Vinci Sa Act

Ladies and gentlemen, good morning. Thanks for joining us for the presentation of Vinci's full year results. You'll see, you'll have noticed that our performance is once again outstanding. Today I'm joined by Christian Labéry, CFO, Deputy Director. Chief Executive, other members of the Executive Committee, several changes of late, the appointment of Thierry Merville as Deputy CFO who will follow on from Christian during the course of the year. We're also with the investor relations team whom you know well and will be available to answer your questions. So, first of all, on this first photograph, We're heading for the Bay of Biscay, where Vinci Energy, Cobra, and Vinci Construction are working together on the new electricity interconnection project between France and Spain, the Inelfe project, set to be completed by 2028. It's the largest DC interconnect line between France and Spain. 400 Ks submarine cable with two conversion plants. It's a fine example in Europe and elsewhere of future exponential investments in power grids. Electrical infrastructure, we first of all think of production infrastructure, nuclear power as well as renewable power, and equally essential infrastructures, which are the power plants. transmission and distribution grids that require as much investment, if not more. And these electrical infrastructure projects are key components of the energy transition, but to a growing extent of energy security and sovereignty. A powerful driver, possibly the most powerful driver for Vinci's business developments. Thank you. Other photographs now in the Killing Sessions business on the left, London Gatwick Airport managed by Vinci Airports, a major milestone reached last autumn was the final approval by the UK government of the transformation plan of the northern runway to allow for dual use with the main runway. This will increase the airport's capacity by 20 million passengers. at the turn of the decade, increasing it to 80 million. Through this decision, the British, always pragmatic, are implementing the key role of air traffic in the country's economic development, as well as its capital. On the right, in Brazil, Entrevias Highway, 600 kilometers crossing the state of Paola. We own 55% of Entrevias now. Fully consolidated in early March 2025, we resumed operations on the highway of BR 040, 600 kilometers long on the Belo Horizonte, Brazil route, managing over 1,200 kms of highway. It's our largest highway network outside France and Brazil, to give you an order of magnitude. 1,200 kilometers, slightly longer than the network that we manage in France. Energy solutions now on the left, a fine shot of the yard. from the North Sea in Germany of the offshore wind plant . The second such platform installed successfully by Cobra. It's a feat of engineering, not always easy to implement. Cobra teaming up with Siemens Energy constitute an unparalleled tandem in the world. Cobra has eight other contracts in its order book for a cumulative capacity of 14 gigawatts, gives us visibility on the activity and profitability through to the next decade. These offshore companies converter platforms are strategic also for Germany's energy transition and sovereignty and more broadly that of Europe as was reminded recently last week in Hamburg. The joint declaration of ten European countries that want to make the North Sea the largest hub of offshore wind targeting 300 gigawatts by 2050 back to Germany, the second largest Vinci market internationally, and will become a leading international market this year through acquisitions by Vinci Energy in that country. growth opportunities in infrastructure. Vinci Energy isn't just expanding in Germany. On the right, EnergoBit, that's a company acquired by Vinci Energy at the end of last year in Romania. This acquisition fits fully with our plan to strengthen our leadership in electrical infrastructure. For construction on the left, this is Auckland, the city rail link, the first underground rail link of the economic capital of the country. Work began in 2019. This design-build project will be delivered in 2026 by Vinci Construction. It's a powerful lever for social integration and also sustainable development as the rail link infrastructure for Auckland staying in New Zealand let me remind you that Vinci Construction announced a fortnight ago that it signed an agreement with a view to acquiring Fletcher Construction with an annual revenue of over 600 million next to head construction. This acquisition will allow Vinci Construction to strengthen its position on the very dynamic infrastructure market in New Zealand and to increase the group's annual revenue to about 1.5 billion euros in that country. We can say that as rugby fans, We've always converted our tries in that country, both in Vinci Energy and Vinci Construction, and we hope that will continue for the current highway PPP project being looked at by the teams of Vinci Concessions and Vinci Construction. Right back to France, heading for Nantes. Shown here is the construction of the new