Finances

2025 Interim financial statements

 

PRESS 

RELEASE

PRESENTATION

WEBCAST

REPORT

 

31/07/2025

 

 

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2024 CONSOLIDATED INTERIM FINANCIAL STATEMENTS

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Consolidated income statement

(in € millions) First half 2025 First half 2024 Full year 2024
Revenue (*)

34,852

33,775

71,623

Concession subsidiaries’ revenue derived from works carried out by non-Group companies

348

471

837

Total revenue

35,200

34,246

72,459

Revenue from ancillary activities

166

163

308

Operating expenses

(31,227)

(30,539)

(63,770)

Operating income from ordinary activities

4,140

3,871

8,997

Share-based payments (IFRS 2)

(377)

(314)

(462)

Profit/(loss) of companies accounted for under the equity method

177

104

219

Other recurring operating items

20

51

97

Recurring operating income

3,960

3,712

8,850

Non-recurring operating items

66

(72)

(68)

Operating income

4,026

3,640

8,783

Cost of gross financial debt

(875)

(865)

(1,785)

Financial income from cash investments

248

310

595

Cost of net financial debt

(627)

(554)

(1,191)

Other financial income and expense

(110)

(44)

(217)

Income tax expense

(1,238)

(874)

(2,102)

Net income

2,051

2,167

5,274

Net income attributable to non-controlling interests

155

172

410

Net income attributable to owners of the parent

1,896

1,995

4,863

Basic earnings per share (in €)

3.38

3.49

8.53

Diluted earnings per share (in €)

3.34

3.46

8.43

(*) Excluding concession subsidiaries’ revenue derived from works carried out by non-Group companies.

Consolidated comprehensive income statement

(in € millions) First half 2025 First half 2024 Full year 2024
Net income 

2,051

2,167

5,274

Changes in fair value of cash flow and net investment hedging instruments (*) 

201

(67)

(106)

Hedging costs 

3

3

5

Tax (**) 

(16)

4

(7)

Currency translation differences 

(964)

(29)

(134)

Share of profit/(loss) of companies accounted for under the equity method, net 

30

31

(8)

Other comprehensive income that may be recycled subsequently to net income 

(746)

(57)

(250)

Equity instruments 

(11)

0

(0)

Actuarial gains and losses on retirement benefit obligations 

100

47

3

Tax 

(25)

(11)

(2)

Share of profit/(loss) of companies accounted for under the equity method, net 

(0)

-

(1)

Other comprehensive income that may not be recycled subsequently to net income 

63

35

(0)

Total other comprehensive income recognised directly in equity 

(682)

(22)

(250)

Comprehensive income 

1,369

2,145

5,024

 of which attributable to owners of the parent 

1,320

2,009

4,767

 of which attributable to non-controlling interests  

48

136

256

(*) Changes in the fair value of cash flow hedges are recognised in equity for the effective portion. Cumulative gains and losses in equity are taken to profit or loss at the time when the cash flow affects profit or loss.
In the first half of 2025, those changes consisted of a positive €66 million impact related to cash flow hedges and a positive €135 million impact related to net investment hedges.
(**) Tax effects relating to changes in the fair value of cash flow hedging financial instruments (effective portion) and hedging costs.

Consolidated balance sheet

Assets

(in € millions) 30/06/2025 30/06/2024 31/12/2024
Non-current assets      
Concession intangible assets

28,829

30,252

29,672

Goodwill

19,652

18,744

19,519

Other intangible assets 

11,416

12,164

11,786

Property, plant and equipment 

15,799

14,158

15,300

Investments in companies accounted for under the equity method

2,111

1,767

2,105

Other non-current financial assets

2,888

2,830

2,743

Derivative financial instruments - non-current assets

157

152

167

Deferred tax assets

1,208

1,151

1,268

Total non-current assets

82,061

81,217

82,560

Current assets      
Inventories and work in progress

1,808

1,869

1,772

Trade and other receivables

20,451

20,448

19,365

Other current assets

8,346

8,621

8,333

Current tax assets

478

472

415

Other current financial assets

76

99

76

Derivative financial instruments - current assets

218

142

137

Cash management financial assets and financial current accounts

1,112

734

895

Cash and cash equivalents

15,069

12,696

15,199

Total current assets 

47,559

45,081

46,192

Assets held for sale

825

695

739

Total assets

130,445

126,993

129,491

Equity and liabilities

(in € millions) 30/06/2025 30/06/2024 31/12/2024
Equity      
Share capital

1,455

1,471

1,455

Share premium

14,297

13,908

14,059

Treasury shares

(2,105)

(1,286)

(1,566)

Consolidated reserves 

14,241

12,973

11,724

Currency translation reserves

(877)

(69)

(32)

Net income attributable to owners of the parent

1,896

1,995

4,863

Amounts recognised directly in equity

(291)

(393)

(555)

