Summary of US Consumer Tracker (2Q25) Industry Overview - **Industry**: US Consumer Sector - **Key Focus**: Impact of inflation, consumer sentiment, and tariffs on spending behavior Core Insights 1. **Inflation and Consumer Income**: - Inflation has increased, with a notable rise to 2.7% in June 2025, while real disposable income has declined sequentially in May 2025 [3][15] - Tariff-driven inflation is expected to further impact consumer prices in the second half of 2025 [2] 2. **Consumer Sentiment**: - Consumer sentiment showed slight recovery in June but remains significantly lower year-to-date in 2025, particularly among high-income consumers concerned about inflation and employment [3][17] - The trade-down effect is evident as consumers shift to lower-priced options due to economic pressures [3][17] 3. **Retail Sales Trends**: - Retail sales growth has normalized after an earlier pull forward, indicating stable shopping behaviors despite economic challenges [3][21] - Categories such as home goods and toys have turned inflationary in Q2 2025, contributing to a weak consumer backdrop [3][87] 4. **Sector Performance**: - **Broadlines & Hardlines Retail**: Companies like Dollar General (DG), Dollar Tree (DLTR), and Walmart (WMT) are expected to benefit from trade-down trends, with WMT well-positioned due to its enhanced shopping experience [4] - **Specialty Retail**: Anticipated price increases of high single digits to low double digits for apparel and footwear, and over 20% for hard goods due to tariffs, may impact Q3 spending [5] - **Restaurants**: A macro deceleration in May affected spending, with potential declines in 2026 due to SNAP benefit reductions [6] - **Alcohol Sector**: Consumption is pressured by affordability concerns, particularly among low-income consumers [7] 5. **Investment Ratings**: - **Retailing**: Outperform ratings for WMT, COST, DG, and LOW; Market-Perform for HD and DLTR; Underperform for TGT [11] - **Food Sector**: Outperform ratings for MKC, MDLZ, SMPL, and CPB; Market-Perform for several others [11] - **Apparel & Specialty Retail**: Outperform ratings for brands like NKE, TJX, and LULU; Market-Perform for CPRI and ROST [11] Additional Insights 1. **Consumer Behavior**: - The gap between low-income and high-income consumer sentiment has narrowed, indicating a shift in spending patterns [13][17] - Cooking from scratch is increasing as consumers seek value amid rising prices [7] 2. **Economic Indicators**: - The unemployment rate remains low, but consumer credit growth has decelerated in a high-rate environment [13][51] - The 10-Year Treasury yield remains elevated, reflecting higher inflation expectations [46][48] 3. **Inflation Dynamics**: - Cumulative inflation since January 2019 is at 28%, with food and energy leading the increases [94][96] - General merchandise categories have recently turned inflationary, influenced by tariff-driven price increases [83] This summary encapsulates the key findings and implications from the US Consumer Tracker for Q2 2025, highlighting the challenges and opportunities within the consumer sector amidst ongoing economic pressures.

Core Insights - VINCI has secured a significant contract for the construction of a second-generation biofuel plant in Spain, which is a strategic move towards energy transition in the region [2][6]. Group 1: Project Overview - The biofuel plant, located in Palos de la Frontera, Huelva province, has an estimated total cost of €1.2 billion [2]. - It will have an annual production capacity of 500,000 tonnes of sustainable fuels, including Sustainable Aviation Fuel (SAF) and renewable diesel (HVO100) [3]. Group 2: Environmental Impact - The plant's design incorporates advanced technologies aimed at minimizing environmental impact, utilizing exclusively recycled water [4]. - It is projected to reduce CO₂ emissions by 75% compared to traditional plants, preventing nearly 3 million tonnes of CO₂ emissions annually [4]. Group 3: Industry Positioning - This project is expected to strengthen Spain's position as a leader in clean energy and supports the decarbonization of transport in Europe [4]. - In 2024, the VINCI Group generated total revenue of €3.8 billion in Spain, with significant contributions from its subsidiaries [5].