University Hospital Centre by Vinci Construction and Vinci Energy. worksite is the largest hospital construction project in Europe. Vinci Construction is deploying ultra-low carbon concrete and this worksite illustrates one of the many hospital worksites currently being executed by the group. There are some dozen such projects at Vinci Construction, France, Monaco, another ten in the UK, and six in Poland. Vinci Energy, many technical work packages in hospitals, and not forgetting all the contracts in the healthcare sector for the pharma industry. So both these projects are fine illustrations of vital infrastructure with megatrends, the environmental transition with rail or health generating countless opportunities for Vinci construction worldwide. And I'll return to that in greater detail when I discuss the group's exposure to major megatrends. Moving to the results proper, the takeaway of 2025 for Vinci, as I said, outstanding performance, outstanding performance in line with previous years, outstanding performance in spite of the macroeconomic and global geopolitical context that you know of. The highlights, next slide, revenue growth, driven by concessions and energy solutions, revenue growth with an increase in EBITDA and operating income across all our businesses. That's what counts for us, more than volume growth. What counts for us is profitable growth. Net income is up and that in spite of very significant increase in taxation in France in 2025. Free cash flow reaches another all-time high at 7 billion euros. We'll return to that in due course. For 2026, we're banking on a further increase of activity and the group's results. And lastly, the board proposed a dividend in respect of FY2025 of 5 euros per share. That's an increase in excess of 5% over 2024. This outstanding performance indicates that the group's decentralized and multi-local organization of the group has demonstrated its relevance once again. It reflects the group's culture, unique culture, more about that later. On this slide, the main financial indicators, Christian will return to that in detail, a constant taxation, net income group share would have grown 10% at 5.5%. 4 billion and free cash flow would have reached 7.4 billion euros. On this slide you see that our share of revenue international outside France is close to 60%. That proportion increases year after year. It's not that revenue in France is declining on the concrete activity in the country has grown 2%. It's international that's growing faster. You see also that Five countries accounted for total revenue, France, UK, Germany, of course, which tomorrow, as I said, will be our leading international market, as well as Spain and the United States. You would have noted that our net income is achieved over 50% outside France. This internationalization strategy, we've been rolling it out consistently for some 15 years now, and we'll continue. to do so. Some key figures by business in concessions revenue growth is 5% plus 4% like for like EBITDA margin comes in at 66.9 up 10 basis points over 2024 driven by solid tariff increases both in airports as well as highways, both in France and internationally, driven by the successful integration of our recent developments. Well done to our teams led by Nicolas. Concessions accounted 60% of the group's EBITDA this year. In greater detail, for Vinci airports, the momentum is sustained. Vinci airport passenger traffic continued to grow across almost all 14 countries of the network. That's down to several factors, the increased capacity of low-cost carriers, the development of long-haul routes in several airports, and more generally, stemming from customer demand that remains robust. Even if the post-COVID rebound is dwindling, the demand for mobility is a vital need. In total, 334 million passengers used our airports, an increase of 5% over last year. In particular, remarkable progress achieved in Japan, notably a consequence of the Universal Fair in Osaka last year, and recently acquired airports, Budapest, Edinburgh, the OMA airports in Mexico, Cape Verde, all this demonstrates the discipline with which M&A is undertaken. Our serious analysis, as well as the momentum that we can impart to the new airports. This dynamism of passenger traffic in Vinci airports is due to our own capacity, thanks to the network effect, our unique network of airports to offer new routes, offer new routes to airlines. 