VINCI achieved a very high level of performance in 2024. Revenue growth was accompanied by a further improvement in earnings despite higher taxation on French motorways. Free cash flow hit a new all-time high.
The recovery in air traffic continued in 2024. VINCI Airports’ annual passenger numbers are now higher than their pre-Covid levels, and its contribution to Group earnings increased.
At VINCI Autoroutes, traffic levels were stable despite protests that blocked motorways in the first half of the year. The main event was the introduction of France’s new tax on long-distance transport infrastructure operators, which had a major negative impact on earnings.
The financial performance of the Energy business, made up of VINCI Energies and Cobra IS, was particularly strong. That business accounts for almost 40% of the Group’s total business activity. Its markets are very buoyant and are being driven in particular by the energy transition, digital transformation and the increasing need for sustainable mobility.
These megatrends are also supporting business levels and order intake at VINCI Construction, where operating margin continued to improve in 2024 as a result of a selective approach to new business and rigorous project execution.
The combined order book of the Energy and Construction businesses hit a new record at the end of the year.
In a more uncertain economic and geopolitical environment, the Group thus has good visibility on its future business levels and has begun 2025 in a quietly confident mood.
VINCI’s international presence increased further in 2024, in line with the Group’s long-standing strategy. It now generates 58% of its revenue and the majority of its net income outside France. International business accounts for 70% of its order book.
VINCI carried out several major acquisitions last year. VINCI Airports purchased a controlling 50.01% stake in Edinburgh airport and a 20% stake in the Budapest airport concession, and signed a 30-year extension to its concession for six airports in the Dominican Republic. VINCI Highways acquired a section of the Denver ring road, the first concession with traffic risk to be managed by the Group in the United States. VINCI Energies continued its strategy of increasing its geographical coverage and range of expertise by acquiring 34 companies, mainly outside France. In particular, the purchase of the German group Fernao gives VINCI Energies a greater presence in IT and cybersecurity services. VINCI Construction also increased its coverage of the US market through several acquisitions. At the end of the year, VINCI Construction announced an agreement to acquire FM Conway, a leading player in public works in England, with the deal closed in late January 2025.
The increase in debt resulting from these development was limited by the Group’s outstanding cash flow.
As a result, 2024 further demonstrated the strength of VINCI’s business model, in which businesses with different and complementary cycles – Concessions, Energy and Construction – are combined within a single group. Supported by a strong entrepreneurial culture, VINCI’s highly decentralised organisation is an important attribute that gives autonomy to its companies and makes them agile and responsive to the constant changes in their markets.
Pierre Anjolras will take over as the Group’s Chief Executive Officer after the next Shareholders’ General Meeting. Following in the footsteps of his predecessors, he will be able to rely on the women and men of VINCI, its greatest asset.
Xavier Huillard
Chairman and Chief Executive Officer
