Vinci (AO) | Hold | Constructive management messages

Research evidence excerpt

Vinci (AO) | Hold | Constructive management messages

Marketing event feedback

Release date: 22 June 2026

Luis Prieto

Head of Constr., Infra & Materials

+34 914 36 5111

lprieto@keplercheuvreux.com

HoldVinci

France | Constr., Infra & Materials Beta Profile: MCap: EUR75.4bn

Target Price: EUR143.00 Bloomberg: DG FP Reuters: SGEF.PA

Current Price: EUR129.65 Free float 87%

Up/downside: 10.3% Avg. daily volume (EURm) 178.5

YTD abs performance 8.0% Market data: 19 June 2026

52-week high/low (EUR) 142.35/113.05

Constructive management messages

Key points:

On Friday, we hosted Vinci's CEO, P. Anjolras, CFO, T. Mirville, and the IR team in our Virtual CEO/CFO Tour.

Management was constructive on pricing power, margins, FCF and German exposure.

Significant investor focus on traffic elasticity to oil prices, French exposure and taxes.

Iran war

Toll road traffic in France has been impacted since March by the very significant increase in gas prices. This elasticity has

historically appeared only with sudden shocks, not when the increase has been more progressive. With regards to cost inflation,

Concessions’ track record evidences that these companies can quickly adjust their cost bases.

Airports. Management stated that the traffic impact of the Iran war has been diverse but overall quite limited. The company sees a

summer season with limited cancellations of flights, also benefiting from new routes opened recently. A reduction in oil prices

should be positive for traffic in airports.

In 2025, VINCI generated in the Middle East (through its Energy Solutions and Construction businesses) a revenue that

represented less than 1% of the group's total. No concession assets there and no operations in Iran

Germany