Group 1 - VINCI SA conducted share buybacks from February 24 to February 28, 2025, under the authorization from the General Meeting held on April 09, 2024 [2][4] - A total of 420,669 shares were repurchased during this period, with an aggregated daily weighted average price of €109.9955 [2] - The transactions were executed across multiple markets, including AQEU, CEUX, TQEX, and XPAR, with varying volumes and prices each day [2][3] Group 2 - On February 24, 2025, VINCI purchased a total of 95,389 shares at prices ranging from €109.2540 to €109.3756 [2] - On February 25, 2025, the company bought 97,293 shares, with prices between €109.2516 and €109.4021 [2] - On February 26, 2025, VINCI acquired 76,359 shares, with prices from €110.4970 to €110.6819 [2] - On February 27, 2025, the total shares purchased were 76,628, with prices ranging from €110.3533 to €110.6998 [2] - On February 28, 2025, the company bought 74,000 shares, with prices between €110.7454 and €110.8030 [2]

Core Points - VINCI has secured a contract to upgrade and extend the water supply network in Uganda's Kampala metropolitan region [1][2] - The project is valued at €92.4 million and is financed by the French development agency, AFD [4][7] - The initiative aims to improve access to treated water for approximately 1.5 million local residents [4] Project Details - Sogea-Satom, a subsidiary of VINCI Construction, will lead the renovation, restructuring, and extension of the water supply network [2] - The project will involve the installation of 70 km of cast iron pipes, construction of large reinforced concrete reservoirs, and the establishment of two new pumping stations while renovating two existing ones [3] - The workforce for this project will consist of up to 500 people and is expected to be completed by August 2027 [3] Company Background - VINCI is a global leader in concessions, energy, and construction, employing 285,000 people across more than 120 countries [5] - The company focuses on designing, financing, building, and operating infrastructure that enhances daily life and mobility [5] - VINCI emphasizes environmentally and socially responsible operations while aiming to create long-term value for all stakeholders [5]

Group 1 - VINCI has filed its 2024 Universal Registration Document with the French financial markets regulator, the Autorité des marchés financiers (AMF) [2] - The document is available in French on VINCI's website and will have an English version posted soon [2] - VINCI operates in concessions, energy, and construction, employing over 285,000 people in more than 120 countries [3] Group 2 - VINCI focuses on designing, financing, building, and operating infrastructure and facilities to enhance daily life and mobility [3] - The company is committed to environmentally, socially responsible, and ethical operations [3] - VINCI aims to create long-term value for customers, shareholders, employees, partners, and society [3]

Group 1 - COFIROUTE successfully issued an 8-year bond amounting to €650 million, maturing in March 2033 with an annual coupon of 3.125% [2] - The bond issue was oversubscribed at a ratio of 2.8x, indicating strong market confidence in COFIROUTE's credit ratings, which are rated A- with a stable outlook by Standard & Poor's [2] - The bond issuance was conducted under COFIROUTE's EMTN programme, allowing the company to extend its average debt maturity under favorable conditions in the current credit market [2] Group 2 - The joint bookrunners for the bond issuance included Crédit Agricole CIB and Société Générale as Global Coordinators, along with BBVA, CIC, HSBC, IMI-Intesa Sanpaolo, SMBC, Standard Chartered, and UniCredit [3] Group 3 - VINCI, the parent company of COFIROUTE, operates globally in concessions, energy, and construction, employing 285,000 people across more than 120 countries [4] - VINCI is committed to environmentally and socially responsible operations, aiming to create long-term value for customers, shareholders, employees, partners, and society [4]

Core Viewpoint - VINCI SA has conducted a series of share buybacks from February 19 to February 21, 2025, in accordance with the authorization granted by its General Meeting on April 9, 2024, and relevant regulations on share repurchases [2]. Group 1: Share Buyback Transactions - The total number of shares repurchased during the specified period is 392,573 shares, with an average purchase price of €108.5942 [2]. - The daily breakdown of share purchases includes: - February 19, 2025: 112,500 shares across various markets at prices ranging from €109.1867 to €109.2400 [2]. - February 20, 2025: 155,073 shares with prices between €108.3780 and €108.4954 [2]. - February 21, 2025: 125,000 shares at prices from €108.1452 to €108.3351 [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, ensuring transparency and adherence to regulatory standards [3].

