Slides
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9M 2026 trading update Further growth in revenue and order intake 22 OCTOBER 2026
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9M 2026 TRADING UPDATE 2 Disclaimer This presentation may contain forward - looking objectives and statements about VINCI’s financial situation, operating results, business activities and expansion strategy. These objectives and statements are based on assumptions that are dependent upon significant risk and uncertainty factors that may prove to be inexact. The information is valid only at the time of writing and VINCI does not assume any obligation to update or revise the objectives on the basis of new information or future or other events, subject to applicable regulations. Additional information on the factors that could have an impact on VINCI’s financial results is contained in the documents filed by the Group with the French securities regulator (AMF) and available on the Group’s website at www.vinci.com or on request from its head office.
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1 9M 2026 highlights
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9M 2026 highlights: further growth in revenue and order intake 4 9M 2026 TRADING UPDATE Strong revenue increase in Q3: +5%, driven by business outside France and Energy Solutions Robust order intake; satisfactory order book renewal rate Very solid financial position 2026 guidance confirmed, excluding the impact of a possible increase in the TEITLD*, currently being reviewed by the French parliament €1.7 bn share buy - backs in 9M 26 (vs €1.4 bn in 9M 25) * Tax on long - distance transport infrastructure operators in France
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9M 2026 TRADING UPDATE 5 Q3 2026 consolidated revenue * Excluding concession subsidiaries’ construction work done by non - Group companies Δ 2026/2025 in € million Q3 2026 Q3 2025 Actual Like - for - like Concessions* 3,718 3,631 +2.4% +1.9% o/w VINCI Airports 1,518 1,457 +4.2% +4.6% o/w VINCI Autoroutes 1,975 1,995 - 1.0% - 1.0% o/w VINCI Highways 194 144 +35% +5.2% Energy Solutions 7,682 7,075 +8.6% +5.3% VINCI Energies 5,721 5,288 +8.2% +4.2% Cobra IS 1,961 1,787 +9.7% +8.9% Construction 9,123 8,814 +3.5% +1.1% VINCI Construction 8,933 8,572 +4.2% +1.7% VINCI Immobilier 190 242 - 21% - 21% Eliminations (163) (120) Total revenue* 20,360 19,401 +4.9% +2.6%
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9M 2026 TRADING UPDATE 6 9M 2026 consolidated revenue * Excluding concession subsidiaries’ construction work done by non - Group companies Δ 2026/2025 in € million 9M 2026 9M 2025 Actual Like - for - like Concessions* 9,551 9,379 +1.8% +2.4% o/w VINCI Airports 3,812 3,710 +2.8% +5.0% o/w VINCI Autoroutes 5,124 5,166 - 0.8% - 0.8% o/w VINCI Highways 528 378 +40% +10% Energy Solutions 22,255 20,725 +7.4% +4.6% VINCI Energies 16,439 15,338 +7.2% +3.7% Cobra IS 5,816 5,387 +8.0% +7.5% Construction 24,579 24,479 +0.4% - 0.6% VINCI Construction 23,949 23,750 +0.8% - 0.2% VINCI Immobilier 630 729 - 14% - 14% Eliminations (428) (331) Total revenue* 55,957 54,253 +3.1% +1.8%
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€54,253 m €55,957 m +2.4% (0.8)% +0.2% +4.6% +2.8% (0.1)% (0.6)% +1.5% (0.6)% Organic Scope FX Organic Scope FX € 5 5,957 m Concessions Energy Solutions Organic FX Scope VINCI +1.8% Organic Scope FX +1.6% - 0.2% +3.1% vs 9M 2025 € 22 ,505 m € 33 ,452 m +6.7% - 1.7% - 1.8% Organic Scope +0.1% + 4 .4% Organic Scope FX +2.7% - 0 .4% 9M 2026 revenue growth driven by international business and Energy Solutions 9M 2026 TRADING UPDATE 7 Construction €9,551 m € 24 ,579 m € 22,255 m +1.8% + 7 .4% +0 .4% International I 60 % of total revenue France I 4 0 % of total revenue
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9M 2026 TRADING UPDATE 8 Concessions € 9 ,551 m Revenue +1.8% (+2.4% lfl) VINCI Airports VINCI Autoroutes VINCI Highways € 3,812 m + 2.8 % (+5.0% lfl) € 5 ,124 m - 0.8% ( - 0.8% lfl) € 528 m +40% (+10% lfl) 17% of VINCI total revenue Growth thanks to a diversified and resilient portfolio of assets VINCI Airports • Overall traffic stable ( - 0.2%) in 9M 26 despite high prices for kerosene and geopolitical disruptions • Solid traffic growth in Portugal, Edinburgh, Belgrade, Budapest, Cabo Verde, and the Dominican Republic • Traffic weakness in London Gatwick and in Asia Δ 9M 2026/ 9M 2025 VINCI Autoroutes • Decline in traffic ( - 3 .3% vs 9M 25) mainly due to the negative impacts on LV traffic ( - 4.0%) of surging fuel prices • HV traffic up +1.2% VINCI Highways • Recently integrated Brazilian motorways (Via Cristais and Entrevias) continue to fuel revenue growth o f which
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9M 2026 TRADING UPDATE 9 Energy Solutions VINCI Energies • Revenue up in Q3 26 ( +8.2% vs Q3 25) • Dynamic in robust markets, both in France and abroad (o/w Germany) • 23 acquisitions made in 9M 2026 (annual revenue: ~ €220 m ) mainly outside France ( Benelux countries, the United Kingdom, North America, Australia and New Zealand) Cobra IS • Revenue up in Q3 26 ( + 9 .7% vs Q3 25) • Sustained growth momentum for flow business – particularly in Spain • In Q3 26, full disposal of the company Pampa, holder of a PPP for a transmission line in Brazil. Cobra IS will continue to operate and maintain the asset Since 2023, 4 disposals of transmission line PPPs in Brazil completed by Cobra IS, for more than €300 m Δ 9M 2026/ 9M 2025 VINCI Energies Cobra IS €16,439 m + 7 . 2 % (+ 3 .7% lfl) € 5 ,816 m +8.0% (+7.5% lfl) o f which € 22,255 m Revenue +7 .4 % (+ 4.6 % lfl) 40 % of VINCI total revenue Excellent momentum driven by structural tailwinds
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9M 2026 TRADING UPDATE 10 Construction Good momentum outside France Δ 9M 2026/ 9M 2025 VINCI Construction • Revenue increase in Q3 26 ( +4.2% vs Q3 25, o/w international +11% ) • Overall, in 9M 26, mixed situations: • lower business levels for large projects and in France • favourable revenue trend especially in Oceania , Central Europe and the UK VINCI Immobilier • Property development market in France still facing very challenging conditions ; residential units reservations down - 23 % VINCI Construction VINCI Immobilier € 23 ,949 m +0.8% ( - 0.2% lfl) € 630 m - 14% ( - 14 % lfl) o f which € 24 ,579 m Revenue +0.4% ( - 0 .6% lfl) 44 % of VINCI total revenue
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24.6 25.3 22.3 24.3 46.9 49.6 9M 25 9M 26 VINCI Construction Energy Solutions +6% 9M 2026 TRADING UPDATE 11 Robust order intake Total VINCI 1.1x 1.1x 1. 1 x Ratio order intake / revenue Key takeaways • 9M 26 order intake ( €49.6 bn) well above revenue generated during the period ( €46.2 bn) • Leading to a satisfactory renewal rate for the order book +9% +3% in € billions
