Vinci Sa Act

Good morning to you all. Thanks for joining us for the presentation of Vinci's half-yearly results. You'll see, and I'm sure you've already read, that our financial performance is excellent, I would say. even once again. Excellent. I'm joined today by Thierry Mirville, CFO of Vinci since the 1st of June. Thierry's been the group for over 30 years. He's a pure product made in Vinci and notably was CFO of Vinci Energy for 12 years, taking an active part in this tremendous success story. He was head of treasury and Finance and Tax of Vinci at the Holding for three years with Christian Labeyrie. He was schooled in good hands, so he was CFO of Vinci Construction for five years on my side, during which we learned to get to know one another, work together, and we form a tandem that works very well. I'm also joined this morning by other members of the Executive Committee, as well as Gregoire Thibault and his investor relations teams will be available to answer all your questions. Now, this first half of 2026 delivers once again an excellent performance by Vinci, driven by the dynamic trajectory of energy solutions. The result is quite remarkable in the current context of geopolitical macroeconomic context that you're familiar with that weighed particularly on concessions traffic. The takeaways over and above Energy Solutions that we'll return to, that in this environment our teams were able to adapt rapidly to control at best the costs. It's a new illustration of the efficiency of our decentralized organization, agile, responsive, tirelessly focusing in our three businesses on margin increase, cash flow generation of value creation over time. It also reflects the ability of groups, companies to pass on inflation Furthermore, in this fragmented global environment, our belief is strengthened that investment requirements in vital infrastructure, notably energy, digitization, mobility, urban planning, development are set to intensify mid and long term will continue to accelerate driven by sovereignty issues in various parts of the world and Vinci's ideally positioned to leverage this acceleration as witnessed by the very good order intake and record order book that I'll present to you. Another key takeaway of this half is the group is a posting an increase in its revenue and its earnings free cash flow is positive as of H1 it's not systematic as you know owing to the structurally unfavorable seasonality of some of our activities early in the year at the end of this day this overall good crop allows us to confirm our 2026 guidance in spite of a more prudent outlook for concessions and let the Board of Directors to approve an interim dividend of €1.10 per share in respect of 2026 as compared to €1.05 per share for FY 2025. Shown here are the key financials of our performance. Thierry will cover those in a moment. The key figures, increased revenue plus 2% in H1, which is plus 4% in Q2, with continued international expansion of the group, a strategy implemented with consistency and discipline for 15 years now, international represented in H1 2026, 59% of revenues, a significant increase More than two percentage points, more than the H1 2025. Another key number, EBITDA growth plus 4%, coming in at 6.4 billion euros. An increase in value, absolute value, terms and margins, plus a 48 basis point, and it counts for us. More than volume growth, what counts for us is profitable growth. Strong increase in earnings per share, double digit, plus 11%. free cash flow is already positive as I said at 264 million euros and order intake particularly buoyant both for energy solutions as well as construction in France and internationally all in all they're up 8% all this is a Remarkable performance in the current macro and geopolitical climate that reflects the strength of our model based on the diversified geographical footprint and our three highly complementary businesses. Turning now to details by business, starting with concessions. Revenue growth at plus 1.5% at actual structure plus 2.7% like-for-like EBITDA margin comes in at 69%. That's an increase of over 150 basis points versus H1 2025 and all concessions businesses grew their margins. Well done to Nicolas Nadbar and his teams. Diving deeper, what we can emphasize for Vinci Airport's passenger traffic was stable in H1. This performance reflects the good geographic diversification of the network and its resilience in the face of cyclical trials. Because if the conflict and the Middle East and its consequences on the price of fuel as well as... I know Chinese tensions had an impact on some of our airports, London Gatwick, Kansai in Japan, many other airports, notably in Portugal, Edinburgh, Budapest, Belgrade, Dominican Republic, Brazil or Cape Verde continue to post good traffic levels against this backdrop. Vinci Airports revenues up over plus 1.8% like-for-like plus 5.3% it's EBITDA grew to 1.4 billion euros that's a margin up reaching 62.6% for Vinci Autoroutes we'll note a cyclical weakness of traffic primarily due to the sharper In this context, whereas light vehicle traffic dropped by 3.7%, that of heavy vehicles is up by plus 1.6%, that limited the decrease in revenue to minus 0.7%, thanks to