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.

Merci. Thank you, Thierry, for this very clear presentation. And I now turn to our outlook. As Thierry has just indicated, the amount of our financial investments was quite modest during the first half of 2026. But for all that, Vinci remained active, very active. In terms of expansion, I'll illustrate this with a few examples. In Portugal, Lisbon, first of all, on the new airport project in which we've initiated studies at the request of the Portuguese government since early 2025. I mentioned that regularly last week. A new milestone was reached. We submitted the engineering costs and construction report to the Portuguese government. We jointly presented progress on this major project for Lisbon, for the country and for its economy. As you see, this project is proceeding in close conjunction with the Portuguese authorities in the UK, London, Gatwick. We welcome the ruling end of June by the UK High Court that confirms the government's decision to approve the Northern Runway project. It's a foundational project for the airport for the UK, notably in terms of economic fallout. These two examples Thank you very much. Concession Holder of the new A154-A120 Highway Route 97 case Western Paris for 35 years Vinci Auto Routes will manage the project, fund it and operate it. Vinci Construction will design and build the signing of the concession contracts submitted to competent authorities as expected in Q3 2026 in India. Vinci Highways in March signed and agree with the view to acquire the portfolio of Safeway concessions made up of nine highway toll concessions some 700 kilometres contractual maturities between 2048-2058. This transaction is subject to the competent authorities for a financial close expected by the end of the year. New Zealand we finalised in May the acquisition of Fletcher Construction will allow us with our and other local operations to become a major player in the very dynamic market of infrastructure in that country. In the United States and Brazil, as I mentioned, our long-term energy assets portfolio continue to grow. And lastly, Vinci Energy is accelerating its expansion in the digital infrastructure services with recently a takeover bid on the Gem Company, all for one. 500 millions of revenue in respect of FY25 digital infrastructures as you know constitute a key market for Vinci Energy through its Axios brand. That represents $4 billion in revenue in 2025. The construction of digital infrastructure, telecoms, data center, fiber cloud, enterprise network, but also deliver services around the digital infrastructure, either business application, data applications, WorkSpaces, Cyber Security. This would consolidate the leadership of Inchi Energy, drive its ambitions and the high growth of digital infrastructure services, ERP solutions, new generation AI business applications, cloud and data analytics. All these development projects reflect Our value creation strategy and ability to forge relations of confidence throughout the world, be it in our long-term or short-term activities. Turning now to our 2026 guidance, after the excellent financial performance of Vinci and 8.1, notably with the dynamic trajectory of energy solutions, Vinci confirms its 2026 guidance. Further growth in revenue, further growth Thank you. Autoroute traffic down slightly and all in all we confirm the group's guidance. Given the quality of performance achieved in H1 are confident in the outlook of the group, the Board of Directors approved the payment of an interim dividend in respect of FY2026, one euro. 10 per share paid 15 euros compared to an interim dividend of 1.05 euros in 2025 furthermore in addition to share buybacks in line with the proactive policy expressed at the start of the year that I'll recall the group bought back some 8 million shares in H1 for a total sum of 1 billion euros in terms of capital allocation to The strategy remains consistent for the shareholder. Remuneration around the dividend with target payout ratio of 60% of the group's net income and furthermore share buybacks over the prime goal aimed at offsetting dilution brought about by new shares created as part of employee share ownership. The group may undertake opportunistic share buybacks depending on its financial wriggle room after taking into account M&A the valuation of the stock whilst preserving a solid financial structure justifying the maintenance of excellent credit ratings allocated as Thierry recalled in terms of shareholder return. It's precisely what We did in H1. In terms of expansion, we plan to continue to invest in long-term transport infrastructure, be they airports or auto routes through M&A or investing on our existing assets, as well as in long-term assets of renewable energy production, storage and energy. Electricity, transmission, short-term business, the group strategy is to connect all out in energy solution where the group's demonstrated over the past 20 years it's no hire to acquire and successfully integrate new companies. Lastly, the group remains open to opportunistic acquisitions in the construction sector. In terms of development, it's also the roadmap rolled out in H1 across our three businesses. Now, we've just, Thierry and I, presented the financial performance of Vinci, this first half, this ability to create value over long term. We once again demonstrated it rests, of course, on a very strong Vinci culture, shared by all, that makes Vinci unique. On screen are the various ingredients of the It's a long-term mindset. It's the quest for all-round performance for us, financial performance and non-financial performance inseparable. They contribute one another. Another all-round performance. It's also a decentralized organization, agile, responsive, multi-local, particularly relevant in today's world. It's the reliability of its management with shared principles to the 4,300 business unmatched execution, a focus on Cash Generation, as Thierry mentioned, and great discipline in capital allocation. This culture characterizes Vinci across its businesses, geographies. It's a genuine cultural synergy that makes Vinci a rare and precious value. It's the only way for us to continue value over the long term, as we've demonstrated this half, and as we'll continue to demonstrate this Good morning.

