Earnings release
Page 1
This press release is an official information document of the VINCI Group. 1 Nanterre, 5 February 2026 OUTSTANDING PERFORMANCE – RECORD FREE CASH FLOW Revenue growth: €74.6 billion (+4%) - operating earnings up for each of the Group’s three businesses: Concessions, Energy Solutions and Construction Increase in net income: €4.9 billion (+1% and +10% excluding the exceptional tax contribution) Record free cash flow: €7.0 billion 2026 outlook: further revenue and earnings growth expected Dividend proposed with respect to 2025: €5.00 per share (up €0.25 compared with 2024) Pierre Anjolras, VINCI’s Chief Executive Officer, made the following comments: VINCI’s performance in 2025 was outstanding. Revenue growth was accompanied by a further improvement in operating earnings. Despite the tax burden in France, net income was higher than in 2024, free cash flow hit a record €7 billion and net financial debt fell by €1.3 billion. In a turbulent global macroeconomic and geopolitical environment, the Group’s decentralised and multi-local organisation once again showed its merits. The successful integration of recent acquisitions and firm growth in the Energy Solutions and Concessions businesses further strengthened the Group’s international footprint, where it now generates almost 60% of its revenue and over 50% of its net income. In mobility infrastructure, VINCI concluded with the competent authorities important agreements that provide greater visibility on the contracts as well as promising growth prospects: in France with Cofiroute’s additional investment plan and Escota’s maintenance and end-of-concession plan; in the UK with the approved plan to bring the Northern Runway into routine use at London Gatwick airport; in Mexico with the approval of the Master Development Program for OMA’s airports. This contractual dynamic is in line with VINCI’s strategy of creating value in its long-term activities. Furthermore, to enhance its returns on investment and help give greater clarity to its activities, the Group is carrying out portfolio reviews in its three businesses. Depending on the outcomes, VINCI could decide to increase its interests in certain assets or dispose of others. VINCI has entered 2026 with serenity, discipline and bold purpose. Guided by a long-term vision and buoyed by the energy transition, the digital transformation, the mobility needs as well as the sovereignty challenges, the Group will continue to strengthen its leading positions, combining operational excellence with value creation and all-round performance. 1 ‘Exceptional tax contribution’: negative impacts of €449 million on net income and of €425 million on free cash flow caused by the exceptional contribution in 2025 on the profits of large companies in France. KEY FIGURES (in € millions) 2025 2024 2025/2024 change Revenue 74,599 71,623 +4.2% of which International 59% 58% Cash flow from operations (Ebitda) 13,507 12,689 +6.4% % of revenue 18.1% 17.7% Net income attributable to owners of the parent 4,903 4,863 +0.8% of which International 56% 53% Earnings per share (in €) 8.65 8.43 +2.6% Excluding the exceptional tax contribution1 Net income attributable to owners of the parent 5,352 4,863 +10% Earnings per share (in €) 9.44 8.43 +12% Free cash flow 7,010 6,808 +202 Free cash flow excluding the exceptional tax contribution1 7,435 6,808 +627 PRESS RELEASE
Page 2
This press release is an official information document of the VINCI Group. 2 The changes set out below are relative to 2024 unless otherwise stated. I. OUTSTANDING OVERALL FINANCIAL PERFORMANCE GOOD MOMENTUM IN ENERGY SOLUTIONS AND CONCESSIONS Consolidated revenue rose by 4.2% to €74.6 billion (a 2.6% organic growth, a 2.5% positive impact from changes in the consolidation scope, 2 and a 1.0% negative impact from exchange rate movements 3). The following should be noted in particular: - revenue outside France accounted for 59% of the total and rose by 6% (including a 3% increase on a like-for-like basis), and revenue in France grew by 2%; - the Energy Solutions and Concessions businesses showed good momentum with revenue growth of 8% and 5% respectively. Higher revenue was accompanied by an improvement in operating earnings across all business lines. Operating income from ordinary activities (Ebit) rose by 6.2% to €9.6 billion (up €561 million), equal to 12.8% of revenue (12.6% in 2024). Growth in Ebit was driven by Concessions (up €247 million) and Energy Solutions (up €223 million). Consolidated net income attributable to owners of the parent was €4.9 billion (of which 56% outside France compared with 53% in 2024), slightly higher than in 2024 (up 0.8%) despite the significant increase in the corporate tax in France in 2025.1 There was a larger increase in earnings per share4 (up 2.6% to €8.65), because of VINCI’s share buy-back policy. Excluding the exceptional tax contribution ,1 net income attributable to owners of the parent would have risen by 10% to almost €5.4 billion (€9.44 per share,4 up 12%). RECORD FREE CASH FLOW – LOWER DEBT Free cash flow hit a new record of €7.0 billion (€6.8 billion in 2024) despite the exceptional contribution on the profits of large companies in France that was paid in late 2025. 1 Excluding this impact, free cash flow would have amounted to €7.4 billion, up 9% compared with 2024. This unprecedented performance was based on: - an increase of over €800 million in Ebitda to €13.5 billion (18.1% of revenue), driven by Concessions and Energy Solutions; - a further €2.5 billion improvement in the working capital requirement, due in particular to policies adopted in all businesses – and particularly Construction – to improve processes for the collection of customer payments; - a grip on capex, while further ramping-up the Group’s investments in electricity generation and transmission infrastructure. 2 Mainly consisting of acquisitions outside France as follows: (i) VINCI Concessions : in late June 2024, VINCI Airports acquired a 50.01% stake in Edinburgh airport, which has been fully consolidated in the Group’s financial statements since 30 June 2024 and contributed € 419 million to the Group’s revenue in 2025 (€210 million in 2024); VINCI Highways in Brazil took over the operation of the BR -040 federal highway (Via Cristais) in March 2025, while Entrevias has been fully consolidated since October 2025 (see page 3 of this press release); (ii) VINCI Energies, which carried out 33 acquisitions in 2025 and 34 in 2024, contributing more than €600 million to the Group’s revenue growth; and (iii) VINCI Construction, which contributed around €900 million to the increase in revenue including €664 million related to FM Conway Limited in the United Kingdom, whose acquisition has been completed in late January 2025. These acquisitions of Energy Solutions and Construction are summarised in Appendix F of this press release. 3 Caused by the rise in the euro against most other currencies, including the US dollar. 4 After taking account of dilutive instruments.
