VINCI’s business model is stable in its fundamentals and can be applied to ever-expanding geographies and areas of expertise. This stability and versatility are what gives it such immense resilience. The Group’s strategy is to adapt and hone this robust model as it continues to develop across its three businesses: Concessions, Energy and Construction. VINCI’s priority is to actively engage in the energy and environmental transition, by harnessing its innovation capacity to achieve responsible, sustainable growth.
VINCI’s business strategy has long been built around the complementary nature of its concessions, energy and construction activities. The Group has never ceased to expand its business model, moving from electricity concessions in the early 20th century into motorway, airport and renewable energy concessions in the 21st, and from building and infrastructure construction into specialist activities in civil engineering and information technologies. As it has diversified its areas of expertise, so has VINCI entered more and more international markets. In 2023, the Group generated 57% of its revenue outside France, compared to 37% a decade earlier.
In addition to a broad range of businesses and markets, VINCI gains its resilience from its management approach. The Group’s highly decentralised organisation and supportive management culture gives its companies and people tremendous agility in adapting to changes and unpredictability in their environment.
Drawing on these solid and shared fundamentals, VINCI will continue to implement its long-term strategy and to develop its three core businesses.
VINCI’s strategy for its Concessions business focuses on transport infrastructure. Like its concession contracts, this strategy is long-term. It aims to diversify, renew and internationalise the Group’s mix of concessions and extend the average maturity of its portfolio. VINCI’s fast growth in airport and motorway concessions since the 2000s, both in France and internationally, results from its steady implementation of this strategy. To achieve its aims, the Group harnesses its integrated expertise – as an investor and developer of projects, a designer and builder of infrastructure, and an infrastructure operator and maintenance provider – and combines this know-how with its partnership culture and experience collaborating with the local authorities and stakeholders in its ecosystems, sometimes as part of a consortium with other investors.
Structural demand for mobility, along with the large investments needed to adapt transport infrastructure to low-carbon uses while reinforcing its climate resilience, will deliver a long-term boost to transport infrastructure concessions.
The Group will apply its expertise in infrastructure financing, development, construction and operation to its portfolio of renewable energy production assets (see opposite).
In all these sectors, new project development will benefit from synergies between the Concessions, Energy and Construction businesses, building on their areas of expertise and established presence in the targeted regions.
VINCI has focused strategically on its energy activities since the early 2000s. This has resulted in the very sharp internal and external growth of VINCI Energies, whose expertise in energy infrastructure and information technology have proven to be fully aligned with fundamental market trends. The Group’s expansion in this area accelerated with the integration of Cobra IS, the former energy arm of Spanish group ACS, at the end of 2021. Cobra IS is a complementary fit with VINCI Energies, with a strong foothold in the Iberian Peninsula and Latin America and a solid reputation for delivering large engineering, procurement and construction (EPC) projects.
The Group is leveraging Cobra IS’s expertise to build a portfolio of renewable energy production assets. At the end of 2023, its photovoltaic projects in operation or under construction had a combined capacity of 2 GW. This portfolio should see robust long-term growth, buoyed by the rising needs of the energy transition.
This transition, in tandem with digital transformation, will more broadly support the expansion of all energy business activities of the Group.
