Vinci Sa · EURONEXT:DG
Vinci Sa — Vinci Sa Act — FY 2025 Earnings Presentation
96 slides from Vinci Sa's earnings presentation, Feb 6, 2026
Slide 1: 2025 full year results
2025 full year results Outstanding performance Record free cash flow Electricity interconnection project between France and Spain 6 FEBRUARY 2026 VINCI Energies, Cobra IS and VINCI Construction
Slide 2: Concessions: Growth and visibility on mobility infrastructure
Concessions The UK Secretary of State for Transport approved VINCI Highways is managing through Entrevias and Via Cristais the Northern Runway plans at London Gatwick airport: almost 1,200 km in Brazil, capacity increased to 80 Mpax at the turn of the decade VINCI’s longest motorway network outside
Slide 3: Energy Solutions: Electricity at the heart of the agenda
Energy Solutions BorWin5, the HVDC converter platform built by Cobra IS and VINCI Energies acquired EnergoBit in Romania, Siemens Energy for TenneT has been installed in Germany a national leading player in electrical infrastructure Electricity at the heart 3 of the agenda
Slide 4: Construction: Making infrastructure vital
Construction In Auckland, New Zealand, the City Rail Link built by VINCI Construction and VINCI Energies are building VINCI Construction will be delivered in 2026 the future Nantes’ hospital, France Making infrastructure vital 4
Slide 5: FY 2025 highlights
FY 2025 highlights Pierre Anjolras Chief Executive Officer 5 2025 FULL YEAR RESULTS
Slide 6: FY 2025 highlights
FY 2025 highlights Outstanding performance - Record free cash flow Revenue growth: 74.6 bn (+4%) and operating earnings up for each of the Group’s three businesses Good momentum in Energy Solutions and Concessions Increase in net income: €4.9 bn (+1% and 10% excluding the exceptional tax contributio
Slide 7: FY 2025 Group key figures
FY 2025 Group key figures Data in € millions (unless otherwise specified) Revenue Ebitda* Ebit 74,599 13,507 9,558 +4.2% +6.4% +6.2% Net financial (+5.1% at constant FX) debt Δ FY 2025 / FY 2024 Net income/ (19,075) Net income share*** (€) Free cash flow +€1,340 m vs 31 Dec. 2024 4,903 8.65 7,010 +0
Slide 8: VINCI core countries
VINCI core countries Δ FY 2025/FY 2024 France FY 2025 Revenue (€bn) 41% of VINCI France 30.8 +2% total revenue UK 7.4 +10% Germany 6.5 +17% 44% Spain 3.8 -1%* +2.0% of VINCI net income USA 3.4 +4% Organic +1.7% Top 5 countries 70% of revenue Scope +0.2% Canada 2.0 Portugal Outside France 1.9 59% Bra
Slide 9: Concessions – Key figures
Concessions – Key figures Δ FY 2025/FY 2024 Ebitda 8,169m Revenue +€397 m 60% €12,219 m 16% of VINCI total of VINCI total +4.9% (+3.9% lfl) Ebitda revenue Ebitda margin 66.9% +14 bp yoy of which of which VINCI Airports €4,796 m VINCI Airports €3,042 m +6.0% (+5.8% lfl) 63.4% margin, -28 bp yoy VINCI
Slide 10: Concessions: VINCI Airports passenger numbers
Concessions VINCI Airports passenger numbers FY 2025 Key takeaways in FY 2025 (vs FY 2024) VINCI Airports Total – Traffic growth buoyed by low-cost airlines and long-haul 334 mpax* routes development +5.0% – Remarkable traffic increases in Japan (+10%) and in recently acquired airports: Edinburgh
Slide 11: Concessions: Motorways traffic
Concessions Motorways FY 2025 Key takeaways traffic change Δ FY 2025/FY 2024 VINCI Autoroutes – FY 2025 traffic levels up (+0.9% o/w LV +0.9% and HV +0.7%) France +0.9% – Escota: approval by the grantor of the work programme until the end of the concession (February 2032) Peru +1.9% VINCI Highwa
Slide 12: Energy Solutions – Key figures
