Core Viewpoint - VINCI SA has conducted share buybacks from April 02 to April 04, 2025, in accordance with the authorization granted by the General Meeting on April 09, 2024, and relevant regulations on share repurchases [2]. Group 1: Share Buyback Transactions - Total shares repurchased during the specified period amounted to 351,745 shares [2]. - The daily aggregated volume and weighted average prices for each day are as follows: - April 02, 2025: 64,396 shares at €117.8253, 32,568 shares at €117.8344, and 11,036 shares at €117.7560 [2]. - April 03, 2025: 67,398 shares at €117.5038, 28,316 shares at €117.5211, and 11,433 shares at €117.5752 [2]. - April 04, 2025: 90,132 shares at €113.7016, 38,683 shares at €113.8711, and 7,783 shares at €114.5912 [2]. - The overall daily weighted average price for the total repurchased shares was €116.1667 [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].

Core Insights - Dollar General Corporation (DG) has experienced a significant stock price increase of approximately 28.5% over the past three months, outperforming the industry and the S&P 500 index, which declined by 4.4% and 14.7% respectively [1][2] Performance Comparison - Dollar General has outperformed peers such as Dollar Tree, Costco, and Target, with Dollar Tree's shares rising only 1.2%, while Costco and Target saw declines of 2.1% and 31.7% respectively [2] Growth Drivers - Despite facing margin pressures and a challenging consumer environment, Dollar General's growth story remains strong due to value-creating initiatives, a defensive product mix, and a real estate growth strategy [6] - The company's "back-to-basics" initiative has led to a 6.9% reduction in inventory per store and the removal of 1,000 SKUs, enhancing productivity [7] - Dollar General plans to execute 4,885 real estate projects in 2025, including 575 new stores in the U.S. and up to 15 in Mexico, alongside significant remodeling efforts [8] Digital Initiatives - The company is enhancing its digital capabilities through a partnership with DoorDash, piloting same-day home delivery from 400 stores, with plans to expand to 10,000 locations by the end of 2025 [9] - Early results indicate higher average order values for online purchases compared to in-store, with the integration of SNAP and EBT payments improving accessibility for core customers [9] Strategic Product Mix - Dollar General aims to rebalance its product mix by increasing non-consumable offerings by at least 100 basis points by 2027, reflecting a commitment to optimizing profitability while maintaining growth [10][11] Long-Term Outlook - Management targets net sales growth of 3.5%-4% annually starting in 2025, with same-store sales growth of 2%-3% from 2026 and operating margin expansion potentially reaching 6%-7% by 2028 [12] - Earnings per share (EPS) growth of at least 10% annually is anticipated beginning in 2026, supported by a disciplined capital allocation strategy [12] Challenges Ahead - Dollar General's core customer base is sensitive to inflation and economic pressures, with a reported 1.1% decline in traffic in the final quarter of fiscal 2024 [13] - Management expects selling, general, and administrative expenses to increase in 2025 due to retail wage inflation and elevated depreciation costs [14] - EPS is projected to decline year-over-year in the first half of fiscal 2025, with anticipated declines of 11.3% and 7.6% in the first and second quarters respectively [15] Market Valuation - Dollar General is currently trading at a forward P/E ratio of 16.29, which is a discount compared to the industry average of 29.95 and the S&P 500's P/E of 18.58, but appears overvalued compared to its median P/E of 13.62 over the past year [19] Investment Consideration - The recent stock rebound indicates a regained investor confidence through strategic execution, suggesting that holding onto Dollar General stock may be a reasonable option for current investors [21]

On April 2, the Trump administration roiled financial markets by introducing wide-ranging tariffs on most of America's trading partners. In addition to a baseline 10% tariff on all imports, the government is expected to start collecting levies of up to 49% on some countries in a move that could dramatically hurt global trade and economic growth.Stocks are in a freefall, with the S&P 500 down around 15% year to date. However, within the turmoil, some companies are holding up better than others and may make g ...

Investment Rating - The industry investment rating is maintained as "Positive" [5] Core Insights - The report indicates that major US consumer companies are cautious about future fiscal year expectations, primarily due to tariff pressures and consumer downgrading trends in the US market. However, companies like Walmart and Lululemon express a more optimistic outlook for the Chinese market [3][23] - Recommendations include buying leading sportswear brand Anta Sports (02020), and considering Li Ning (02331), Xtep International (01368), and Tabo (06110) for buying or holding. Additionally, long-term prospects are favorable for resilient leading manufacturers such as Shenzhou International (02313), Weixing Co., Ltd. (002003), and Huali Group (300979) [3][23] Summary by Sections US Consumer Giants Performance - Walmart's FY26 revenue growth guidance is 3-4%, with a same-store sales increase of 23.1% in FY25Q4, driven by strong e-commerce and new store openings [10][13] - Target expects FY25 revenue growth of about 1%, with same-store sales remaining flat, facing pressure from tariffs and operational costs [14][15] - Dollar General anticipates FY25 revenue growth of 3.4-4.4%, with core consumers facing economic challenges and a notable trend of consumer downgrading [17][18] - Nike projects a mid-double-digit revenue decline for FY25Q4, with significant inventory issues and a 15% revenue drop in the Greater China region [19][20] - Lululemon expects FY25 revenue growth of 5-7%, with a strong growth forecast of 25-30% in the Greater China region [21][22] Investment Recommendations - The report suggests a cautious approach towards US consumer giants due to tariff pressures and consumer behavior changes, while highlighting positive growth prospects in China for certain brands [3][23]