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35.1 34.2 36.9 35.4 35.6 38.5 70.6 69.8 75.4 September 2025 December 2025 September 2026 VINCI Construction Energy Solutions 17.0 16.4 17.6 32.7 33.3 36.2 20.8 20.2 21.6 70.6 69.8 75.4 September 2025 December 2025 September 2026 +8% +8% + 8 % + 9 % + 8 % +7% France Europe excl. France International excl. Europe France 29% Germany 19% Europe excl. France 48% International excl. Europe 23% 75.4 9M 2026 TRADING UPDATE 12 Order book at a high level Total VINCI 14. 3 14.8 13.7 Number of months of average business activity 13.6 14.4 12.8 Dec. 25 Sept . 26 +7% +7% in € billions + 8 %
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9M 2026 TRADING UPDATE 13 Very solid financial position HIGH LEVEL OF LIQUIDITY 6.5 6.5 12.3 14.7 18.8 21.2 30 September 2025 30 September 2026 Net cash managed i n € billions Available confirmed bank credit line 30 September 2025 30 September 2026 stable +2.4 SOLID CREDIT RATING S&P (Confirmed in April 2026) Moody’s (Confirmed in June 2026) Outlook stable A - Outlook stable A3 August 2026: Cofiroute successful placement of a €500 m bond due to mature in February 2033, with an annual coupon of 3.875%
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9M 2026 TRADING UPDATE 2026 guidance confirmed at constant taxation * Assuming that Zero.e’s capex is similar to its 2025 level ( €0.9 billion) 14 Given the excellent 9M 26 financial performance, VINCI confirms its 2026 guidance: • further growth in its revenue, operating earnings and net income attributable to owners of the parent • free cash flow could reach €6 billion* This guidance does not factor in the adverse impact of a possible increase in France’s tax on long - distance transport infrastructure operators (mainly those operating motorways), which is currently being reviewed by the French parliament As an initial estimate, the potential accounting impact of such a measure on VINCI’s operating earnings and net profit attributable to owners of the parent in 2026 would be an additional charge of around € 450 million, to be paid in 2027
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VINCI: our shared culture Long - term mindset All - round performance Successful entrepreneurial multi - local organisation Trusted management Recognised execution policy Disciplined cash allocation 15 9M 2026 TRADING UPDATE
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9M 2026 TRADING UPDATE 16
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2 Appendices
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9M 2026 financial data
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9M 2026 TRADING UPDATE 19 Consolidated revenue - France Δ 2026/2025 in € millions 9M 2026 9M 2025 Actual Like - for - like Concessions* 5,388 5,493 - 1.9% - 0.5% o/w VINCI Airports 201 203 - 0.9% - 0.2% o/w VINCI Autoroutes 5,124 5,166 - 0.8% - 0.8% Energy Solutions 6,671 6,345 +5.1% +3.9% VINCI Energies 6,619 6,290 +5.2% +4.0% Cobra IS 52 55 - 5.7% - 5.7% Construction 10,830 11,346 - 4.5% - 4.8% VINCI Construction 10,259 10,651 - 3.7% - 3.9% VINCI Immobilier 571 695 - 18% - 18% Eliminations (384) (288) Total revenue* 22,505 22,895 - 1.7% - 1.8% % of VINCI total revenue 40% 42% * Excluding concession subsidiaries’ construction work done by non - Group companies
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9M 2026 TRADING UPDATE 20 Consolidated revenue - International Δ 2026/2025 in € millions 9M 2026 9M 2025 Actual Like - for - like Concessions* 4,163 3,886 +7.1% +6.5% o/w VINCI Airports 3,611 3,507 +3.0% +5.3% o/w VINCI Highways 528 378 +40% +10% Energy Solutions 15,584 14,381 +8.4% +4.9% VINCI Energies 9,819 9,048 +8.5% +3.4% Cobra IS 5,765 5,333 +8.1% +7.6% Construction 13,749 13,133 +4.7% +3.1% VINCI Construction 13,690 13,099 +4.5% +2.9% VINCI Immobilier 59 34 +71% +72% Eliminations (44) (43) Total revenue* 33,452 31,357 +6.7% +4.4% % of VINCI total revenue 60% 58% * Excluding concession subsidiaries’ construction work done by non - Group companies
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9M 2026 traffic details
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22 VINCI Airports traffic * Data at 100%, irrespective of percentage held, including airport passenger numbers over the full period Passenger traffic (in thousands of pax)* 9M 2026 Change 9M 26/9M 25 Portugal (ANA) 57,336 +2.4% o/w Lisbon 27,656 +0.7% United Kingdom 50,718 - 1.2% o/w London Gatwick 31,917 - 4.0% o/w Edinburgh 13,596 +5.0% o/w Belfast International 5,204 +1.2% Mexico 21,791 +2.1% o/w Monterrey 11,721 +1.0% France 8,536 - 2.5% o/w ADL (Lyon) 8,049 - 1.7% Dominican Republic 5,090 +8.4% Cambodia 3,609 - 12% Serbia 7,276 +7.0% Brazil 10,020 +3.3% o/w Salvador 6,404 +8.8% USA 4,747 - 11% Cabo Verde 2,782 +9.4% Total fully - consolidated subsidiaries 171,906 +0.8% Japan (40%) 37,770 - 6.8% Hungary (20%) 15,759 +8.1% Chile (40%) 19,456 - 2.3% Costa Rica (45%) 1,696 +9.9% AGO (85%) 5,533 - 1.2% Rennes - Dinard (49%) 411 +7.7% Total equity - accounted subsidiaries 80,624 - 2.3% Total passengers managed by VINCI A irports 252,530 - 0.2%
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23 Total +1.2% ASF Escota Cofiroute (Intercity network) - 3.4% Δ 9M 2026/ 9M 2025 - 4.0% - 3 . 3 % - 4 .1% +1.0% - 1.9% - 2 . 2 % +1.1% - 3.8% - 4.8% + 1 .9% Of which: 9M 2026 TRADING UPDATE VINCI Autoroutes traffic
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24 9M 2026 TRADING UPDATE * VINCI Highways took over the operation of Via Cristais (BR - 040) in March 2025 ** A4 and A5 (Germany), Aegean Motorway (Greece) Traffic (in millions of km travelled ) 9M 2026 Change 9M 26/ 9M 25 Fully consolidated subsidiaries Lima Expresa (Peru) 618 +0.3% Rion - Antirion bridge (Greece) 12 +0.3% Via Sumapaz (Colombia) 951 +19% Entrevias (Brazil) 1,631 +2.6% Via Cristais (Brazil)* 1,165 ns Denver Northwest Parkway (USA) 54 - 2.7% Confederation bridge (Canada) 11 +3.7% Equity - accounted subsidiaries Olympia Odos (Greece) 1,719 +9.4% Lusoponte (Portugal) 303 +1.0% Others** 1,242 +0.3% VINCI Highways traffic
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H1 2026 financial data
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9M 2026 TRADING UPDATE 26 Consolidated revenue Δ 2026/2025 in € millions H1 2026 H1 2025 Actual Like - for - like Concessions* 5,833 5,748 +1.5% +2.7% o/w VINCI Airports 2,294 2,253 +1.8% +5.3% o/w VINCI Autoroutes 3,149 3,171 - 0.7% - 0.7% o/w VINCI Highways 333 233 +43% +13% Energy Solutions 14,573 13,650 +6.8% +4.3% VINCI Energies 10,717 10,050 +6.6% +3.4% Cobra IS 3,855 3,600 +7.1% +6.8% Construction 15,456 15,665 - 1.3% - 1.5% VINCI Construction 15,017 15,178 - 1.1% - 1.2% VINCI Immobilier 439 487 - 9.8% - 9.8% Eliminations (264) (212) Total revenue * 35,597 34,852 +2.1% +1.3% * Excluding concession subsidiaries’ construction work done by non - Group companies
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€34,852 m €35,597 m +2.7% - 1.1% - 0.1% +4.3% +2.7% - 0.2% - 1.5% +1.3% - 1.2% Organic Scope FX Organic Scope FX €35,597 m Concessions Energy Solutions Organic FX Scope VINCI +1.3% Organic Scope FX +1.5% - 0.6% +2.1% vs H1 2025 €14,717 m €20,880 m +4.7% - 1.3% - 1.4% Organic Scope +0.1% +3.3% Organic Scope FX +2.5% - 1.1% H1 2026 revenue growth driven by international and by Energy Solutions 9M 2026 TRADING UPDATE 27 Construction €5,833 m €15,456 m €14,573 m +1.5% +6.8% - 1.3% International I 59% of total revenue France I 41% of total revenue