Energy Solutions – Key figures Δ FY 2025/FY 2024 Ebit €2,250 m Revenue 40% +€223 m 24% of VINCI €29,612 m of VINCI total revenue total Ebit Ebit margin +7.8% (+5.8% lfl) 7.6% +22 bp yoy VINCI Energies €21,608 m VINCI Energies €1,606 m +6.1% (+3.3% lfl) 7.4% margin, +20 bp yoy Cobra IS €8,004 m Cobra
Slide 13: Energy Solutions
VINCI Energies revenue change vs FY 24 Energy Solutions and split by business line FY 2025 Key takeaways ICT Infrastructure +1% 18% +6% VINCI Energies 31% – International (60% of total revenue): +7.9% (+3.5% lfl) Building 28% Business particularly buoyant in Germany (1st international Solutions 23
Slide 14: Construction – Key figures
Construction – Key figures Δ FY 2025/FY 2024 Ebit €1,356 m Revenue 45% +€110 m 14% of VINCI of VINCI €33,241 m total revenue total Ebit +1.0% (-0.4% lfl) Ebit margin 4.1% +29 bp yoy VINCI Construction €32,137 m VINCI Construction €1,353 m +1.1% (-0.3% lfl) 4.2% margin, +11 bp yoy VINCI Immobilier €1
Slide 15: Construction
Construction Revenue change vs FY 24 FY 2025 Key takeaways VINCI Construction Major Projects – Revenue up 1.1% (-0.3% lfl) despite a negative FX impact -3.1% (-1.5%) 11% Decline in the activity of major projects because of the phasing of certain large infrastructure projects Other projects Firm fl
Slide 16: Order intake at a high level
Order intake at a high level Ratio order intake / By business line (in € billions) revenue Key takeaways Total VINCI 61.9 +7% 66.3 -5% 63.0 1.12 1.02 – Despite high comps (many large projects won in 2024), order intake in FY 25 remains at a high level 10.4 8.6 1.46 1.08 10.3 +1% -17% – Order intake
Slide 17: FY 2025 financial data
FY 2025 financial data Christian Labeyrie Executive Vice President and Chief Financial Officer 17 2025 FULL YEAR RESULTS
Slide 18: Revenue growth driven by Concessions and Energy Solutions
Revenue growth driven by Concessions and Energy Solutions Concessions Energy Solutions Construction * €12,219 m €29,612 m €33,241 m FY 2025 revenue +€569 m +4.9% +€2,134 m +7.8% €315m +1.0% vs FY 2024 Scope FX Scope FX Organic €74,599 m Organic Organic Scope FX €71,623 m (0.4)% (0.4)% +2.7% (1.4)% +
Slide 19: Operating income from ordinary activities (Ebit): strong improvement overall
Operating income from ordinary activities (Ebit): strong improvement overall VINCI Group Ebit: €9,558 million (+€561 m vs FY 24, ie +6.2%) Ebit margin: 12.8% (+25 bp vs FY 24) VINCI VINCI VINCI VINCI VINCI Cobra IS Airports Autoroutes Energies Construction Immobilier +47 +126 3,265 3,311 2,459 +132
Slide 20: Income statement
Income statement (in € millions) FY 2025 FY 2024 Δ (€m) Δ 2025/2024 Operating income from ordinary activities (Ebit) 9,558 8,997 +561 +6.2% % of revenue 12.8% 12.6% Share-based payment expense (IFRS 2) (567) (462) -105 +23% Profit/loss of equity-accounted cos. & miscellaneous 410 316 +94 +30% Recurr
Slide 21: Record free cash flow driven by Ebitda and WCR further improvements
Record free cash flow driven by Ebitda and WCR further improvements Data in € billions (34.6) Gross debt Gross debt (33.5) Free cash flow: €7,010 m Treasury (13.1) (15.5) Treasury (20.4) (19.1) Dividends/Share Acquisitions / buyback & Disposals** miscellaneous (1.8) (3.8) Capex* EBITDA (4.9) 13.5 ∆
Slide 22: Cumulative free cash flow over the year
Cumulative free cash flow over the year Seasonal development of free cash flow, Q4 contributing significantly to the annual amount (in € billion) 7.5 7.0 Contribution to full-year FCF 6.8 6.5 6.6 2025 2024 5.5 5.4 Q1 (5)% (4)% 4.5 3.5 Q2 6% 9% 2.5 Q3 35% 36% 1.5 Q4 65% 59% 0.5 -0.5 -1.5 FY 100% 100%
Slide 23: Strong FCF generation and high level of cash conversion