this traffic mix. and the productivity efforts achieved. Vinci Auto routes, and it does up to 2.4 billion euros to reach a margin up at 75.5%. For Vinci Highways, that's our international highways portfolio. We must note the successful integration of our recent developments in Brazil, where we manage a network of 1200 kilometers, strong increases of revenue EBITDA and EBITDA margin. Turning now to energy solutions, this half confirms its excellent positioning, excellent positioning on lastingly promising markets, electricity markets with production, storage and transmission, also increased electrification, optimizing industrial processes, enhanced building performance, markets linked to AI development, data centers, digital infrastructure services, not forgetting defense and sovereignty issues, all in all, Energy Solutions revenue comes in at over 14.5 billion euros, that's a 7% increase, 4% like for likes, very strong momentum in Q2, growth plus 9% in Q2, 10% internationally plus 6% in France, this growth is accompanied by a further improvement in Margins, 40 basis points coming in at 7.8, which clearly positions us once again amongst the most high-performing players in the industry globally. Congratulations to the teams for this very virtuous growth. Some colour, you see top-right Vinci Energy delivered strong. Revenue growth in Q2 plus 9% in France and internationally Vinci Energy continued to roll out its M&A policy constantly with discipline acquiring some dozen companies this half internationally growing its EBIT margin over 30 basis points at 7.5% for Cobra Activity is up in Q2 by 7.5%. This growth is sustained both in flow business, particularly in Spain, and also in EPC project. The energy asset portfolio long term was strengthened in this half. More in a moment. Cobra margin is up once again, plus 50 basis points, reaching 8.4%. Alphonse Curzon, Long Term Renewable Energy Policy, Production Cobra through its subsidiary Zero E continues its roadmap. We implemented in the spring of this year two new solar farms in Texas, capacity 280 megawatts, 80% of the power produced is sold to Google through its data centers through 10-year PPAs. At the end of the first half, Cobra's portfolio reaches 1.5 gigawatts including the Texas fires and 4 gigawatts in ready-to-build capital invested by Cobra in production of renewable energy reaches 2.6 billion euros to date furthermore in electricity transmission a long-term area of expertise For Cobra, we won two new PPPs 30 years in Brazil after auctions organized by the Brazilian power authority. That's 650 additional power lines strengthening the portfolio for a construction cost just over 200 million euros. The power line portfolio is now made up of five PPPs in Brazil, over 2,500 Ks of light form under construction, one in operation, a PPP in Australia, over 200 kilometers of power lines under construction in the storage, production, Transmission of Electricity. It's an increasingly important long-term portfolio set to grow, all the more so that opportunities are many in number, developing rapidly, notably in Australia, Brazil, the United States. These are markets that our teams are tracking very closely. Turning now to construction, revenue is stabilizing at 15.5 billion euros and margins although they're not represented representative in each one as you know are stable for Vinci construction thanks to a solid Q2 of 2.6 percent the revenue for the half is stabilized at 15 billion euros situations are contrasted by segment geographies decrease in Thank you very much. on the back of the traditional elections and the phasing of some construction projects in other segments, growing activity, good dynamic in Oceania and Central Europe. In a disrupted environment, Vinci Construction's EBIT margin is stable, well done to the teams of Vinci Construction, bravo also to the teams of Vinci Immobilier Real Estate with depressed Thank you very much. Order intake in H1 posting a high level at 34.4 billion euros. That's an increase of over 8%. The takeaway here is the order intake particularly buoyant noticeably in our flow business that make up the bulk of the group's revenue in energy solutions and construction. Noteworthy is the amount of This slide just to share with you in terms of data center construction, several construction and installation contracts, multi-technical lots for data centers were won by the group in H1 2026 for a total amount of some 900 million euros. This is a market in which Vinci has clearly a key role to play, particularly in Europe, notably Spain, France, and also in certain countries. Thank you very much. On the order book, as I mentioned, it's up plus 8% on a year, plus 10% since the end of December, reaching close on 77 billion euros. This is a new historic record for the group. It represents in total 15 months of activity. quality book that offers visibility to view the future with confidence without departing from our policy of selectivity, focusing on margin over volume. We note the share of France is less than 30% out of Germany, close on 20%, the rest of the world over 50%. I'll now hand over to Thierry who'll run through the

and the Financial Performance Group for the House.