Page 3
This press release is an official information document of the VINCI Group. 3 Consolidated net financial debt stood at €19.1 billion at 31 December 2025, down €1.3 billion compared with 31 December 2024 and equal to 1.4 times Ebitda. At 31 December 2025, VINCI had a very high level of liquidity: - €15.5 billion of net cash on the balance sheet; - an unused €6.5 billion confirmed credit facility, which has been extended to January 2031. At 31 December 2025, long -term gross financial debt totalled €34.6 billion. Its average maturity was 5.5 years (5.9 years at 31 December 2024) and its average cost was 4.4% (4.9% in 2024). In 2025, rating agencies affirmed their credit ratings for the Group, showing their confidence in its creditworthiness.5 II. KEY HIGHLIGHTS BY BUSINESS CONCESSIONS The Concessions printed a 5% rise in revenue (€12 billion) and in Ebitda (to more than €8 billion), driven by solid traffic levels at VINCI Airports, VINCI Autoroutes and VINCI Highways. The successful integration of recent developments – including Edinburgh airport, Northwest Parkway in Denver and highways in Brazil – also contributed to that good performance. Free cash flow totalled €3.9 billion, up €336 million compared with 2024. It should be noted that the Group is the world’s first private airport operator and now also the lead ing motorway operator, with a network spanning 8,200 km. • VINCI Airports Traffic was dynamic at most airports in the network: 334 million passengers were welcomed in 2025 across the airports managed by the Group,6 5.0% more than in 2024. There were remarkable increases at recently acquired airports (Budapest, Edinburgh, Mexico and Cabo Verde), and in Japan. This positive momentum drove VINCI Airports’ revenue to €4.8 billion (up 6.0%) and its Ebitda to €3.0 billion (equal to 63.4% of revenue). Free cash flow hit a record €1.2 billion, up almost €200 million. • VINCI Autoroutes Although traffic levels on the VINCI Autoroutes network were affected at the end of the year by farmers’ blockades, they rose by 0.9% overall in 2025 (light vehicles up 0.9%, heavy vehicles up 0.7%). Revenue rose by 2.3% to €6.7 billion. Ebitda totalled €4.8 billion, equal to 71.0% of revenue, and free cash flow was €2.6 billion. • VINCI Highways Revenue amounted to €543 million (up 35% on an actual basis, up 11% on a like-for-like basis7) and Ebitda was €282 million, equal to 51.9% of revenue. Free cash flow was close to €90 million. 5 S&P Global maintained its credit ratings (A− long-term and A2 short-term, with stable outlook) in October 2025, and Moody’s did likewise (A3 long- term and P-2 short-term, with stable outlook) in May 2025. 6 Figures at 100% including passenger numbers at all managed airports over the period as a whole. 7 Of which in Brazil: (i) BR-040 highway (Via Cristais), revenue of €68 million in 2025 and (ii) Entrevias, revenue of €25 million since the end of October 2025.
Page 4
This press release is an official information document of the VINCI Group. 4 ENERGY SOLUTIONS VINCI’s Energy Solutions business operates in very buoyant markets: shift towards electrification , rapid growth for AI and data centres, digitalisation of industrial processes and building management, and defence and sovereignty challenges. Overall, revenue grew by 8% to €30 billion – of which 71% came from outside France – and the operating margin rose by more than 20 basis points to 7.6%. Free cash flow totalled €1.2 billion after taking into account new investments in electricity generation and transmission (€1.1 billion). • VINCI Energies Revenue came to €21.6 billion, up 6.1% on an actual basis and up 3.3% on a like -for-like basis (of which 7.3% and 5.3% respectively in the fourth quarter of 2025, reflecting good momentum both in France and internationally). Outside France (60% of the total), revenue rose by 7.9%. Apart from the impact of acquisitions,8 business levels remained particularly buoyant in Germany – VINCI Energies’ largest market after France – and in the Benelux countries. In France (40% of the total), revenue was up 3.4% in a robust market. VINCI Energies’ focus on selective and sustainable growth can be seen in its Ebit, which totalled €1.6 billion, equal to 7.4% of revenue (7.2% in 2024). VINCI Energies generated €1.6 billion of free cash flow in 2025, close to the record set in 2024. Order intake at €22.3 billion was higher than revenue in 2025. As a result, the order book at 31 December 2025 amounted to €17.5 billion (up 6% year on year), representing 10 months of VINCI Energies’ average business activity. • Cobra IS Revenue rose by 13% to €8.0 billion, driven by major EPC 9 projects (45% of the total). The increase in this segment (up 24%) continued the trend established in previous quarters and reflected the build-up of some major strategic energy transition and sovereignty projects in many countries, including Germany, Brazil and Australia.10 Flow business accounted for 55% of total revenue and continued to grow at a firm pace close to 5%. Ebit at Cobra IS totalled €644 million, equal to 8.0% of revenue (7.8% in 2024). Free cash flow was negative €365 million: it includes heavier investments in photovoltaic electricity generation (€0.9 billion in 2025 as opposed to €0.6 billion in 2024). The amount of capital invested by Cobra IS in renewable energy production since it was acquired by VINCI in late 2021 thus came to €2.3 billion at 31 December 2025. Order intake remained high at €8.6 billion11 and exceeded Cobra IS’s revenue in 2025. The order book at 31 December 2025 amounted to €18.1 billion, up 3% year on year. It represents more than two years of Cobra IS’s average business activity. 8 See the summary of acquisitions by VINCI Energies in Appendix F of this press release. 9 EPC: engineering, procurement and construction. 10 In Germany, HVDC (high voltage direct current) converter platforms and the first liquefied natural gas regasification termina l; high -voltage transmission lines projects in Brazil; and the start of a large electricity transmission contract in Australia as part of a 35- year public -private partnership. 11 The decrease relative to 2024 (€10.4 billion) was due to a high base for comparison. In particular, the business line had secured two orders totalling €2.5 billion in 2024 for offshore windfarm energy converter platforms in the North Sea for a German operator.