Strong FCF generation and high level of cash conversion Free cash flow generation 2016 to 2025: €48 bn in total 6.8 7.0 6.6 5.3 5.4 5.3 5.3 5.1 4.2 4.4 4.0 in € billions 3.4 2.9 2.8 3.1 3.2 2.5 2.5 2.2 1.0 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 Net income before minority interests FCF 23
Slide 24: Very robust financial position
Very robust financial position Solid credit rating High level of liquidity A- Outlook stable 22.0 Confirmed for VINCI in October 2025 19.6 A3 Outlook stable +2.4 Confirmed for VINCI in May 2025 13.1 15.5 In 2025: Data in € billions 31 December 2024 31 December 2025 • €5.7 bn of new refinancing raise
Slide 25: Outlook and strategy
Outlook and strategy Pierre Anjolras Chief Executive Officer 25 2025 FULL YEAR RESULTS
Slide 26: VINCI Airports existing assets development
VINCI Airports existing assets development Main developments ahead London Gatwick – Expansion project The UK Secretary of State for Transport approved the Northern Runway project Aerodom – Santo Domingo ANA – New Lisbon airport Start of the works for the Green light from the Portuguese authorities t
Slide 27: Cofiroute: signing of a 'contrat de plan'
Cofiroute: signing of a ‘contrat de plan’ In January 2026, the French State approved an addendum to the Cofiroute concession contract financed by tolls increases* It involves in particular: - the implementation of the Court decision** about the regional development tax (TAT) - €350 m capex mainly fo
Slide 28: Long term energy assets
Long term energy assets Zero.e’s portfolio at the end of Transmissions lines PPP December 2025 Split by Split by Split by Cobra IS current portfolio: status geography technology Solar 41% 98% 3 PPP (~1,900 km of lines) In operation 2 under construction 24% 1 in operation >5 >5 >5 GW GW GW 18% 1 PPP
Slide 29: VINCI's exposure to the world's megatrends
VINCI’s exposure to the world’s megatrends Estimated figures 2025 revenue 2025 backlog Electrical infrastructure ~€19 bn ~€11 bn 2025 revenue 2025 backlog Rail works ~€6 bn ~€11 bn 2025 revenue 2025 backlog Defense ~€3 bn ~€2 bn 2025 revenue 2025 backlog Water infrastructure ~€3 bn ~€3 bn 2025 reven
Slide 30: Order book up 1% yoy to a very high-level
Order book up 1% yoy to a very high-level: visibility and serenity Flow business constitutes the vast majority of the Group’s activity - Strong selectivity policy unchanged Number of months of By business line (in € billions) average business By geographical area (in € billions and percentage) activ
Slide 31: FY 2026 guidance
FY 2026 guidance CONCESSIONS ENERGY CONSTRUCTION SOLUTIONS VINCI Airports: passenger numbers should Mid to high single digit revenue growth Revenue - excluding forex effect – is continue to increase overall in step with global With an expected improvement of its operating margin likely to be s
Slide 32: Dividend
Dividend Proposed 2025 dividend €5.00 21 April 2026 Ex-date per share (all-cash) per share 23 April 2026 Payment date 5.00 4.75 4.50 4.00 3.05* 2.90 2.67 2.45 2.10 2.04 2.04 Total dividend (–) interim dividend 1.84 Interim dividend 0.79 1.00 1.05 1.05 1.05 0.57 0.63 0.69 0.75 0.65 2015 2016 2017 201
Slide 33: Capital allocation strategy
Capital allocation strategy CASH ALLOCATION Development Capex on existing assets/M&A Commitment to a clear and under a strict discipline: selected countries, growth appealing shareholder potential and appropriate returns remuneration Long-term infrastructure Extend and strengthen the portfolio Divid
Slide 34: Capital allocation strategy execution
Capital allocation strategy execution Wrap-up of the last 3 years (2023-2025) In € billion Mobility infra CAPEX concessions Of which (3.9) (11.4)* Energy assets • EnR portfolio of Zero.e, low double-digit IRR*** (2.7) • Electricity transmission lines PPP, low double-digit IRR*** Mobility Airports in