Eric Lemoyer from CSE. I have a couple of questions, if I may.

Number one.

The data centers you referenced in the press release, you say that you secured orders, particularly in Europe and Asia. I'd like to know why not in the U.S. markets? Could you be more active in the data center segment in the U.S.? Because that's where things are happening, apparently. Second question. All for one. I understand that its recent financial performance isn't ideal, so maybe I'm jumping to conclusions. I'd like to hear your take on that, particularly when it comes to the acquisition of Absolute, which is often referenced. Anna, you talked about the new airport in Lisbon. It is my understanding that QICOM was selected for the design aspect of this new airport. I'd like to know why. How come you're not working alone on this? And a couple more questions, if I may, regarding the productivity gains, regarding Vinci Autoroute, whose operating margin has surged. It was my understanding that Vinci Autoroute was always tightly managed. There's always ways to improve profitability. So what measures have been taken? That's my question. And one last question regarding Vinci Airports. Excellent performance, strong organic growth particularly in Q2 plus 6% in a challenging environment as you said. So maybe I should do the math myself, but could you please give us an idea of the breakdown between the traffic impact on organic growth and the price effect on VG imports? I understand that passenger trends are good in Portugal and Mexico, but it comes under pressure in the UK. Wow, you've covered a lot of ground in your questions. Let me give you a quick answer regarding all for one. The takeover process is underway, so no comments. We'll give you answers once that transaction is successful. We're not at this point at liberty to tell you more. In terms of data centers, it is true that we are still underrepresented on that front in the US market. Obviously, as a result we're not ideally positioned to reap the benefits of that market however we do have a clear leadership position in Europe and there have been strong investments in data centers in the US and in the rest of North America and this is starting to happen in Europe as well and we are ideally positioned to benefit from that trend in Europe Regarding the ANA airport, Vinci Autoroute and Vinci Airport, I'll let Nicolas, Sabine and Remy give you more specific answers. In the right sequence. Regarding... Now we're in operator 5. We have all of the skills and we're talking projects with several million euros in the new airport in Lisbon. So of course we have service providers. We don't have partners. We will continue to sign contracts as builders, for example, as designers. So this policy remains unchanged. And we will sign as builders as well. So we know who the design provider is. They're not a strategic investor at all. They're not an investor, they're not a partner. But in our culture, the work is never over.

That's part of our culture.

Now, whenever we suffer headwinds, such as the war in Iran, And obviously this has caused a drop in traffic. We have to adapt. So we reduce costs, labor costs, variable costs. We reduce IT services costs, a certain type of multi-technical maintenance costs. And that's what Vinci Eudora did right away in a very big way. We did that at the time of COVID across the board in all of our businesses. That's a strong component of our culture, and we will continue to do that so we can keep on meeting our obligations. Now, regarding airports, most of the press hikes don't materialize from January 1st. We have to wait until March 1st, April 1st, and this is true for Gatwick, Everett Dome. Lisbon, same thing. The effect is more felt in Q2 than in Q1 in terms of price tags.