Economic Overview - Economic data is crucial for investors, especially when the S&P 500 is near all-time highs, as it indicates whether the economy can support current market valuations [1] - Recent retail sales data shows a shift from consumer discretionary spending to consumer staples, indicating a more defensive consumer approach and a lack of confidence [2] Company Insights - Walmart Inc. has seen significant institutional investment, with up to $15 billion flowing into its stock over the past quarter, reflecting a broader trend towards defensive stocks [5] - Analysts forecast Walmart's earnings per share (EPS) to rise to $0.75 over the next 12 months, a nearly 30% increase from the current $0.58, suggesting potential for stock price growth [6] - Citigroup maintains a Buy rating for Walmart, projecting a stock price of up to $120, indicating a potential upside of 15% from current levels [7] Dollar Tree Analysis - Dollar Tree's stock forecast suggests a 12-month price target of $85.58, with a potential upside of 12.18% based on analyst ratings [8][9] - Institutional buyers have purchased approximately $1.6 billion in Dollar Tree stock, indicating a favorable sentiment towards defensive names following retail sales data [10] - Guggenheim analysts rate Dollar Tree as a Buy, with a fair value target of $100 per share, representing a 40% upside from current trading levels [12] Dollar General Outlook - Dollar General's stock forecast indicates a 12-month price target of $96.77, with a potential upside of 27.06% based on analyst ratings [13] - The company is expected to see EPS growth of nearly 100% to $1.74 in the third quarter of 2025, suggesting significant upside potential [14] - Barclays has an Overweight rating on Dollar General, valuing it at up to $100 per share, which implies a potential upside of 38% from current prices [15]

Core Viewpoint - VINCI has issued €400 million cash-settled synthetic convertible bonds due February 2030, with the settlement and delivery occurring on the same day as the announcement [1]. Company Overview - VINCI is a global leader in concessions, energy, and construction, employing 285,000 people across more than 120 countries [2]. - The company focuses on designing, financing, building, and operating infrastructure and facilities to enhance daily life and mobility [2]. - VINCI is committed to environmental and social responsibility, aiming to create long-term value for customers, shareholders, employees, partners, and society [2]. Bond Details - The share reference price for VINCI's shares is set at €108.4401 [8]. - The initial conversion price, which includes a 20% premium over the share reference price, is €130.1281 [8]. - The initial conversion ratio is established at 768.4735 VINCI shares per bond with a principal amount of €100,000 [8].

Group 1 - VINCI has initiated a share buyback program, signing a share purchase agreement with an investment services provider on February 18, 2025 [2] - The share buyback program allows for the purchase of VINCI shares up to a limit of €300 million, with the agreement valid from February 19, 2025, until March 27, 2025 [2] - The maximum purchase price for the shares is determined by the VINCI Ordinary and Extraordinary Shareholders' Meeting held on April 9, 2024 [2] Group 2 - VINCI operates globally in concessions, energy, 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]

Group 1: VINCI Autoroutes Traffic - VINCI Autoroutes experienced a traffic increase of 9.5% in January 2025 compared to January 2024, with light vehicles up by 9.7% and heavy vehicles up by 8.5% [2] - The growth in traffic is attributed to a low base for comparison, as traffic was significantly disrupted by farmers' blockades starting January 22, 2024 [2] Group 2: VINCI Airports Passenger Traffic - VINCI Airports reported a 9.2% increase in passenger traffic in January 2025 compared to January 2024, with growth observed in almost all 14 countries in the network [3] - Notable increases in passenger traffic include Hungary at +17%, Japan at +21%, and Cambodia at +25%, while Serbia and the Dominican Republic saw declines of -1.3% and -11% respectively [3] Group 3: VINCI Airports Commercial Movements - Commercial movements (ATM) at VINCI Airports rose by 6.7% in January 2025 compared to January 2024 [4] - Significant growth in commercial movements was seen in Hungary (+15%), Cambodia (+23%), and Cabo Verde (+25%), while Serbia and the Dominican Republic experienced declines of -3.3% and -17% respectively [5]

Group 1 - VINCI has appointed Sabine Granger as Chief Executive Officer of VINCI Autoroutes and Rémi Maumon de Longevialle as Chief Executive Officer of VINCI Airports [2] - Sabine Granger has a background in finance and has been with VINCI since 2012, managing various operational roles and leading airport management projects [2] - Rémi Maumon de Longevialle has engineering degrees and has been with VINCI since 2012, serving in structured finance and development roles before becoming CFO of VINCI Airports [2] Group 2 - Both Granger and Maumon de Longevialle have been appointed to the Management Committee of VINCI Concessions, which includes other key executives [3][4] - VINCI operates in concessions, energy, and construction, employing 285,000 people across more than 120 countries, focusing on infrastructure and facilities that enhance daily life and mobility [3] - The company emphasizes long-term value creation for customers, shareholders, employees, and society, while committing to environmentally and socially responsible operations [3]