Nanterre, 21 July 2025 VINCI awarded three construction contracts in Australia Construction of the Coomera Connector’s southern section in the Gold Coast (Queensland)Renovation of a road and construction of a bridge in Moreton Bay (Queensland)Design and build of M5 Motorway Westbound Upgrade in Syndey (New South Wales)Construction contracts total value of 431 million euros (773 million Australian dollars) Seymour Whyte, a VINCI Construction subsidiary in Australia has been awarded three construction contrac ...

Group 1 - VINCI Energies has signed an agreement to acquire Wärtsilä SAM Electronics GmbH, enhancing its capabilities in the industrial sector and the German defense market [1][3] - Wärtsilä SAM Electronics GmbH, founded in 1906, specializes in electrical and automation integration for the German navy and naval shipyards [2] - The acquisition will add 350 employees and is expected to generate an additional full-year revenue of €100 million [3][7] Group 2 - VINCI Energies operates in four business lines in Germany: Infrastructure, Industry, Building Solutions, and ICT, employing 16,600 people across 385 sites [4] - In 2024, the VINCI Group generated nearly €5.6 billion in total revenue in Germany, making it the second-largest international market for the company [5] - VINCI's operations in Germany include €4.1 billion in energy solutions and €1.4 billion in construction, along with public-private partnerships in highway infrastructure and electric vehicle charging [5]

Core Points - Thierry Mirville has been appointed as the Deputy Chief Financial Officer of VINCI, effective October 1 [1] - He will report directly to Christian Labeyrie, the Executive Vice-President and Chief Financial Officer of VINCI [2] - This appointment is significant as it precedes Christian Labeyrie's planned retirement in 2026 [3] Background of Thierry Mirville - Thierry Mirville is a graduate of ESSEC Business School and the Institut d'Etudes Politiques de Paris [4] - He began his career in 1991 at GTIE, a subsidiary of Compagnie Générale de Eaux [4] - He has held various financial leadership roles within VINCI, including Chief Financial Officer of VINCI Energies Deutschland in 2003, Chief Financial Officer of VINCI Energies in 2006, and Chief Financial Officer of the new VINCI Construction division in 2021 [4] About VINCI - VINCI is a global leader in concessions, energy solutions, and construction, employing 285,000 people across more than 120 countries [5] - The company focuses on designing, financing, building, and operating infrastructure and facilities to enhance daily life and mobility [5] - VINCI is committed to environmental and social responsibility, aiming to create long-term value for customers, shareholders, employees, partners, and society [5]

Group 1 - The total number of shares forming the capital of the company as of June 30, 2025, is 581,816,830 [1] - The theoretical number of voting rights is also 581,816,830, which includes treasury stock [1] - The number of voting rights excluding treasury stock is 559,625,223 [1] Group 2 - The registered office of the company is located at 1973, boulevard de la Défense, 92000 Nanterre, France [1] - The company is a French public limited company (société anonyme) with a share capital of €1,454,542,075.00 [1] - The company is registered under the number 552 037 806 RCS Nanterre [1]

Core Insights - Intuitive Surgical has received CE mark approval for its da Vinci 5 Surgical System for both adult and pediatric use in Europe, enabling minimally invasive endoscopic procedures [1][3] - The da Vinci 5 is the most advanced multiport robotic-assisted surgical system, featuring over 150 enhancements and building on the design of the da Vinci Xi Surgical System [2][4] - The da Vinci surgical systems have been utilized in over 410,000 procedures in Europe in 2024 and nearly 17 million procedures globally to date [2][7] Company Developments - The da Vinci 5 Surgical System is designed to improve surgical outcomes, efficiency, and provide actionable insights for healthcare systems [4][8] - Intuitive has been developing robotic-assisted technology for 30 years, with nearly 90,000 surgeons trained worldwide [7] - The da Vinci 5 system offers enhanced surgical capabilities, including advanced 3D vision, ergonomic design, and operational efficiencies [8][10] Market Impact - The introduction of the da Vinci 5 provides surgeons in Europe with greater choice and flexibility, supporting quality care for more patients [5][6] - The system aims to address critical challenges faced by healthcare systems across Europe, potentially transforming surgical practices [4][5]

Core Points - The report details payments made by VINCI Group subsidiaries to public authorities for extractive activities during the fiscal year 2024 [1][2] - Payments reported include individual amounts or sets of payments equal to or exceeding €100,000, categorized by site, country, and type of contribution [2] - The report excludes payments below the €100,000 threshold and does not cover taxes on consumption or sales, such as value-added taxes [3] Payment Types - Taxes reported mainly include corporate income tax and taxes related to the income and production of project companies [3] - Royalties and rents represent payments made for the rights to exploit quarries or hydrocarbon deposits [3] Approval and Documentation - The report was approved by the VINCI Board of Directors on 18 June 2025 [4]