Good morning everyone. It is indeed a privilege to be presenting Ventures Results to you for the first time as CFO. Thank you Pierre for placing your trust in me and thank you to Christian who I believe is listening in for the quality of our discussions over all these years and particularly over the past few months. So it's both an honor and a pleasure as we have once again delivered an excellent set of results. Now, revenue. Following a very strong Q2, first-half revenue increased by 2.1%, to €35.6 billion. and this was despite a negative currency impact of minus 0.6% resulting from the strengthening of the euro against their main currencies particularly the US dollar and the British pound. Changes in scope, 90% of which related to acquisitions outside France contributed the plus 1.5% to growth representing more than 500 million euros in additional revenue from recent acquisitions. Now, these changes in scope related mostly to Vinci Energy's acquisitions, which contributed over 300 million euros to revenue growth. Pierre talked about the 12 acquisitions made in the first half of 2026, and we also made 33 acquisitions in 2025, which are having an impact on revenue in 2026. but we also need to bear in mind Vinci Constructions acquisitions which contributed over 200 million to our revenue growth. So mostly Conway last year and Fletcher whose acquisition we recently completed. In concessions there were both positive and negative scope effects but the key point is that Entrevias in Brazil which has been fully consolidated since October 2025 This has offset the reduction in revenue in Cambodia following the expiry in September 2025 of our long-standing concession agreement for Phnom Penh Airport, which was replaced by a service contract. This means that organic growth came to plus 1.3% with a strong second quarter at plus 2.9% organic growth. Growth was driven by international markets with revenue increasing by nearly plus 5%, including 3.3% organically, and the share of international markets continued to rise, accounting for 59% of our total revenue in the first half, compared with 57% a year ago. Now, by business line, as Pierre has already highlighted, growth was driven by the continued strong momentum in energy solutions, plus 7% on a reported basis, on a natural basis, and plus 4% like for like. In concessions, revenue increased by 1.5%, including growth of plus 2.7%. So the successful integration of the Brazilian motorways and revenue growth at the airports offset the temporary softness in the French motorway business. Conversely, construction revenue increased declined slightly by 1%. It is worth noting, however, that the business recorded growth of plus 2% in Q2. Revenue growth came with increases in operating earnings and net income, so profitable growth, in other words. ROPA, which we call EBIT, came to nearly nearly 4.4 billion euros, up 5%. So the operating margin therefore increased by 40 basis points to 12.3%. As Pierre explained, Europa or EBIT was very strong across all our businesses. Now, the other income statement items reveal the following key points and I will try not to overwhelm you with too many technical details The combined impact of the various items was broadly stable compared with last year. Now, more specifically, we're seeing an increase of just under 15 million euros in the contribution from equity account companies and other operating items. And we're also seeing a charge of minus 14 million euros under non-recurring operating items. which does not call for any particular comment. Now 66 million euros income last year relating to several disposals carried out by the group. Now turning to net financial income and expense, the cost of net financial debt increased from 627 million euros to 682 million so that's a 55 million euro increase. This mostly reflects changes in scope, particularly the impact of developments for Vinci Highways in Brazil. Other financial income and expenses included a favorable change in the value of the ADP shares held on the group's balance sheet. So positive movements of around 20 million euros in the first half compared to the negative movements of around 40 million euros in the first half of 2025. The income tax charge increased by around 100 million euros and this is a mechanical impact. This reflects a strong operating performance delivered by our businesses in the first half. I'd like to remind you that this amount includes a corporate income tax surcharge applicable to large French companies which was extended into 2026 and in the first half this represents a little over 300 million euros. So a slight increase on H125 and this charge is expected to total slightly more than 400 million euros for the full year. Overall, net attributable income increased by nearly 10% in the first half of 26, reaching close to 2.1 billion euros, bearing in mind that this strong increase cannot necessarily be extrapolated to the rest of the year. And as Pierre already indicated, this means EPS increased by 11% reflecting proactive shared buyback policy. Now, net financial debt increased by around 3 billion euros between the end of December 25 and the end of June 26. That's a typical first-half pattern for our businesses. This increase reflects Ibeda of 6.4 billion euros up by around 300 million euros with the increase driven almost equally by concessions and energy solutions and this also reflects