Vinci announces a 9,6% increase in net profit, driven by energy services

VINCI recorded revenues of €35,6 billion in the first half of 2026, representing a 2,1% year-on-year increase. Net income attributable to the Group reached €2,08 billion, up 9,6%, while net income per share rose by 11% to €3,70.

Gross operating profit amounted to €6,4 billion, up 4%. The group also posted positive free cash flow of €264 million, compared to €46 million in the first half of 2025.

"VINCI's results for the first half of 2026 are excellent, driven in particular by the dynamic trajectory of energy services," said Pierre Anjolras, CEO of VINCI.

Energy services grew by 6,8%

Energy services activities, which include VINCI Energies and Cobra IS, generated revenue of €14,6 billion, up 6,8%. They now represent 41% of the group's total activity.

The operating profit from the division's activities reached €1,13 billion. Its margin increased by 0,4 points to 7,8%.

VINCI Energies recorded €10,7 billion in revenue, representing a 6,6% increase. Cobra IS, for its part, posted a 7,1% increase, reaching nearly €3,9 billion.

The group benefits in particular from the electrification of uses, the development of data centers and artificial intelligence, as well as investments related to defense and sovereignty infrastructure.

Orders for energy services reached €16,4 billion, up 5%. Their order book stood at €38,3 billion at the end of June, approximately 8% higher than a year earlier.

Stable traffic at airports

VINCI Airports welcomed a generally stable number of passengers compared to the first half of 2025. The group attributes this development to geopolitical disruptions that affected some platforms, notably London-Gatwick and Kansai airports in Japan.

This situation was offset by strong passenger traffic in Portugal, as well as at the airports of Edinburgh, Belgrade, and Budapest. Airports operating in the Dominican Republic, Brazil, and Cape Verde also saw positive momentum.

VINCI Airports' revenue increased by 1,8% to nearly €2,3 billion. Its gross operating margin reached 62,6%, up 0,2 points.

Motorway traffic declined by 2,9%

On the VINCI Autoroutes network, traffic decreased by 2,9% in the first half of the year. Light vehicle traffic fell by 3,7%, while heavy goods vehicle traffic increased by 1,6%.

VINCI explains this decline mainly by the rapid rise in fuel prices in March and by several episodes of intense heat since the end of May.

VINCI Autoroutes' revenue fell by 0,7% to €3,15 billion. Despite the decline in traffic, the gross operating margin increased by 2,2 points to reach 75,5%.

Construction penalized by the French market

The construction division generated revenue of €15,5 billion, down 1,3%. VINCI Construction recorded a decrease of 1,1%, to €15 billion, due in particular to a lower level of activity on major projects and in France.

This trend masks a recovery in the second quarter, during which VINCI Construction's revenue increased by 2,6%. Business also remained strong in Oceania and Central Europe.

VINCI Immobilier continues to face pressure in the French property development market. Its revenue fell by 9,8% to €439 million, while housing reservations declined by 16%. The group is continuing its cost-cutting measures.

A record order book of 76,8 billion euros

Combined orders in the construction and energy services sectors rose by 8% to €34,4 billion. They remain higher than the revenue generated by these activities during the first half of the year.

The total order book reached €76,8 billion at the end of June 2026, a record level and an 8% year-on-year increase. This represents approximately fourteen months of average activity and provides the group with significant visibility on its future projects.

VINCI notably highlights having won 900 million euros worth of data center contracts during the first half of the year.

The annual objectives have been confirmed.

VINCI maintains its outlook for the full year 2026. The group expects further growth in its revenue, operating income and net income attributable to the group.

Free cash flow could reach €6 billion for the year, provided that Zero.e's investments in renewable energy assets remain close to their 2025 level.

VINCI Airports now anticipates stable annual traffic compared to 2025. On French highways, traffic could register a slight decline.

The group also plans to pay an interim dividend of €1,10 per share for the 2026 financial year, compared to €1,05 a year earlier.