There is a gap.

And we have to bear that in mind, that time lag. So this is the shortest answer I can give you. And Vinci Airports and Vinci Autoroutes have worked really hard so as to protect their EBITDA margin. Now, As a subscript to Nicolas' answer, you may have seen this. From one crisis to another, and there have been many more crises in recent years, the pandemic, the war in Ukraine, every time our concession teams have behaved in exemplary fashion. And when we compare ourselves to the competition, we find that our teams are extremely responsive and quick to adapt. in the face of loss of revenue. And as we said before, this is part and parcel of our Vinci culture, unraveled quality of execution. That's how we stand apart from the competition. If there are no further questions in person, Pierre Rousseau, Barclays, thank you so much. Thank you for taking my question. Congratulations on your excellent performance. I have a question regarding energy energies, strong acceleration and growth in Q2. I'd like to understand the underlying drivers behind that improvement, particularly is there a strong impact from digital at this stage? And How much would that represent in terms of margin? We're also seeing a significant surge in margin in this half year. So what would be the share of that sale? Now zero in. Zero E has significant capex invested in it. Could you give us an interim guidance before 2030 considering the size of the assets being built or ready to build at this stage? And one last question. A short-term question. Could you please tell us more regarding the impact of the heat waves on traffic, particularly the latest trends in France, particularly when it comes to motorways in France?

Thank you.

Now, two technical answers. When it comes to the guidance for 0E, Thierry, Please look at note 23. The portfolio has capacity of 5 gigawatts at the end of 2025. Dividends should exceed 400 million euros by 2030. It's the same guidance that we issued at the end of 2025. We have not updated it to the 5.6 gigawatts, but that gives you a ballpark figure.

Energy energies.

Oh, no? Yes. Good morning. We say this every time. You shouldn't analyze your figures quarter by quarter. Because our year, or rather our business, has staggered throughout the year, staggered over several years. So just because there's a loss in one quarter cannot be extrapolated. Now, we're seeing strong growth as indicated in our guidance. And all our activities are contributing across the board. All geographies, yes, digital as well, the refurbishment in commercial real estate, energy infrastructure, and a number of industry activities. They're all making a contribution both in terms of growth and in terms of profit margin. I think this features in the appendices The digital megatrend has a powerful impact on our business 2025. This is factored into our order book and this accounts for 6 billion euros in business. We can add to this everything that goes with it. I mean, you've got the data center per se, but there's an entire ecosystem around that data center. For example, our renewable energy is in Texas. That segment ties in directly with the development of data centers in that state, in the United States. So, off-takers of that electric power, all data centers, chief among which, Google. So, clearly, these markets will undergo accelerated growth. and we are ideally positioned to benefit from that surge in top line but also we have strong pricing power. We have the ability to deliver products and services in all those geographies where we already operate. The other question regarding the session, Nicolas? Now, let me give you a little bit of color recording traffic. The heat spells don't affect the entire country at the same time. So, the effect is relative in our network. We have the Rhone Valley or the French Riviera. Usually, it's warmer and warmer every year. Even when it's warm... or Warmer. Those are regions that are used to that heat so we're not seeing any impact on passenger traffic. There's a micro effect, maybe 1% dip in case of a heat spell but that's it. Let me give you a little bit more color regarding the trend. Elasticity of fuel prices diminishes over time. We've seen that since the beginning of the crisis. Traffic tends to keep back up and we know that Thank you. Let us start with questions in French over the phone. Thank you. Please press the star 1 to ask the question. This question, Elodie Rennes, JP Morgan.

Go ahead, ma'am.