Slide 35: Main 2025 developments
Main 2025 developments VINCI Energies VINCI Construction 33 acquisitions, ~€700 m of full-year revenue (mainly outside France). January 2025: acquisition of FM Conway Ltd (United Kingdom), o/w 4 companies cumulating full-year revenue of ~€500 m €700 m of full-year revenue Two companies in North Amer
Slide 36: VINCI: Our shared culture
VINCI: OUR SHARED CULTURE • LONG TERM MINDSET • ALL-ROUND PERFORMANCE • SUCCESSFUL DECENTRALIZED AND MULTI-LOCAL ORGANIZATION • TRUSTED MANAGEMENT • UNMATCHED EXECUTION POLICY • DISCIPLINED CASH ALLOCATION
Slide 37: 2025 full year results
37 2025 FULL YEAR RESULTS
Slide 38: Appendices
Appendices 38 2025 FULL YEAR RESULTS
Slide 39: FY 2025 Financial data
FY 2025 Financial data 39 2025 FULL YEAR RESULTS
Slide 40: Consolidated revenue
Consolidated revenue Δ 2025/2024 in € millions FY 2025 FY 2024 Actual Like-for-like Concessions* 12,219 11,651 +4.9% +3.9% o/w VINCI Airports 4,796 4,526 +6.0% +5.8% o/w VINCI Autoroutes 6,733 6,585 +2.3% +2.3% o/w VINCI Highways 543 403 +35% +11% Energy Solutions 29,612 27,478 +7.8% +5.8% VINCI Ene
Slide 41: Consolidated revenue - France
Consolidated revenue - France Δ 2025/2024 in € millions FY 2025 FY 2024 Actual Like-for-like Concessions* 7,132 7,046 +1.2% +2.0% o/w VINCI Airports** 265 329 -20% -4.0% o/w VINCI Autoroutes 6,733 6,585 +2.3% +2.3% Energy Solutions 8,708 8,410 +3.5% +3.1% VINCI Energies 8,645 8,358 +3.4% +3.0% Cobra
Slide 42: Consolidated revenue - International
Consolidated revenue - International Δ 2025/2024 in € millions FY 2025 FY 2024 Actual Like-for-like Concessions* 5,088 4,605 +10% +6.8% o/w VINCI Airports 4,531 4,196 +8.0% +6.4% o/w VINCI Highways 543 403 +35% +11% Energy Solutions 20,904 19,069 +9.6% +6.9% VINCI Energies 12,963 12,015 +7.9% +3.5%
Slide 43: Ebitda
Ebitda in € millions FY 2025 % of revenue* FY 2024 % of revenue* Δ 2025/2024 Concessions 8,169 66.9% 7,773 66.7% +397 o/w VINCI Airports 3,042 63.4% 2,883 63.7% +159 o/w VINCI Autoroutes 4,784 71.0% 4,662 70.8% +122 o/w VINCI Highways 282 51.9% 196 48.6% +86 Energy Solutions 2,805 9.5% 2,496 9.1% +3
Slide 44: Ebit by business line
Ebit - operating income from ordinary activities by business line % of % of in € millions FY 2025 FY 2024 Δ 2025/2024 revenue* revenue* Concessions 5,935 48.6% 5,688 48.8% +247 o/w VINCI Airports 2,459 51.3% 2,334 51.6% +126 o/w VINCI Autoroutes 3,311 49.2% 3,265 49.6% +47 o/w VINCI Highways 161 29.
Slide 45: Net income attributable to owners of the parent, by business line
Net income attributable to owners of the parent, by business line in € million FY 2025 FY 2024 Δ 2025/2024 Concessions 2,951 2,726 +225 o/w VINCI Airports 1,140 947 +193 o/w VINCI Autoroutes 1,760 1,833 -73 o/w VINCI Highways 79 43 +37 Energy Solutions 1,253 1,159 +94 VINCI Energies 920 862 +58 Cobr
Slide 46: Cash flow statement
Cash flow statement in € millions FY 2025 FY 2024 Ebitda 13,507 12,689 Change in WCR* and current provisions 2,496 2,311 * Working Capital Requirement Income taxes paid (3,005)** (2,220) ** Negative impact of €(425) m Net interest paid (1,318) (1,177) due to the exceptional tax Dividends received fr
Slide 47: Operating CAPEX
Operating CAPEX in € millions FY 2025 FY 2024 Δ 2025/2024 Concessions 439 318 +122 o/w VINCI Airports* 380 284 +96 o/w VINCI Autoroutes 23 20 +3 o/w VINCI Highways 12 1 +12 Energy Solutions 1,550 1,505 +45 VINCI Energies 310 274 +36 Cobra IS** 1,240 1,232 +9 Construction 1,022 1,055 -33 VINCI Constr
Slide 48: Growth CAPEX in concessions and PPPs
