 54 Energy Solutions 7,075 6,573
Slide 6: 9M 2025 consolidated revenue
9M 2025 consolidated revenue A 2025/2024 in € million 9M 2025 9M 2024 Actual Like-for-like Concessions* 9,379 8,900 45.4% 44.6% VINCI Autoroutes 5,166 5,029 42.7% 42.7% VINCI Airports 3,710 3,479 +6.6% +6.5% VINCI Highways 378 295 +28.1% +10.8% Other concessions** 126 97 +30.1% +15.8% Energy Solutio
Slide 7: Revenue growth driven by Energy Solutions and Concessions
Revenue growth driven by Energy Solutions and Concessions €9,379 m +5.4% (+4.6% Ifl) €20,725 m +6.7% (+4.4% Ifl) €24,479 m +0.8% (-0.9% Ifl) VINCI Airports & VINCI Energies VINCI 9M 2025 revenue vs 9M 2024) +€343 m +8.9% other concessions Immobilier €15,338 m €5,387 m €23,750 m +€808 m +5.6% +€487 m
Slide 8: Consolidated revenue change by geographical area
Consolidated revenue change by geographical area 9M 2025 revenue / 0, €22,895 m / 42% €31,357 m /58% vs 9M 2024 +€358m = +1.6% +€1,590 m +5.3% Organic Scope Organic Scope FX | aay as 00% 9 39, 44.4% +1.6% (0.0)% ween Total 9M 2025 VINCI Group revenue €54,253 m | +€1,948 m ‘vs9M 2024 +3.7% +2.0% +2.5
Slide 9: Concessions - Key figures
Concessions - Key figures A 9M 2025/9M 2024 Revenue » Launch of one of the UK’s 17% . oe €9,379 m of VINCI total first airside solar farms at +5.4% (+4.6% I fl) revenue Edinburgh airport of which VINCI Autoroutes €5,166 m In Brazil, inauguration of +2.7% (+2.7% fl) 11 km of duplication on the SP-333
Slide 10: Concessions: VINCI Autoroutes and Highways
Concessions 9M 2025 Key takeaways @ VINCI Autoroutes — Traffic levels in Q3 25 (+0.3% vs Q3 24), boosted by HV +1.2% despite one fewer working day vs Q3 24, LV +0.1% — Traffic growth in 9M 25: +1.4% vs 9M 24 (o/w LV +1.5%, HV +0.8%*) @ VINCI Highways — BR-040 (Brazil): takeover of the operations on
Slide 11: Concessions: VINCI Airports
Concessions \x7 VINCI Airports Passenger numbers 9M 2025 Key takeaways in 9M 2025 (vs 9M 2024) @ VINCI Airports Total = Traffic: 253 mpax* (+5.6% vs 9M 24) 253 mpax" Strong level of traffic during summer in almost all countries of *5.6% the network Of which: Remarkable traffic growth in Japan due to
Slide 12: Energy Solutions — Key figures
Energy Solutions — Key figures A 9M 2025/9M 2024 Revenue 38% of VINCI €20,725 m total revenue +6.7% (+4.4% Ifl) €15,338 m VINCI Energies +5,6% (+2.5% I fl) Cobra IS €5,387 m +9,9% (+10% Ifl) Reconstruction of nearly 100 km of T&D lines in south-west Germany A contract to electrify the Rail Baltica p
Slide 13: Energy Solutions key takeaways
. DW .2 VINCI Energies revenue change vs 9M 24 Energy Solutions Yd J Zhe and split by business line 9M 2025 Key takeaways ICT Infrastructure 0, +2% 8% +4% @ VINCI Energies — International (59% of total revenue): +7.5% (+2.6% Ifl) Buildi uilding WEL Activity well oriented in Germany (1° international
Slide 14: Construction — Key figures
Construction — Key figures A 9M 2025/9M 2024 Revenue €24,479 m +0.8% (-0.9% Ifl) VINCI Construction VINCI Immobilier 45% of VINCI total revenue €23,750 m +0.9% (-0.8% Ifl) €729 m 1.6% (-1.6% If) Q (n) Three construction contracts in Australia Preparation of the works for the first tunnel boring mach
Slide 15: Construction key takeaways
Construction QO (A) Revenue change vs 9M 24 and 9M 2025 Key takeaways split by subdivisions @ VINCI Construction Major Projects — Q3 revenue up 4% (3% Ifl) -5.6% — 9M revenue slightly up both in France (45% of total) and q abroad (55% of total) Lower revenue from major projects (phasing reasons) In
Slide 16: Order intake up in flow business