Good morning. Gentlemen, thank you for your presentation. I have a question regarding the acquisition of Safeway Confessions in India, more specifically the Indian market in general. Clearly, you intend to continue making acquisitions on that market, particularly when it comes to airports and motorways. Those are considered greenfield acquisitions. Now, my second question ties in with the first. Your M&A pipeline, what kind of opportunities... Do you see happening in future or are you currently working on? And what are you doing to optimize asset rotation in your portfolios? I think you did touch upon that some time ago. Lastly, free cash flow. This question is for Thierry Mirville, because I put this question, the last question to Christian many times, so each one is encouraging. The guidance stands at 6 billion, which feels a bit conservative. What do you think?

Regarding India, India is a particularly buoyant market.

because of its strong demographic trend and the Indian economy, which is driven by the strong population growth, is a buoyant market. So the contractual framework is sound and robust. We are busy finalizing a first major acquisition. It's a brownfield acquisition because the Indian market is by definition a brownfield concession market I'm talking about airport concessions and highway concessions as well. And if this first acquisition succeeds, yes, we will continue to deploy the same policy there. Now, our priority right now is to complete this acquisition and we will consolidate it, bearing in mind that we already operate a toll of services in India so we have that expertise in India we're used to collecting tools we have that business already so this gives us a good stepping stone for performing in successfully integrating that first acquisition and the story goes on regarding our M&A pipeline and our asset rotation policy We're not giving any specific indications, but we are paying close attention to this. There are a number of issues that we're paying close attention to for Vinci Airways, Vinci Airports, and Vinci Energies. And of course, we will keep you apprised on the fly as those opportunities actually materialize. In terms of free cash flow, you're on, Thierry. Okay. Well... The end of June was an encouraging month, but it's not significant when it comes to your cash flow generation profile. This does strengthen the guidance we issued. However, this does not mean we want to upgrade it. I'd like to remind you that every year we work hard to improve our WCR. and it's getting harder and harder every year, so we still have limited headroom, so a free cash flow performance at the end of June is comforting, but that doesn't mean we will upgrade our guidance. Thank you very much. Thank you, Ms. Gall. Next question. Nicolas Morin. Morgan Stanley. Good morning, gentlemen. What about programs? Excellent performance by Gregoire in terms of margins. Are we finally seeing a ramp-up in major EPC contracts, which have been secured since 23, 2024, and this adds profit margin, and this could mean a future ramp-up over 27, 28. So that's my first question. But I'd also like to get back to margins for French airports and French motorways. Now, you're back at peak level. Despite a challenging environment, I understand Nicolas' answer, but there are other factors that must be considered, particularly provisions for maintenance and the increase in interest rates, which has led to provisions going down. We need to factor in highway traffic trends and airport traffic trends and we're not seeing an increase in prices in Q2, we're seeing a price dips in Portugal in particular. So, what about that? And also, what about all-for-one energy energies? Now, I missed the first part of this call, but if you look at your history, your deals are usually growth-based. And here, It seems as though we're dealing with a company that is exposed to SAP and their top line performance is difficult. They need restructuring. So is that a unique opportunity? Is that a departure, a break from your usual policy? There's something I'm not getting.

On Cobra, José Maria.

Later with the margins in Cobra that has increased from 8% to 8.4% is because we have two parts in the company, constructing and long-term assets. Constructing must be around 8%. 8.1 and the increase is mainly because the COE contribution that is going is beginning now and in the long term this is going to increase this increase in the margins of COE at the same time we think we can increase a little bit our future margins in contracting then it's true that in the next years the margins at least must be increased a little bit from this position.