Equity attributable to owners of the parent

28,615

28,599

29,947

Equity attributable to non-controlling interests

3,805

4,623

4,085

Total equity 

32,420

33,222

34,032

Non-current liabilities      
Non-current provisions 

1,083

1,174

1,011

Provisions for employee benefits

1,188

1,147

1,224

Bonds

24,204

22,479

24,454

Other loans and borrowings

4,553

5,120

4,664

Derivative financial instruments - non-current liabilities

807

1,412

1,014

Non-current lease liabilities

2,036

1,784

1,949

Other non-current liabilities

1,143

1,097

1,117

Deferred tax liabilities

4,869

5,273

4,991

Total non-current liabilities

39,882

39,486

40,424

Current liabilities      
Current provisions

7,702

7,141

7,828

Trade payables 

14,703

14,172

14,463

Other current liabilities

23,133

23,203

24,144

Current tax liabilities 

917

653

746

Current lease liabilities

688

592

639

Derivative financial instruments - current liabilities

482

527

535

Current borrowings

9,853

7,557

6,152

Total current liabilities

57,478

53,845

54,508

Liabilities directly associated with assets held for sale

665

439

527

Total equity and liabilities

130,445

126,993

129,491

Consolidated cash flow statement

(in € millions)   First half 2025 First half 2024 Full year 2024
Consolidated net income for the period (including non-controlling interests)  

2,051

2,167

5,274

Depreciation and amortisation  

2,023

1,963

3,998

Net increase/(decrease) in provisions and impairment  

99

(10)

55

Share-based payments (IFRS 2) and other restatements  

331

216

230

Gain or loss on disposals  

(119)

31

(35)

Change in fair value of financial instruments  

85

19

78

Share of profit/(loss) of companies accounted for under the equity method
and dividends received from unconsolidated companies
 

(206)

(138)

(260)

Cost of net financial debt recognised  

627

554

1,191

Capitalised borrowing costs  

(89)

(95)

(127)

Financial expense associated with leases and other liabilities  

89

91

185

Current and deferred tax expense recognised  

1,238

874

2,102

Cash flow from operations before tax and financing costs  

6,129

5,673

12,689

Changes in operating working capital requirement and current provisions  

(1,863)

(1,314)

2,311

Income taxes paid  

(1,211)

(962)

(2,220)

Net interest paid  

(778)

(593)

(1,177)

Dividends received from companies accounted for under the equity method  

162

72

117

Other long-term advances and associated interest payments (*)  

(31)

2

(6)

Net cash flows (used in)/from operating activities I

2,408

2,878

11,714

Purchases of property, plant and equipment and intangible assets  

(1,389)

(1,456)

(2,878)

Proceeds from sales of property, plant and equipment and intangible assets  

72

65

170

Operating investments (net of disposals)  

(1,317)

(1,391)

(2,708)

Investments in concession fixed assets (net of grants received)  

(438)

(665)

(1,174)

Financial receivables (PPP contracts and others)  

(187)

(109)

(279)

Growth investments (concessions and PPPs)  

(626)

(774)

(1,453)

Purchases of shares in subsidiaries and affiliates (consolidated and unconsolidated)  

(802)

(3,634)

(5,006)

Proceeds from sales of shares in subsidiaries and affiliates (consolidated and unconsolidated)  

209

7

122

Cash and cash equivalents of acquired companies  

92

81

287

Net financial investments
(excluding financial debts transferred in business combinations)
 

(501)

(3,546)

(4,596)

Other  

12

(287)

(294)

Net cash flows (used in)/from investing activities II 

(2,431)

(5,998)

(9,051)

Share capital increases and decreases and repurchases of other equity instruments  

244

514

668

Transactions in treasury shares  

(848)

(713)

(1,912)

Non-controlling interests in share capital increases and decreases of subsidiaries  

14

0

(2)

Acquisitions/disposals of non-controlling interests (without acquisition or loss of control)  

(12)

(70)

(77)

Dividends paid  

(2,346)

(2,259)

(3,472)

- to shareholders of VINCI SA  

(2,077)

(1,973)

(2,570)

- to non-controlling interests  

(269)

(286)

(902)

Proceeds from new long-term borrowings  

3,540

1,767

4,117

Repayments of long-term borrowings  

(1,895)

(961)

(1,993)

Repayments of lease liabilities and financial expense on leases  

(419)

(351)

(745)

Change in cash management assets and other current financial debts  

2,004

2,393

387

Net cash flows (used in)/from financing activities III 

281

320

(3,027)

Other changes IV

(143)

(27)

(40)

Change in net cash  I + II + III + IV

114

(2,828)

(404)

Net cash and cash equivalents at beginning of period  

14,297

14,701

14,701

Net cash and cash equivalents at end of period  

14,412

11,873

14,297

(*) Long-term advances received from the offtaker in respect of Polo Carmópolis in Brazil.
(**) In 2024 including acquisitions of companies operating the Denver ring road and Edinburgh and Budapest airports.