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9M 2026 TRADING UPDATE 28 Consolidated revenue - France Δ 2026/2025 in € millions H1 2026 H1 2025 Actual Like - for - like Concessions* 3,326 3,395 - 2.0% - 0.4% o/w VINCI Airports 136 136 - 0.1% - 0.1% o/w VINCI Autoroutes 3,149 3,171 - 0.7% - 0.7% Energy Solutions 4,453 4,226 +5.4% +4.3% VINCI Energies 4,418 4,189 +5.5% +4.4% Cobra IS 35 36 - 3.4% - 3.4% Construction 7,174 7,469 - 4.0% - 4.2% VINCI Construction 6,778 7,011 - 3.3% - 3.6% VINCI Immobilier 396 458 - 13% - 13% Eliminations (237) (179) Total revenue * 14,717 14,911 - 1.3% - 1.4% % of VINCI total revenue 41% 43% * Excluding concession subsidiaries’ construction work done by non - Group companies
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9M 2026 TRADING UPDATE 29 Consolidated revenue - International Δ 2026/2025 in € millions H1 2026 H1 2025 Actual Like - for - like Concessions* 2,506 2,353 +6.5% +7.2% o/w VINCI Airports 2,158 2,117 +1.9% +5.6% o/w VINCI Highways 333 233 +43% +13% Energy Solutions 10,120 9,425 +7.4% +4.2% VINCI Energies 6,299 5,861 +7.5% +2.7% Cobra IS 3,820 3,564 +7.2% +6.9% Construction 8,282 8,196 +1.0% +1.0% VINCI Construction 8,239 8,167 +0.9% +0.8% VINCI Immobilier 43 29 +49% +50% Eliminations (28) (32) Total revenue* 20,880 19,942 +4.7% +3.3% % of VINCI total revenue 59% 57% * Excluding concession subsidiaries’ construction work done by non - Group companies
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9M 2026 TRADING UPDATE 30 Income statement - Continued earnings growth and margin expansion (in € millions) H1 2026 H1 2025 Δ ( €m) Δ 2026/2025 Operating income from ordinary activities (Ebit) 4,363 4,140 +223 +5.4% % of revenue 12.3% 11.9% Share - based payment expense (IFRS 2) (356) (377) +20 Profit/loss of equity - accounted cos. & miscellaneous 245 198 +48 Recurring operating income 4,252 3,960 +291 +7.4% Non - recurring operating items (14) 66* - 80 Operating income 4,237 4,026 +211 +5.2% Cost of net financial debt (682) (627) - 55 Other financial income and expenses** (5) (110) +105 Income tax*** (1,335) (1,238) - 97 Non - controlling interests (137) (155) +18 Net income attributable to owners of the parent 2,078 1,896 +182 +9.6% Earnings per share (in €)**** 3.70 3.34 +0.36 +11% * Including the impact of disposals in H1 25 ** Of which changes in fair value of ADP shares owned by the Group: €(42) m in H1 25 and €21 m in H1 26 *** Negative impacts on net income of the exceptional tax contribution in 2025 and 2026 on the profits of large companies in France: €(297)m in H1 25 and €(323)m in H1 26 ( representing almost 75% of the estimated FY 26 expense) **** After taking account of dilutive instruments
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9M 2026 TRADING UPDATE 31 Ebitda in € millions H1 2026 % of revenue* H1 2025 % of revenue* Δ 2026/2025 Concessions 4,016 68.9% 3,869 67.3% +147 o/w VINCI Airports 1,437 62.6% 1,406 62.4% +31 o/w VINCI Autoroutes 2,376 75.5% 2,323 73.3% +53 o/w VINCI Highways 175 52.6% 121 52.0% +54 Energy Solutions 1,404 9.6% 1,274 9.3% +130 VINCI Energies 992 9.3% 903 9.0% +89 Cobra IS 412 10.7% 371 10.3% +41 Construction 766 5.0% 783 5.0% - 17 VINCI Construction 736 4.9% 755 5.0% - 19 VINCI Immobilier 30 6.8% 28 5.7% +2 Holding companies 219 204 +15 Ebitda 6,405 18.0% 6,129 17.6% +276 * Excluding concession subsidiaries’ construction work done by non - Group companies
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9M 2026 TRADING UPDATE 32 Ebit - operating income from ordinary activities by business line in € millions H1 2026 % of revenue* H1 2025 % of revenue* Δ 2026/2025 Concessions 2,893 49.6% 2,802 48.7% +91 o/w VINCI Airports 1,153 50.3% 1,129 50.1% +24 o/w VINCI Autoroutes 1,617 51.4% 1,617 51.0% +0 o/w VINCI Highways 117 35.1% 64 27.4% +53 Energy Solutions 1,131 7.8% 1,007 7.4% +123 VINCI Energies 807 7.5% 724 7.2% +84 Cobra IS 323 8.4% 284 7.9% +39 Construction 329 2.1% 335 2.1% - 6 VINCI Construction 327 2.2% 334 2.2% - 6 VINCI Immobilier 1 0.3% 1 0.3% +0 Holding companies 10 (5) +15 Ebit 4,363 12.3% 4,140 11.9% +223 * Excluding concession subsidiaries’ construction work done by non - Group companies
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9M 2026 TRADING UPDATE 33 Cash flow statement in € millions H1 2026 H1 2025 FY 2025 Ebitda 6,405 6,129 13,507 Change in WCR* and current provisions (1,856) (1,863) 2,496 Income taxes paid (1,195) (1,211) (3,005) Net interest paid (732) (778) (1,318) Dividends received from companies accounted for under the equity method 123 162 282 Other variations (76) (31) (76) Cash flow from operating activities 2,669 2,408 11,886 Operating CAPEX (net of disposals) (1,218) (1,317) (2,832) Repayment of lease debt and associated financial expense (464) (419) (871) Operating cash flow 987 672 8,183 Growth CAPEX in concessions & PPP (723) (626) (1,173) Free cash flow (after CAPEX) 264 46 7,010 Net financial investments and other cash flows** (416) (529) (1,825) Cash flow before movements in share capital (152) (483) 5,185 Share capital increases and other operations 451 245 764 Share buy - backs (1,002) (848) (2,002) Dividends (incl. to non - controlling interests) (2,295) (2,346) (3,469) o/w dividends paid to non - controlling interests (102) (269) (805) Net cash flow for the period (2,998) (3,432) 477 Consolidation impacts, FX and others (376) 512 862 Change in net financial debt (3,375) (2,921) 1,340 * Working Capital Requirement ** Other cash flows = dividend received from unconsolidated companies
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9M 2026 TRADING UPDATE 34 Positive FCF generation in H1 2026 -1,000 0 1,000 2,000 3,000 4,000 5,000 6,000 7,000 H1 2016 FY 2016 H1 2017 FY 2017 H1 2018 FY 2018 H1 2019 FY 2019 H1 2020 FY 2020 H1 2021 FY 2021 H1 2022 FY 2022 H1 2023 FY 2023 H1 2024 FY 2024 H1 2025 FY 2025 H1 2026 in € millions Free cash flow, due to seasonal effects, almost entirely generated at the end of year Full - year FCF H1 FCF
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9M 2026 TRADING UPDATE 35 Operating CAPEX in € millions H1 2026 H1 2025 Δ 2026/2025 FY 2025 Concessions 300 216 +84 439 o/w VINCI Airports* 247 192 +55 380 o/w VINCI Autoroutes 15 11 +4 23 o/w VINCI Highways 13 5 +8 12 Energy Solutions 532 761 - 229 1,550 VINCI Energies 129 134 - 5 310 Cobra IS ** 403 627 - 224 1,240 Construction 438 410 +28 1,019 VINCI Construction 437 407 +29 1,013 VINCI Immobilier 1 3 - 1 6 Holdings 1 2 - 1 3 Purchases of tangible and intangible assets 1,271 1,389 - 118 3,011 Proceeds from disposals of tangible and intangible assets (53) (72) +19 (179) Operating CAPEX (net of disposals) 1,218 1,317 - 99 2,832 * Including London Gatwick capex ( €150 million in H1 2026, €110 million in H1 2025 and €226 million euros in 2025) ** Of which capex related to renewable energy production projects: €0.3 billion in H1 2026, €0.4 billion in H1 2025 and €0.9 billion in 2025