Order intake up in flow business, the core of Energy Solutions and Construction’'s activities . . ; a ! Ratio order intake / By business line (in € billion) ' revenue TotalVINCl 47.8 +1% 48.4 -3% 46.9 ER -18% PCN -25% GRR 114} 15.9 WEZGn 15.9 BES 17.1 £12} 23.4 MEZA 24.4 MERCI 24.6 i 10 } 9M 23 9M 2
Slide 17: Order book up 6% yoy to a high level
Order book up 6% yoy to a high-level: visibility and serenity + France: 30% of the order book * Germany: 19% CON ‘ * Rest of world: 52% By business line (in € billion) of average business By geographical area (in € billion) ' activity 66.8 +3% 69.1 +2% 70.6 2] ~ a — 03] Total VINC! 66.8 +3% 69.1 +2%
Slide 18: Sound financial situation
Sound financial situation High level of liquidity Solid credit rating S&P Global > A- Outlook stable jes jes Ratings Confirmed for VINCI in October 2025 > < % A3 Outlook stable = 30 September 2024 30 September 2025 Moopy s » . . 5 Confirmed for VINCI in May 2025 Q 6 +2.2 — 30 September 2024 30 Septe
Slide 19: FY 2025 guidance confirmed
FY 2025 guidance confirmed VINCI Energies: VINCI Autoroutes: traffic levels slightly higher than those of 2024 = Revenue growth comparable to 2024 = Operating margin at least equal to that of 2024 (7.2%) VINCI Airports: = Further YoY growth in passenger numbers, but probably more limited than in 202
Slide 20: Main recent developments
Main recent developments lay VINCI Energies 9M_2025: 25 acquisitions, >€400 m of full-year revenue (of which 80% in Germany and 12% in North America). The main ones being R+S Group and Zimmer & Halbig in Building Solutions in Germany In addition, two other acquisitions, announced in July, should be
Slide 21: Real success is the success you share
Slide 22: Appendices
Appendices FIRST NINE MONTHS 2025 HIGHLIGHTS VINCI
Slide 23: Financial data as of September 30, 2025
Financial data as of September 30, 2025 FIRST NINE MONTHS 2025 HIGHLIGHTS VINCI
Slide 24: Consolidated revenue - France
Consolidated revenue - France A 2025/2024 in € millions 9M 2025 9M 2024 Actual Like-for-like Concessions* 5,493 5,420 41.4% +3.0% VINCI Autoroutes 5,166 5,029 42.7% 42.7% VINCI Airports 203 299 32.1% -4.6% Other concessions** 124 92 +35.2% +35.2% Energy Solutions 6,345 6,152 43.1% 42.7% VINCI Energi
Slide 25: Consolidated revenue - International
Consolidated revenue - International A 2025/2024 in € millions 9M 2025 9M 2024 Actual Like-for-like Concessions* 3,886 3,480 +11.7% +7.1% VINCI Airports 3,507 3,180 +10.3% +7.3% VINCI Highways 378 295 +28.1% +10.8% Other concessions** 2 5 Energy Solutions 14,381 13,278 +8.3% +5.1% VINCI Energies 9,0
Slide 26: Financial data as of June 30, 2025
Financial data as of June 30, 2025 FIRST NINE MONTHS 2025 HIGHLIGHTS VINCI
Slide 27: Consolidated revenue
Consolidated revenue A 2025/2024 in € millions H1 2025 H1 2024 Actual Like-for-like Concessions* 5,748 5,337 +7.7% 45.7% VINCI Autoroutes 3,171 3,079 +3.0% 43.0% VINCI Airports 2,253 2,033 +10.8% +78% VINCI Highways 233 183 +27.3% +10.2% Other concessions** 91 43 21x +66.6% Energy Solutions 13,650 1
Slide 28: VINCI core geographies
VINCI core geographies A H1 2025/H1 2024 H1 2025 Revenue (€bn) France TT 14.9 +0% uK ME :.c +13% Germany 2.7 +13% : ‘ +0.4% Spain M17 -12%* USA . 1.6 9% i Top 5 countries 70% of revenue = we Organic +0.3% Scope +0.1% Portugal Hos Brazil BH os Canada Hos Netherlands —o7 Czech Republic fos Switzerland
Slide 29: Consolidated revenue - France