On the autoroutes, Nicolas, please. Hi. I confirm in our business, notably in autoroute operations and the changes that we make constantly lead us to optimize operating costs. We've done this for a long time. I mean, on auto routes, there's no major provisions. I mean, I mentioned IT services where we arrive at a few years before the end of the concession. We're optimizing a few factors. So a couple of one-offs. One-offs on the airport side, very limited, but of course we're not seeking to embellish these numbers. I mean, the margins are by half. They're half yearly. They can't really be compared from one half to the next, but versus the previous year, and the second half must be compared. with the second half of the, because they're a differing effect, might have been the auto routes. The margin of H1 is always better than the H2 margin, but that's been the case for many years now. And just to complete that, we're convinced at Vinci because we manage our own costs. We do what's known as own production, non-concession assets. We operate our own concession. We're not a fund. We're not just merely a financial investor. We're an investor, but an industrialist. an operational investor in terms of energy services. We're not a general contractor that subcontracts. There are some amongst our major peers who can be viewed as comparable the share of activity that we perform ourselves be it in airport assets or energy services or construction. We perform a large part of what we do and that gives us a cost insight, cost containment ability to have as I said unparalleled executional quality and to improve margins through market effects as the others do but working on our costs and it's a quality that sets us apart from our major peers where they have a Different profile or similar profile needs to be recognized for what it is. All for one, in addition to what I said, because we're in the middle of the takeover. Well, yeah, the offer, the formal offer was submitted to Baffin the day before yesterday. We're used to... Even if we regularly take over a number of committees at the tribunal and we can reconstruct, turn around, recovery, etc. We're working in depth our portfolio each and every year in various deals. Of course, not of this size, so you don't see it. But it's something we're used to doing by rolling out our model, our tools, and our management culture. were fully capable of doing that. It's a way of creating value to look at this type of company, not very expensive and things that are already optimized. And then the strategic interest, second point, it's a good fit with our portfolio of activity. It's something we can do. It's a good fit. In Germany, we have teams that can integrate with a Mittelstand customer base recurring flow business which is precisely what motivates it. We believe that by rolling out our model we'll return to previous levels of profitability. It makes fully sense that we're prepared. We wanted to move forward with this deal, which we hope will complete by October. Remember the Capital Market Day, we presented bolt-ons and some significant deals opportunities. It's a fine opportunity that we're able to seize. Moving on to questions in English.

and Mr. Christian.

QBS, please.

Hi. Thank you very much for taking my question. On the data center backlog, you mentioned you are in discussions with large hyperscalers. Any reason why we could not see two to three gigawatts of data center project in your backlog in a couple of years? Secondly, on energy systems profit margins mid-term, we have flagged the Europe's appetite to build data centers has increased meaningfully over the last months. And this will capture a large labor resource of electricians and specialized labor in an already constrained environment. So it is fair to assume that mid-term, This would be very favorable for further meaningful margin accretion in energy systems across all verticals. And the last one, if I may, on contracting, it's on the quality of the Q2 order intake. Do you have a strong order intake in Q2 in a tough backdrop? Can you make any comments around the margin profile within this Q2 order intake and is it supportive for further margin improvement in construction or is the competitive environment more tougher recently or is there any negative mixing in there we should be aware of? Thank you.

On the data centers, as I mentioned, it's too soon to book in our order book deals in which discussions are well involved. We'll do it in due course. It's consistent with our discipline. We don't rule out good news to Thank you very much. what will be delivered what will actually come about but it's clear as I said earlier we have all the resources to achieve that we're probably one of the best place with the resources available to us human resources to get there and with our ability to recruit to train to retain personnel on these various topics Now, yes, it will necessarily have an impact on the top line. It will necessarily have an impact on the margins by how much it's too soon to say. But that is what underpins our guidance for the year. And if we extrapolate... Vinci's trajectory midterm going forward as to the heightened order intake our philosophy our rationale is to favor margin over volume so our teams have not sacrificed Quality of order intake over the quantity, the quality of the order book is the same, if not better, and it sends that to context that our order intake have increased plus 8%. It's not a raise for volume, quite the opposite. Order intake fuels an order book which has the same level of quality. and it's clear that we are on markets where we're leader in European market. We are the preferred recruiter. We represent an employer brand such that to recruit, to train, we have a hundred training centers and so we can go up hundreds Thank you very much. that drives top line growth and using fully fledged pricing power where human resources skills become a key factor and set us apart. from Deutsche Bank, please.