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9M 2026 TRADING UPDATE 36 Growth CAPEX in concessions and PPPs in € millions H1 2026 H1 2025 Δ 2026/2025 FY 2025 Concessions 517 419 +98 818 o/w VINCI Airports 238 67 +171 263 o/w VINCI Autoroutes 206 298 - 92 565 Of which: ASF 124 184 - 60 360 Escota 41 66 - 26 124 Cofiroute 42 47 - 6 79 o/w VINCI Highways 75 56 +19 (4) Energy Solutions 199 189 +11 326 VINCI Energies (0) (0) (0) Cobra IS 199 189 +11 327 VINCI Construction 6 18 - 12 29 Net growth CAPEX in concessions and PPP 723 626 +97 1,173
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9M 2026 TRADING UPDATE 37 Net financial debt remains well under control (19.1) (22.4) Ebitda 6.4 ∆ Working capital requirement (1.9) Interests & taxes paid (1.9) Capex (2.4) Acquisitions / Disposals (0.4) Dividends / Shares buyback & miscellaneous (3.2) Free cash flow: €264 m Net financial debt at 31 December 2025 Net financial debt at 30 June 2026 Concessions Energy Solutions + Construction Reminder H1 2025 6.1 (1.9) (1.8) (2.4) (0.5) (2.4) Free cash flow: €46 m in H1 2025 in € billions
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9M 2026 TRADING UPDATE 38 Net financial debt by business line in € millions 30 Jun. 2026 Of which external 31 Dec. 2025 Of which external 30 Jun. 2025 Of which external net debt net debt net debt Concessions (28,353) (21,290) (29,124) (21,412) (30,042) (20,446) VINCI Airports (10,450) (9,343) (10,542) (9,056) (10,824) (8,553) VINCI Autoroutes (14,677) (10,504) (14,996) (11,055) (15,481) (11,091) VINCI Highways (2,421) (1,378) (2,315) (1,259) (2,027) (802) Other concessions* (806) (66) (1,271) (42) (1,710) (0) Energy Solutions 981 561 1,718 909 854 1,087 VINCI Energies 871 450 1,366 557 407 640 Cobra IS 111 111 352 352 447 447 Construction 1,902 2,575 3,801 2,569 902 1,974 VINCI Construction 2,317 2,515 4,176 2,488 1,624 1,921 VINCI Immobilier (414) 60 (375) 81 (722) 52 Holding 3,019 (4,295) 4,530 (1,141) 4,950 (5,951) Net financial debt (22,450) (22,450) (19,075) (19,075) (23,336) (23,336) of which gross financial debt (33,974) (34,551) (34,349) of which net cash managed 11,524 15,475 11,013 * VINCI Concessions Holding, VINCI Railways, VINCI Stadium
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9M 2026 TRADING UPDATE 39 Consolidated balance sheet (in € millions) 30 Jun. 2026 31 Dec. 2025 30 Jun. 2025 Δ 30 Jun. 26 /30 Jun. 25 Non - current assets – Concessions 49,323 48,842 48,901 +422 Non - current assets – Energy Solutions, Construction and misc. 30,183 28,967 27,568 +2,614 WCR, provisions and other current assets & liabilities (17,869) (19,653) (15,372) - 2,497 Capital employed 61,637 58,156 61,098 +539 Equity (34,244) (34,328) (32,420) - 1,824 o/w minority interests (3,654) (3,576) (3,805) +151 Lease debt (2,983) (2,849) (2,724) - 259 Non - current provisions and misc. long - term liabilities (1,960) (1,905) (2,619) +659 Long - term resources (39,187) (39,081) (37,763) - 1,424 Gross financial debt (33,974) (34,551) (34,349) +375 Net cash managed 11,524 15,475 11,013 +511 Net financial debt (22,450) (19,075) (23,336) +886 Net financial debt / Ebitda* multiple 1.6x 1.4x 1.8x * Rolling 12 - month Ebitda at the end of th e period
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9M 2026 TRADING UPDATE 40 Maturity of LT gross financial debt Average maturity of LT gross financial debt ( €34.0 bn) as of 30 June 2026: 5.6 years * * Concessions: 6.5 years - Holdings and other divisions: 3.8 years € millions 0 1,000 2,000 3,000 4,000 5,000 6,000 H2 2026 2027 2028 2029 2030 2031 2032 2033 2034 2035 2036 2037 2038 2039 2040 2041 2042 & + Holdings & misc. Groupe ASF Cofiroute Arcour Arcos VINCI Airports Other concessions
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9M 2026 TRADING UPDATE 41 LT gross debt: 45% at fixed rate, 55% at floating rate Gross financial debt breakdown between fixed and floating rates (in € billion) Floating rate & inflation linked debt Fixed rate debt Group Ebitda Net cash managed Natural hedge between floating rate + inflation linked debt and Ebitda (linked to inflation) + net cash managed (remunerated based on short - term floating rate) 14.8 50% 16.0 48% 18.7 54% 18.7 55% 14.5 50% 17.5 52% 15.9 46% 15.3 45% 13.2 13.1 15.5 11.5 12.0 12.7 13.5 6.4 29.3 33.5 34.6 34.0 FY23 e f FY24 g h FY 25 i j H1 26 k 8% 3% MXN 6% other currencies 3% BRL Breakdown of LT gross financial debt by currency US $ Optimising the average cost of debt 30 June 2026 54% € 26% £
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Interim dividend Total dividend ( – ) interim dividend 0.63 0.69 0.75 0.79 0.65 1.00 1.05 1.05 1.05 1.10 2.10 2.45 2.67 2.04 2.04 2.90 4.00 4.50 4.75 5.00 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 50% 50% 50% 35 % 93 % 64 % 54 % 55% 56% 58% € 1.10 per share 2026 interim dividend per share (all cash) 42 Continued commitment to shareholder returns 9M 2026 TRADING UPDATE 0.3 0.4 0.5 0.5 0.3 0.9 0.3 0.7 0.8 1.0 0.6 0.6 0.6 0.9 0.3 0.6 1.1 0.4 1.9 2.0 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 Dividend per share (in €) since 2016 Share buy - backs during the second semester Share buy - backs (in € bn) since 2016 Pay - out ratio (dividend/net result) x x% Share buy - backs during the first semester
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Renewable energy production assets Building a sizeable long - term energy asset portfolio Total investments to date*: €2.6 billion Split by status Under construction or ready to build 71% 5.6 GW Transmission lines PPP 5 PPP (> 2,50 0 km of lines) 4 under construction 1 in operation 1 PPP (>200 km of lines) under construction Split by geography 35% Split by technology Solar 98% In operation 29% Others 8% 21 % 36 % 5.6 GW 5.6 GW Onshore wind 2% P ortfolio at the end of June 2026 43 9M 2026 TRADING UPDATE 2 new PPP contracts in Brazil won in H1 2026: ~650 km of lines 2 solar farms put in operation in Texas for 250 MW in H1 2026 10 - year PPAs for some Google’s data centres * Between end of 2021 and end of June 2026
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Other information Back - up of the 2025 performance
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45 2025 Group’s key figures broken down by business * Of which: VINCI Airports capital employed €24.1 bn VINCI Autoroutes capital employed €16.6 bn Concessions Energy Solutions Construction Holdings 16% 40% 45% 60% 21% 16% 3% 62% 24% 14% 60% 26% 17% - 3% 55% 17% 24% 3% 80% * 16% 3% 1% €74.6 bn €13.5 bn €9.6 bn €4.9 bn €7.0 bn €58.2 bn REVENUE EBITDA EBIT NET INCOME FREE CASH FLOW CAPITAL EMPLOYED 9M 2026 TRADING UPDATE
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9M 2026 TRADING UPDATE 46 VINCI’s exposure to megatrends 2025 revenue 2025 order book Electricity ~ €11 billion ~ €19 billion Rail ~ €6 billion ~ €11 billion Defence ~ €2 billion ~ €3 billion Water ~ €3 billion ~ €3 billion Digital ~ €7 billion ~ €6 billion Healthcare ~ €2 billion ~ €2 billion