Consolidated revenue - France A 2025/2024 in € millions H1 2025 H1 2024 Actual Like-for-like Concessions* 3,395 3,316 42.4% +4.1% VINCI Autoroutes 3,171 3,079 +3.0% 43.0% VINCI Airports 136 197 -31.0%' -5.1% Other concessions** 88 40 22x 22x Energy Solutions 4,226 4,125 42.4% +2.1% VINCI Energies 4,
Slide 30: Consolidated revenue - International
Consolidated revenue - International A 2025/2024 in € millions H1 2025 H1 2024 Actual Like-for-like Concessions* 2,353 2,021 416.4% 48.3% VINCI Airports 2,117 1,835 +15.3% +8.7% VINCI Highways 233 183 +27.3% +10.2% Other concessions** 3 2 Energy Solutions 9,425 8,732 47.9% +5.2% VINCI Energies 5,861
Slide 31: Income statement
Income statement (in € millions) H1 2025 H1 2024 A(€m) A 2025/2024 Operating income from ordinary activities (Ebit) 4,140 3,871 +269 46.9% % of revenue 11.9% 11.5% Share-based payment expense (IFRS 2) (377) (314) -63 +20.1% Profit/loss of equity-accounted cos. & miscellaneous 198 155 +43 +28.0% Recu
Slide 32: Ebitda
Ebitda in € millions H1 2025 % of revenue* H12024 %ofrevenue* A 2025/2024 Concessions 3,869 67.3% 3,586 67.2% +283 o/w VINCI Autoroutes 2,320 73.2% 2,228 72.4% +92 o/w VINCI Airports 1,406 62.4% 1,264 62.2% +143 o/w VINCI Highways 121 52.0% 91 49.6% +30 Energy Solutions 1,274 9.3% 1,123 8.7% +151 VI
Slide 33: Ebit by business line
Ebit - operating income from ordinary activities by business line in € millions H1 2025 reve ct H1 2024 reve ct A 2025/2024 Concessions 2,802 48.7% 2,575 48.2% +227 VINCI Autoroutes 1,617 51.0% 1,543 50.1% +74 VINCI Airports 1,129 50.1% 1,007 49.6% +122 VINCI Highways 64 274% 41 22.2% +23 Other conc
Slide 34: Operating income from ordinary activities (Ebit)
Operating income from ordinary activities (Ebit): strong improvement overall VINCI Autoroutes a 1543 ca H124 -H125 VINCI Group Ebit: €4,140 million (+€269 m vs H1 24, ie +6.9%) Ebit margin: 11.9% (+42 bp vs H1 24) VINCI VINCI copes VINCI Airports a 1,007 H124 1, is H125 VINCI Energies H124 H125 +10
Slide 35: Cash flow statement (1/2)
Cash flow statement (1/2) in € millions H1 2025 H1 2024 FY 2024 Ebitda 6,129 5,673 12,689 Change in WCR* and current provisions (1,863) (1,314) 2,311 Income taxes paid (1,211) (962) (2,220) Net interest paid (778) (593) (1,177) Dividends received from companies accounted for under the equity method
Slide 36: Cash flow statement (2/2)
Cash flow statement (2/2) in € millions H1 2025 H1 2024 FY 2024 Free cash flow (after CAPEX) 46 361 6,808 Net financial investments and other cash flows* (529) (5,656) (6,984) Cash flow before movements in share capital (483) (5,295) (176) Share capital increases and other operations 245 444 590 Sha
Slide 37: Positive FCF generation in H1 2025
Positive FCF generation in H1 2025 in € millions w oS 8 8 Hl FY H1 FY Hil FY Hi FY Hi FY Hi FY Hil FY Hi FY Hil FY Hi FY H1 2015 2015 2016 2016 2017 2017 2018 2018 2019 2019 2020 2020 2021 2021 2022 2022 2023 2023 2024 2024 2025 m Full-year FCF mm H1 FCF Free cash flow, due to seasonal effects, is a
Slide 38: Operating CAPEX
Operating CAPEX in € millions H1 2025 H12024 <A 2025/2024 FY 2024 Concessions 216 169 +47 318 VINCI Autoroutes 13 14 -1 20 VINCI Airports* 192 143 +49 284 Other concessions** pal 12 -1 13 VINCI Energies 134 125 +9 274 Cobra IS* 658 704 -46 1,238 VINCI Construction 407 451 -43 1,045 VINCI Immobilier
Slide 39: Growth CAPEX in concessions and PPPs
Growth CAPEX in concessions and PPPs in € millions H1 2025 H12024 A 2025/2024 FY 2024 Concessions 419 581 -162 1,072 VINCI Autoroutes 298 336 -38 604 Of which: ASF 184 161 +23 291 Escota 66 107 -41 196 Cofiroute 47 65 -18 108 VINCI Airports 67* 273 -205 445 Other concessions** 54 (27) +82 23 VINCI E