Growth CAPEX in concessions and PPPs in € millions FY 2025 FY 2024 Δ 2025/2024 Concessions 818 1,072 -254 o/w VINCI Airports 263 445 -182 o/w VINCI Autoroutes 565 604 -39 Of which: ASF 360 291 +69 Escota 124 196 -72 Cofiroute 79 108 -29 o/w VINCI Highways (4) 28 -32 Energy Solutions 326 348 -21 VINC
Slide 49: Free cash flow by business line
Free cash flow by business line in € million FY 2025 FY 2024 Δ 2025/2024 Concessions 3,890 3,554 +336 o/w VINCI Airports 1,245 1,052 +194 o/w VINCI Autoroutes 2,639 2,507 +132 o/w VINCI Highways 86 21 +65 Energy Solutions 1,204 1,575 -371 VINCI Energies 1,568 1,623 -54 Cobra IS* (365) (48) -317 Cons
Slide 50: Net financial debt by business line
Net financial debt by business line Of which Of which in € millions 31 Dec. 2025 external 31 Dec. 2024 external net debt net debt Concessions (29,124) (21,412) (31,739) (20,888) VINCI Airports (10,542) (9,056) (11,558) (8,744) VINCI Autoroutes (15,001) (11,057) (16,159) (11,296) VINCI Highways (2,31
Slide 51: Consolidated balance sheet
Consolidated balance sheet Δ 31 Dec. 25 (in € millions) 31 Dec. 2025 31 Dec. 2024 / 31 Dec. 24 Non-current assets – Concessions 48,842 50,182 -1,340 Non-current assets – Energy Solutions, Construction and misc. 28,967 26,516 +2,451 WCR, provisions and other current assets & liabilities (19,653) (17,
Slide 52: Maturity of LT gross financial debt
Maturity of LT gross financial debt Average maturity of LT gross financial debt (€34.6 bn) as of 31 December 2025: 5.5 years* 6,000 5,000 4,000 € millions 3,000 2,000 1,000 0 2026 2027 2028 2029 2030 2031 2032 2033 2034 2035 2036 2037 2038 2039 2040 2041 & + Holdings & misc. Groupe ASF Cofiroute Arc
Slide 53: LT gross debt: 46% at fixed rate, 54% at floating rate
LT* gross debt: 46% at fixed rate, 54% at floating rate Optimising the average cost of debt Natural hedge between floating rate + inflation linked debt and Ebitda (linked to inflation) + net cash managed (remunerated based on short-term floating rate) Breakdown of LT* gross financial debt by currenc
Slide 54: Other information
Other information 54 2025 FULL YEAR RESULTS
Slide 55: 2025 Group's key figures broken down by business
2025 Group’s key figures broken down by business Revenue Ebitda Ebit 3% 16% 14% 45% 24% 16% 21% €74.6 bn €13.5 bn €9.6 bn 40% 60% 62% Concessions Energy Solutions Construction Net income Free cash flow Capital employed Holdings -3% 3% 3% 16% 1% 17% 24% 26% €4.9 bn 17% €7.0 bn €58.2 bn 60% 55% 80%* *
Slide 56: Order intake breakdown by business lines and granularity
Order intake breakdown by business lines and granularity FY FY Change In € billions 2025 2024 25/24 VINCI Energies 22.3 22.1 +1% Order intake <€5 m 18.7 17.9 +4% Order intake <€50 m 3.2 2.9 +12% Order intake > €50 m 0.4 1.4 -68% Cobra IS 8.6 10.4 -17% Order intake <€5 m 4.1 4.2 -3% Order intake <€50
Slide 57: A growing international presence
A growing international presence 2015 revenue geographic breakdown 2025 revenue geographic breakdown 6% 13% 6% 4% 5% 5% 2% INCREASED INTERNATIONAL 4% 41% €38.5 bn EXPOSURE €74.6 bn 58% 21% 34% 2015 Revenue CAGR 2015/2025 2025 Revenue France €22.4 bn +3.2% €30.8 bn International €16.1 bn +10.5% €43.8
Slide 58: Group Ebitda breakdown: Energy Solutions, Airports and other concessions
Energy Solutions, VINCI Airports and other concessions generate year after year more Ebitda than VINCI Autoroutes €13.5 bn Group Ebitda breakdown in 2025 in details €0.3 bn / 3% €2.2 bn / 16% +€9.5 bn €4.0 bn +29% +22% excl. TEITLD 1 Group Ebitda breakdown +€2.4 bn €2.8 bn / 21% in 2006* +€3.3 bn +€
Slide 59: Steady ROCE and ROE
Steady ROCE and ROE 2025 excl. the increase in corporate tax in France 18.6% 18.1% 17.9% 17.3% 16.4% 12.4% 11.3% 11.4% 11.6% 10.7% 9.2% 6.7% 2021 2022 2023 2024 2025 2025 ROCE ROE Return on capital employed (ROCE) is operating income after tax excluding non-recurring items (NOPAT), divided by the av
