Proposed Further Tax on Long-Distance Transport Operators in France Lowers Vinci's Fair Value by 7%

Vinci’s strategy to extend the maturity of its concession portfolio by adding freehold or long-dated airport concessions will maintain the defensiveness of its revenue stream. The group's portfolio of long-dated concession assets, such as toll roads and airports (62% of operating profits), is difficult to replicate and provides a stable source of income.