Traffic was boosted by strong growth dynamics in 2023, returning to pre-pandemic levels in many countries. VINCI Airports, whose network expanded to include Mexico and the islands of Cabo Verde in 2023, continued with efforts to improve its operational and financial performance, while also reducing the environmental footprint of its activities.
2023 saw a further upswing in traffic, which returned to 2019 levels at many of the network’s airports, appreciably outpacing sector forecasts. Passenger numbers rose 26% compared to 2022 – with 267 million passengers served over the year – and slightly exceeded 2019 levels in the fourth quarter.
Taking advantage of its geographical diversification and the predominant share of VFR – visiting friends and relatives – and tourist travel in its traffic mix, VINCI Airports even reported record-high passenger numbers in Portugal (up 12% compared to 2019), Serbia (up 29%), Mexico (up 16%), the Dominican Republic (up 17%) and Costa Rica (up 35%). In Asia, traffic rose significantly (88% over the year), particularly for international flights, although it remained below 2019 levels (down 23%). In addition to the sharp rebound in demand, these results reflect the efforts made by each airport, in collaboration with airlines, to add new flights.
The surge in traffic has come with a sharp rise in revenue per passenger, due to inflation-adjusted fees charged by airports – in accordance with the regulatory mechanisms applicable in each country – as well as growth in non-aviation revenue, thanks to VINCI Airports’ upgrades to retail areas and services in its airports. For instance, average revenue per passenger for food services rose 43% between 2019 and 2023.
Against this backdrop, revenue increased by 47% to €3.9 billion over 12 months in actual terms and 24% on a like-for-like basis. At the same time, sound management of operating expenses as a result of the cost optimisation plans implemented during the pandemic and the integration of OMA in Mexico (see following page) allowed VINCI Airports to post record Ebitda of €2.5 billion, up 58% over the full year, to 63% of revenue compared with 56% in 2019. Investment, devoted primarily to infrastructure modernisation, more than doubled over the year to €607 million, while net income rose to €733 million (up 45% compared with 2022).
At end, VINCI Airports acquired 29.99% of the capital in the concession company OMA for $1.17 billion, becoming its lead shareholder. In 2023, VINCI Airports integrated into its network the 13 airports operated by OMA in central and northern Mexico, including the international airport in Monterrey, the country’s third-largest city and its industrial capital. Traffic at the 13 airports, supported by strong domestic demand, in particular, has exceeded the growth forecasts established at the time of acquisition. In addition, tight control of operating costs has enabled OMA to achieve a historically high Ebitda margin of 74.9%.
Following the financial closing of the concession contract signed in 2022 with the Cabo Verde authorities, in July 2023 VINCI Airports took over operation of the country’s seven airports for a term of 40 years. With 2.6 million passengers welcomed during the year, Cabo Verde offers valuable development potential, and VINCI Airports is working on opening new routes by highlighting the archipelago’s tourist attractions. VINCI Airports will be upgrading the sites and reducing their carbon footprint through a €928 million investment spread over several years.
