Q2 2026 - Vinci

EPS +11% vs H1 25, stock up 5%

Executive summary

• Revenue increased 2.1% to €34.4bn, with international markets rising to 59% of group revenue.

• Earnings grew faster than sales: EBITDA +4.5%, EBIT +5.4%, net income +9.6% and EPS +11%.

• Energy Solutions remained the main growth driver: VINCI Energies revenue rose 6.6% and Cobra IS revenue 7.1%, with improving margins in both divisions.

• Order intake remained strong: VINCI Energies orders rose 9% to €12.6bn and VINCI Construction orders increased 10% to €18bn, both exceeding period revenue.

• Order books remained resilient: +12% at VINCI Energies, covering 11 months of activity; +2% at Cobra IS, covering 24 months; and +8% at VINCI Construction, covering 14 months.

• Construction revenue declined 1.3%, mainly due to lower activity in large projects, although the division returned to growth in Q2 and margins remained stable.

• Concessions were weaker: VINCI Airports revenue grew 5.3%, but VINCI Autoroutes revenue fell 0.7%; full-year traffic guidance was lowered for both airports and French motorways.

• Data-centre exposure is becoming material, with €900mn of H1 order intake and an order book of around €1.2bn.

• Acquisition activity remained strong: VINCI Energies completed 12 acquisitions representing €130mn of annual revenue, while VINCI Construction acquired Fletcher Construction in New Zealand and Modern Group in Canada.

• New energy infrastructure projects secured by Cobra IS, including solar farms in Texas backed by 10-year PPAs with Google data centres and two electricity transmission PPPs in Brazil.

• Safeway’s Indian motorway concessions are expected to be consolidated by year-end 2026, adding nine roads covering approximately 700 km.

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Group

• Revenue +2.1% (outside France to 59% from 57%)

  • Organic growth +1.3%

  • External growth +1.5%

  • FX impact -0.6%

• EBITDA +4.5%

• EBIT +5.4%

• Net income +9.6%

• EPS +11%

Concessions

• Guidance

  • Airports passengers: lowered from increasing as economic growth to stable compared to 2025

  • French motorways traffic: lowered from increasing as economic growth to slight decline compared to 2025

• Vinci Airports

  • Revenue +5.3% (like-for-like basis)

• Vinci Autoroutes

  • Revenue -0.7%

  • Light vehicle traffic -3.7% (due to high gas prices and exceptional heatwaves)

  • Heavy vehicle traffic +1.6%

• Vinci Motorways:

  • Safeway concessions (Indian toll roads) expected to consolidate by the end of 2026

Energy solutions

Vinci Energies

• Revenues +6.6% (+9% in Q2) of which 3.4% organic

• EBITDA margin from 9% to 9.3%

• EBIT margin from 7.2% to 7.5%

• Order intake +9% at €12.6bn (118% of sales)

• Order book +12% YoY, representing 11 months of sales

• 12 acquisitions completed in H1 26 for a total sales of €130mn

  • All for One OPA: €400mn EV, x6.5 eFY27 EV/EBITDA

Cobra IS

• Revenues +7.1% (+7.5% in Q2) of which 3.4% organic

• EBITDA margin from 10.3% to 10.7%

• EBIT margin from 7.9% to 8.4%

• Order intake -5% at €12.6bn (97% of sales)

  • Mainly due to high intake in H1 2025 because of a large PPP contract in Australia

  • Order intake for flow business rose

• Order book +2% YoY, representing 24 months of sales

• New projects

  • New solar farms in Texas US with 80% of energy sold through 10-year PPAs to Google data centres.

  • Two transmission lines PPPs won in Brazil: a yellowfield 136km and a greenfield 511km

Construction

• Revenue -1.3%

• EBITDA margin stable at 5%

• EBIT margin stable at 2.1%

Vinci construction

• Revenues -1.1% (+2.6% in Q2)

  • Due to lower large projects (10% of sales)

  • The other divisions posted revenue growth

• EBITDA margin stable at 4.9%

• EBIT margin stable at 2.2%

• Order intake +10% at €18bn (120% of sales)

• Order book +8% YoY, representing 14 months of sales

• Main projects won in H1 26

  • construction of the railway maintenance centre and the control centre for High Speed 2 in Birmingham (UK);

  • several multi-year road maintenance contracts in NZ and the UK;

  • the design and construction of offshore outfall structures for two EPR nuclear reactors at the Penly site (France);

  • the upgrade of Prague’s main wastewater plant (Czech Republic);

  • a design-build contract for a liquefied petroleum gas storage and distribution terminal in Cartagena (Spain);

  • the renovation of a waste treatment plant in the Paris region;

  • the reconfiguration of a motorway interchange in Florida (US)

• Acquisitions:

  • Fletcher Construction (€630mn sales): Vinci Construction is now the major player in New Zealand infrastructures

  • Modern Group of Companies (€50mn sales): specialised roadworks and civil engineering company operating two aggregate quarries, strengthening of Eastern Canada footprint

Vinci Immobilier

• Revenues -10%

• EBITDA margin from 5.7% to 6.8%

Other news

• New CFO appointment Thierry Mirville: with Vinci for 29 years, ex-CFO at Vinci Energies and at Vinci Construction.

• H1 2026 order intake for construction and installation of technical systems relative to data centres amounted to €900mn with growing demand in Europe and Asia.

Cyclicality

As a reminder, Vinci is highly cyclical in terms of yearly cahs flows: most of the cash comes in the second half of the year and in particular in Q4.

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Disclaimer

This publication is for informational and educational purposes only and does not constitute financial, investment, legal, tax, or other professional advice. I hold a position in the securities discussed and may therefore have a financial interest in their performance. Readers should conduct their own research and make independent investment decisions.