VINCI beats first-half estimates on energy growth

Investing.com -- VINCI reported first-half results that exceeded analyst expectations, with revenue rising 2.1% to €35.60 billion, surpassing the consensus estimate of €35.04 billion.

The French infrastructure group posted adjusted earnings per share of €3.70, up 11% YoY. EBITDA reached €6.41 billion, ahead of the €6.19 billion estimate, representing 18.0% of revenue. EBIT totaled €4.36 billion, beating the €4.15 billion consensus. Revenue increased from €34.85 billion in the first half of 2025. The performance was driven by 6.8% growth in Energy Solutions, while Concessions revenue rose 1.5% despite geopolitical headwinds affecting airport traffic.

Net income attributable to owners rose 9.6% to €2.08 billion. Free cash flow turned positive at €264 million, compared with €46 million in the prior-year period. The company confirmed its 2026 guidance for further growth in revenue, operating earnings and net income, with free cash flow expected to reach €6 billion, above the €5.92 billion analyst estimate.

"VINCI’s results in the first half of 2026 were excellent, driven in particular by the dynamic trajectory of Energy Solutions," said Pierre Anjolras, Chief Executive Officer.

The Energy Solutions division posted revenue of €14.6 billion, up 6.8%, with EBITDA margin improving 30 basis points to 9.6%. Order intake rose 8% to €34.4 billion, while the order book reached a record €76.8 billion. VINCI Energies revenue increased 6.6% to €10.7 billion, with its order book climbing 12% to €20.0 billion.

In Concessions, VINCI Airports passenger numbers remained stable at 159 million despite Middle East conflicts. VINCI Autoroutes traffic fell 2.9%, but EBITDA margin improved to 75.5% from 73.3% through cost controls. Construction revenue declined 1.3% to €15.5 billion, though the order book reached a record €38.5 billion, up 8% YoY.

The Board approved an interim dividend of €1.10 per share, payable October 15, up from €1.05 in 2025. VINCI bought back €1.0 billion of shares in the first half.

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