Core Insights - VINCI, through its subsidiary Cobra IS, has signed the first public-private partnership (PPP) contract for electricity transmission in Australia with the New South Wales (NSW) Government [1][2] Group 1: Project Overview - The 35-year PPP involves financing, design, construction, operation, and maintenance of 240 km of 330 kV and 500 kV transmission lines, along with eight substations and infrastructure connecting to renewable energy plants [2][7] - The project aims to deliver 4.5 GW of new network capacity by 2028, sufficient to power 2 million homes [2] Group 2: Economic and Employment Impact - This initiative is part of the first Renewable Energy Zones (REZ) designated by the NSW government to replace coal-fired power plants, expected to create around 5,000 jobs during peak construction [3] - The project is anticipated to attract up to AUS$20 billion in private investment into the region by 2030 [3] Group 3: Company Expertise - Cobra IS has established expertise in electricity transmission, particularly in Brazil, and is now applying this knowledge in the Australian market [4]

Core Viewpoint - Dollar General's stock experienced an 18.5% increase in March, contrasting with a 5.6% decline in the S&P 500 Index, indicating a potential shift in investor sentiment towards recession-resistant stocks [1][6]. Financial Performance - In the fiscal fourth quarter, Dollar General reported a revenue growth of 4.5% to $10.3 billion, surpassing expectations, with same-store sales rising 1.2%, exceeding the anticipated 0.93% [3]. - Earnings per share (EPS) fell over 52.5% primarily due to one-time charges related to closing underperforming stores; adjusted EPS would have been 9.2% lower but still aligned with margin compression trends [4]. - Management provided a conservative full-year EPS outlook of $5.10 to $5.80, below analysts' expectations of $5.94 [5]. Market Dynamics - The stock's rise may be attributed to its perceived recession resistance, as low-income consumers tend to purchase essentials from discount retailers during economic downturns [6]. - With the risk of recession increasing, investors may have rotated into Dollar General, which was approximately 70% below its all-time highs, suggesting potential relative outperformance in a recession scenario [7]. Investment Considerations - Despite being viewed as recession-resistant, Dollar General's stock is not without risks, as evidenced by its significant decline from previous highs and challenges posed by inflation and theft affecting low-income customers [8]. - The company's margins remain under pressure, and the current economic environment raises questions about the sustainability of its performance, positioning it as a turnaround story rather than a guaranteed safe investment [9].

Nanterre, 1 April 2025 VINCI is a global player in concessions, energy and construction, employing 285,000 people in more than 120 countries. We design, finance, build and operate infrastructure and facilities that help improve daily life and mobility for all. Because we believe in all-round performance, above and beyond economic and financial results, we are committed to operating in an environmentally and socially responsible manner. And because our projects are in the public interest, we consider that re ...

This disclosure is on VINCI web site www.vinci.com (section: Finance/Investors/Regulatory information/7. Monthly information concerning the total number of voting rights and shares that make up the company's capital) Attachment French public limited company (société anonyme) with a share capital of €1,456,035,992.50 Registered office : 1973, boulevard de la Défense 92000 Nanterre – France 552 037 806 RCS Nanterre www.vinci.com DISCLOSURE OF THE NUMBER OF SHARES FORMING THE CAPITAL AND OF THE TOTAL NUMBER OF ...

Nanterre, March 31, 2025 Disclosure of transactions in on shares from March 24 to March 28, 2025 I - Aggregate presentation by day and by market | Issuer's | Date of | Identifying code of | Aggregated daily volume (in | Daily weighted average price of the | Market | | --- | --- | --- | --- | --- | --- | | | | | | | (MIC | | name | transaction | financial | number of | purchased shares in | code) | | | | instrument | shares) | Euro | | | VINCI | 2025-03-24 | FR0000125486 | 21 358 | 118,626639 | XPAR | | VINC ...

About VINCI VINCI is a world leader in concessions, energy services and construction, employing 285,000 people in more than 120 countries. We design, finance, build and operate infrastructure and facilities that help improve daily life and mobility for all. Because we believe in all-round performance, above and beyond economic and financial results, we are committed to operating in an environmentally and socially responsible manner. And because our projects are in the public interest, we consider that reach ...