Page 5
This press release is an official information document of the VINCI Group. 5 • Long-term energy infrastructure assets: Zero.e (renewable energy production and batteries) and transmission lines PPPs The Group has decided to house the electricity generation (mainly photovoltaic) and storage assets developed by Cobra IS into a dedicated subsidiary called Zero.e. This will better highlight the performance of those assets, optimize funding and enable opportunistic asset rotation. Currently, Zero.e has more than 5.0 GW of renewable electricity production capacity in operation, under construction or Ready-To-Build.12 Zero.e is pursuing a selective investment policy in a limited number of countries (mainly Spain, Portugal, Brazil, the United States and Australia), through developments combining renewable energy facilities with battery projects.13 Furthermore, VINCI Energies and Cobra IS also have long-standing expertise in carrying out large turnkey projects to build and maintain high-voltage transmission lines14. In particular, Cobra IS’s current portfolio of public-private partnerships (PPP) consists of: - Three PPP in Brazil – covering around 1,900 km of lines – two of which are under construction and one in operation; - One PPP in Australia – covering more than 200 km of lines – under construction. Cobra IS regularly takes steps to optimise its portfolio of assets in this area. For example, in May 2025 it completed the disposal of its 50% stake in the PPP related to the Mantiqueira transmission line in Brazil for around €130 million. 15 CONSTRUCTION In the Construction business, revenue remained high at €33 billion (up 1%). Business levels were supported, as VINCI’s other businesses, by key megatrends: energy transition and digital transformation, defence and sovereignty, added to which are the need for water management systems and infrastructure to enhance climate resilience. Its Ebit margin continued to improve, reaching over 4%. The main highlight for the Construction business in 2025 was its very strong free cash flow, resulting from improved internal processes for the collection of customer payments. • VINCI Construction Revenue rose by 1.1% to €32.1 billion, with varying market conditions depending on the country and business sector. Although revenue from major projects (11% of the total) fell in particular because of the phasing of certain large infrastructure projects, flow business remained firm, as did business for the specialty network s (Soletanche Freyssinet, notably in the nuclear industry). In France, business levels rose because of good performance in road s, rail and water works, as well as refurbishment of buildings. Outside France (55% of total revenue), business growth was very strong in the 12 In May 2025, two new solar farms were brought into service in Brazil with total capacity of 0.6 GW, bringing the combined capacity of Zero.e’s photovoltaic facilities in operation to 1.2 GW. Facilities offering an additional 3.9 GW of capacity are either under construction or Ready -To-Build: 2.1 GW in Spain, 0.9 GW in the United States and 0.8 GW in Brazil – with the aim of starting production in those three countries in 2026-2027 – and 0.1 GW in Ecuador, expected to come into service in 2027. 13 Battery energy storage systems (BESS). 14 To be noted: Cobra IS is currently in charge of the maintenance of around 40,000 km of lines in Brazil. 15 Since 2023 in Brazil, Cobra IS has also sold a 50% stake in the Sertaneja PPP and a 50% stake in the Chimarrao PPP. The three disposals (Mantiqueira, Sertaneja and Chimarrao) have generated proceeds of almost €300 million.
Page 6
This press release is an official information document of the VINCI Group. 6 Czech Republic and Morocco, and resilient overall in other regions. VINCI Construction’s r evenue was adversely affected by the euro’s rise against most other currencies (negative impact of 1.5%). Ebit amounted to €1.4 billion and the Ebit margin continued to improve, reaching 4.2%, up from 4.1% in 2024. Free cash flow hit a record €1.4 billion, almost twice the level achieved in 2024. This exceptional performance reflects a particularly high level of cash inflows from customers at the end of the year. Order intake totalled €32.1 billion in 2025 and the order book at 31 December 2025 was €34.2 billion, up 1% at constant exchange rates but down 2% at current exchange rates. The year-end order book represents 13 months of VINCI Construction’s average business activity. • VINCI Immobilier Amid very difficult conditions in France’s property development market, VINCI Immobilier’s revenue amounted to €1.1 billion, representing a limited decline of 3% and the number of reservations in France totalled 4,177 residential units, down 13%. On the plus side, there has been an upturn in the launch of new construction projects. Thanks to its efforts to adjust to tough market conditions – which had affected its earnings in 2024 – and its more selective approach to new developments, VINCI Immobilier’s returned to profit. III. OTHER HIGHLIGHTS AGREEMENTS RELATING TO MOBILITY INFRASTRUCTURE ASSETS • London Gatwick: approval of the Northern Runway project The plan to convert London Gatwick airport’s Northern Runway to enable dual usage with the main runway was approved by the UK authorities. Its conversion will increase the airport’s capacity at the turn of the next decade, bringing it to 80 million passengers. In its decision, the UK government recognised the essential role played by air travel in the economic development of the country and its capital. • New Lisbon airport: start of the preliminary design phase At the request of the Portuguese authorities in late 2024, VINCI Airports, via its ANA subsidiary, began preparatory studies in January 2025 with a view to building a new airport in Alcochete, close to Lisbon. A new milestone has been reached with the consultation of stakeholders, the resulting adjustment of the project and a positive response from the concession grantor in 2025 regarding the start of the preliminary design phase. • OMA (Mexico): signing of the new Master Development Program In late 2025, OMA received approval from the Mexican concession grantor in relation to its five-year 2026- 2030 Master Development Program, which defines: - the investments to be made during the period (around €800 million); - the related tariffs increases (reference inflation rate plus 6.9% in total over the period). • Cabo Verde airports: new investments to increase capacity In early 2026, after completing the first phase of works to modernise and reduce the carbon emissions of Cabo Verde’s airports, VINCI Airports announced the start of a new investment programme. It amounts to
Page 7
This press release is an official information document of the VINCI Group. 7 €142 million over three years and aims to accompany the growth in the archipelago’s air traffic, as well as supporting Cabo Verde’s tourist industry and overall economic growth. • Escota: approval of the end-of-concession work programme In 2025, Escota’s maintenance and renewal work programme, aimed at ensuring the good condition of the infrastructure when the concession contract ends in February 2032, was approved by the grantor. • Cofiroute: signing of a ‘Contrat de plan’ In January 2026, following constructive discussions with the French state as the concession grantor, VINCI Autoroutes entered into an addendum to the Cofiroute concession contract. This involves in particular around €350 million of investments to be made on the intercity network . These investments mainly cover projects for shared mobility, electric transport facilities, environmental integration and land -use planning. This addendum also includes the offset 16 of the increase of the regional development tax ( TAT or ‘Taxe d’Aménagemement du Territoire’) decided in the Finance Bill for 2020. This addendum will be funded by specific price increases.17 • Northwest Parkway (Denver): implementation of a toll modulation system At the end of 2024, with more than one year ahead of schedule, VINCI Highways implemented a day/night rate modulation system leading to an increase in revenue, and continued its programme of cost s optimisation and reinternalisation. APPOINTMENTS AND GOVERNANCE • VINCI Executive Committee Following Pierre Anjolras’s appointment as the Group’s Chief Executive Officer in May 2025, several new members were appointed to VINCI’s Executive Committee. The composition of the Executive Committee can be viewed on the Group’s website. (Management team | VINCI). • VINCI Board of Directors At the next Shareholders’ General Meeting, the resolutions put to the vote will include the renewal of the term of office as Director of Xavier Huillard, who serves as Chairman of the Board. ENVIRONMENTAL AMBITION VINCI continued to implement its strategy, illustrated in particular by the following: - Climate: VINCI’s direct greenhouse gas emissions were reduced by 26% in 2025, 18 in line with its planned reduction target of 40% by 2030.18 - Ratings: VINCI earned an A score in the “Climate Change” category from CDP.19 16 In accordance with the decision issued by the Paris Administrative Court of Appeal in May 2025. 17 Cofiroute’s tolls will rise at 83% of the reference inflation rate until the end of the concession (as opposed to 70% previously) and with additional hikes for light vehicles of 0.472 % on 1 February 2026 and of 0.173% per year from 2027 to 2030. 18 Compared with 2018 levels. 19 Carbon Disclosure Project.
