VINCI revenue rises 3.1% in nine months, led by energy services

VINCI reported revenue of €55.957 billion for the first nine months of 2026, up 3.1% from €54.253 billion a year earlier. On a comparable basis, growth was 1.8%; changes in group scope added 1.6 percentage points and currency movements reduced growth by 0.2 point. In the third quarter alone, revenue increased 5%, including 10% growth internationally. The 22 October update said results reflected international activity and energy services.

Energy services was the strongest of the group’s main business lines: nine-month revenue reached €22.255 billion, up 7.4% reported and 4.6% comparable. The division’s third-quarter growth accelerated to 8.6%. Construction revenue was €24.579 billion, up 0.4% reported but down 0.6% on a comparable basis. Concessions generated €9.551 billion, up 1.8% reported and 2.4% comparable. These lines have different growth rates because reported change includes scope and currency effects.

International revenue reached €33.452 billion, 6.7% above the prior-year period as reported and 4.4% comparable. It represented 60% of group revenue, compared with 58% at the end of September 2025. Revenue in France declined 1.7% reported and 1.8% comparable. VINCI said its group growth came mainly from energy services and international operations, while the geographic figures show a divergence between domestic and international activity.

Order intake and backlog are separate measures. VINCI said energy-services and construction order intake totalled €49.6 billion through September, up 6%, while the corresponding business lines recorded €46.2 billion of activity. The group backlog, a stock measured at 30 September, stood at €75.4 billion, 7% higher year on year. It represented about 14 months of average activity for VINCI Energies, Cobra IS and VINCI Construction; 71% of the backlog was international.

The energy-services business reported €22.3 billion in revenue, with 70% generated internationally. VINCI Energies recorded €16.4 billion in nine-month revenue, up 7.2% reported and 3.7% comparable; its backlog was €20.2 billion, up 11%. Cobra IS revenue rose 8.0% to €5.8 billion, and its backlog reached €18.3 billion, up 6%. The company linked demand to electrification, digital infrastructure, data centres and industrial efficiency, without attributing the quarter to any single market.

Construction remained mixed. VINCI Construction reported €23.9 billion in revenue, up 0.8% reported but down 0.2% comparable. The company cited a decline in large-project activity, including progress on HS2 in the United Kingdom, and weaker French building activity linked to the municipal-election cycle and project timing. Its order intake was €25.3 billion, up 3%, and backlog reached €36.9 billion, up 5% year on year. The separate VINCI Immobilier business reported revenue down 14%.

VINCI confirmed its 2026 outlook, including further growth in revenue, operating results and net income, and free cash flow that could reach €6 billion. That cash-flow figure assumes Zero.e investment spending similar to 2025. The outlook excludes a potential increase in France’s long-distance transport infrastructure tax, mainly affecting motorway operators, then under parliamentary review. VINCI estimated that such a measure could add about €450 million to 2026 operating and net income charges, with cash payment in 2027.

The update therefore combines growth in group revenue and orders with weaker comparable construction sales and softer traffic: Autoroutes traffic declined 3.3%, while Airports passenger traffic slipped 0.2% through September. The reported figures cover different periods and measures: revenue and order intake are flows over nine months, backlog is an outstanding stock at month-end, and the 2026 outlook remains a company forecast. Annual results are due on 10 February 2027.