Slide 40: Consolidated balance sheet
Consolidated balance sheet (in€ millions) 30Jun.2025 31Dec.2024 30 Jun. 2024 I jun a Non-current assets - Concessions 48,901 50,182 50,292 -1391 Non-current assets - Energy Solutions, Construction and misc. 27,568 26,516 25,032 +2,536 WCR, provisions and other current assets & liabilities (15,372) (
Slide 41: Increase in net financial debt in H1 2025
Increase in net financial debt in H1 2025 (€2.9 bn) driven by cash flow seasonality, investments and shareholder remuneration Free cash flow: €46 m rn (20.4) f a Net financial debt at 31 Dec. 2024 Reminder H1 2024 EBITDA 61 5.7 Acquisitions / — Capex Disposals be Interests & taxes (2.4) (0.5) A Work
Slide 42: Net financial debt by business line
Net financial debt by business line Of which Of which Of which in € millions 30 Jun. 2025 external 31 Dec. 2024 external 30 Jun. 2024 external net debt net debt net debt Concessions (30,042) (20,446) (31,739) (20,888) (31,622) (20,249) VINCI Autoroutes (15,493) (11,091) (16,159) (11,296) (16,102) (1
Slide 43: Financial policy
Financial policy Optimising the average cost of debt Breakdown of LT* gross financial debt by currency —TH$ XS — 3% MXN —— 1% PEN * Long-term + Weighted average rates based on all other currencies (including MXN and PEN) Cost of LT* gross financial debt over the past 5 years (closing rate) oe 3.7% 4
Slide 44: Maturity of LT gross financial debt
Maturity of LT gross financial debt Average maturity of LT gross financial debt (€34.3 bn) as of 30 June 2025: 5.8 years” 3,500 | °° s s € millions N oS s s H2 2026 2027 2028 2029 2030 2031 2032 2033 2034 2035 2036 2037 2038 2039 2040& 2025 + as mHoldings & misc. mGroupe ASF m Cofiroute Arcour Arcos
Slide 45: Average cost of future debt repayments
Average cost of future debt repayments LL H2 2025 2026 2027 2028 2029 2030 Nominal amount in € millions 1,006 4,146 3,913 3,654 3,352 3,514 Average rate” 3.61% 3.92% 3.04% 3.19% 4.22% 2.75% * After hedging mHoldings&misc. mGroupeASF m Cofiroute Arcour Arcos mVINCI Airports ™ Other concessions FIRST
Slide 46: Net debt: fixed and floating rate
Net debt: 52% at fixed rate, 48% at floating rate Natural hedge between floating rate + inflation linked debt and Ebitda (linked to inflation) + net cash managed (remunerated based on short-term floating rate) Net cash non representative of year-end position due to the FCF seasonality inherent to VI
Slide 47: Other information
Other information FIRST NINE MONTHS 2025 HIGHLIGHTS VINCI
Slide 48: 2024 Group's key figures by business
2024 Group's key figures broken down by business VINCI Autoroutes VINCI Concessions VINCI Energies Cobra IS VINCI Construction VINCI Immobilier & holdings Net inc Free cash Capital €4.9 bn flow : €6.8 bn * Recurring operating income FIRST NINE MONTHS 2025 HIGHLIGHTS VINCI “” employed €59.4 bn S, Oy,
Slide 49: Details on contracts awarded in 2024
Details on contracts awarded in 2024 Order intake breakdown by division and granularity FY FY Change In € billion 2024 2023 24/23 Order intake <€5 m 17.9 17.5 +2% Order intake > €5 m 4.2 3.5 +23% Order intake <€50 m +0% Order intake > €50 m* 5.2 5.1 +2% VINCI Construction 33.7 30.6 Order intake <€50
Slide 50: Quarterly order intake by division
Quarterly order intake by division Q2 Q3 Q4 FY Qi Q2 In € billion 2023 2023 2023 2023] 2024 2024 VINCI Energies .| 20.9 Cobra IS . 3.37 337 18 10.3 VINCI Construction J 7.4 85° 7.3 30.6 Group total 15.7 166 141 61.9] 18.5 15.4 (1) Of which two 2-GW HVDC converter platforms (Balwin 1 & 2) for Amprion
