2022 Universal Registration Document

It performed extremely well! We greatly amplified the upswing we had started seeing in 2021: our revenue rose sharply and our operating margins improved in all our business lines. This excellent performance has pushed our net income 31% higher than in 2019. I see this as confirmation of two things: that our teams have been remarkably agile in European markets disrupted by the economic ripple effects from the war in Ukraine – after the shockwave from the health crisis – and that our model based on our three large and complementary Concessions, Energy and Construction businesses is resilient. We strengthened its resilience by expanding vigorously, particularly in Energy, and by pushing ahead with our geographical diversification. As a result of organic and external growth combined, our revenue outside France jumped 46% year on year, and our activity outside the country now accounts for about 55% of our worldwide total.

The recovery gathered considerable speed in all our transport infrastructure assets. At our airports, traffic more than doubled in 2022 and is now above pre-pandemic levels in some countries in Europe and the Americas. VINCI Airports ramped up swiftly in step with the upturn in traffic and, before that, had moved fast to optimise its costs during the health crisis. As a result, its Ebit margin rate in 2022 is practically the same as in 2019 and its net income is substantially higher. True to our long-term strategic perspective, we gave fresh impetus to VINCI Airports’ expansion by acquiring a stake in a network of 13 airports in Mexico and signing a concession contract for seven airports in Cabo Verde.

On our motorways in France, light and heavy vehicle numbers significantly exceeded those in 2019, despite the increase in fuel prices. This underscores the predominant and lasting role that roads play in the country’s transport system. The trend outside France was similar overall and our network in those markets is growing as well: we recently signed concession contracts in Germany, the Czech Republic and, at the very end of 2022, Brazil.

We have always said that we are determined to develop in energy markets. Firstly, VINCI Energies pressed ahead on its remarkable growth trajectory, harnessing its extraordinary ability to support its customers on their energy transition and digital transformation, and took in some 30 new companies including Kontron AG’s IT services. Beyond that, the integration of Cobra IS, formerly the ACS group’s energy division, on 1 January 2022, has given our Energy business a big boost. It is clear to see today, as the challenges around energy are gaining prominence, that it made a lot of sense to reinforce our positions in energy infrastructure – especially in renewable energy projects, one of Cobra IS’s areas of expertise. Our Energy business’s revenue now amounts to over €22 billion, or 36% of the Group’s total, and ranks us among the world’s top players in these particularly buoyant markets.

VINCI Construction also delivered a solid performance, in terms of order intake, revenue and earnings, despite the difficulties in supply chains and pressure on prices of materials, which weighed upon the economic equation on some projects. Growth was especially marked outside France and VINCI Construction has strengthened its position among the global leaders in its sector as a result. Its model, which combines its proficiency with major projects, specialist expertise and local company networks, enables it to achieve extensive market coverage.

VINCI Immobilier, which is involved ahead of the works phase and is principally active in France, stood firm in a market that toughened noticeably in 2022.