Group 1 - VINCI has initiated a share buyback program by signing a share purchase agreement with an investment services provider on August 1, 2025 [1] - The agreement is effective from August 4 until September 26, 2025, with a total purchase limit of €300 million [1] - The purchase price for the shares will not exceed the maximum price established by the VINCI Ordinary and Extraordinary Shareholders' Meeting [1]

Core Insights - VINCI has published its 2025 half-year financial report and submitted it to the French financial markets' regulator [2] - The report is accessible in both English and French on VINCI's official website [2] Company Overview - VINCI is a global leader in concessions, energy solutions, and construction, employing 285,000 people across more than 120 countries [3] - The company focuses on designing, financing, building, and operating infrastructure and facilities that enhance daily life and mobility [3] - VINCI is committed to environmentally and socially responsible operations, aiming to create long-term value for customers, shareholders, employees, partners, and society [3]

Core Insights - VINCI reported a revenue increase of 3.2% in the first half of 2025, reaching €34.9 billion, driven by growth in Concessions and Energy Solutions [2][4][15] - EBITDA rose by 8.0% to €6.1 billion, with an EBITDA margin of 17.6%, reflecting improved operating earnings across all business lines [2][21] - Net income attributable to owners of the parent decreased by 5.0% to €1.9 billion, impacted by a significant increase in corporate income tax in France [2][3][22] Financial Performance - Revenue growth was primarily driven by Concessions (up 8%) and Energy Solutions (up 6%) [4][16] - Operating income from ordinary activities (EBIT) increased by 6.9% to €4.1 billion, with a margin of 11.9% [2][22] - Free cash flow was slightly positive at €46 million, down from €361 million in the first half of 2024 [2][26] Business Segments - Concessions generated €5.7 billion in revenue, up 7.7%, with VINCI Autoroutes and VINCI Airports showing strong performance [16][25] - Energy Solutions revenue reached €13.7 billion, up 6.2%, with significant contributions from international markets [16][17] - Construction revenue slightly declined by 0.8% to €15.7 billion, reflecting varying market conditions [21][24] Order Intake and Book - Order intake totaled €31.9 billion, down €2 billion compared to the first half of 2024, but remained higher than revenue for Energy Solutions and VINCI Construction [30][31] - The order book grew to €71.3 billion, a 6% increase year-on-year, indicating strong future business activity [32] Market Trends and Acquisitions - VINCI Airports experienced a 6.4% increase in passenger numbers, with notable growth in Japan, Mexico, and Budapest [28][29] - The integration of recent acquisitions in airports and highways was efficient, contributing to overall growth [6][12] - VINCI Energies completed 16 acquisitions in the first half of 2025, enhancing its market presence and expertise [48][56] Governance and Leadership - The Board of Directors confirmed the separation of the roles of Chairman and CEO, with Xavier Huillard as Chairman and Pierre Anjolras as CEO [4][41] - New executive appointments were made to strengthen leadership in key areas, including VINCI Autoroutes and VINCI Airports [42][43] Future Outlook - VINCI confirmed its guidance for 2025, expecting continued revenue and earnings growth despite macroeconomic uncertainties [37][40] - The company anticipates stable operating margins in Energy Solutions and further growth in renewable electricity capacity [40]

