Core Insights - VINCI is a global leader in infrastructure, focusing on concessions, energy solutions, and construction, with a workforce of 285,000 across over 120 countries [1] - The company emphasizes a commitment to environmental and social responsibility, aiming to create long-term value for all stakeholders [1] Group 1: Business Model Strengths - VINCI is positioned as a key player to capture global megatrends [3] - The company demonstrates strong and resilient free cash flow [3] - VINCI maintains a solid balance sheet [3] Group 2: Capital Allocation and Performance - The company has a consistent and value-accretive capital allocation strategy [3] - VINCI has a longstanding M&A track record with high-quality returns over time [3] - There is an alignment of interests among employees and shareholders [3] Group 3: Stock Performance - VINCI's stock has outperformed over time [3] - The company aims for all-round performance beyond just economic and financial results [3]

Core Points - Pierre Anjolras has been appointed as the Chief Executive Officer of VINCI as of May 1, 2025, and chaired his first Executive Committee meeting on May 5, 2025 [2] - Sabine Granger and Rémi Maumon de Longevialle have been appointed to VINCI's Executive Committee, with Granger serving as the Chief Executive Officer of VINCI Autoroutes and Maumon de Longevialle as the Chief Executive Officer of VINCI Airports [2][3][4] Company Overview - VINCI is a global leader in concessions, energy solutions, and construction, employing 285,000 people across more than 120 countries [9] - The company focuses on designing, financing, building, and operating infrastructure and facilities that enhance daily life and mobility [9] VINCI Autoroutes - VINCI Autoroutes operates a network of 4,443 km of motorways in France, serving over 2.5 million customers daily, which can increase to 4 million during summer [5] - The company is committed to transforming its motorway infrastructure into a low-carbon model in response to climate change [7] VINCI Airports - VINCI Airports is the leading private airport operator globally, managing over 70 airports in 14 countries [8] - The company aims to achieve zero net emissions (scope 1 and 2) across its network by 2050, supporting local climate transitions [8]

Core Viewpoint - VINCI successfully placed a tap issue of non-dilutive convertible bonds amounting to €150 million, which will be fully assimilated with its existing €400 million non-dilutive convertible bonds due in February 2030 [1][3]. Group 1: Bond Issuance Details - The initial tap issue amount was increased from €125 million to €150 million due to strong investor demand [2]. - The New Bonds will be issued under the same terms as the Original Bonds, with the settlement date expected on 6 May 2025 [3][7]. - The initial issue price of the New Bonds is set at 106.45% of their nominal value, with adjustments based on VINCI's share price over a specified period [6]. Group 2: Hedging and Corporate Use - VINCI will purchase cash-settled call options on its own shares to hedge against potential dilution from the conversion rights attached to the New Bonds [4]. - The net proceeds from the New Bonds will be utilized for general corporate purposes and the purchase of the New Options [5]. Group 3: Offering Process and Restrictions - The New Bonds are being offered through an accelerated book building process to institutional investors only, with no public offering in certain jurisdictions [11][21]. - VINCI has agreed to a lock-up period concerning its shares and equity-linked securities for 60 days post-settlement [9].

Core Viewpoint - VINCI is launching a tap issue of non-dilutive convertible bonds for a nominal amount of €125 million, which may be increased to €150 million, to be fully assimilated with its existing €400 million non-dilutive convertible bonds due February 2030 [1][2] Group 1: Bond Issuance Details - The New Bonds will be issued on the same terms as the Original Bonds, with the exception of the issue date and price, and will be fully fungible with the Original Bonds upon settlement [2] - The initial issue price of the New Bonds is expected to be between 106.450% and 106.950% of their nominal value, with the final price to be announced on 30 April 2025 [5] - The settlement and delivery date for the New Bonds is anticipated to be on 6 May 2025 [6] Group 2: Use of Proceeds - The net proceeds from the issuance of the New Bonds will be utilized for general corporate purposes and the purchase of new cash-settled call options on VINCI's shares [4][3] Group 3: Market and Regulatory Context - The New Bonds will be offered through an accelerated book building process to institutional investors only, with no public offering in certain jurisdictions including the United States, Australia, South Africa, Canada, and Japan [9][18] - VINCI will agree to a lock-up undertaking regarding its shares and equity-linked securities for a period ending 60 days after the settlement date of the New Bonds [8]