Slide 51: VINCI 2024 key figures
VINCI 2024 key figures €71.6 bn >120 4,000 285,000 >350,000 €58 bn Group revenue countries where Est. number of Est. number of Est. number market cap. at (incl. holdings) VINCI operates business units employees of contracts 31 December 2024 Concessions Energy Construction Real estate Revenue €6.6bn
Slide 52: Energy transition megatrends
Energy transition megatrends captured by the Group's business lines & pp Electricity needs €600 Bn pa Worldwide capex needed to build x2 vs. 2023 new or retrofit existing T&D lines €200 Bn by 2040 53% x5 Sources: IEA (NZE scenario), GWEC - Global World report 2024, French TSO RTE and Enedis, ICCT, F
Slide 53: A growing international presence
A growing international presence 2014 revenue geographic breakdown 2024 revenue geographic breakdown 9 14% we 5% 5% 6 fo Sy 6% fo INCREASED 2% 42% INTERNATIONAL 4% ° €38.7 bn > EXPOSURE > €71.6 bn 19% 62% 32% 2014 Revenue CAGR 2014/2024 2024 Revenue France €23.9 bn +2.4% €30.2 bn International €14.8
Slide 54: VINCI strategy
VINCI strategy Long cycles/significant equity investments/capital employed intensity CONCESSIONS -Extension of average maturity of the concessions portfolio -Strengthening of the Group’s footprint in mobility infrastructures (motorways, airports) -Step up in the renewable energy market (solar PV and
Slide 55: Ebitda breakdown by business
@ VINCI Autoroutes Energy, VINCI Airports and other concessions now generate more Ebitda than VINCI Autoroutes €12.7 bn Group Ebitda breakdown in 2024 €4.0 bn Group Ebitda breakdown in 2006 * €2.4 bn / 59% . ; 1 bn / 28% €0.2 bn /6 0. +20% +13% excl. TEITLD" €4.7 bn / 37% ! €0.4 bn / 3% €2.0 bn / 16
Slide 56: Capital allocation strategy execution
Capital allocation strategy execution Wrap-up of the last 3 years (2022-2024) In € billion Renewable assets (1.4) CASH-FLOW FROM OPERATIONS * 0.6 GW in operation 2.9 GW under construction Main deals VINCI Airports (i) VINCI Highways (2.3) Other concessions i 1 (0.3) DIVIDENDS NET SH. BUYBACKS” M&A (
Slide 57: Cobra IS: 3.5 GW in operation or under construction
Cobra IS: 3.5 GW in operation or under construction At the end of December 2024 Assets in operation Assets under construction By geography By geography Brazil 95% 06 100% 2.9 >99% GW Solar PV Gw Solar PV us 9% Portugal 5% = FY 24 2 FY 25 Total CAPEX €0.4bn Total CAPEX €0.9bn €1.2bn* Main assets in o
Slide 58: ROCE and ROE
ROCE and ROE higher than pre-covid levels 18.6% . ' 39 : 9 18.1% 73% | 18.3% of | 12.4% | 13% 1.3% , 11.9% : 1 9.2% ! ' 6.1% 6.7% ! 3.3% ; ' 2020 2021 ' 2022 2023 2024 i 2024 ' ROCE mROE Return on capital employed (ROCE) is net operating income after tax excluding non-recurring items (NOPAT), divide
Slide 59: Dividend
Dividend 2025 interim dividend €1.05 14 October 2025 Ex-date per share (all-cash) per share 16 October 2025 Payment date 4.75 4.50 4.00 3.05" oo, 2.90 2.45 2.67 roy 2.10 12.041 184 12.041 2.04 a YE 075 079 i — 1.00 1.05 1.05 1.05 2015 2016 «= 2017,—T ss 2018 = 2019S 2020.—S 2021S 2022S 2028S 2024 +=
Slide 60: Environmental ambition and 2024 performance
VINCI's environmental ambition and 2024 performance 6S ‘Act for the climate} NB | 2030 AMBITION -40% GHG emissions vs 2018 (scope 1 & 2) -20% GHG emissions vs 2019 (scope 3) 90% low carbon concrete used by VINCI Construction SCIENCE BASED TARGETS: 2024 PERFORMANCE 2.2 mt Scopes 1 & 2 emissions in 20
Slide 61: EU Taxonomy - 2024 performance