Core Viewpoint - VINCI SA has conducted a series of share buybacks from June 30 to July 04, 2025, in accordance with the authorization granted by its General Meeting on April 17, 2025, and relevant regulations on share repurchases [2]. Group 1: Aggregate Transactions - On June 30, 2025, VINCI purchased 47,077 shares at a weighted average price of €124.93 [2]. - On July 1, 2025, VINCI acquired 47,864 shares at a weighted average price of €125.35 [2]. - On July 2, 2025, VINCI bought 47,884 shares at a weighted average price of €125.30 [2]. - On July 3, 2025, VINCI purchased a total of 70,350 shares (52,354 shares on XPAR and 17,996 shares on CEUX) at a weighted average price of €125.02 and €124.97 respectively [2]. - On July 4, 2025, VINCI acquired a total of 129,810 shares (90,989 shares on XPAR, 36,321 shares on CEUX, 2,500 shares on AQEU, and 2,000 shares on TQEX) at weighted average prices ranging from €123.80 to €124.10 [2]. - The total number of shares repurchased during this period was 344,985 at an overall weighted average price of €124.73 [2]. Group 2: Regulatory Compliance - The transactions are reported in compliance with Article 5 (1) (b) of Regulation (EU) No 596/2014 concerning market abuse [3]. - Detailed information regarding these transactions is available on the VINCI website [3].

Group 1 - VINCI SA conducted share buybacks from July 21 to July 25, 2025, under the authorization from the General Meeting on April 17, 2025 [2] - A total of 392,935 shares were repurchased during this period, with a daily weighted average price of €123.7774 [2] - The transactions were executed across multiple markets, including XPAR, CEUX, AQEU, and TQEX [2][3] Group 2 - On July 21, 2025, VINCI purchased 80,363 shares at an average price of €124.504038 on XPAR [2] - On July 22, 2025, the company bought 82,039 shares at an average price of €123.282264 on XPAR [2] - The lowest average price during the buyback period was €123.146382 on July 22, 2025, on TQEX [2]

Core Insights - VINCI has reached an agreement to acquire Zimmer & Hälbig, a German company specializing in HVAC-R solutions, pending approval from German competition authorities [2][3]. Company Overview - Zimmer & Hälbig, founded in 1974, generated revenue of €96 million in 2024 and employs 310 people across seven locations in Germany [3][7]. - VINCI Energies operates in four business lines in Germany: Infrastructure, Industry, Building Solutions, and ICT, employing 16,600 people in 385 locations [4]. Financial Performance - In 2024, VINCI Group generated nearly €5.6 billion in total revenue in Germany, making it the second-largest international market for the company [5]. - The revenue breakdown includes €4.1 billion in energy solutions and €1.4 billion for VINCI Construction [5]. Strategic Implications - The acquisition will enhance VINCI Energies' multi-technical solutions for buildings and expand its offerings to customers [3][2]. - The integration of Zimmer & Hälbig into VINCI Energies Building Solutions' network will strengthen its position in high-tech building solutions [7].

Core Insights - VINCI Energies has signed an agreement to acquire EnergoBit, a leading electrical infrastructure company in Romania, pending regulatory approval [1][2] - EnergoBit generated consolidated revenue of €100 million in 2024 and employs 825 people across eight locations in Romania [1][5] - The acquisition aims to enhance VINCI Energies' presence in Romania, where it has been operating since 2007 and currently employs 1,500 people [2][3] Company Overview - EnergoBit specializes in engineering and installation of electrical substations, overhead transmission and distribution lines, and network monitoring and automation [2] - The company also has capabilities in assembling transformers and medium-voltage switchgear, providing tailored solutions to both public and private customers [2] - VINCI Group generated over €200 million in revenue in Romania in 2024, with VINCI Energies contributing more than €150 million and VINCI Construction nearly €50 million [3] Strategic Implications - The acquisition will extend the Omexom brand's footprint in Romania, dedicated to energy infrastructure [2][3] - This move aligns with Romania's significant needs for energy transition and infrastructure modernization [2]

Nanterre, July 21st, 2025 Disclosure of transactions in on shares from July 14th to July 18th,2025 Within the framework of the authorization granted by the General Meeting of VINCI SA of April 17th, 2025, to trade in its shares and in accordance with the regulations relating to share buybacks, VINCI SA (LEI:213800WFQ334R8UXUG83) declares the purchases of treasury shares below (FR0000125486), carried out from July 14th to July 18th,2025: I - Aggregate presentation by day and by market Issuer’s nameDate of ...