Yeah, good morning, everyone, and congrats on the solid H1 results. Two questions from my side, please, if that's okay. First, on the Watsona acquisition that you did some time back, Thank you.

Sam Acquisition, Arnaud.

A contract was in being cancelled, so there's negotiation with the German Minister about this cancellation, so it has no impact for us on the business. Anyway, they need frigates. So it's not that frigates, but it will be other ones that will be built. So long-term and short-term, there's no impact. And maybe it will speed up the work because the F-126 was complex in the supply chain with Germany, the Netherlands, the diamond, everything. So I think they will try to find an easier solution. And so, of course, it's very good perspective. with Varsila. Regarding the acquisition multiples, they're always high. There's no reason to go down. And you just need one buyer who thinks there's someone else to have high multiples, so they're high expectations. But we remain disciplined and we try to find and to share a pick and to find the right targets that are for Varsila G that are within our strategy for the other ones.

and maybe just to add we don't just value our acquisition targets through a multiple we value them on the basis of a business plan we start with the multiple to have an order of magnitude but behind a big multiple or a small multiple there might lie other considerations and we remain highly disciplined in this regard, and our acquisition prices are based on other things other than the multiple. It's easy to communicate on a multiple. We acquire on a due diligence on what we consider with our own opinion with the inputs, the contributions, the synergies that we can develop with the target, the value that we can ascribe to those targets.

Thank you very much.

Next question, Martin. Hi, it's Martin from Citi. Thanks for taking my question, Scott.

A couple of follow-ups here just on the energy solutions business. First, a clarification just on your FY26 margin outlook. So the margin at first half already above year 25. And if we look at what you're seeing in the near-term pipeline, what you'll deliver for the remainder of this year, could we potentially see margin improvement on the first half results, or are you comfortable where they landed essentially at the first half? And then my second question is, On the zero E, your 2030 target, the 400 million euro EBITDA target, are you able to share with us what you're expecting in terms of technology mix and operational capacity mix that underpins that target, please? Thank you.

Now, we gave you our margin targets in our guidance already, but we confirm that our operating income is going to increase as it did in the first half. Maybe it won't increase as much as in H1, but it will continue to grow. I'm not sure I understand the question regarding technology.

That's on the €400 million EBITDA here by 2030 for 0E. I just want to know if you have a sense of what technologies or capacity split makes up that €400 million. Obviously, you've announced, for example, you put two solar farms in operation in the first half this year. What banks have the rest of it out to 2030 this year?

Now in terms of 0E, you will find most of the assets on this slide. Most of those assets are photovoltaic assets and we hybridize those operations with batteries depending on what opportunities arise. Now 2% of the 5.6 gigawatts are wind farms, land-based wind farms, and the vast majority of the rest is is solar, whether or not hybrid solar battery solutions.

Next question, Louis Vertot, Kepler.

I have a couple of questions. Apologies if you have already addressed this and I have missed it. In any case, the first question is, You have become more vocal about data center construction, and it's undeniable that you understand very well the development of certain technological assets. So I was wondering if in an environment in which key competitors like ACS, Hoxby, Ferrovia, for example, are increasingly active in the development and operation of data centers, could this become of interest to you at any point in time? and my second question is regarding the quite heated debate about the Manus Lanes pipeline involving peers again, like ACS for all the hours of here, FCC. You have looked into this in the past, but what is your current stance on U.S. Manus Lanes? Thank you.

linked with investment in data centers and constructing them. Some facts. You can see that in the backlog is 1.2 billion in the whole 1C. It is true that, for example, Cobra in this month has been awarded with 500 more. This is not reflecting that. We have more than 10 billion that we are in negotiation now. and other investors. We have, as Pierre has said, we are going to have good news, I think, in the next weeks, months. And at the same time, we are bidding more than 30 billion for the next six months, just in Europe and Middle East. Then, in my opinion, in the French opinion, it's much more secure to be in this industry doing business services and construction and electromechanical installations for these investors that will be part of the investment when we have much more risk and we are not experts. We are experts in transmission lines, we are experts in generation energy then we prefer to invest when we know that what is going the mega trend or The glamorous moment we prefer to be when we are going to do money in any scenario.

