France’s Vinci SA (EPA:SGEF) shares fell more than 3% on Friday after the infrastructure group’s third-quarter results showed slower momentum in its airport and motorway businesses, overshadowing a slight revenue beat and steady performance in construction and energy.
Revenue for the three months to September rose 4.6% to €19.4 billion ($20.8 billion), up 3.5% on a like-for-like basis, Vinci said.
For the first nine months of 2025, group revenue increased 3.7% to €54.3 billion, driven by growth in Energy Solutions and Concessions.
Energy Solutions revenue climbed 7% to €20.7 billion, helped by gains at Vinci Energies and Cobra IS.
Concessions revenue rose 5% to €9.4 billion, supported by higher airport passenger traffic and steady motorway volumes, while Vinci Construction edged up 1% to €24.5 billion.
Order intake increased 4% in the quarter, pushing the order book to a record €70.6 billion, up 6% from a year earlier.
Vinci reaffirmed its full-year 2025 guidance, expecting revenue and earnings to rise from 2024 levels, backed by energy and airport projects. Net financial debt stood at €21.4 billion at end-September, broadly unchanged from a year earlier.
Kepler Cheuvreux called the results a “slight” top-line beat, saying strong domestic activity in energy and construction offset softer-than-expected performance at Vinci Airports, particularly in Gatwick and the Dominican Republic.
Morgan Stanley said the report was modestly better than forecasts but noted “anaemic” French motorway traffic and a lack of near-term catalysts for the stock.
source :
