Vinci SA

DG: XPAR (FRA)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
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Vinci Earnings: One-Off Tax Overshadows Strong Results; Shares Slightly Undervalued

Matthew Donen

Jul 31, 2025

The introduction of a one-off additional tax on large corporations by the French government was the driver behind Vinci's 4% decline in first-half 2025 EPS to EUR 3.34. On a constant-tax basis, EPS would have risen by an impressive 12% year over year during the first half.

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Vinci SA

Vinci Earnings: One-Off Tax Overshadows Strong Results; Shares Slightly Undervalued

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