Page 8
This press release is an official information document of the VINCI Group. 8 SHARE CAPITAL In 2025, the Group purchased 16.6 million VINCI shares in the market for €2.0 billion and carried out €0.8 billion of capital increases, which created 7.5 million new shares allocated to Group employees under share ownership plans. Pursuant to the authoris ation given by shareholders in the Shareholders’ General Meeting, the Board of Directors decided in 2025 to cancel 7.5 million shares held in treasury. At 31 December 2025, following those transactions, VINCI’s capital thus consisted of 581.8 million shares, including 25.8 million treasury shares (4.4% of the capital at that date). A new share buy-back programme will be proposed at the next Shareholders’ General Meeting.
Page 9
This press release is an official information document of the VINCI Group. 9 V. OUTLOOK The need for investments in essential infrastructure ( mobility, urban development, electrification and digitalisation) will continue to increase, driven by sovereignty challenges around the various regions of the world. In this context, underpinned by its expertise as well as its particularly agile and reactive decentralised model, VINCI has entered the year with confidence and serenity. The Group intends to maintain its discipline in terms of both new orders and acquisitions, and will focus on increasing its margins, generating cash flow and creating long-term value. At this stage, barring exceptional events, the Group anticipates the following trends in 2026: • Concessions: o Now firmly above their pre -Covid levels, airport passenger numbers should continue to increase overall, in step with global economic growth, although with various situations between regions. o Traffic levels on French motorways should follow the country’s economic output and that of its neighbours, including Spain and Italy. • Energy Solutions: o Buoyed by very dynamic markets, Energy Solutions should again see mid to high single- digit revenue growth with a n expected new improvement in margin, 20 which is already among the highest in its sector. o Zero.e’s total renewable electricity generation capacity – in operation, under construction and Ready-To-Build – could rise from 5 GW21 to around 6 GW by the end of 2026. • Construction: o As a reflection of its long-standing policy of selectivity, revenue – excluding exchange rate effects – is likely to be similar to that achieved in 2025, with Ebit margin20 at least as high. Based on those developments and assuming no change in taxation, 22 VINCI would expect the following in 2026: o further growth in its revenue, operating earnings and net income attributable to owners of the parent; o free cash flow, as an initial estimate, could reach €6 billion.23 20 Ebit/revenue. 21 Based on its current portfolio with 5 GW of capacity, Zero.e’s Ebitda is likely to rise above €400 million by 2030. 22 Taking into account that the higher corporate income tax rate introduced in France in 2025 (around 36%) also applies in 2026. 23 Assuming that Zero.e’s capex is similar to its 2025 level (€0.9 billion).
Page 10
This press release is an official information document of the VINCI Group. 10 VI. SHAREHOLDER REMUNERATION • Dividends Taking into account the quality of VINCI’s financial performance and its confidence in the Group’s outlook, the Board of Directors has decided24 to propose a dividend of €5.0 per share with respect to 2025, an increase of 5.3% compared with 2024. As an interim dividend of €1.05 was paid in October 2025, the final dividend payment on 23 April 2026, if approved at the Shareholders’ General Meeting, will be €3.95 per share. This would result in a payout ratio – i.e. the total dividend as a proportion of net income attributable to owners of the parent – of 58%, close to the Group’s medium-term target of 60%.25 At the closing share price on 30 January 2026, the yield is 4.1%. • Share buy-back policy While the primary aim of the Group’s share buy -backs is to offset the dilution caused by the creation of shares granted via employee savings plans, the Group may also buy back its own shares in an opportunistic manner, depending on its financial headroom after taking into account acquisitions and market conditions. By taking this approach, VINCI will seek to maintain a solid financial position justifying the excellent credit ratings it regularly earns. 24 At its meeting of 5 February 2026 chaired by Xavier Huillard and held to review and approve the 2025 financial statements, which will be presented to shareholders for their approval at the Shareholders’ General Meeting on 14 April 2026. The financial stat ements have been audited and the auditors’ report is currently being prepared. 25 That target applies in the absence of exceptional circumstances such as those that arose during the Covid crisis, when the payout ratio was increased to over 90% with respect to 2020 and over 60% with respect to 2021.