EU Taxonomy - 2024 performance 41% 22% of eligible revenue of aligned revenue Most contributing sectors to the eligibility and alignment of VINCI’s activities in 2024 In bn€ Eligible Revenue Aligned Revenue Transmission and distribution of electricity (4.9) 58 44 Infrastructure for rail transport (6
Slide 62: VINCI's ESG ratings in 2024
VINCI's ESG ratings in 2024 Wepp Corporate ESG Performance DASCLOSURE INSIGHT ACTION 2023 2022 CDP Climate AOA ISS ESGD CDP Water B B Security CDP Forest Cc Cc MSCI ESG RATINGS ccc | 8 | s8 | ao EWN as | am MOODY’S (|S-2 RATINGS EE ee a POSITIVE e imac | Workforce Disclosure initiative Disclosure sc
Slide 63: Social performance in 2024
VINCI's social performance in 2024 Aiming for all-round performance and sharing the benefits of our performance with our stakeholders Together! Engage in civic projects 4,000 long-term unemployed people supported in 2024 on integration programmes 10,000 high-school students to be welcomed on the ori
Slide 64: Shareholder base at December 2024
Shareholder base at 31 December 2024 Institutional investors 71.4% BEEZE © ©2824 on available information ~ Rest of the World Rest of Europe Individual investors United Kingdom 17.8% Employees 581.8 m 10.9% shares Sty Qatar Holding LLC Treasury shares North America France | Shareholding structure* F
Slide 65: Together! Aiming for an all-round performance
Wa Together! y Together! Compl ‘ Accelerate with ethical J the environmental ~~ principles transition Aiming for an all-round performance A sustainable economic project is impossible without an ambitious social, workforce-related and environmental commitment. Together! Engage In civic projects equal
Slide 66: Business line profiles
Business line profiles FIRST NINE MONTHS 2025 HIGHLIGHTS VINCI
Slide 67: Concessions Profile
Concessions Profile Revenue and Ebitda margin over the last 5 years 11.7 10.9 9.2 h 69.2% 67.7% 68.3% h 2020 2021 2022 2023 2024 mmm Revenue (bn) ~—Ebitda margin 2024 revenue by geographical area 4%. France HB Portugal M@ uk Americas RoW ot] *Ebitda margin in 2024 excluding the impact of the TEITLD
Slide 68: Concessions Profile
Concessions Profile VINE | VINCI ” RAILWAYS VINCI “— VINCI VINCI ” AUTOROUTES AIRPORTS. STADIUM a Ed Revenue €6.6 bn €0.5 bn Ebitda €4.7 bn €0.2 bn Ebitda margin 70.8% 63.7% 42.2% = % of the division’s 2024 revenue FIRST NINE MONTHS 2025 HIGHLIGHTS = VINIGI “”
Slide 69: Concessions capex forecasts
Concessions capex forecasts* HB OVINC! Airports Hm VINCI Autoroutes 2025e 2026e 2027e * Forecast as of 31 December 2024 and including fully consolidated assets only FIRST NINE MONTHS 2025 HIGHLIGHTS VINCI “”
Slide 70: Traffic trends
125 120 115 110 105 100 95 90 85 80 Q3 Q1 Q3 Q1 Q3 Q1 Q3 Q1 Q3 Q1 Q3 Q1 Q3 Q1 Q3 Q1 Q3 Q1 Q3 Q1 Q3 15 16 16 17 17 18 18 19 19 20 20 21 21 22 22 23 23 24 24 25 25
Slide 71: VINCI Airports traffic details
VINCI Airports traffic details * Traffic data excluding Orlando Sanford Airport which has been removed from the VINCI Airports network from 29 February 2024 ** Including 100% of equity-accounted companies traffic on a 7 Passenger traffic (in thousands of pax) boos ome Sete Portugal (ANA) 55,991 +4.7
Slide 72: VINCI Autoroutes
VINCI Autoroutes FIRST NINE MONTHS 2025 HIGHLIGHTS VINCI
Slide 73: VINCI Autoroutes
VINCI Autoroutes France's leading toll road concession operator 4,443 km approx. 90% >35% of conceded French of total motorway under concession . toll roads network in France > VINE! — AUTOROUTES = FIROUTE & 4 “ =) so woRCOS AS= #escoTa Mtercity (1) a network © ASF § Cofiroute End of concession Apr.
