Energy Solutions continued to benefit from highly favourable market trends in electricity generation and transmission infrastructure, data centres, digitalisation of industrial processes and building solutions, but also in business areas related to defence and sovereignty.
As a result, business levels were well oriented at VINCI Energies and Cobra IS, particularly in Europe, where the Group strengthened its presence again with further acquisitions of companies with strong local footprints. This healthy growth was accompanied by a further increase in operating margins.
In Construction, where market conditions varied depending on the country and business sector, the focus was maintained on the selective approach to accepting new business and operational excellence at worksites. Combined with acquisitions focused on the most promising areas of expertise and geographical regions, this strategy led to an improvement in VINCI Construction’s operating margin, although its revenue fell slightly. In property development, while demand continued to fall in both the residential and non-residential segments in France, VINCI Immobilier returned to profit.
The Group’s order book, which was already very strong, increased further as the level of order intake exceeded that of revenue. Order intake in flow business, which accounts for the vast majority of the Group’s revenue in Energy Solutions and Construction, is still well oriented. Thus, VINCI can look to the future with serenity, while remaining selective and continuing to prioritise margins over volumes.
Regarding external growth, the main transactions completed or announced since the start of the year concerned VINCI Energies, particularly in Germany, and VINCI Construction in the United Kingdom. Among other highlights, it is worth mentioning the financial closing by Cobra IS of the first public-private partnership (PPP) in electricity transmission in Australia and the new photovoltaic facilities entering into service in Brazil, taking total renewable energy production capacity to 1.2 GW.
The excellent overall performance of VINCI’s businesses in the first half of 2025 once again demonstrates the strength of the Group’s “multi-local” model and its highly decentralised organisation, its ability to adjust quickly to market developments, and its resilience.
Driven by a long-term vision, VINCI is well prepared to deal with unforeseen events and to continue delivering all-round performance encompassing success in both financial and non-financial terms.
VINCI’s Board of Directors, chaired by Xavier Huillard, met on 30 July 2025 to approve the consolidated financial statements for the six months ended 30 June 2025.6
The Board approved a 2025 interim dividend of €1.05 per share – unchanged compared with last year – to be paid on 16 October 2025.
The changes set out below are relative to the first half of 2024 unless otherwise stated.
I. Very strong financial performance