VCISY Vinci SA (PK)

By Adria Calatayud

Vinci's Spanish subsidiary Cobra IS is targeting revenue growth over the next two years, with profitability slightly higher than current levels, and investments to add capacity.

The French group said Tuesday that Cobra IS, an infrastructure-construction contractor specialized in the energy sector, forecasts revenue from energy services and projects of at least 7.5 billion euros ($8.07 billion) in 2025, which represents average growth of around 11% a year since 2022.

The business's operating margin from ordinary activities is expected to be at least 7.5% in both 2024 and 2025, Vinci said.

For the 12 months to the end of September, Cobra IS generated revenue of EUR6.1 billion with an operating margin of 7.4%.

Vinci said Cobra IS plans annual investment of around EUR1 billion to add 1.5 gigawatts of capacity annually on average over the next two years to have around 5 gigawatts in operation or under construction in 2025, with solar power plants accounting for 90% and onshore wind farms for 10%.

In 2030, Cobra IS aims to have more than 12 gigawatts, Vinci said.

Write to Adria Calatayud at adria.calatayud@dowjones.com

(END) Dow Jones Newswires

December 12, 2023 02:46 ET (07:46 GMT)

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