the change in working capital and current provisions which is traditionally negative in the first half as a result of the seasonality of the Energy Solutions and Construction Businesses and resulting in negative cash flow impact of minus 1.9 billion. Now this movement may appear significant but it was exactly the same as in the first half of 25. Therefore, this does not represent a reversal following seven years of significant and continuous improvement in working capital requirements. Rest assured that we remain highly focused on keeping WCO are firmly under control and this requires constant attention and reflects the strong cash culture of our group. A culture that prevails among all our managers. Now finance costs increased as I explained before as did taxes. I'd like to remind you that the corporate income tax surcharge had no cash impact in the first half as it is paid at the end of the calendar year. Operating investments and investments into concessions were stable compared with last year at 2.4 billion euros. So when you combine all of these items, you get free cash flow for the period that's positive at 264 million euros, higher than at the same point last year. Bearing in mind, as the next slide will show, that virtually all eventually free cash flow is generated in the second half. The low free cash flow, as you can see, cash outflows relating to acquisitions amounted to a mere 400 million euros in the first half, and these mainly concerned the Vinci Construction and Vinci Energy transactions referred to at the beginning of this presentation. Lastly, to conclude our review of cash flows, cash outflows relating to dividends and share buybacks as part of Vinci's shareholder return amounted to 3.2 billion euros. higher than the first half of 2025. This can be broken down between payment of the final 2025 dividend amounting to 2.2 billion euros and share buybacks amounting to 1 billion euros. Overall, consolidated net financial debt stood at 22.4 billion euros at June 30th, 2026 below its level at 30th June 2025 which came to 23.3 billion euros. This is a very manageable level given the group's strong, recurring and sustainable cash generation profile. It represents only 1.6 times the group's EBITDA over the last 12 months. Free cash flow generation. As you can see on this slide, generating positive free cash flow in the first half has not been a consistent feature in recent years. This performance, which is better than last year's, is therefore particularly noteworthy. And as mentioned earlier, Vinci generates its full year free cash flow in the second half, and indeed largely at the very end of the year, given the nature and the seasonality of our businesses. This is a highly distinctive profile, which reflects the importance of year-end cash collections The entire Vinci organization, both operational and finance teams, therefore, remain fully focused on this critical year-end milestone. Now, our financial position is extremely strong. At Vinci, we have always placed great importance on maintaining a strong liquidity position. That's the price to pay for maintaining our independence and the freedom to implement our capital allocation policy, which Pierre will discuss shortly, Now Christian made this point repeatedly for nearly 30 years and I am now taking up the mantle. What is our goal? Well, we seek to be able to raise substantial amounts of funding very quickly when required so that we can meet our commitments, namely the repayment of debt as it falls due, and also be able to seize acquisition opportunities that are aligned with our strategy We also want to be able to deal with unforeseen events such as the crises that have become increasingly frequent in recent years. And lastly, we want to be able to optimize the borrowing terms by choosing the best time to raise funds. At the end of June, we had a net cash position of €11.5 billion as well as an undrawn 6.5 billion euros committed revolving credit facility at Vinci SA level maturing in January 2031 and thus brought our total liquidity to 18 billion euros. Therefore, we are well equipped to withstand the instability and unpredictability of our environment while continuing to grow. Credit ratings. S&P and Moody's continue to demonstrate their confidence in Vinci through their strong credit ratings And these credit ratings are a major asset for Vinci. It's one we must preserve by maintaining a disciplined and consistent approach to financial management and capital allocation. And this enables us to secure financing on attractive terms as the first half once again demonstrated. Since the beginning of the year, Vinci and its subsidiaries have successfully raised a total of 1.8 billion euros in new financing with an average maturity of 8 years and an average cost of 3.2%. Among these financing transactions, I would highlight the 500 million euro bond exchangeable into group ADP shares issued in February 2026. The bonds They should have a five-year maturity and they carry an annual coupon of only 0.75%. This transaction therefore forms part of Vinci's value creation strategy by optimizing its cost of capital and its cost of debt and actively managing its portfolio of equity interests. These various transactions enabled the group to extend the average maturity of its debt while keeping its average cost at around 4.5%. Thank you for your attention. I will now hand back to Pierre.