VINCI reports 5% revenue increase in third quarter

French infrastructure conglomerate VINCI reported a 5% increase in third-quarter revenue, reaching 20.4 billion euros. This performance exceeded analyst expectations of approximately 20 billion euros. Growth was primarily driven by activities outside of France, which rose by 10%, and the Energy Solutions division, which saw a 7.4% increase.

Other key segments included airports, with revenue up more than 4%, and construction, which grew by approximately 4%. For the first nine months of 2026, consolidated revenues reached 56 billion euros, representing a 3.1% increase.

Despite the revenue growth, VINCI shares faced pressure in Paris, dropping as much as 1.04% during trading. Analysts suggest investor sentiment is being weighed down by political uncertainty in France, specifically regarding potential tax increases on long-distance transport infrastructure operators. Such a measure could impose an additional burden of approximately 450 million euros on operating profits and net income, payable in 2027.

Management has confirmed its annual targets for revenue, operating profit, and profit attributable to shareholders, excluding the potential impact of the proposed French tax revisions.