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9M 2026 TRADING UPDATE 47 Order intake breakdown by business lines and granularity In € billions FY 2025 FY 2024 Change 25/24 VINCI Energies 22.3 22.1 +1% Order intake <€5 m 18.7 17.9 +4% Order intake <€50 m 3.2 2.9 +12% Order intake >€50 m 0.4 1.4 -68% Cobra IS 8.6 10.4 -17% Order intake <€5 m 4.1 4.2 -3% Order intake <€50 m 1.2 1.0 +21% Order intake >€50 m 3.3 5.2 -36% VINCI Construction 32.1 33.7 -5% Order intake <€5 m 18.2 18.6 -2% Order intake <€50 m 7.9 7.1 +12% Order intake >€50 m 5.9 8.1 -27% Group total 63.0 66.3 -5% Order intake <€5 m 41.0 40.6 +1% Order intake <€50 m 12.4 11.0 +13% Order intake >€50 m 9.7 14.7 -34%
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Germany Spain USA Canada Portugal Rest of the world France 30.8 74.6 7.4 6.5 3.8 3.4 2.0 1.9 1.8 1.5 1.4 1.2 1.1 11.8 Switzerland Australia Netherlands Czech Republic Brazil UK Total Top 12 countries 84% of revenue Top 5 countries 70% of revenue VINCI core countries +10% +17% - 1%* +4% +2% +4% +2.0% Organic +1.7% Scope +0.2% +5.8% Organic +3.3% Scope +4.1% FX - 1.6% France Outside France 59% of VINCI total revenue 56% of VINCI net income 41% of VINCI total revenue 44% of VINCI net income Δ FY 2025/FY 2024 48 9M 2026 TRADING UPDATE * Decrease due to high comps with the completion of EPC projects (mainly PV plants) realized by Cobra IS in Spain. Excluding this effect, revenue of the Group in Spain is up 5% vs FY 24
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9M 2026 TRADING UPDATE 49 A growing international presence 2015 Revenue 2015 revenue geographic breakdown 2025 revenue geographic breakdown INCREASED INTERNATIONAL EXPOSURE €43.8 bn €16.1 bn CAGR 2015/2025 +10.5% 2025 Revenue France Western Europe (ex. France) Central and Eastern Europe Africa Asia/Middle East/Oceania Americas 41% 34% 4% 2% 5% 13% €74.6 bn 58% 21% 5% 4% 6% 6% €38.5 bn International France €22.4 bn +3.2% €30.8 bn
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9M 2026 TRADING UPDATE 50 Energy Solutions, VINCI Airports and other concessions generate year after year more Ebitda than VINCI Autoroutes VINCI Autoroutes VINCI Airports, VINCI Highways & other concessions Energy Solutions Construction Holdings and misc. * 2006 pro forma Ebitda figures as published in the presentation of the 2006 full year results, i.e. including the contribution of ASF/ Escota (took over on 10 March 2006) over the full year + €9.5 bn + €2.4 bn + €3.3 bn + €2.6 bn + €1.1 bn + €0.1 bn €2.4 bn / 59% €0.1 bn / 2% €0.2 bn / 6% €1.1 bn / 28% €0.2 bn / 6% 2006 PF - VA 206 PF - Autres €4.8 bn / 35% €3.4 bn / 25% €2.8 bn / 21% €2.2 bn / 16% €0.3 bn / 3% 2025 - VA 2025 - Autres ** Of which VINCI Airports: €3.0 bn / 23% ** Group Ebitda breakdown in 2006 * Group Ebitda breakdown in 2025 in details €4.0 bn €13.5 bn +29% +22% excl. TEITLD 1 (1) excluding the tax on long - distance transport infrastructure in France
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9M 2026 TRADING UPDATE 51 Capital allocation strategy execution Wrap - up of the last 3 years (2023 - 2025) CASH - FLOW FROM OPERATIONS* CAPEX (11.4)* M&A (9.8) Shareholder remuneration (11.7) (In € billions) Of which Main acquisitions * After repayment of lease debt and associated financial expenses ** Share - backs net of capital increases and other operations on capital *** Equity IRR targeted Mobility infrastructure concessions (7.3) Energy Solutions (1.2) Construction (1.0) • R+S Group (Germany) • Wärtsilä SAM (Germany) • Zimmer & Hälbig (Germany) • Fernao (Switzerland, Germany) • Kontron (Germany and other European countries) • RH Marine (Netherlands) • EnergoBit (Romania) • EnR portfolio of Zero.e , low double - digit IRR*** • Electricity transmission lines PPP , low double - digit IRR*** AIRPORTS • Edinburgh (UK) , low double - digit IRR*** HIGHWAYS • Denver Northwest Parkway (USA) , high single digit IRR*** • Brazilian motorways ( Entrevias , Via Cristais ) , mid - teens IRR*** • Newport Construction (USA) • Hub Foundation (USA) • FM Conway (UK) • Northern Group (Canada) • Peters Bros (Canada) Dividends (9.4) Share buy - backs** (2.3) Mobility infra concessions (3.9) Energy assets (2.7)
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9M 2026 TRADING UPDATE 52 Steady ROCE and ROE 6.7% 9.2% 11.3% 11.4% 10.7% 12.4% 18.6% 18.1% 17.3% 16.4% 2021 2022 2023 2024 2025 ROCE ROE Return on capital employed (ROCE) is operating income after tax excluding non - recurring items (NOPAT), divided by the average capital employed between the opening and closing balance sheet positions for the financial year in question Return on equity (ROE) is net income for the current period attributable to owners of the parent, divided by equity excluding non controlling interests at the previous year end 11.6% 17.9% 2025 2025 excl. the increase in corporate tax in France
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9M 2026 TRADING UPDATE 53 EU Taxonomy – 2025 performance overview 48% of eligible revenue Most contributing sectors to the eligibility and alignment of VINCI’s activities in 2025: • Transmission and distribution of electricity • Infrastructure for rail transport • Activities related to the energy performance of buildings • Construction and renovation of buildings • Electricity generation from wind power and solar PV 26% of aligned revenue 64% of eligible Capex 33% of aligned Capex
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9M 2026 TRADING UPDATE 54 2025: VINCI delivers improved performance across its climate, resources and natural environments pillars Optimise resources thanks to circular economy Preserve natural environments Act for the climate 2030 AMBITION 2030 AMBITION 2025 PERFORMANCE 2025 PERFORMANCE Recycled materials produced by VINCI Construction Reclaimed asphalt mix from VINCI Autoroutes reused on its own worksites 16 mt 20mt 47% 45% 23% 100% 71% 80% "Zero waste to landfill" from VINCI Airports Reclaimed inert waste at VINCI Energies 2030 AMBITION 2025 PERFORMANCE Performance 2025 Target 2030 Zero phytosanitary products used on Concessions’ sites Land take for VINCI Immobilier’s operations in France 81 86 16% 0% 69% Share of turnover certified ISO 14001 46% % renewable energy consumption - 40% decrease scope1 &2 GHG emissions vs. 2018 - 26% 40% 20% 32% 90% - 20% decrease scope 3 GHG emissions vs. 2019 90% low carbon concrete used by VINCI Construction - 4%
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2025* 2024 CDP Climate A A - CDP Water Security B B CDP Forest B C 9M 2026 TRADING UPDATE 55 VINCI’s ESG ratings *Note: • A score: demonstration of environmental leadership and science - based climate action across all operations and the value chain • B score: robust environmental management 6 airports achieved Net Zero emissions for Scopes 1 and 2 A 25.4 – Medium risk B - 51