Slide 74: VINCI Autoroutes tariffs
VINCI Autoroutes Contractually CPl-linked tariffs Contractual framework of toll increases (LVs) Cofiroute Intercity Network After 2025 70% x i 70% x i 70% x i i = Consumer price index excl. tobacco products at end October Y-1. * Applied on 1 February 2025 The amendment to the ASF concession contract
Slide 75: VINCI Airports
VINCI Airports FIRST NINE MONTHS 2025 HIGHLIGHTS VINCI “”
Slide 76: VINCI Airports
76 | FIRST NINE MONTHS 2025 HIGHLIGHTS VINCI VINCI Airports The world's largest private airports operator The most geographically diversified airport operator Belfast International Airport, UK oe ae st International Airport UK <3 Platforms Per UI London Gatwick Aiport UK Budapest Arpor, Hungary . 2
Slide 77: VINCI Airports passenger traffic
VINCI Airports The world's largest private-sector airport operator Published passengers traffic’ (millions of pax.) 318 255 267 195 210 157 132 : | I l l 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 1 Data at 100% irrespective of percentage held Data include airport passenger numbers on a full-
Slide 78: 2% 8% 2% 8% 5% 6% 7% 36% 4% 34% 14% 15% 28% 30%
2% 8% 2% 8% 5% 6% 7% 36% 4% 34% 14% 15% 28% 30%
Slide 79: Tourism/Leisure VFR (Visiting Friends & Relatives) Business
Tourism/Leisure VFR (Visiting Friends & Relatives) Business Other Domestic Intra EU International Short & Mid haul (excl. Intra EU) International Long haul (>4,000 km)
Slide 80: VINCI Airports network (1/2)
VINCI Airports network (1/2) As of 31st December 2024 Country Na mpaxin 2019 mpax in 2024 ye! lation London Gatwick 466 433 50% Yes Full consolidation UK Edinburgh Airport 147 15.8 - 50% Yes Full consolidation Belfast International 63 68 2993 100% Yes Full consolidation Portugal {ho airports in Lisb
Slide 81: VINCI Airports network (2/2)
VINCI Airports network (2/2) As of 31st December 2024 End of VINCI Traffic Country Name Description mpax in 2019 | mpax in 2024 eoncession Ape risk Consolidation 4 airports: Hollywood Burbank Airport in California, Management USA Atlantic City in New Jersey, Macon Downtown Airport and Manag 71 75 na
Slide 82: VINCI Highways, Railways, Stadium
VINCI Highways VINCI Railways VINCI Stadium FIRST NINE MONTHS 2025 HIGHLIGHTS VINCI “”
Slide 83: VINCI Highways and other concessions
VINCI Highways and other concessions’ Revenue over the past 5 years 661 VINCI Highways + Other concessions* Equity invested Net financial debt €4.5 bn €4.0 bn 2020 2021 2022 2023 2024 At 31 Dec. 2024 At 31 Dec. 2024 mmm Revenue (€m) —Ebitda margin VINCI Highways 2024 revenue and Ebitda breakdowns HM
Slide 84: VINCI Highways (1/2)
Slide 85: VINCI Highways (2/2)
Slide 86: VINCI Stadium
Slide 87: VINCI Railways and other concessions
Slide 88: VINCI Energies
Slide 89: VINCI Energies
Slide 90: VINCI Energies
Slide 91: VINCI Energies: revenue details by business line
Slide 92: Cobra IS
Slide 93: 2% 1% 11% 3% 10% 45% 28%
2% 1% 11% 3% 10% 45% 28%
Slide 94: Cobra IS
Slide 95: Offshore windfarm energy converter platforms won by Cobra IS
Slide 96: VINCI Construction
Slide 97: VINCI Construction
Slide 98: VINCI Construction
Slide 99: The Grand Paris Express project
Slide 100: VINCI Immobilier
Slide 101: 23% 50% 16% 11%
23% 50% 16% 11%
Slide 102: VINCI Immobilier
Slide 103: Notes
Slide 104: Notes
Slide 105: Team