Page 11
This press release is an official information document of the VINCI Group. 11 Marie RICHARD Tel: +33 (0)1 57 98 66 53 marie.richard@vinci.com ********* Financial calendar 6 February 2026 Presentation of full-year 2025 results - Press conference: 08.30 CET - Analysts’ conference: 10.00 CET Access to the analyst conference call: In French: +33 (0)1 70 37 71 66 (code: VINCI French) In English: +44 (0)33 0551 0200 or +1 786 697 3501 (code: VINCI English) Live access to the webcast on the Group’s website or at the following link: https://vinci.engagestream.companywebcast.com/2026-02-06-fy25analystscall 18 February 2026 VINCI Autoroutes’ traffic levels and VINCI Airports’ passenger numbers for January 2026 (after the market close) 17 March 2026 VINCI Autoroutes’ traffic levels and VINCI Airports’ passenger numbers for February 2026 (after the market close) 14 April 2026 Shareholders’ General Meeting 16 April 2026 VINCI Airports’ passenger numbers for the first quarter of 2026 (after the market close) 23 April 2026 Quarterly information at 31 March 2026 (after the market close) ********** This press release, the slide presentation of the 2025 results and the consolidated financial statements for the year ended 31 December 2025 will be available on the VINCI website: www.vinci.com. London Gatwick airport’s full-year 2025 results will be published mid-March 2026, and the documents will be available on the company’s website: https://www.gatwickairport.com/company/about-us/investors.html About VINCI VINCI is a world leader in concessions, energy solutions and construction, employing 2 94,000 people in more than 120 countries. We design, finance, build and operate infrastructure and facilities that help improve daily life and mobility for all. Because we believe in all-round performance, above and beyond economic and financial results, we are committed to operating in an environmentally and socially responsible manner. And because our projects are in the public interest, we consider that reaching out to all our stakeholders and engaging in dialogue with them is essential in the conduct of our business activities. VINCI’s ambition is t o create long -term value for its customers, shareholders, employees, partners and society in general. www.vinci.com CONTACT INVESTOR RELATIONS Grégoire THIBAULT Tel: +33 (0)1 57 98 63 84 gregoire.thibault@vinci.com PRESS CONTACT VINCI Press Department Tel: +33 (0)1 57 98 62 88 media.relations@vinci.com
Page 12
This press release is an official information document of the VINCI Group. 12 APPENDICES APPENDIX A: CONSOLIDATED FINANCIAL STATEMENTS Income statement (in € millions) 2025 2024 2025/2024 change Revenue excluding concessions subsidiaries’ works revenue 74,599 71,623 +4.2% Concession subsidiaries’ works revenue1 772 837 Total revenue 75,372 72,459 +4.0% Operating income from ordinary activities 9,558 8,997 +6.2% % of revenue2 12.8% 12.6% Share-based payments (IFRS 2) (567) (462) Profit/loss of companies accounted for under the equity method and other recurring items 410 316 Recurring operating income 9,401 8,850 +6.2% Non-recurring operating items (37) (68) Operating income 9,364 8,783 +6.6% Cost of net financial debt (1,247) (1,191) Other financial income and expense (181) (217) Income tax expense (2,661) (2,102) Non-controlling interests (372) (410) Net income attributable to owners of the parent 4,903 4,863 +0.8% of which International 56% 53% Earnings per share (in €)3 8.65 8.43 +2.6% Excluding the impact of 2025 higher corporate tax in France4 Net income attributable to owners of the parent 5,352 4,863 +10% Earnings per share (in €)3 9.44 8.43 +12% Dividend per share (in €) 5.00 4.75 +5.3% 1 Applying IFRIC 12 “Service Concession Arrangements”. 2 Percentage based on revenue excluding concession subsidiaries’ revenue derived from works carried out by non-Group companies. 3 After taking account of dilutive instruments. 4 Negative impact of €449 million on net income caused by the exceptional contribution in 2025 on the profits of large companies in France.
Page 13
This press release is an official information document of the VINCI Group. 13 Simplified balance sheet (in € millions) 2025 2024 Non-current assets - Concessions 48,842 50,182 Non-current assets - Energy Solutions, Construction and other businesses 28,967 26,516 WCR, provisions and other current debt and receivables (19,653) (17,296) Capital employed 58,156 59,401 Equity attributable to owners of the parent (30,752) (29,947) Non-controlling interests (3,576) (4,085) Total equity (34,328) (34,032) Lease liabilities (2,849) (2,587) Non-current provisions and other (1,905) (2,367) Long-term borrowings (39,081) (38,986) Long-term gross financial debt (34,551) (33,496) Net cash and cash equivalents 15,475 13,081 Net financial debt (19,075) (20,415)
Page 14
This press release is an official information document of the VINCI Group. 14 Cash flow statement (in € millions) 2025 2024 Cash flow from operations before tax and financing costs (Ebitda) 13,507 12,689 Changes in operating WCR and current provisions 2,496 2,311 Income taxes paid (3,005)1 (2,220) Net interest paid (1,318) (1,177) Dividends received from companies accounted for under the equity method 282 117 Other long-term advances (76) (6) Cash flows from operating activities 11,886 11,714 Operating investments (net of disposals)2 (2,832) (2,708) Repayment of lease liabilities and associated financial expense (871) (745) Subtotal (3,703) (3,453) Operating cash flow 8,183 8,261 Growth investments (concessions and PPPs) (1,173) (1,453) Free cash flow 7,010 6,808 Net financial investments3 (1,865) (7,025) Dividends received from unconsolidated companies 40 41 Net cash flows before movements in share capital 5,185 (176) Increases in share capital and other 764 590 Share buy-backs (2,002) (1,912) Dividends paid4 (3,469) (3,472) Capital transactions (4,708) (4,793) Net cash flows for the period 477 (4,969) Other changes 862 681 Change in net financial debt 1,340 (4,289) Net financial debt at beginning of period (20,415) (16,126) Net financial debt at end of period (19,075) (20,415) 1 Negative impact of €425 million on free cash flow caused by the exceptional contribution in 2025 on the profits of large companies in France. 2 Including investments made by London Gatwick airport (€ 226 million in 2025 and €175 million in 2024) and investments in renewable energy generation projects made by Cobra IS (€0.9 billion in 2025 and €0.6 billion in 2024). 3 Including disposals in the amount of almost €300 million in 2025 and around €120 million in 2024. Among those having taken place in 2025 were the disposals of interests owned by Cobra IS in Mantiqueira (transmission line PPP in Brazil) and in the Morecambe offshore wind farm (United Kingdom); disposals of several assets by VINCI Concessions (including almost all of its equity interests in Russia); and disp osals of non -core businesses by VINCI Energies. 4 Including dividends paid to non-controlling shareholders of fully consolidated Group subsidiaries (mainly London Gatwick airport, Edinburgh airport and OMA): €805 million in 2025 and €902 million in 2024.
