Vinci SA (VCISY) Q4 2025 Earnings Call Transcript

Pierre Anjolras
COO & CEO

Ladies and gentlemen, good morning. Thanks for joining us for the presentation of Vinci’s full year results. So you’ll see — you will have noticed that our performance is once again outstanding. Today, I’m joined by the members of the executive committee, several changes of late, the appointment of Thierry Mirville, Deputy CEO, who follow-on from Christian during the course of the year. We’re also with the Investor Relations team, who you know well and will be available to answer your questions.

So first of all, on this first photograph, we’re heading for the Bay of Biscay where VINCI Energies, Cobra and VINCI Construction are working together on the new electricity interconnection project between France and Spain, the INELFE project set to be completed by 2028. It’s the largest DC interconnector line between France and Spain, the 400,000 submarine cable with 2 conversion plants. It’s a fine example in Europe and elsewhere, future exponential investments in power grids.

Electrical infrastructure, we, first of all, think of production infrastructure, nuclear power as well as renewable power and equally essential infrastructures, which are the power, transmission and distribution grids that require as much