**VINCI Traffic Update: Autoroutes Stabilize While Airport Networks Show Regional Divergence**

VINCI released its November 2025 operational metrics on December 16, revealing mixed signals across its transportation infrastructure portfolio. For vinci shares investors, the data highlights distinct performance trajectories between highway networks and airport operations.

**Autoroutes Sector Faces November Headwinds**

VINCI Autoroutes intercity networks posted a −3.4% decline in November traffic, primarily driven by calendar repositioning effects compared to 2024. This year, November 1 fell on Saturday versus Friday previously, while November 11 shifted to Tuesday from Monday—disrupting typical travel patterns.

Despite the monthly dip, year-to-date performance tells a more optimistic story. Through eleven months, VINCI Autoroutes achieved +1.1% growth compared to 2024, with light vehicles advancing 1.2% and heavy vehicles climbing 0.5%. This trajectory suggests underlying demand resilience in European highway mobility.

**Airports Navigate Uneven Global Recovery**

VINCI Airports painted a more nuanced picture across its global portfolio. Overall, the network captured +2.9% passenger growth in November and +5.2% year-to-date—indicating sustained international travel demand.

Regional performance diverged sharply. Asian hubs demonstrated exceptional strength: Cambodia Airports surged 11% in November (+15% YTD), while Japan's Kansai Airports rose 5.6% (+11% YTD). Caribbean and Latin American gateways showed volatility—Costa Rica accelerated 17% monthly (+2.7% YTD), yet Chile's Nuevo Pudahuel retreated −9.1% (-0.8% YTD).

European operations remained subdued: France dipped −2.5% in November despite positive YTD momentum at +2.4%. The UK market stayed flat at +0.1% monthly. Portugal's ANA and Hungary's airports stood out with consistent growth (+5.0% and +11% November respectively).

The United States presented concerning trends, with November passenger traffic declining −5.9% and YTD down −5%, signaling potential demand softening in that critical market.

**Commercial Movement Mirrors Passenger Trajectory**

Aircraft movements (ATM) largely tracked passenger patterns. VINCI Airports logged +2.2% commercial growth in November and +5.1% YTD. Costa Rica led with +23% monthly ATM growth, while Cambodia Airports advanced 13%. The US market again underperformed with −5.5% November ATM decline.

For vinci shares observers, these metrics suggest that while core European and emerging market operations remain solid, North American aviation demand requires monitoring through 2026.