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4,000 VINCI’s social performance in 2025 56 long - term unemployed people supported in 2025 on integration programmes 6,500 high - school students welcomed on the orientation section of Give Me Five programme €7 m of funding provided to non - profits by the Group’s foundations ( €77 m since 2002) 76% of companies without lost - time occupational accidents 0.42 workplace accident severity rate 5.70 lost - time workplace accident frequency rate 3,500,000 training hours in health and safety 24.3% female managers in 2025 (vs 18.5% in 2016) 25.5% of women sitting on the management committees of Group companies in 2025 (vs 8.6% in 2018) Objectives Increase to 30% by 2030 the proportion of women on management committees and in managerial positions 7,053,383 hours of training provided in 2025 92.6% permanent job contracts 10,386 young people under 25 years old recruited €589 m paid by the group to employee share ownership, incentive, profit - sharing and collective retirement plans in France Aiming for all - round performance and sharing the benefits of our performance with our stakeholders More than 87% of all employees can subscribe to an employee share ownership programme 84,785 people recruited worldwide 9M 2026 TRADING UPDATE
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Business line profiles
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Concessions
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59 9M 2026 TRADING UPDATE Concessions profile 2025 revenue by geographical area Revenue and Ebitda margin over the last 5 years 7.0 9.2 10.9 11.7 12.2 66.4% 67.7% 68.3% 66.7% 66.9% 2021 2022 2023 2024 2025 Revenue ( €bn) Ebitda margin 58% 11% 15% 11% 5% €12.2 bn Portugal Americas RoW France UK
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60 9M 2026 TRADING UPDATE Concessions capex forecasts* * Forecast as of 31 December 2025 and including fully consolidated assets only VINCI Autoroutes 0 200 400 600 800 1,000 1,200 1,400 1,600 1,800 2,000 2026e 2027e 2028e UK (Gatwick + Edinburgh + Belfast Int’l) Brazil Portugal (ANA) Mexico (OMA) France Dom. Rep. ( Aerodom ) Rest of world & misc. VINCI Airports Data in € millions
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USA 4 México 13 CostaRica 1 Dominican Republic 6 Chile 1 Brazil 8 Portugal 10 France 11 United Kingdom 3 Hungary 1 Serbia 1 Cabo Verde 7 Cambodia 2 Japan 3 61 9M 2026 TRADING UPDATE The most geographically diversified airport operator countries 14 * Platforms in +70 * VINCI Airports The world’s largest private airports operator * As of 31 December 2025
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9M 2026 TRADING UPDATE 62 VINCI Airports P&L (in € millions) FY 2025 FY 2024 Δ 2025/2024 Δ ( €m) Revenue 4,796 4,526 +6.0% +270 o/w Aero 3,259 3,108 +4.8% +151 o/w Non - Aero 1,537 1,417 +8.4% +120 Ebitda 3,042 2,883 +5.5% +159 % of revenue 63.4% 63.7% Operating income from ordinary activities (Ebit) 2,459 2,334 +5.4% +126 % of revenue 51.3% 51.6% Profit/loss of equity - accounted cos. 132 80 Minority interests - 346 - 372 Net income attributable to owners of the parent 1,140 947 +20% +193
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9M 2026 TRADING UPDATE 63 VINCI Airports: main 2025 financial KPI by asset 2025 (in € millions) Revenue o/w Aero o/w Non - Aero Ebitda Ebitda margin Capex Net Debt Net Debt / Ebitda UK 1,823 1,037 786 1,086 60% (330) (7,121) 6.6 of which London Gatwick 1,321 775 546 785 59% (226) (5,303) 6.8 of which Edinburgh 419 235 184 268 64% (92) (1,751) 6.5 of which Belfast International 83 26 57 33 40% (12) (67) 2.0 Portugal (ANA)* 1,402 1,036 366 951 68% (152) (312) 0.3 Mexico 633 502 131 458 72% (107) (489) 1.1 France 262 144 118 86 33% (20) (46) 0.5 of which Lyon 206 99 107 74 36% (17) (31) 0.4 Dominican Republic ( Aerodom ) 221 171 50 177 80% (59) (597) 3.4 Cambodia 127 111 16 86 68% (8) 323 Serbia 158 117 41 97 61% (28) (579) 6.0 Brazil 114 95 19 49 43% (20) (230) 4.7 of which Salvador Bahia 51 39 12 28 54% (8) (43) 1.5 USA 4 4 - 1 28 Cabo Verde 49 42 6 25 52% (39) (85) 3.3 Miscellaneous and holdings 3 3 25 125 (1,434) Total fully consolidated subsidiaries 4,796 3,259 1,537 3,042 63% (637) (10,542) 3.5 Main equity accounted assets** Revenue o/w Aero o/w Non - Aero Ebitda Ebitda margin Capex Net Debt Net Debt / Ebitda Contribution to VINCI net income Japan (40%) 1,621 678 943 703 43% (182) (332) 0.5 112 Hungary (20%) 773 645 128 328 42% (44) (1,232) 3.8 32 * Including Portway ** Figures at 100% (except net income as mentioned) An excel file with VINCI Airports data is available on VINCI website: vinci - concessions - toolbox - fy - 2025
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VINCI Airports network (1/2) 9M 2026 TRADING UPDATE 64 ** DSP (outsourced public service) *** The termination of the concession for reasons of general interest was decreed on 24 October 2019. The termination is intended to take effect at the latest on the signature date of the new concession contract. The asset is equity - accounted since July 2024 As of 31 st December 2025 Country Name Description mpax in 2025 End of concession VINCI share Traffic risk Consolidation UK London Gatwick Freehold 42.8 - 50.01% Yes Full consolidation Edinburgh Airport Freehold 17.0 - 50.01% Yes Full consolidation Belfast International Freehold 6.7 2993 100% Yes Full consolidation Portugal ANA (10 airports in Lisbon, Porto, Faro, Madeira, Azores islands) Concession 72.5 2062 100% Yes Full consolidation Of which Lisbon airport 36.1 Japan Kansai airports (Kansai International, Osaka Itami, Kobe) Concession 54.3 2060 40% Yes Equity method Of which Kansai International 34.1 Chile Santiago Concession 26.5 2038 40% Yes Equity method Mexico OMA (13 airports) Of which Monterrey international Concession 28.9 15.8 2048 29.99% Yes Full consolidation France Lyon airports (Lyon - Bron, Lyon - Saint Exupéry) Concession 10.7 2047 30.6% Yes Full consolidation Chambéry , Clermont - Ferrand, Grenoble* DSP ** 0.7 2026 to 2030 100% Yes Full consolidation Bretagne Rennes & Dinard DSP ** 0.5 2026 49% Yes Equity method Aéroports du Grand Ouest (Nantes Atlantique, Saint - Nazaire) Concession 7.2 *** 85% Yes Equity method Toulon - Hyères Concession 0.2 2040 100% Yes Full consolidation Annecy Mont - Blanc Concession n.a. 2036 100% Yes Full consolidation * End of Grenoble DSP contract in July 2026
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VINCI Airports network (2/2) 9M 2026 TRADING UPDATE 65 As of 31 st December 2025 Country Name Description mpax in 2025 End of concession VINCI share Traffic risk Consolidation Cambodia Sihanoukville Concession 5.5 2040 70% Yes Full consolidation Techo International (Phnom Penh) Management contract No Full consolidation USA 4 airports: Hollywood Burbank Airport (California), Atlantic City (New Jersey), Macon Downtown Airport and Middle Georgia Airport (Georgia) Management contracts 7.2 n.a 100% No Full consolidation Brazil Salvador Bahia Concession 8.1 2047 100% Yes Full consolidation 7 airports in the North Region: Manaus, Porto Velho, Rio Branco, Boa Vista, Cruzeiro do Sul, Tabatinga and Tefé Concession 5.1 2051 100% Yes Full consolidation Serbia Belgrade Concession 8.9 2045 100% Yes Full consolidation Dominican Republic Aerodom (6 airports of which Santo Domingo airport) Concession 6.3 2060 100% Yes Full consolidation Costa Rica Guanacaste Concession 2.0 2030 44.7% Yes Equity method Cabo Verde The 7 airports of the Cabo Verde archipelago Concession 3.5 2063 100% Yes Full consolidation Hungary Budapest Concession 19.6 2080 20% Yes Equity method