Slide 60: EU Taxonomy – 2025 performance overview
EU Taxonomy – 2025 performance overview 48% 26% of eligible revenue of aligned revenue Most contributing sectors to the eligibility and alignment of VINCI’s activities in 2025: • Transmission and distribution of electricity • Infrastructure for rail transport • Activities related to the energy perfo
Slide 61: 2025: VINCI delivers improved climate, resources and natural environments performance
2025: VINCI delivers improved performance across its climate, resources and natural environments pillars Target Performance 2030 2025 Optimise resources thanks Preserve natural Act for the climate to circular economy environments 2030 2025 PERFORMANCE 2030 2025 PERFORMANCE 2030 2025 PERFORMANCE AMBI
Slide 62: VINCI's ESG ratings in 2025
VINCI’s ESG ratings in 2025 2025* 2024 CDP Climate A A- BBB 25.4 – Medium risk CDP Water B B Security CDP Forest B C Note:* C+ 51 • A score: demonstration of environmental leadership and science-based climate action across all operations and the value chain • B score: robust environmental management
Slide 63: VINCI's social performance in 2025
VINCI’s social performance in 2025 Aiming for all-round performance and sharing the benefits of our performance with our stakeholders 4,000 76% 24.3% 7,053,383 More than 87% long-term unemployed female managers in 2025 hours of training provided of all employees can of companies without lost- (vs 18
Slide 64: Business line profiles
Business line profiles 64 2025 FULL YEAR RESULTS
Slide 65: Concessions
Concessions 65 2025 FULL YEAR RESULTS
Slide 66: Concessions profile
Concessions profile Revenue and Ebitda margin over the last 5 years 11.7 12.2 10.9 9.2 7.0 66.4% 67.7% 68.3% 66.7% 66.9% 2021 2022 2023 2024 2025 Revenue (€bn) Ebitda margin 2025 revenue by geographical area 5% 11% France Portugal 15% UK €12.2 bn 58% Americas 11% RoW 66 2025 FULL YEAR RESULTS
Slide 67: Concessions capex forecasts
Concessions capex forecasts* Data in € billions VINCI Airports 2,000 Rest of world & misc. 1,800 Brazil 1,600 Dom. Rep. (Aerodom) 1,400 France 1,200 Mexico (OMA) 1,000 Portugal (ANA) 800 UK (Gatwick + Edinburgh + Belfast Int’l) 600 400 200 VINCI Autoroutes 0 2026e 2027e 2028e * Forecast as of 31 Dec
Slide 68: VINCI Airports
VINCI Airports The world’s largest private airports operator The most geographically diversified airport operator 3 United +70* 4 Kingdom 1 USA Hungary 11 France Platforms 6 Dominican 10 1 Republic Portugal Serbia 3 in 13 Japan México 7 1 14* Cabo Verde CostaRica 2 countries Cambodia 8 Brazil 1 (*)
Slide 69: VINCI Airports FY traffic details
VINCI Airports FY traffic details Traffic breakdown by destination FY Change EU International International Passenger traffic (in thousands of pax) Domestic 2025 FY 25/FY 24 Schengen Short-Haul Long-Haul United Kingdom 66,431 +1.0% 16% 71% 13% o/w London Gatwick 42,771 -1.1% 5% 79% 16% o/w Edinburgh
Slide 70: VINCI Airports P&L
VINCI Airports P&L (in € millions) FY 2025 FY 2024 Δ 2025/2024 Δ (€m) Revenue 4,796 4,526 +6.0% +270 o/w Aero 3,259 3,108 +4.8% +151 o/w Non-Aero 1,537 1,417 +8.4% +120 Ebitda 3,042 2,883 +5.5% +159 % of revenue 63.4% 63.7% Operating income from ordinary activities (Ebit) 2,459 2,334 +5.4% +126 % of
Slide 71: VINCI Airports: main financial KPI by asset
VINCI Airports: main financial KPI by asset o/w Ebitda Net Debt / 2025 (in € millions) Revenue o/w Aero Ebitda Capex Net Debt Non-Aero margin Ebitda UK 1,823 1,037 786 1,086 60% (330) (7,121) 6.6 of which London Gatwick 1,321 775 546 785 59% (226) (5,303) 6.8 of which Edinburgh 419 235 184 268 64% (
