Vinci SA reported Q1 2026 revenue of €16.3 bn, down 0.3% YoY and about 2% below consensus €16.6 bn.
Construction revenue fell 5.3% due to project phasing, adverse weather (≈6% impact on €400 m division) while energy and concessions grew.
Order intake rose 5% to €17.4 bn, record order book reached €74.9 bn (+4% YoY), with Cobra IS orders up 68% YoY.
Net debt fell to €19.8 bn from €21.3 bn a year earlier; analysts adjusted targets (Morgan Stanley €145, JP Morgan €139, Jefferies €145).