Competitive position and Outlook
Concessions
Concessions Outlook
VINCI Concessions’ business lines are mainly active in transport infrastructure, and demand for mobility will remain strong worldwide.
In motorways, traffic on the VINCI Autoroutes network was impacted by protests in 2024 but is expected to increase slightly in France in 2025. Internationally, the VINCI Highways network should see growth in traffic, in particular with the new concession contracts awarded and infrastructure brought into service in the Czech Republic, United States and Brazil. After returning to and then surpassing prepandemic levels, the brisk traffic at VINCI Airports is set to last, especially with the rise in tourism and travel to visit friends and relatives. Broadly speaking, the considerable geographical diversity within the VINCI Airports network tends to bolster activity.
In this overall positive environment, VINCI intends to seize opportunities to develop its network of motorway and airport concessions, with the aim of raising its international profile and extending the average maturity of its portfolio through new acquisitions.
This strategy dovetails with the commitment to eco-friendly mobility. The Concessions business lines will step up their efforts to reduce the direct environmental impact of their activities and support all their stakeholders with their own environmental strategy. The need to transform motorways and airports into low-carbon and climate-resilient infrastructure further substantiates the concession contract model and public-private partnerships, while confirming the validity of the Group’s long-term strategy.
This strategy also applies to the development of electric charging infrastructure and solar power projects, both for assets under concession within the Group and others outside it, as a means of fostering the decarbonisation of transport and the energy transition in the cities and regions which work in close partnership with VINCI’s concession companies.
VINCI Autoroutes’ competitive position
Position in the sector
VINCI Airports is the leading private operator and the most geographically diversified, with 72 airports worldwide in 2024.
The main listed airport operators in Europe are Aena, Groupe ADP and Fraport.
In Europe, VINCI Airports operates 10 airports in Portugal (69.2 million passengers), 12 airports in France (18.9 million passengers) including Lyon-Saint Exupéry (10.5 million passengers), and Belgrade airport in Serbia (8.4 million passengers), and took over operations at Budapest airport in Hungary (17.5 million passengers) in June 2024. In the United Kingdom, it operates London Gatwick (43.2 million passengers), Belfast International (6.8 million passengers) and, as of end-June 2024, Edinburgh airport (15.8 million passengers).
In Asia, VINCI Airports operates two airports in Cambodia (4.8 million passengers) and holds the concession, as part of a consortium with Japanese partners, for the three airports in the Kansai region of Japan (49.4 million passengers).
In Latin America, VINCI Airports holds concessions for eight airports in Brazil (12.1 million passengers), Guanacaste airport in Costa Rica (1.9 million passengers) and six airports in the Dominican Republic (6.8 million passengers). In Chile, as part of a consortium with Groupe ADP and Astaldi Concessions, it operates the international airport in Santiago (26.3 million passengers). In Mexico, VINCI Airports is the largest shareholder of OMA, a group operating 13 airports (26.6 million passengers).
VINCI Airports also operates four airports under management contracts in the United States (7.5 million passengers) and operates Cabo Verde’s seven airports (3 million passengers).
Energy
Energy Outlook
Activity across the Energy business will continue to be driven by two deep-seated trends: the energy transition and digital transformation. These trends are generating a growing volume of projects in energy networks and infrastructure of all types, as well as in the industrial and building sectors, all of which are core markets for VINCI Energies and Cobra IS.
With an order book worth €16.5 billion at the end of 2024 (up 15% year on year), VINCI Energies looks set to post further growth in 2025, on a par with its performance in 2024. The business line will continue to deploy its external growth strategy, drawing on a decentralised organisation and an efficient management model calibrated to successfully integrate new businesses. Its Ebit margin is expected, at a minimum, to remain stable, and its proactive approach to supporting customers in their energy and digital transformation will foster momentum.
Thanks to its diverse flow business activities and its ability to carry out major turnkey projects, particularly in energy infrastructure, Cobra IS is also expected to continue growing, buoyed by an order book of €17.6 billion at the end of 2024 (up 22% against 2023). The business line is expected to earn revenue of at least €7.5 billion in 2025, while consolidating its high Ebit margin. In addition, it intends to continue developing its portfolio of mainly photovoltaic renewable energy assets to bring its capacity – currently in operation or under construction – to approximately 5 GW by the end of 2025, thus adding 1.5 GW compared to end-2024.