Page 15
This press release is an official information document of the VINCI Group. 15 APPENDIX B: ADDITIONAL INFORMATION ON CONSOLIDATED REVENUE Consolidated revenue* by business line 2025/2024 change (in € millions) 2025 2024 Actual Like-for-like Concessions 12,219 11,651 +4.9% +3.9% of which: VINCI Airports 4,796 4,526 +6.0% +5.8% VINCI Autoroutes 6,733 6,585 +2.3% +2.3% VINCI Highways 543 403 +35% +11% Energy solutions 29,612 27,478 +7.8% +5.8% VINCI Energies 21,608 20,373 +6.1% +3.3% Cobra IS 8,004 7,105 +13% +13% Construction 33,241 32,927 +1.0% −0.4% VINCI Construction 32,137 31,784 +1.1% −0.3% VINCI Immobilier 1,105 1,143 −3.3% −3.4% Eliminations and adjustments (473) (433) Revenue* 74,599 71,623 +4.2% +2.6% of which: France 30,787 30,197 +2.0% +1.7% Europe excl. France 28,511 26,137 +9.1% +3,7% International excl. Europe 15,302 15,288 +0.1% +2,7% Fourth-quarter consolidated revenue* Fourth quarter 2025/2024 change (in € millions) 2025 2024 Actual Like-for-like Concessions 2,840 2,751 +3.2% +1.5% of which: VINCI Airports 1,086 1,047 +3.7% +3.3% VINCI Autoroutes 1,567 1,556 +0.7% +0.7% VINCI Highways 165 108 +53% +13% Energy solutions 8,887 8,048 +10% +9.2% VINCI Energies 6,270 5,843 +7.3% +5.3% Cobra IS 2,617 2,205 +19% +19% Construction 8,762 8,640 +1.4% +1.0% VINCI Construction 8,387 8,239 +1.8% +1.4% VINCI Immobilier 375 401 −6.5% −6.6% Eliminations and adjustments (142) (122) Revenue* 20,346 19,318 +5.3% +4.4% of which: France 7,891 7,660 +3.0% +1.9% Europe excl. France 8,058 7,120 +13% International excl. Europe 4,397 4,539 -3,1% * Excluding concession subsidiaries’ revenue derived from works carried out by non-Group companies (see glossary). +6.1%
Page 16
This press release is an official information document of the VINCI Group. 16 Consolidated revenue* - France/International breakdown by business line * Excluding concession subsidiaries’ revenue derived from works carried out by non-Group companies (see glossary). 1 It is worth noting that SCAGO – the company that holds the concessions for Nantes Atlantique and Saint -Nazaire Montoir airports – has been accounted for under the equity in 2024. Its consolidated revenue in 2024 amounted to €54 million. 2025/2024 change (in € millions) 2025 2024 Actual Like-for-like FRANCE Concessions 7,132 7,046 +1.2% +2.0% of which: VINCI Airports 265 329 −20%1 −4.0% VINCI Autoroutes 6,733 6,585 +2.3% +2.3% Energy solutions 8,708 8,410 +3.5% +3.1% VINCI Energies 8,645 8,358 +3.4% +3.0% Cobra IS 63 52 +23% +24% Construction 15,362 15,095 +1.8% +1.2% VINCI Construction 14,320 14,005 +2.3% +1.6% VINCI Immobilier 1,041 1,090 −4.5% −4.5% Eliminations and adjustments (414) (354) Total France 30,787 30,197 +2.0% +1.7% % of total revenue 41% 42% International Concessions 5,088 4,605 +10% +6.8% of which: VINCI Airports 4,531 4,196 +8.0% +6.4% VINCI Highways 543 403 +35% +11% Energy solutions 20,904 19,069 +9.6% +6.9% VINCI Energies 12,963 12,015 +7.9% +3.5% Cobra IS 7,941 7,054 +13% +13% Construction 17,879 17,831 +0.3% −1.7% VINCI Construction 17,816 17,779 +0.2% −1.8% VINCI Immobilier 63 52 +21% +19% Eliminations and adjustments (59) (79) Total International 43,813 41,426 +5.8% +3.3% % of total revenue 59% 58%
Page 17
This press release is an official information document of the VINCI Group. 17 APPENDIX C: OTHER INFORMATION BY BUSINESS LINE Ebitda by business line (in € millions) 2025 % of revenue* 2024 % of revenue* 2025/2024 change Concessions 8,169 66.9% 7,773 66.7% +5.1% of which: VINCI Airports 3,042 63.4% 2,883 63.7% +5.5% VINCI Autoroutes 4,784 71.0% 4,662 70.8% +2.6% VINCI Highways 282 51.9% 196 48.6% +44% Energy solutions 2,805 9.5% 2,496 9.1% +12% VINCI Energies 2,019 9.3% 1,794 8.8% +13% Cobra IS 786 9.8% 702 9.9% +12% Construction 2,194 6.6% 1,988 6.0% +10% VINCI Construction 2,133 6.6% 1,985 6.2% +7.4% VINCI Immobilier 61 5.5% 2 0.2% nm Holding companies 339 432 Total Ebitda 13,507 18.1% 12,689 17.7% +6.4% Operating income from ordinary activities (Ebit) by business line (in € millions) 2025 % of revenue* 2024 % of revenue* 2025/2024 change Concessions 5,935 48.6% 5,688 48.8% +4.3% of which: VINCI Airports 2,459 51.3% 2,334 51.6% +5.4% VINCI Autoroutes 3,311 49.2% 3,265 49.6% +1.4% VINCI Highways 161 29.8% 101 25.1% +59% Energy solutions 2,250 7.6% 2,027 7.4% +11% VINCI Energies 1,606 7.4% 1,474 7.2% +9.0% Cobra IS 644 8.0% 553 7.8% +16% Construction 1,356 4.1% 1,247 3.8% +8.8% VINCI Construction 1,353 4.2% 1,304 4.1% +3.7% VINCI Immobilier 3 0.3% (57) (5.0%) nm Holding companies 16 35 Total Ebit 9,558 12.8% 8,997 12.6% +6.2% * Excluding concession subsidiaries’ revenue derived from works carried out by non-Group companies (see glossary).
Page 18
This press release is an official information document of the VINCI Group. 18 Net income attributable to owners of the parent, by business line (in € millions) 2025 2024 2025/2024 change Concessions 2,951 2,726 +225 of which: VINCI Airports 1,140 947 +193 VINCI Autoroutes 1,7601 1,833 −731 VINCI Highways 79 43 +37 Energy solutions 1,253 1,159 +94 VINCI Energies 920 862 +58 Cobra IS 333 297 +36 Construction 827 792 +35 VINCI Construction 817 861 −45 VINCI Immobilier 10 (69) +79 Holding companies (128)1 187 −3141 Net income attributable to owners of the parent 4,903 4,863 +40 of which: France 44% 47% International 56% 53% Net income attributable to owners of the parent excluding the exceptional tax contribution1 5,352 4,863 +489 Free cash flow by business line (in € millions) 2025 2024 2025/2024 change Concessions 3,890 3,554 +336 of which: VINCI Airports 1,245 1,052 +194 VINCI Autoroutes 2,639 2,507 +132 VINCI Highways 86 21 +65 Energy solutions 1,204 1,575 −371 VINCI Energies 1,568 1,623 −54 Cobra IS2 (365) (48) −317 Construction 1,710 821 +889 VINCI Construction 1,397 762 +635 VINCI Immobilier 313 58 +255 Holding companies 206 859 −652 Group free cash flow 7,010 6,808 +202 Group free cash flow excluding the exceptional contribution1 7,435 6,808 +627 1 Negative impacts of €449 million (€261 million for VINCI Autoroutes and €188 million for VINCI SA) on net income and €425 million (€255 million for VINCI Autoroutes and €170 million for VINCI SA) on free cash flow caused by the exceptional contribution in 2025 on the profits of large companies in France. 2 Including Zero.e’s capital expenditure on renewable energy production (€0.9 billion in 2025 and €0.6 billion in 2024).
