| (in € millions) | 2024 | 2023 | 2024/2023 change |
|---|---|---|---|
| Revenue (*) | Revenue (*) 2024 71,623 |
Revenue (*) 2023 68,838 |
Revenue (*) 2024/2023 change +4.0% |
|
Revenue generated in France (*) |
Revenue generated in France (*) 2024 30,197 |
Revenue generated in France (*) 2023 29,615 |
Revenue generated in France (*) 2024/2023 change +2.0% |
|
% of revenue (*) |
% of revenue (*) 2024 42.2% |
% of revenue (*) 2023 43.0% |
% of revenue (*) 2024/2023 change
|
|
Revenue generated outside France (*) |
Revenue generated outside France (*) 2024 41,426 |
Revenue generated outside France (*) 2023 39,224 |
Revenue generated outside France (*) 2024/2023 change +5.6% |
|
% of revenue (*) |
% of revenue (*) 2024 57.8% |
% of revenue (*) 2023 57.0% |
% of revenue (*) 2024/2023 change
|
| Operating income from ordinary activities 1 | Operating income from ordinary activities 12024 8,997 |
Operating income from ordinary activities 12023 8,357 |
Operating income from ordinary activities 12024/2023 change +7.7% |
| % of revenue (*) | % of revenue (*) 2024 12.6% |
% of revenue (*) 2023 12.1% |
% of revenue (*) 2024/2023 change
|
| Recurring operating income 1 | Recurring operating income 12024 8,850 |
Recurring operating income 12023 8,175 |
Recurring operating income 12024/2023 change +8.3% |
| Operating income 1 | Operating income 12024 8,783 |
Operating income 12023 8,071 |
Operating income 12024/2023 change +8.8% |
| Net income attributable to owners of the parent | Net income attributable to owners of the parent 2024 4,863 |
Net income attributable to owners of the parent 2023 4,702 |
Net income attributable to owners of the parent 2024/2023 change +3.4% |
| % of revenue (*) | % of revenue (*) 2024 6.8% |
% of revenue (*) 2023 6.8% |
% of revenue (*) 2024/2023 change
|
| Diluted earnings per share (in €) | Diluted earnings per share (in €)2024 8.43 |
Diluted earnings per share (in €)2023 8.18 |
Diluted earnings per share (in €)2024/2023 change 0.25 |
| Dividend per share (in €) | Dividend per share (in €)2024 4.75 (**) |
Dividend per share (in €)2023 4.50 |
Dividend per share (in €)2024/2023 change 0.25 |
| Net income attributable to owners of the parent excl. TEITLD1 | Net income attributable to owners of the parent excl. TEITLD1 2024 5,147 |
Net income attributable to owners of the parent excl. TEITLD1 2023 4,702 |
Net income attributable to owners of the parent excl. TEITLD1 2024/2023 change +9.5% |
2024
|
2023
|
2024/2023 change
|
|
| Cash flow from operations before tax and financing costs | Cash flow from operations before tax and financing costs 2024 12,689 |
Cash flow from operations before tax and financing costs 2023 11,964 |
Cash flow from operations before tax and financing costs 2024/2023 change +6.1% |
| % of revenue (*) | % of revenue (*) 2024 17.7% |
% of revenue (*) 2023 17.4% |
% of revenue (*) 2024/2023 change
|
| Operating cash flow | Operating cash flow 2024 8,261 |
Operating cash flow 2023 7,758 |
Operating cash flow 2024/2023 change +6.5% |
| Free cash flow | Free cash flow 2024 6,808 |
Free cash flow 2023 6,628 |
Free cash flow 2024/2023 change +2.7% |
2024
|
2023
|
2024/2023 change
|
|
| Equity including non-controlling interests | Equity including non-controlling interests 2024 34,032 |
Equity including non-controlling interests 2023 32,040 |
Equity including non-controlling interests 2024/2023 change 1,992 |
| Net financial debt | Net financial debt 2024 (20,415) |
Net financial debt 2023 (16,126) |
Net financial debt 2024/2023 change (4,289) |
(*) Excluding concession subsidiaries’ revenue derived from works carried out by non-Group companies.
(**) Dividend proposed at the Shareholders’ General Meeting of 17 April 2025.
VINCI’s 2024 financial statements show an increase in revenue and record earnings, despite the negative impact of the new tax on French motorway operators.1 In addition, free cash flow was very strong, hitting an all-time high of €6.8 billion.
Consolidated revenue rose by 4.0% to €71.6 billion in 2024 (organic growth of 3.1%, a 1.0% positive impact from changes in the consolidation scope and a 0.1% negative impact from exchange rate movements).
Ebitda – although affected by France’s new tax on long-distance transport infrastructure operators1 – amounted to €12.7 billion (17.7% of revenue), 6.1% higher than the 2023 figure of €12.0 billion (17.4% of revenue).
Operating income from ordinary activities (Ebit), reflecting the contribution of fully consolidated subsidiaries, rose to €9.0 billion from €8.4 billion in 2023. Ebit margin was 12.6% (12.1% in 2023).
Recurring operating income – including the impact of share-based payments (IFRS 2), a positive contribution from companies accounted for under the equity method and other recurring operating items – totalled close to €8.9 billion (€8.2 billion in 2023).
Consolidated net income attributable to owners of the parent was almost €4.9 billion and earnings per share (*) amounted to €8.43 (€4.7 billion and €8.18 respectively in 2023). Adjusted for changes in taxation (i.e. excluding France’s new tax on long-distance transport infrastructure operators1), it would have been 9.5% higher, at €5.1 billion (€8.93 per share). It is worth noting that the majority of consolidated net income attributable to the owners of the parent is now generated outside France (53%).
Operating cash flow (before taking account of growth investments in concessions) amounted to almost €8.3 billion (€7.8 billion in 2023).
Free cash flow hit a new record of €6.8 billion (€6.6 billion in 2023). In addition to Ebitda growth, the increase resulted from a very sharp improvement in the working capital requirement, due in particular to very high levels of cash inflows from customers at the end of the year in the Energy business and to a lesser extent at VINCI Construction.
After taking into account financial investments of €7.0 billion in 2024, (**) dividend payments and share buy-backs net of capital increases related to savings plans for Group employees, consolidated net financial debt was €20.4 billion at 31 December 2024 (€16.1 billion at 31 December 2023).
At 31 December 2024, VINCI’s liquidity position remained very strong, comprising managed net cash of €13.1 billion (stable compared with 31 December 2023) and an unused confirmed credit facility of €6.5 billion, which was recently extended until January 2030.
Order intake in the Energy and Construction businesses totalled €66.3 billion in 2024, a 7.1% year-on-year increase. The order book stood at an all-time high of €69.1 billion at 31 December 2024. After rising by 13% year on year – with increases of 17% outside France and 4% in France – it represented 14 months of average activity for the business lines concerned. International business made up 70% of the order book, as opposed to 67% at 31 December 2023.