Thank you.

Question from Jose Arroyo from Santander. There was a question. There was a question. There was another question we haven't answered yet. Now, managing. There's no such thing as a free lunch. We have a nutrition contract in other countries as well. And this does not mean the same thing for managing contracts. We self-perform, so we need to find specific types of construction works in a space that we already know mostly on the eastern coast. Obviously, we're not ruling out any kind of technical or financial partnerships. So we do look at the possibilities systematically, but like I said, just because there were interesting management lanes in the past doesn't mean it will happen in the future. The competitive environment will dictate our interest and the level of interest in management lanes. So, with vintage construction, we're looking at the situation in the US, depending on the type of construction, the type of work, that could actually mean a competitive offer on our part, particularly in partnership.

Your final question is coming from Dario Maglione. I have three questions.

One on traffic on French highways, specifically the heavy vehicle traffic, which was up 1.6% year-on-year in H1. Why do you think it was so resilient and so much better compared to the light vehicle traffic? Second question on the data centers. You mentioned the 0.9 billion euros of intake in H1. What type of work exactly would Vinci be doing? Are we talking about fitting mechanical, electrical, plumbing inside the data centers or something else? And last question around contracting. I'm understanding in Q1-126 there was some bad weather effect and then I think also some of your peers reported some catch-up effect in Q2. Is there more catch-up respect in Q3 or not?

Thanks.

Nicolas, regarding heavy goods traffic, there are two different factors. First of all, manufacturing output was positive in Europe, particularly in France and in Spain in the first half. Consumer spending was less buoyant. but when it comes to Vinci Autoroute and their network 50% of vehicles are international vehicles and this means we systematically benefit from the Spanish economy because they transit through France and they transit through our network we also have excellent connections with Spain or rather Italy so strong manufacturing output and this drives traffic from Spain and Italy into France or through France. Regarding data centers, on average, this is the ballpark figure, okay? Over 50% of investment into the data center is the actual process, the actual server racks. But that's not our core business, okay? It's a procurement issue with players such as NVIDIA. So we provide very value added there. But this accounts for 50% of the entire investment into a data center. Now the remainder has to do with the surrounding equipment. What we call the balance of plants. Low voltage or high voltage currents, HVAC, cooling, heating, fire protection. This accounts for 50% of that smaller 50% and then you have a very small share of that 50% that has to do with the surrounding environment everything that surrounds the data center generators connections to the grid so where do we come in? that smaller 50% of that 50% investment into data centers which is highly process dependent because there are issues such as obsolescence. Things shift very quickly in the data center world and that is why, as Jose Maria rightly said, we prefer our EPC model. We prefer to focus on the balance of plants and the infrastructure per se and we are ready to invest. We've done that in Texas. We are ready to invest Thank you very much. Now we try not to focus on whatever is not our core business, particularly since the risks of obsolescence are significantly high. You had a question regarding contracting? Now our guidance on this front is based on our 2026 guidance. It remains unchanged. We haven't changed our guidance in the past six months when it comes to energy solutions and construction.

Just follow up on the second question, the 0.9 billion of intake in data centers, does that include photovoltaic plants used for data centers?

No, there is no any revenue or backlog in this 0.9 that is linked with energy to submit straight to the data centers. It's pure activity in the construction of the data centers.

Thank you very much.

There doesn't seem to be any other questions online. In that case, thank you very much for your kind attention. Thank you for this fruitful discussion. Enjoy the summer break and we'll see you all very soon. Thank you all.