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66 9M 2026 TRADING UPDATE countries 14 * km in ~8,200 * VINCI The world leading motorway operator * As of 31 December 2025 ** urban street networks USA ~15 km Canada ~250 km Portugal ~30 km Peru ~25 km Colombia ~140 km Brazil ~1,200 km France ~4,450 km Ireland Toll operator UK ~1,260 km** Germany ~230 km Czech Republic ~50 km Slovakia ~50 km Greece ~510 km India Toll operator
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VINCI Autoroutes France’s leading toll road concession operator 67 9M 2026 TRADING UPDATE ASF ESCOTA Cofiroute A19 - Arcour A355: Arcos: Western Strasbourg bypass (1) Toll tunnel connecting Rueil - Malmaison to Versailles and Vélizy 4,443 km approx. 50% >35% under concession of conceded French toll roads of total motorway network in France Apr. 2036 Feb. 2032 Jun. 2034 Dec. 2086 Dec. 2070 Jan. 2070 2,737 km 471 km 1,100 km 11 km 101 km 24 km End of concession Network size (1) Intercity network
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68 9M 2026 TRADING UPDATE VINCI Autoroutes Contractually CPI - linked tariffs Contractual framework of toll increases (LVs) ASF Escota Cofiroute Intercity Network 2026 * 0.62% 0.62% 1.21% 2027 - 2030 70% x i 70% x i 83% x i + 0.173% After 2030 70% x i 70% x i 83% x i i = Consumer price index excl. tobacco products at end October Y - 1 * Applied on 1 February 2026
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VINCI Highways: main 2025 financial KPI by asset 9M 2026 TRADING UPDATE 69 2025 (in € millions) Revenue Ebitda Ebitda margin Capex Net Debt Net debt / Ebitda Traffic - risk concessions Lima Expresa (Peru) 140 93 66% (5) (517) 5.6 Rion - Antirion bridge (Greece) 58 48 83% (1) (15) 0.3 Via Sumapaz (Colombia) 32 1 4% 89 (744) Entrevias (Brazil)* 25 19 76% (28) (524) Via Cristais (Brazil)** 68 25 36% (53) 14 Denver Northwest Parkway (USA) 38 24 64% (1) (252) 10.5 Confederation bridge (Canada) 42 29 69% (0) (33) 1.2 Mobility Solutions (ETC) 120 25 21% (5) (7) Operations & Maintenance (O&M) services 20 8 39% (2) 9 Holdings 10 (245) Total fully consolidated subsidiaries 543 282 52% (7) (2,315) 8.2 Entrevias (Brazil)* - FY figures 125 89 71% (140) (524) 5.9 * Entrevias has been fully consolidated since October 2025 (previously equity - accounted) ** VINCI Highways took over the operation of Via Cristais (BR - 040) in March 2025 An excel file with VINCI Highways data is available on VINCI website: vinci - concessions - toolbox - fy - 2025
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VINCI Highways (1/2) 9M 2026 TRADING UPDATE 70 Country Type Name Description End of concession VINCI share Traffic risk Consolidation Road Infrastructure Germany Motorway A7 Bockenem - Göttingen 60 km 2047 50% no Equity method Motorway A4 Horselberg 45 km 2037 50% yes Equity method Motorway A9 Thuringia/Bavarian border 47 km 2031 50% no Equity method Motorway A5 Malsch – Offenburg 60 km 2039 53.6% yes Equity method Motorway B247 Mühlhausen - Bad Langensalza 22 km 2051 50% no Equity method UK Public highway network Hounslow PFI 432 km roads; 762 km sidewalks 2037 50% no Equity method Public highway network Isle of Wight PFI 821 km roads; 767 km sidewalks 2038 50% no Equity method Bypass Newport Southern crossing 9 km 2042 50% no Equity method Slovakia Motorway Expressway R1 52 km 2041 50% no Equity method Czech Republic Motorway D4 Via Salis 49 km 2049 50% no Equity method Greece Motorway Olympia Odos (Athens - Pyrgos ) 277 km 2038/2044 36% yes Equity method Motorway Aegean Motorway (Maliakos – Kleidi) 230 km 2038 15.3% yes Equity method Canada Motorway Regina bypass 61 km 2049 37.5% no Equity method Motorway Fredericton - Moncton expressway 195 km 2028 25% yes Equity method USA Ring road Denver Northwest Parkway 14 km 2106 100% yes Full consolidation Peru Ring road Lima Expresa 25 km 2049 100% yes Full consolidation Brazil Motorway Entrevias * 570 km 2047 55% yes Full consolidation Motorway Via Cristais (BR - 040)** 594 km 2055 100% yes Full consolidation Colombia Motorway V i a Sumapaz (Bogotá - Girardot) 141 km 2046 75% yes Full consolidation As of 31 st December 2025 Concession or PPP infrastructure under construction ** Takeover of operations in March 2025 * Entrevias has been full y integrated since October 2025 (previously equity - accounted)
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9M 2026 TRADING UPDATE 71 VINCI Highways (2/2) As of 31 st December 2025 Country Type Name Description End of concession VINCI share Traffic risk Consolidation Bridges & Tunnels France Tunnel Prado Carénage 2.5 km road tunnel, Marseille 2033 34.2% yes Equity method Tunnel Prado Sud 1.5 km road tunnel, Marseille 2055 58.5% yes Equity method Canada Bridge Confederation bridge Prince Edward Island - mainland 2032 85% yes Full consolidation Greece Bridge Rion – Antirion 2.9 km mainland – Peloponnese link 2039 72.3% yes Full consolidation Portugal Bridge Lusoponte Vasco de Gama - Lusoponte 2030 49.5% yes Equity method USA Bridge & Tunnel Ohio River Bridge Bridge (762 mtrs ) and tunnel (512 mtrs ), Louisville, KY 2051 33.3% no Equity method ETC (electronic toll collection) contracts USA ETC contract ViaPlus USA ETC services in the USA 2026 to 2035 100% n.a. Full consolidation India ETC contract ViaPlus India ETC services in India 2027 to 2032 100% n.a. Full consolidation Ireland ETC contract Turas ETC services for Dublin ring - road (M50) 2031 60% n.a. Full consolidation
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Other concessions 9M 2026 TRADING UPDATE 72 VINCI Railways Country Type Name Description End of concession VINCI share Traffic risk Consolidation France Rail SEA High - Speed - Rail 302 km of high - speed rail line between Tours and Bordeaux 2061 42% yes Equity method Other concessions Country Type Name Description End of concession VINCI share Traffic risk Consolidation France Building Park Azur Car rental centre, Nice Airport 2040 100% no Full consolidation Energy Lucitea Public lighting, Rouen 2027 100% no Full consolidation eliso Electric vehicle charging stations in Germany 2035 100% no Full consolidation Bus TCSP Martinique Operation and maintenance of bus route and vehicles 2035 100% no Full consolidation Hydraulic Bameo Operation & maintenance of 31 dams on the Aisne and Meuse rivers 2043 50% no Equity method As of 31 st December 2025 VINCI Stadium Country Type Name Description End of concession VINCI share Traffic risk Consolidation France Stadium Marie - Marvingt 25,000 seats, Le Mans 2044 100% yes Full consolidation Stadium Allianz Riviera 36,000 seats, Nice 2041 50% yes Equity method
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Energy Solutions
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74 9M 2026 TRADING UPDATE Energy Solutions profile 2025 revenue by geographical area Revenue and Ebit margin over the last 4 years 22.3 25.8 27.5 29.6 7.0% 7.1% 7.4% 7.6% 2022 2023 2024 2025 Revenue ( €bn) Ebit margin 29% 17% 34% 8% 4% 8% €29.6 bn Germany Latin America North America France Rest of Europe RoW