Page 19
This press release is an official information document of the VINCI Group. 19 Net financial debt (NFD) by business line at 31 December (in € millions) 2025 Of which external NFD 2024 Of which external NFD Concessions (29,124) (21,412) (31,739) (20,888) VINCI Airports (10,542) (9,056) (11,558) (8,744) VINCI Autoroutes (15,001) (11,057) (16,159) (11,296) VINCI Highways (2,315) (1,259) (2,032) (849) Other concessions* (1,265) (40) (1,991) 2 Energy solutions 1,718 909 1,308 1,396 VINCI Energies 1,366 557 761 848 Cobra IS 352 352 547 547 Construction 3,801 2,569 3,418 2,197 VINCI Construction 4,176 2,488 4,116 2,134 VINCI Immobilier (375) 81 (698) 63 Holding companies 4,530 (1,141) 6,599 (3,120) Net financial debt (19,075) (19,075) (20,415) (20,415) * VINCI Concessions Holding, VINCI Railways and VINCI Stadium.
Page 20
This press release is an official information document of the VINCI Group. 20 APPENDIX D: VINCI AIRPORTS AND VINCI AUTOROUTES INDICATORS VINCI Airports’ passenger numbers* Fourth quarter Full year (thousands of passengers) 2025 2025/2024 change 2025 2025/2024 change Portugal (ANA) 16,483 +4.7% 72,474 +4.7% of which Lisbon 8,669 +3.4% 36,126 +2.9% United Kingdom 15,094 +0.3% 66,431 +1.0% of which London Gatwick 9,531 −2.5% 42,771 −1.1% of which Edinburgh 4,026 +8.4% 16,979 +7.5% Mexico 7,594 +6.9% 28,936 +8.9% of which Monterrey 4,150 +9.6% 15,760 +16% France 2,688 −0.1% 11,664 +2.0% of which ADL (Lyon) 2,532 +0.3% 10,723 +2.3% Cambodia 1,429 +7.6% 5,509 +14% United States 1,865 −7.6% 7,221 −4.9% Brazil 3,433 +6.1% 13,129 +8.7% Serbia 2,112 +8.6% 8,911 +6.5% Dominican Republic 1,564 +0.4% 6,260 −8.6% Cabo Verde 938 +15% 3,482 +16% Total fully consolidated subsidiaries 53,200 +3.3% 224,017 +3.8% Japan (40%) 13,817 +4.3% 54,322 +10% Chile (40%) 6,594 −4.7% 26,512 +1.0% Hungary (20%) 5,001 +11% 19,584 +12% Costa Rica (45%) 431 +8.8% 1,974 +3.3% AGO (85%) 1,601 −1.0% 7,200 +2.6% Rennes-Dinard (49%) 133 −3.4% 514 +0.3% Total equity-accounted subsidiaries 27,577 +2.8% 110,106 +7.3% Total passengers handled by VINCI Airports 80,777 +3.2% 334,123 +5.0% * Data at 100%, irrespective of percentage held and including the passenger numbers of all managed airports over the full period.
Page 21
This press release is an official information document of the VINCI Group. 21 VINCI Autoroutes’ traffic levels Fourth quarter Full year (millions of km travelled) 2025 2025/2024 change 2025 2025/2024 change VINCI Autoroutes 12,340 −0.9% 54,533 +0.9% Light vehicles 10,464 −1.2% 47,032 +0.9% Heavy vehicles 1,877 +0.5% 7,501 +0.7% of which: ASF 7,679 −1.4% 34,235 +0.9% Light vehicles 6,439 −1.7% 29,273 +0.9% Heavy vehicles 1,240 +0.2% 4,963 +0.8% Escota 1,800 +0.8% 7,803 +1.1% Light vehicles 1,617 +0.7% 7,065 +1.1% Heavy vehicles 183 +1.9% 738 +1.2% Cofiroute (intercity network*) 2,742 −0.8% 11,986 +0.7% Light vehicles 2,315 −1.0% 10,288 +0.8% Heavy vehicles 428 +0.6% 1,698 +0.3% * Excluding A86 Duplex. VINCI Autoroutes revenue in 2025 VINCI Autoroutes Of which: ASF Escota Cofiroute Toll revenue (in € millions) 6,575 3,837 945 1,659 2025/2024 change +2.3% +2.5% +2.3% +1.7% Revenue (in € millions) 6,733 3,929 961 1,684 2025/2024 change +2.3% +2.5% +2.2% +1.7%
Page 22
This press release is an official information document of the VINCI Group. 22 APPENDIX E: ORDER INTAKE AND ORDER BOOK Order intake 2025 / 2024 (in € billions) 2025 2024 change VINCI Energies 22.3 22.1 +1% Cobra IS 8.6 10.4 −17% VINCI Construction 32.1 33.7 −5% Total 63.0 66.3 −5% of which: France 22.2 23.3 −5% International 40.8 42.9 −5% Europe excl. France 25.7 28.7 −11% Rest of the world 15.1 14.2 +7% Order book At 31 December 2025 / 2024 (in € billions) 2025 2024 change VINCI Energies 17.5 16.5 +6% Cobra IS 18.1 17.6 +3% VINCI Construction 34.2 35.0 −2% Total 69.8 69.1 +1% of which: France 19.9 20.7 −4% International 49.9 48.3 +3% Europe excl. France 33.3 32.3 +3% Rest of the world 16.6 16.1 +3%
Page 23
This press release is an official information document of the VINCI Group. 23 APPENDIX F: SUMMARY OF ACQUISITIONS IN THE ENERGY SOLUTIONS AND CONSTRUCTION BUSINESSES 2025 2024 Number of acquisitions Revenue on a full-year basis (in € millions) Number of acquisitions Revenue on a full-year basis (in € millions) VINCI Energies 33 6941 34 7401 Of which generated outside France 87% 92% Infrastructure 6 136 4 25 Industry 12 173 15 381 Building Solutions 13 339 7 26 ICT 2 46 8 307 Cobra IS2 2 54 6 86 Of which generated outside France 100% 100% VINCI Construction 16 1,022 7 341 Of which generated outside France 94% 76% Speciality networks 2 84 3 150 Proximity networks 14 9383 4 191 1 Including in Germany around €420 million in 2025 and €260 million in 2024. 2 Acquisitions related to the contracting business of Cobra IS. 3 Including around €700 million related to FM Conway Limited (United Kingdom).
