Q1 2025 Vinci SA Corporate Sales Call Transcript

The following is excerpted from the question-and-answer section of the transcript.

Question: Elodie Rall - JPMorgan - Analyst : So first of all, I was wondering if you could give us a bit more color about the impact of negative calendar effect in Q1 on traffic in both to toll roads and airports. Second, if you could give us a bit of traffic trends so far in April in toll roads and airports, but I suppose that's harder, so toll roads. And third, if you could help us understand if there's any impact from these tariffs announcements on the diverse parts of VINCI's division?

Question: Elodie Rall - JPMorgan - Analyst : Sorry, the Trump tariffs announcement, what would be the direct or mostly indirect impact on the different divisions of VINCI?

Question: Elodie Rall - JPMorgan - Analyst : And do you have an idea of traffic trends on toll roads in April?

Question: Luis Prieto - Kepler Capital - Analyst : I just had one question, and apologies because it's a bit unrelated to the actual numbers. You presented a request for qualification for the I-285E, but I understand that you have refrained from doing so for the I-24 [ managed lane ] in Tennessee. Could you provide us some light on why one project and not the other as well as what to expect from VINCI in the remaining US managed lanes project pipeline that we see in front of us? REFINITIV STREETEVENTS | www.refinitiv.com | Contact Us consent of Refinitiv. 'Refinitiv' and the Refinitiv logo are registered trademarks of Refinitiv and its affiliated companies. APRIL 24, 2025 / 3:55PM, SGEF.PA - Q1 2025 Vinci SA Corporate Sales Call

Question: Ruairi Cullinane - RBC Capital Markets - Analyst : Ruairi Cullinane, RBC. Firstly, why do you think heavy goods vehicle traffic declined in autoroutes in March? I'm just comparing the February release with the Q1 figures. I thought at least timing would be favorable there. And secondly, quite an open-ended question, how will increase investments in Germany impact your contracting business? What's your exposure there?

Question: Ruairi Cullinane - RBC Capital Markets - Analyst : Yes.

Question: Ruairi Cullinane - RBC Capital Markets - Analyst : Great. And how about --

Question: Eric LemariT - CIC Market Solutions - Analyst : Yeah. I've got three, if I may. The first one, could you maybe confirm that you lost the Nairobi-Nakuru PPP in Kenya. I think you won this PPP with Meridian some years ago. I got a second question on the French property management -- property development sectors. Do you think we are close to the trough of the cycle today in the new residential market in France? And the last question, on toll roads in France, could you maybe tell us whether you have started to request the help of the administrative court in France to try to compensate this new infrastructure stocks you started to pay last year?

Question: Eric LemariT - CIC Market Solutions - Analyst : Got it. Got it. Just on this PPP in Kenya, do we know why it has been canceled? Is there an official reason?

Question: Dario Maglione - Exane Ltd - Analyst : Two quick ones. On construction, can you tell us a bit about the trends that you're seeing in France as well as outside France. I see the like for like growth is negative (inaudible). So yes, if you can comment a bit more? And also on energies, like for like growth in Q1 was 1.6%, whereas for 2024 in most quarters was around more than 3%. So why do you think the growth is slowing down? And is this the new normal?

Question: Dario Maglione - Exane Ltd - Analyst : Yes. So on the revenue side, construction was a bit better than expected. So it is on a like for like, I see a slowdown. Maybe can you comment on this slowdown like for like both in France as well as international? What to expect for the rest of the year?

Question: Graham Hunt - Jefferies International Ltd - Analyst : I've just got three quick questions, I think. Firstly, just on Cobra order intake. Are we seeing in any sense, a reflection of capacity constraints there that will keep order intake at this kind of lower level going forward in the near term because you just don't have the capacity to do more work there. Second question on the airports. I wondered if you'd carved out -- I know you mentioned in your airport release, some weakness in the US and Dominican Republic because of the slowdown to the US market. But I just wondered if you'd carved out travel to the US for the whole portfolio and whether you've seen -- or what the trends were for the broader portfolio? And if you've seen any change through April? And then third question, just going back to the I-285 East. Was there any reason -- or what's the thinking behind going alone there as the equity partner? Would you consider bringing in a partner on the equity side for other projects? REFINITIV STREETEVENTS | www.refinitiv.com | Contact Us consent of Refinitiv. 'Refinitiv' and the Refinitiv logo are registered trademarks of Refinitiv and its affiliated companies. APRIL 24, 2025 / 3:55PM, SGEF.PA - Q1 2025 Vinci SA Corporate Sales Call

Question: Graham Hunt - Jefferies International Ltd - Analyst : And just on Cobra --

Question: JosT Arroyas - Banco Santander SA - Analyst : Just one question. I wanted to ask you on the power transmission line contract in Australia that Cobra won together with ACCIONA, I understand this is an availability concession running for many, many years. But could you tell us how much CapEx is involved in this project for VINCI and for how many years will this CapEx need to be deployed? REFINITIV STREETEVENTS | www.refinitiv.com | Contact Us consent of Refinitiv. 'Refinitiv' and the Refinitiv logo are registered trademarks of Refinitiv and its affiliated companies. APRIL 24, 2025 / 3:55PM, SGEF.PA - Q1 2025 Vinci SA Corporate Sales Call

Question: Ami Galla - Citi - Analyst : Just two questions for me. The first one was on the M&A pipeline. You've given the sort of global market uncertainty that we sit with. Has there been any shift in sentiment of the sellers in the market? Do you see any change in how they think about the potential value for their businesses? And the second one was on the order booking levels that you sit with. If we still sit with a wider economic uncertainty over the next year, are there any risks of delays to the order book that we've already taken in terms of the execution profile?

Question: Ami Galla - Citi - Analyst : Yes. Cancellation or delays potentially.

Question: Harishankar Ramamoorthy - Deutsche Bank - Analyst : It's Hari from Deutsche Bank. Just one for me. On the energies division order intake, you've been maintaining that the growth in this segment should not be coupled to GDP growth and should benefit from structural tailwinds. Now I do get that you could see fluctuations in execution or in revenues, but are you concerned about the slowdown in the rate of growth in order intake. So maybe put differently, would you expect inflows to come through much stronger for the rest of the year?

Question: Harishankar Ramamoorthy - Deutsche Bank - Analyst : Sure. REFINITIV STREETEVENTS | www.refinitiv.com | Contact Us consent of Refinitiv. 'Refinitiv' and the Refinitiv logo are registered trademarks of Refinitiv and its affiliated companies. APRIL 24, 2025 / 3:55PM, SGEF.PA - Q1 2025 Vinci SA Corporate Sales Call

Question: Harishankar Ramamoorthy - Deutsche Bank - Analyst : Got it. Got it. So hopefully, we should see better growth rates for the rest of the year?

Question: Marcin Wojtal - Merrill Lynch International - Analyst : I've got two. Firstly, on airports. Could you remind us what is the level of tariff increases that you are implementing for 2025 for London, Gatwick and also for your airports in Portugal? And my second question, just coming back to the German infrastructure stimulus, which appears to be quite substantial, but how much visibility have you got on the timing? And do you expect any incremental benefit to the business perhaps towards the end of this year or in 2026?