Group 1 - Vinci SA has been upgraded to a Zacks Rank 1 (Strong Buy), indicating a positive outlook on its earnings estimates, which significantly influence stock prices [1][3] - The Zacks rating system tracks the Zacks Consensus Estimate, which reflects EPS estimates from sell-side analysts for the current and following years, highlighting the importance of earnings revisions [1][2][4] - Rising earnings estimates for Vinci suggest an improvement in the company's underlying business, likely leading to increased buying pressure and a higher stock price [5][10] Group 2 - Empirical research shows a strong correlation between earnings estimate revisions and near-term stock movements, making it beneficial for investors to track these revisions [6] - The Zacks Rank system classifies stocks into five groups based on earnings estimates, with Zacks Rank 1 stocks historically generating an average annual return of +25% since 1988 [7][9] - For the fiscal year ending December 2025, Vinci is expected to earn $2.42 per share, with a 5.2% increase in the Zacks Consensus Estimate over the past three months [8]

Core Insights - Balfour Beatty (BLFBY) and Vinci (VCISY) are highlighted as strong investment opportunities due to their strategic expansions and robust performance, particularly as the construction peak season approaches [1][12] - Both companies have made it onto the Zacks Rank 1 (Strong Buy) list and have received an overall "A" Zacks Style Scores grade, indicating strong value, growth, and momentum [1] Performance Overview - Balfour Beatty and Vinci have shown steady growth in both top and bottom lines, with their operations spanning Europe and North America [2] - Their American Depository Receipts (ADRs) have outperformed broader market indexes, with both stocks rising over 40% this year compared to a 2% increase in broader indexes [3] Strategic Expansion Efforts - Balfour Beatty's acquisition of River Pointe, a 300-unit multifamily community in Texas, reflects its focus on expanding construction services and infrastructure investments [4] - Vinci's acquisition of Peters Bros Construction enhances its presence in Western Canada, particularly in British Columbia, furthering its strategic expansion in North America [5] Attractive Valuations & Earnings Estimates - Both companies trade under 15X forward earnings, presenting a discount compared to the S&P 500's 23.2X, making their valuations attractive [6] - Balfour Beatty's fiscal 2025 EPS estimates have increased by 2%, with a projected 9% rise in annual earnings this year and a 14% increase in FY26 to $1.36 per share [8] - Vinci's FY25 EPS projections remain flat at $2.42, but are expected to rise by 13% in FY26 to $2.75 per share, with EPS estimates up over 6% in the last 60 days [9][10] Dividend Performance - Both companies have raised their dividends this year, with Balfour Beatty offering an annual yield of 2.58% and Vinci at 3.97%, significantly higher than the benchmark average of 1.23% [10]

Core Viewpoint - The article emphasizes the importance of value investing and highlights Vinci (VCISY) as a strong value stock based on its favorable valuation metrics and earnings outlook [2][4][6]. Group 1: Value Investing Strategy - Value investing focuses on identifying companies that are undervalued by the market, relying on traditional analysis of key valuation metrics [2]. - Zacks has developed a Style Scores system to identify stocks with specific traits, particularly in the "Value" category [3]. Group 2: Vinci (VCISY) Valuation Metrics - Vinci (VCISY) has a Zacks Rank of 1 (Strong Buy) and a Value grade of A, indicating it is a strong value stock [4]. - The Forward P/E ratio for VCISY is 14.01, significantly lower than the industry average of 19.11, with a historical range between 10.71 and 14.64 [4]. - The P/B ratio for VCISY is 2.27, compared to the industry average of 4.27, with a historical range between 1.60 and 2.34 [5]. - These valuation metrics suggest that VCISY is likely undervalued, supported by a strong earnings outlook [6].

Core Insights - Intuitive Surgical's da Vinci 5 (dV5) system is gaining traction, with 147 units placed and over 32,000 procedures performed in Q1 2025, indicating strong customer response [1][8] - The innovative Force Feedback technology is showing clinical potential by enhancing surgical precision and improving post-operative recovery times [2][8] - Additional upgrades, including real-time 3D model review and integrated simulation software, are expected to launch mid-year, enhancing procedural insight and surgeon performance [3][4] Company Developments - Intuitive Surgical is aligning its innovations with surgeon training needs and operational efficiency, positioning dV5 as a cornerstone for future growth [4] - The company is scaling its supply chain to support a broader launch of the dV5 system, with expectations for steady growth in the adoption of force feedback instruments through 2025 [3][4] Competitive Landscape - Stryker introduced its fourth-generation Mako SmartRobotics system, enhancing surgical planning and execution capabilities across various procedures [5] - Globus Medical showcased its ExcelsiusFlex robotic navigation system, designed to enhance surgical precision and accommodate diverse patient needs [6] Financial Performance - Intuitive Surgical's shares have gained 0.2% year-to-date, contrasting with a 4.3% decline in the industry [7] - The company trades at a forward price-to-earnings ratio of 36.05, above the industry average but lower than its five-year median of 52.54 [9] - The Zacks Consensus Estimate for Intuitive Surgical's 2025 earnings suggests a 2.8% increase from the previous year [10]