Page 24
This press release is an official information document of the VINCI Group. 24 GLOSSARY Cash flow from operations before tax and financing costs (Ebitda): Ebitda corresponds to recurring operating income adjusted for additions to depreciation and amortisation, changes in non -current provisions and non- current asset impairment, gains and losses on asset disposals. It also includes restructuring charges included in non-recurring operating items. Concession subsidiaries’ revenue derived from works carried out by non- Group companies: this indicator relates to construction work done by concession companies as programme manager on behalf of concession grantors. Consideration for that work is recognised as an intangible asset or financial asset depending on the accounting model applied to the concession contract, in accordance with IFRIC 12 “Service Concession Arrangements”. It excludes work done by the VINCI Energies, Cobra IS and VINCI Construction business lines. Cost of net financial debt: the cost of net financial debt comprises all financial income and expense relating to net financial debt as defined below. It therefore includes interest expense and income from interest rate derivatives allocated to gross debt, along with financial income from investments and cash equivalents. The reconciliation between this indicator and the income statement is detailed in the notes to the Group’s consolidated financial statements. Ebitda margin, Ebit margin and recurring operating margin: ratios of Ebitda, Ebit, or recurring operating income to revenue excluding concession subsidiaries’ revenue derived from works carried out by non- Group companies. Free cash flow: free cash flow is made up of operating cash flow and growth investments in concessions and PPPs. Like-for-like revenue growth: this indicator measures the change in revenue at constant scope and exchange rates. • Constant scope: the scope effect is neutralised as follows: o For revenue in year Y, revenue from companies that joined the Group in year Y is deducted. o For revenue in year Y−1, the full -year revenue of companies that joined the Group in year Y−1 is included, and revenue from companies that left the Group in years Y−1 and Y is excluded. • Constant exchange rates: the currency effect is neutralised by applying exchange rates in year Y to foreign currency revenue in year Y−1. Net financial surplus/debt: this corresponds to the difference between financial assets and financial debt. If the assets outweigh the liabilities, the balance represents a net financial surplus, and if the liabilities outweigh the assets, the balance represents net financial debt. Financial debt includes bonds, bank borrowings and debt owed to financial institutions (including derivatives and other liabilities relating to hedging instruments). Financial assets include cash and cash equivalents and assets relating to derivative instruments. Under IFRS 16, the Group recognises right-of-use assets relating to leased items under non-current assets, along with a liability corresponding to the present value of lease payments still to be made. That liability is not included in net financial surplus/debt as defined by the Group, and is presented directly on the balance sheet. Non-recurring operating items: non-recurring income and expense mainly includes goodwill impairment losses, restructuring charges and income and expense relating to changes in scope (capital gains or losses on disposals of securities and the impact of changes in control). Operating cash flow: operating cash flow is a measurement of cash flows generated by the Group’s ordinary activities. It is made up of Ebitda, the change in operating working capital requirement and current provisions, interest paid, income taxes paid, dividends received from companies accounted for under the equity method, operating investments net of disposals and repayments of lease liabilities and the associated financial expense. Operating cash flow does not include growth investments in concessions and public-private partnerships (PPPs). Operating income: this indicator is included in the income statement. Operating income is calculated by taking recurring operating income and adding non -recurring income and expense (see above). Operating income from ordinary activities (Ebit): this indicator is included in the income statement.
Page 25
This press release is an official information document of the VINCI Group. 25 Ebit measures the operational performance of fully consolidated Group subsidiaries. It excludes share-based payment expense (IFRS 2), other recurring operating items (including the share of the income or loss of companies accounted for under the equity method) and non-recurring operating items. Order book: • At VINCI Energies, Cobra IS and VINCI Construction, the order book represents the volume of business yet to be carried out on projects where the contract is in force (in particular after service orders have been obtained or after conditions precedent have been met) and financed. • At VINCI Immobilier, the order book corresponds to the revenue, recognised on a progress -towards-completion basis, that is yet to be generated on a given date with respect to property sales confirmed by a notarised deed or with respect to property development contracts on which the works order has been given by the project owner. Order intake: • At VINCI Energies, Cobra IS and VINCI Construction, a new order is recorded when the contract has been not only signed but is also in force (for example, after the service order has been obtained or after conditions precedent have been met) and when the project’s financing is in place. The amount recorded in order intake corresponds to the contractual revenue. • At VINCI Immobilier, order intake corresponds to the value of properties sold off -plan or sold after completion in accordance with a notarised deed, or revenue from property development contracts where the works order has been given by the project owner. For joint property developments: o If VINCI Immobilier has sole control over the development company, it is fully consolidated. In that case, 100% of the contract value is included in order intake. o If the development company is jointly controlled, it is accounted for under the equity method and its order intake is not included in the total. Public-private partnerships – concessions and partnership contracts: public-private partnerships are forms of long - term public sector contracts through which a public authority calls upon a private sector partner to design, finance, build, operate and maintain a facility or item of public infrastructure and/or manage a service. In France, a distinction is drawn between concessions (for works or services) and partnership contracts. Outside France, there are categories of public contracts – known by a variety of names – with characteristics similar to those of the French concession and partnership contracts. In a concession, the concession holder receives a toll (or other form of remuneration) directly from users of the infrastructure or service, on terms defined in the contract with the public sector authority that granted the concession. The concession holder therefore bears “traffic level risk” related to the use of the infrastructure. In a partnership contract, the private partner is paid by the public authority, the amount being tied to performance targets, regardless of the infrastructure’s level of usage. The private partner therefore bears no traffic level risk. Recurring operating income: this indicator is included in the income statement. Recurring operating income is intended to present the Group’s operational performance excluding the impact of non-recurring transactions and events during the period. It is obtained by taking operating i ncome from ordinary activities (Ebit) and adding the IFRS 2 expense associated with share-based payments (Group savings plans and performance share plans), the Group’s share of the profit or loss of subsidiaries accounted for under the equity method, and other recurring operating income and expense. The latter category includes recurring income and expense relating to companies accounted for under the equity method and to unconsolidated companies (financial income from shareholder loans and advances granted by the Group to some of its subsidiaries, dividends received from unconsolidated companies, etc.). VINCI Airports’ passenger numbers: this is the number of passengers who have travelled on commercial flights from or to a VINCI Airports airport during a given period and is a relevant indicator for estimating an airport’s revenue from both aviation and non-aviation activities. VINCI Autoroutes’ traffic levels: this is the number of kilometres travelled by light and heavy vehicles on the motorway network managed by VINCI Autoroutes during a given period.