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VINCI Energies Making energy transition and digital transformation a reality 40% 18% 5% 25% 5% 4% 4% €21.6 bn 2025 revenue by geographical area Germany Scandinavia Rest of Europe France Americas Africa RoW Est. Revenue split Public Non public France 8% 31% International 9% 52% Total 17% 83% Revenue and Ebit margin over the past 5 years ~2,200 Business units 15.1 16.7 19.3 20.4 21.6 6.5% 6.8% 7.0% 7.2% 7.4% 2021 2022 2023 2024 2025 Revenue ( €bn) Ebit margin €70 k Average contract size 9M 2026 TRADING UPDATE
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9M 2026 TRADING UPDATE 76 Electrical systems Heating, ventilation, air conditioning Fire safety Video surveillance and access control Maintenance and services Transport infrastructure : technical equipment and management systems Energy infrastructure: electromechanical equipment of power plants, substation, transportation and distribution networks Renewable energies and storage Public lighting Electric mobility Telecommunication and enterprise networks Data storage (cloud infrastructure and data centres) Business networks Digital Workspace Data analysis and business applications Cybersecurity ICT (Information Communication Technology) Infrastructure (energies and transport) Building Solutions 31% Process control and automation Electrical and instrumentation Mechanical and piping Process utilities Robotics Industry 23% 28% 18% = % of the division’s 2025 revenue XX% VINCI Energies Making energy transition and digital transformation a reality
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VINCI Energies: revenue details by business line 9M 2026 TRADING UPDATE 77 ICT Infrastructure Building Solutions Industry Power €0.8 bn Transmission €1.3 bn Substation €1.2 bn Territories €0.6 bn Distribution €2.1 bn Energy infrastructure €6.0 bn Transport infrastructure €0.8 bn Technical equipment & management system €6.8 bn +6% €4.9 bn +8% €6.1 bn +8% €3.8 bn +1% €X.X bn = revenue in 2025 +XX% = 2025/2024 revenue change Electrical engineering €2.1 bn Mechanical, thermal and fluids €1.5 bn Process control and automation €1.3 bn Electrical engineering €2.0 bn Services & Maintenance €1.6 bn HVAC €1.4 bn Fire protection €0.8 bn Smart Building €0.2 bn Interior fittings €0.1 bn Telecom infrastructure €1.5 bn Cloud & Data Center infrastructure €0.6 bn Enterprise networks €0.6 bn Business Apps, Data analytics €0.4 bn Cybersecurity €0.4 bn Digital workspace €0.3 bn
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Cobra IS A leading company in applied industrial engineering and specialised services and a global player in the energy sector 39% 26% 16% 3% 3% 4% 9% 2025 revenue by geographical area Latin America Germany Portugal Spain North America Middle East RoW 3.9 GW under construction or ready to build 5.5 6.5 7.1 8.0 7.4% 7.5% 7.8% 8.0% 2022 2023 2024 2025 Revenue ( €bn) Ebit margin 1.2 GW in production 535 Business units €285 m Average contract size in EPC projects Est. Revenue split Public Non public Spain 18% 21% International 11% 50% Total 25% 75% €8.0 bn Revenue and Ebit margin over the past 4 years Portfolio of Zero.e : renewable energy assets production at the end of 2025 9M 2026 TRADING UPDATE 78
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9M 2026 TRADING UPDATE 79 Cobra IS A leading company in applied industrial engineering and specialised services and a global player in the energy sector Design, engineering, supply and construction of projects related to the energy sector (HVDC converters, power transmission lines, renewable and conventional power plants, water infrastructure) Design, engineering, supply and construction of electricity distribution lines and all type of gas, water and communication infrastructure and services Management and maintenance of public lighting Integration and supply of traffic control/tunnelling systems Management of all urban and interurban intelligent transport systems and smart city projects Control systems Networks Integrated projects Construction, installation and maintenance of high - voltage electrical networks, air conditioning installations, mechanical and naval assembly, railway installations Integrated maintenance of all types of infrastructure, industry and building Facilities 14% 26% 45% 16% = % of the division’s 2025 revenue XX% Flow business EPC Projects
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Construction
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81 9M 2026 TRADING UPDATE VINCI Construction France’s leading construction company and a major global player 44% 16% 7% 8% 15% 5% 3% 2% €32.1 bn RoW UK Central & Eastern Europe France Rest of Europe Americas Oceania Africa Est. Revenue split Public Non public France 24% 20% International 32% 24% Total 56% 44% 26.3 29.3 31.5 31.8 32.1 3.7% 3.8% 4.0% 4.1% 4.2% 2021 2022 2023 2024 2025 Revenue ( €bn) Ebit margin ~1,300 Business Units 2025 revenue by geographical area Revenue and Ebit margin over the past 5 years €450 k Average contract size
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9M 2026 TRADING UPDATE 82 VINCI Construction France’s leading construction company and a major global player Roadworks Maintenance and management of roads and motorways Asphalt industries : 380 asphalt production plants and 40 binder manufacturing plants Aggregates : 360 quarries (3.1 bn tonnes of reserves) & 230 recycling sites producing 82 m tonnes of aggregates per year (Group share), o/w 16 m recycled Non - residential / Residential Refurbishment / New build Rail works Earthworks Water infrastructure Networks Building Roads Civil engineering Geotechnical engineering Structural engineering Nuclear civil works Civil works 28% 45% 9% = % of the division’s 2025 revenue XX% 17%
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54% 14% 20% 12% 4,177 83 9M 2026 TRADING UPDATE VINCI Immobilier 2025 reservations by destination Revenue – non residential ( €bn) Revenue – residential ( €bn) Revenue over the past 5 years 1.6 1.5 1.2 1.1 1.1 2021 2022 2023 2024 2025 Social, Institutional Managed residences Private owners Buy to let private investors €1.3 bn 2025 managed revenue* Presence in 26 cities in France (+ in Monaco and Poland) * Including VINCI Immobilier’s share in joint developments73% 11% 8% 9% 1,105 2025 revenue by sector Services Residential Offices Hotels
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9M 2026 TRADING UPDATE 84 Notes
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9M 2026 TRADING UPDATE 85 Notes
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Team 17 November 2026 VINCI Autoroutes and VINCI Airports traffic in October 2026 Agenda 10 February 2027 VINCI Autoroutes and VINCI Airports traffic in November 2026 17 December 2026 VINCI FY 2026 results publication after market close Grégoire THIBAULT Head of investor relations & financial communication gregoire.thibault@vinci.com Marie RICHARD Deputy head of investor relations marie.richard@vinci.com Antoine BASTIEN Investor relations officer antoine.bastien@vinci.com Céline LOUVET Investor relations assistant / roadshow coordinator celine.louvet@vinci.com 9M 2026 TRADING UPDATE 86