Construction
Construction Outlook
The good momentum in order intake over the year – particularly in the United Kingdom, Oceania and North America, and at specialist subsidiaries – took the order book to a record level. New business rose by 7% in 2024, to €35 billion or over 13 months of average business volume at year-end, enabling the business line to confidently pursue its selective approach.
Despite a more uncertain economic and geopolitical environment, VINCI Construction can continue to draw on its broad spectrum of expertise, geographical diversification and decentralised organisation to keep its business model resilient, produce revenue close to 2024 levels and further improve its operational performance.
In the medium term, the business line will continue to benefit from major industry trends, which are already visible in the type of projects currently under way and will generate many new business opportunities going forward. Global climate change mitigation and adaptation targets call for significant upgrades in the infrastructure that sustains power grids, water management, low-carbon transport, as well as climate resilience. As regards building activities, efforts to reduce energy consumption and carbon emissions, combined with urban development and changes in the way we live and work, are expected to give rise to a growing volume of new projects.
VINCI Construction will be developing new expertise, products and services to provide workable and sustainable solutions to advance the environmental transition, while pushing ahead with its efforts to reduce its direct footprint.
Position in the sectors
Specialty Networks
Soletanche Freyssinet, a world leader in specialist civil engineering, operates in more than 100 countries and is active on a very fragmented market. Its competitors include Trevi, Bauer and Keller in special foundations, and VSL (a Bouygues subsidiary) in prestressing and stay cable systems.
France
VINCI Construction is the leader in the building and civil engineering sectors in France, ahead of Bouygues Construction, Eiffage Construction, NGE, Fayat and Spie batignolles. The remaining market is divided among several medium-sized regional companies (including Demathieu Bard and Léon Grosse) and a large number of small contractors. In the transport infrastructure and urban development sectors, VINCI Construction is a market leader alongside Colas (Bouygues group) and Eiffage Infrastructures. The market is otherwise shared by a large number of local and regional companies. VINCI Construction is also a market leader in aggregates, where its competitors include roadworks companies and cement groups such as Holcim, GSM (HeidelbergCement group) and Cemex, along with a number of local producers.
Germany
VINCI Construction, through Eurovia GmbH, is one of the sector’s main players with Strabag, in a market made up mainly of regional players.
United Kingdom
VINCI Construction operates in the United Kingdom through its subsidiaries specialising in the building, civil engineering, roadworks, long-term road maintenance and building facilities management markets. Its main competitors are Balfour Beatty, Kier, Morgan Sindall, Laing O’Rourke, Tarmac (CRH group), Sir Robert McAlpine, Aggregate Industries (Holcim) and Hanson (HeidelbergCement group).
Central Europe
VINCI Construction operates in the region through its local subsidiaries, notably in Poland, the Czech Republic and Slovakia. VINCI Construction is among the leaders in road and rail works in the Czech Republic. Its main competitors are Porr, Metrostav and Strabag.
North America
Through its Canadian business units, VINCI Construction is one of the major players in road infrastructure works in Quebec, Alberta and British Columbia. Its main competitors are subsidiaries of Colas, CRH and Holcim, as well as local companies. Through its business units in the United States, VINCI Construction is a market leader in roadworks on the east coast, with operations in 10 eastern states and in Texas. For construction works, its main competitors are Archer Western Contractors (Walsh Group) and Lane Construction (Webuild); for the manufacture and application of asphalt concrete, it competes against Preferred Materials (CRH) and a large number of regional players.
Africa
Operating in some 20 countries, VINCI Construction is a major player, through its subsidiary Sogea-Satom, in Central Africa, West Africa, Equatorial Africa and East Africa.
Oceania
VINCI Construction is a prominent player in the New Zealand and Australian infrastructure markets through HEB Construction and Seymour Whyte.
Source: internal studies, company literature.