420-25, and I can't resist the pleasure of just an invitation to travel, to mention a few, Porto, Montreal, Gatwick, Bangkok, Edinburgh, Boston, Budapest, Nantes, and from Mexico, Monterey, Paris. Once again, we have collectively demonstrated that this portfolio of unique airport assets achieved many operational, technical, and commercial successes throughout 2025. Autoroutes highways in France, Vinci Autoroutes traffic posted a growth of close on one percent, Vinci highways EBITDA continues to grow whilst remain penalized by the tax on transportation infrastructure since 2024, we continue to challenge that before the courts, But we've renewed constructive and calmer engagement with the state, as illustrated by the Escota Works program, to ensure the good maintenance of the structure between now and the end of the concession contract in 2032. That program was approved by the government early 2025. We just signed a new planning contract for Cofield. More about that later. For Vinci Highways in Denver, United States we're doing what we said we wouldn't faster than expected a year ahead of time we put in place the toll modulation system with tariffs vary depending on the time of day that has a positive upside on revenues in Brazil we reviewed resumed operations of the VR Christos and and we now fully consolidate the Entriviaz accounts. In our group accounts, as you know, we are the leading private airport manager worldwide, and henceforth we're the leading private highway manager in the world with 8,200 kilometers of network gives us great pride and it's a fine responsibility. Energy solutions remaining very dynamic revenue of energy solutions at Vinci. Okay, let's round it off. Let's say 30 billion euros. That's an increase of some 8% of actual structure. Plus 6% like for like. Strong momentum in Q4. This revenue is driven by international business that represents over 60% of the revenue. This growth is accompanied by further progress in margins over 2020. basis points at 7.6 percent positions as once again and without challenge one of the most efficient players of the industry globally well done to vinci energy and cobra energy solutions represent almost a quarter of our EBIT. This year confirms the excellent positioning of energy solutions, very dynamic markets driven by the energy transition. digital transformation as well as by defence and sovereignty issues. In greater detail you can see top right that the four areas of activity of Vinci Energy that represent a non-parallel range of expertise are all posting revenue growth. You can see that Vinci Energy continues its In terms of external growth, with about 30 a year, that's one acquisition every fortnight. Internationally, Vinci Energy revenue is up 8%, notably in Germany, the leading market, the Netherlands, and also in Belgium and in France. Growth comes in at 3.4%. That's way above GDP growth.

Turning to COBRA, flow business activities remain well-oriented, particularly in key markets, such as Spain, Portugal, and Brazil. Overall, this segment grew by nearly 5%. In large APC projects, which happens to be COBRA's area of excellence, the strong increase in activity, plus 24%, was driven by the construction in Germany of offshore electrical converter platforms for the North Sea. And also in Germany, the development of an LNG, regasification terminal. In Brazil, high-voltage power transmission lines. And, of course, we talked about that very much in July, the launch of the major PPP project in Australia. These are all strategic projects that contribute to the energy sovereignty of the regions concerned. In the construction business, revenue increased slightly. As you know, selectivity is our guiding principle in this business. And the lower revenue observed on a like-for-like basis is evidence that this selectivity policy is effectively being implemented. However, our teams successfully improved profitability by nearly 30 basis points compared with last year. So once again, excellent work from the Vinci Construction and Vinci Immobilier teams. At Vinci Construction, revenue increased by 1.1% to 32.1 billion euros despite a significantly negative forex impact, minus 1.5%. Market conditions vary across regions and business segments. Activity in major projects declined, reflecting the phasing of progress on a number of large infrastructure projects. Core flow business activities remained at a solid level, both internationally and in France, where activity increased thanks to sustained demand for road, rail and hydraulic works, as well as building refurbishment projects. Specialty activities at Soletange-Cressiné also remained at a good level, particularly in the nuclear sector. Let me also remind you, as you can see the pie chart on the screen, that the vast majority of NJ Construction's revenue is generated from smaller-scale projects delivered for recurring local customers, what we call our core flow business activities. And that is... unusual among our top competitors. In other words, the share of major projects in our overall activity is deliberately limited, representing around 10%. In the property development sector in France, market conditions remain extremely challenging. Vinci Immobilier's teams are demonstrating our ability to stay the course despite headwinds, as illustrated by the return to positive earnings in 2025. Order intake. reached a high level in 2025, 63 billion euros. Our key takeaways include flow business activities, which account for the vast majority of revenue in energy services, solutions, and construction. That remains well-oriented, increasing by 3%. So order intake overall remains higher than revenue, particularly in energy solutions.

Thank you.