Vinci's net profit in 2025 affected by taxation in France

The group was driven by "sustained growth in energy services and concessions" last year and its revenue increased by 4% to 74,6 billion euros (+4%) with improved operating results in its three businesses (concessions, energy services and construction).

"Despite the increased tax burden in France, net income is higher than in 2024, free cash flow reached a record level of 7 billion euros and net financial debt decreased by 1,3 billion euros," said Pierre Anjolras, CEO of Vinci, quoted in the press release.

According to Vinci, the exceptional contribution in 2025 on the profits of large companies in France "had a negative impact of 449 million euros on net income and 425 million euros on free cash flow".

"Excluding the additional corporate tax, the net profit attributable to the group would have reached nearly 5,4 billion euros, representing an increase of +10%", the group emphasizes.

"In a turbulent global macroeconomic and geopolitical environment, Vinci's decentralized and multi-local organization has once again demonstrated its relevance," argued Pierre Anjolras. "The successful integration of recent acquisitions and the sustained growth of energy services and concessions have strengthened the group's international presence, where it generates nearly 60% of its revenue and more than 50% of its net income."

In this context, "Vinci is approaching 2026 with serenity, discipline and boldness," he continued, with "a long-term vision driven by the energy transition, the digital transformation, mobility needs as well as sovereignty issues."

Concessions show a 5% increase in revenue to 12 billion euros, reflecting solid traffic at Vinci Airports, Vinci Autoroutes and Vinci Highways.

Energy services "benefit from very promising markets", whether it be the electrification of uses, the development of AI and data centers, the digitization of industrial processes and building management, or issues of defense and sovereignty.

Revenue in the segment is up 8% to 30 billion euros.

Vinci Energies' revenue amounted to 21,6 billion euros (+6,1%) and Cobra IS's revenue increased by 13% to 8 billion euros thanks to "the ramp-up of major strategic projects for energy transition and sovereignty" in Germany, Brazil, and Australia.

In construction, turnover is stable at a "high level" (€33 billion, +1%), supported "by the major underlying trends of environmental and digital transitions, defence and sovereignty", the need for infrastructure linked to water management and climate resilience.

Vinci Immobilier continues to face a "very difficult" property development market in France. Revenue fell by 3% to €1,1 billion, but "we are seeing a resumption of new project launches."