Slide 72: VINCI Airports network (1/2)
VINCI Airports network (1/2) As of 31st December 2025 End of VINCI Traffic Country Name Description mpax in 2025 Consolidation concession share risk London Gatwick Freehold 42.8 - 50% Yes Full consolidation UK Edinburgh Airport Freehold 17.0 - 50% Yes Full consolidation Belfast International Freehol
Slide 73: VINCI Airports network (2/2)
VINCI Airports network (2/2) As of 31st December 2025 End of VINCI Traffic Country Name Description mpax in 2025 Consolidation concession share risk Sihanoukville Concession Yes Full consolidation Cambodia 5.5 2040 70% Management Techo International (Phnom Penh) No Full consolidation contract 4 airp
Slide 74: VINCI: The world leading motorway operator
VINCI The world leading motorway operator UK Canada ~1,260 km** Germany Czech ~8,200* ~250 km ~230 km Republic Ireland Toll operator ~50 km USA Slovakia Portugal km ~15 km France ~50 km India ~30 km ~4,450 km Greece Toll operator in ~510 km Peru 14* ~25 km Colombia Brazil ~140 km countries ~1,200 km
Slide 75: VINCI Autoroutes
VINCI Autoroutes France’s leading toll road concession operator 4,443 km approx. 50% >35% under concession of conceded French of total motorway toll roads network in France Intercity (1) network ASF Cofiroute End of concession Apr. 2036 Feb. 2032 Jun. 2034 Dec. 2086 Dec. 2070 Jan. 2070 ESCOTA A19-Ar
Slide 76: VINCI Autoroutes traffic
VINCI Autoroutes traffic VINCI Autoroutes - Rolling twelve-month traffic over 10 years FY 2025 VINCI Autoroutes traffic CAGR Q4 2025/ 125 Q4 2015 Total HV +1.7% 0.9% +0.9% +0.7% 120 Δ FY 2025/FY 2024 115 Total +1.1% French GDP * +1.1% 110 Of which: LV +1.0% 105 ASF 100 +0.9% +0.9% +0.8% 95 90 Escota
Slide 77: VINCI Autoroutes: Contractually CPI-linked tariffs
VINCI Autoroutes Contractually CPI-linked tariffs Contractual framework of toll increases (LVs) Cofiroute ASF Escota Intercity Network 2026* 0.62% 0.62% 1.21% 2027-2030 70% x i 70% x i 83% x i + 0.173% After 2030 70% x i 70% x i 83% x i i = Consumer price index excl. tobacco products at end October
Slide 78: VINCI Highways FY traffic details
VINCI Highways FY traffic details Change FY Traffic (in millions of km) FY 25/ 2025 FY 24 Total fully consolidated subsidiaries Lima Expresa (Peru) 826 +1.9% Rion-Antirion bridge (Greece) 16 +1.3% Via Sumapaz (Colombia) 1,150 +30% Entrevias (Brazil) 2,144 +1.9% Via Cristais (Brazil)* 1,253 Denver No
Slide 79: VINCI Highways: main financial KPI by asset
VINCI Highways: main financial KPI by asset Revenue Ebitda Ebitda Capex Net Debt Net debt / 2025 (in € millions) (€m) (€m) margin (€m) (€m) Ebitda Lima Expresa (Peru) 140 93 66% (5) (517) 5.6 Rion-Antirion bridge (Greece) 58 48 83% (1) (15) 0.3 Via Sumapaz (Colombia) 32 1 4% 89 (744) Traffic-risk co
Slide 80: VINCI Highways (1/2)
VINCI Highways (1/2) As of 31st December 2025 End of VINCI Traffic Country Type Name Description Consolidation concession share risk Road Infrastructure Motorway A7 Bockenem-Göttingen 60 km 2047 50% no Equity method Motorway A4 Horselberg 45 km 2037 50% yes Equity method Germany Motorway A9 Thuringi
Slide 81: VINCI Highways (2/2)
VINCI Highways (2/2) As of 31st December 2025 End of VINCI Traffic Country Type Name Description Consolidation concession share risk Bridges & Tunnels Tunnel Prado Carénage 2.5 km road tunnel, Marseille 2033 34.2% yes Equity method France Tunnel Prado Sud 1.5 km road tunnel, Marseille 2055 58.5% yes
Slide 82: Other concessions
Other concessions As of 31st December 2025 VINCI Stadium VINCI Traffic Country Type Name Description End of concession Consolidation share risk Stadium Marie-Marvingt 25,000 seats, Le Mans 2044 100% yes Full consolidation France Stadium Allianz Riviera 36,000 seats, Nice 2041 50% yes Equity method V
Slide 83: Energy Solutions
Energy Solutions 83 2025 FULL YEAR RESULTS
Slide 84: Energy Solution profile
Energy Solution profile Revenue and Ebit margin over the last 4 years 29.6 25.8 27.5 22.3 7.6% 7.4% 7.1% 7.0% 2022 2023 2024 2025 Revenue (€bn) Ebit margin 2025 revenue by geographical area 4% 8% France 8% 29% Germany €29.6 bn Rest of Europe Latin America 34% 17% North America RoW 84 2025 FULL YEAR
Slide 85: VINCI Energies
VINCI Energies Making energy transition and digital €70 k Average contract size ~2,200 Business units transformation a reality 2025 revenue by geographical area Revenue and Ebit margin over the past 5 years 21.6 4%4% France 19.3 20.4 5% 16.7 Germany 15.1 40% Scandinavia 7.0% 7.2% 7.4% 6.5% 6.8% 25%
Slide 86: VINCI Energies
VINCI Energies Making energy transition and digital transformation a reality Infrastructure Industry Building Solutions ICT (energies and transport) (Information Communication Technology) Transport infrastructure: technical Process control and automation Electrical systems Telecommunication and ente
Slide 87: VINCI Energies: revenue details by business line
VINCI Energies: revenue details by business line €6.8 bn €4.9 bn €6.1 bn €3.8 bn +6% +8% +8% +1% Infrastructure Industry Building Solutions ICT Energy infrastructure: Electrical engineering Electrical engineering Telecom infrastructure €6.0 bn €2.1 bn €2.0 bn €1.5 bn Power Transmission Mechanical, t
Slide 88: Cobra IS
Cobra IS A leading company in applied industrial €285 m 535 Business units Average contract size engineering and specialised services and in EPC projects a global player in the energy sector 2025 revenue by geographical area 4% Portfolio of Zero.e: renewable 3% 9% Spain Revenue and Ebit margin energ
Slide 89: Cobra IS
Cobra IS A leading company in applied industrial engineering and specialised services and a global player in the energy sector Flow business EPC Projects Networks Facilities Control systems Integrated projects Design, engineering, supply and construction of Construction, installation and maintenance
Slide 90: Construction
Construction 90 2025 FULL YEAR RESULTS
Slide 91: VINCI Construction
VINCI Construction €450 k ~1,300 Business Units France’s leading construction company Average contract size and a major global player 2025 revenue by geographical area Revenue and Ebit margin over the past 5 years 3% France 32.1 5% 2% 31.5 31.8 UK 29.3 26.3 15% Central & Eastern Europe 44% Rest of E
Slide 92: VINCI Construction
VINCI Construction France’s leading construction company and a major global player Building Civil works Roads Networks Roadworks Non residential / Residential Civil engineering Rail works Maintenance and management of roads and Refurbishment / New build Geotechnical engineering Earthworks motorways
Slide 93: VINCI Immobilier
€1.3 bn 2025 managed revenue* VINCI Immobilier Presence in 26 cities in France Revenue over the past 5 years (+ in Monaco and Poland) 1.6 1.5 1.2 1.1 1.1 2025 reservations by destination Buy to let private investors 12% 2021 2022 2023 2024 2025 Revenue – non residential (€bn) 20% Social, Revenue – r
Slide 94: Notes
Notes 94 2025 FULL YEAR RESULTS
Slide 95: Notes
Notes 95 2025 FULL YEAR RESULTS
Slide 96: Team
Team Agenda Grégoire THIBAULT Marie RICHARD Head of investor relations Investor relations officer 14 April 2026 VINCI Shareholders meeting gregoire.thibault@vinci.com marie.richard@vinci.com +33 1 57 98 63 84 +33 1 57 98 66 53 22 April 2026 Ex-dividend date Antoine BASTIEN Céline LOUVET Investor rel